Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 18, 2016 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | PEG | |
Entity Registrant Name | PUBLIC SERVICE ENTERPRISE GROUP INC | |
Entity Central Index Key | 788,784 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 505,896,218 | |
PSE And G [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | PUBLIC SERVICE ELECTRIC & GAS CO | |
Entity Central Index Key | 81,033 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 132,450,344 | |
Power [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | PSEG POWER LLC | |
Entity Central Index Key | 1,158,659 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Operating Revenues | $ 2,450 | $ 2,688 | $ 6,971 | $ 8,137 |
Operating Expenses [Abstract] | ||||
Energy Costs | 866 | 815 | 2,326 | 2,577 |
Operation and Maintenance | 776 | 746 | 2,215 | 2,170 |
Depreciation and Amortization | 231 | 313 | 679 | 960 |
Total Operating Expenses | 1,873 | 1,874 | 5,220 | 5,707 |
OPERATING INCOME | 577 | 814 | 1,751 | 2,430 |
Income from Equity Method Investments | 3 | 3 | 9 | 10 |
Other Income | 47 | 47 | 139 | 171 |
Other Deductions | (8) | (14) | (39) | (36) |
Other-Than-Temporary Impairments | (5) | (30) | (25) | (45) |
Interest Expense | (99) | (96) | (288) | (291) |
INCOME BEFORE INCOME TAXES | 515 | 724 | 1,547 | 2,239 |
Income Tax Expense | (188) | (285) | (562) | (869) |
Net Income | $ 327 | $ 439 | $ 985 | $ 1,370 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
BASIC (in shares) | 505 | 505 | 505 | 505 |
DILUTED (in shares) | 508 | 508 | 508 | 508 |
EARNINGS PER SHARE: | ||||
BASIC (in dollars per share) | $ 0.65 | $ 0.87 | $ 1.95 | $ 2.71 |
DILUTED (in dollars per share) | 0.64 | 0.87 | 1.94 | 2.70 |
DIVIDENDS PAID PER SHARE OF COMMON STOCK (in dollars per share) | $ 0.41 | $ 0.39 | $ 1.23 | $ 1.17 |
PSE And G [Member] | ||||
Operating Revenues | $ 1,684 | $ 1,766 | $ 4,746 | $ 5,234 |
Operating Expenses [Abstract] | ||||
Energy Costs | 721 | 740 | 1,979 | 2,176 |
Operation and Maintenance | 376 | 391 | 1,110 | 1,171 |
Depreciation and Amortization | 137 | 231 | 412 | 712 |
Total Operating Expenses | 1,234 | 1,362 | 3,501 | 4,059 |
OPERATING INCOME | 450 | 404 | 1,245 | 1,175 |
Other Income | 22 | 22 | 61 | 59 |
Other Deductions | (1) | 0 | (3) | (2) |
Interest Expense | (72) | (67) | (214) | (203) |
INCOME BEFORE INCOME TAXES | 399 | 359 | 1,089 | 1,029 |
Income Tax Expense | (144) | (137) | (393) | (398) |
Net Income | 255 | 222 | 696 | 631 |
Power [Member] | ||||
Operating Revenues | 1,075 | 1,096 | 3,102 | 3,846 |
Operating Expenses [Abstract] | ||||
Energy Costs | 462 | 367 | 1,481 | 1,669 |
Operation and Maintenance | 289 | 263 | 807 | 748 |
Depreciation and Amortization | 86 | 75 | 245 | 226 |
Total Operating Expenses | 837 | 705 | 2,533 | 2,643 |
OPERATING INCOME | 238 | 391 | 569 | 1,203 |
Income from Equity Method Investments | 3 | 3 | 9 | 11 |
Other Income | 23 | 25 | 74 | 109 |
Other Deductions | (6) | (14) | (33) | (32) |
Other-Than-Temporary Impairments | (5) | (30) | (25) | (45) |
Interest Expense | (24) | (30) | (66) | (94) |
INCOME BEFORE INCOME TAXES | 229 | 345 | 528 | 1,152 |
Income Tax Expense | (90) | (139) | (208) | (445) |
Net Income | $ 139 | $ 206 | $ 320 | $ 707 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Income | $ 327 | $ 439 | $ 985 | $ 1,370 |
Other Comprehensive Income (Loss), net of tax | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 24 | (31) | 50 | (32) |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | 1 | 0 | 2 | (9) |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 9 | 9 | 25 | 25 |
Other Comprehensive Income (Loss), net of tax | 34 | (22) | 77 | (16) |
COMPREHENSIVE INCOME | 361 | 417 | 1,062 | 1,354 |
PSE And G [Member] | ||||
Net Income | 255 | 222 | 696 | 631 |
Other Comprehensive Income (Loss), net of tax | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 0 | 0 | 1 | (1) |
COMPREHENSIVE INCOME | 255 | 222 | 697 | 630 |
Power [Member] | ||||
Net Income | 139 | 206 | 320 | 707 |
Other Comprehensive Income (Loss), net of tax | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 22 | (29) | 47 | (29) |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | 0 | 0 | 0 | (9) |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 7 | 7 | 21 | 21 |
Other Comprehensive Income (Loss), net of tax | 29 | (22) | 68 | (17) |
COMPREHENSIVE INCOME | $ 168 | $ 184 | $ 388 | $ 690 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ (24) | $ 33 | $ (50) | $ 35 |
Unrealized Gains (Losses) on Cash Flow Hedges, tax | 0 | (1) | (1) | 6 |
Pension/OPEB adjustment, tax | (5) | (5) | (17) | (17) |
PSE And G [Member] | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 0 | 0 | 0 | 0 |
Power [Member] | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | (23) | 32 | (48) | 33 |
Unrealized Gains (Losses) on Cash Flow Hedges, tax | 0 | (1) | 0 | 6 |
Pension/OPEB adjustment, tax | $ (5) | $ (5) | $ (15) | $ (15) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
CURRENT ASSETS | |||
Cash and Cash Equivalents | $ 450 | $ 394 | |
Accounts Receivable, net of allowances | 1,031 | 1,068 | |
Tax Receivable | 23 | 305 | |
Unbilled Revenues | 180 | 197 | |
Fuel | 366 | 463 | |
Materials and Supplies, net | 591 | 513 | |
Prepayments | 145 | 135 | |
Derivative Contracts | 149 | 242 | |
Regulatory Assets | 253 | 164 | |
Other | 21 | 13 | |
Total Current Assets | 3,209 | 3,494 | |
PROPERTY, PLANT AND EQUIPMENT | 38,225 | 35,494 | |
Less: Accumulated Depreciation and Amortization | (9,421) | (8,955) | |
Net Property, Plant and Equipment | 28,804 | 26,539 | |
NONCURRENT ASSETS | |||
Regulatory Assets | 3,124 | 3,196 | |
Long-Term Investments | 1,066 | 1,233 | |
Nuclear Decommissioning Trust (NDT) Fund | 1,857 | 1,754 | |
Long-Term Tax Receivable | 177 | 171 | |
Long-Term Receivable of Variable Interest Entities (VIEs) | 509 | 495 | |
Other Special Funds | 243 | 227 | |
Goodwill | 16 | 16 | |
Other Intangibles | 154 | 102 | |
Derivative Contracts | 86 | 77 | |
Other | 243 | 231 | |
Total Noncurrent Assets | 7,475 | 7,502 | |
Total Assets | 39,488 | 37,535 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 0 | 734 | |
Commercial Paper and Loans | 255 | 364 | |
Accounts Payable | 1,363 | 1,369 | |
Derivative Contracts | 40 | 76 | |
Accrued Interest | 127 | 96 | |
Accrued Taxes | 214 | 42 | |
Clean Energy Program | 185 | 142 | |
Obligation to Return Cash Collateral | 132 | 128 | |
Regulatory Liabilities | 96 | 123 | |
Regulatory Liabilities of VIEs | 9 | 42 | |
Other | 383 | 459 | |
Total Current Liabilities | 2,804 | 3,575 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 8,661 | 8,166 | |
Regulatory Liabilities | 151 | 175 | |
Asset Retirement Obligations | 708 | 679 | |
OPEB Costs | 1,207 | 1,228 | |
OPEB Costs of Servco | 395 | 375 | |
Accrued Pension Costs | 400 | 487 | |
Accrued Pension Costs of Servco | 108 | 114 | |
Environmental Costs | 430 | 415 | |
Derivative Contracts | 13 | 27 | |
Long-Term Accrued Taxes | 197 | 212 | |
Other | 241 | 181 | |
Total Noncurrent Liabilities | 12,511 | 12,059 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
LONG-TERM DEBT | |||
Total Long-Term Debt | 10,697 | 8,834 | |
STOCKHOLDER'S EQUITY | |||
Common Stock | 4,928 | 4,915 | |
Treasury Stock, at cost | (714) | (671) | |
Retained Earnings | 9,480 | 9,117 | |
Accumulated Other Comprehensive Income (Loss) | (218) | (295) | |
Total Common Stockholders' Equity | 13,476 | 13,066 | |
Noncontrolling Interest | 0 | 1 | |
Total Stockholder's Equity | 13,476 | 13,067 | |
Total Capitalization | 24,173 | 21,901 | |
TOTAL LIABILITIES AND CAPITALIZATION | 39,488 | 37,535 | |
PSE And G [Member] | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 406 | 198 | |
Accounts Receivable, net of allowances | 806 | 787 | |
Accounts Receivable-Affiliated Companies | 28 | 222 | |
Unbilled Revenues | 180 | 197 | |
Materials and Supplies, net | 190 | 148 | |
Prepayments | 94 | 31 | |
Derivative Contracts | 0 | 13 | |
Regulatory Assets | 253 | 164 | |
Other | 20 | 9 | |
Total Current Assets | 1,977 | 1,769 | |
PROPERTY, PLANT AND EQUIPMENT | 25,617 | 23,732 | |
Less: Accumulated Depreciation and Amortization | (5,701) | (5,504) | |
Net Property, Plant and Equipment | 19,916 | 18,228 | |
NONCURRENT ASSETS | |||
Regulatory Assets | 3,124 | 3,196 | |
Long-Term Investments | 305 | 330 | |
Other Special Funds | 54 | 49 | |
Other | 110 | 105 | |
Total Noncurrent Assets | 3,593 | 3,680 | |
Total Assets | 25,486 | 23,677 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 0 | 171 | |
Commercial Paper and Loans | 0 | 153 | |
Accounts Payable | 702 | 724 | |
Accounts Payable-Affiliated Companies | 214 | 292 | |
Derivative Contracts | 4 | 0 | |
Accrued Interest | 83 | 70 | |
Clean Energy Program | 185 | 142 | |
Obligation to Return Cash Collateral | 132 | 128 | |
Regulatory Liabilities | 96 | 123 | |
Regulatory Liabilities of VIEs | 9 | 42 | |
Other | 276 | 297 | |
Total Current Liabilities | 1,701 | 2,142 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 5,703 | 5,181 | |
Regulatory Liabilities | 151 | 175 | |
Asset Retirement Obligations | 220 | 218 | |
OPEB Costs | 908 | 937 | |
Accrued Pension Costs | 147 | 202 | |
Environmental Costs | 364 | 365 | |
Derivative Contracts | 0 | 11 | |
Long-Term Accrued Taxes | 92 | 109 | |
Other | 114 | 114 | |
Total Noncurrent Liabilities | 7,699 | 7,312 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
LONG-TERM DEBT | |||
Total Long-Term Debt | 7,816 | 6,650 | |
STOCKHOLDER'S EQUITY | |||
Common Stock | 892 | 892 | |
Contributed Capital | 695 | 695 | |
Basis Adjustment | 986 | 986 | |
Retained Earnings | 5,695 | 4,999 | |
Accumulated Other Comprehensive Income (Loss) | 2 | 1 | |
Total Stockholder's Equity | 8,270 | 7,573 | |
Total Capitalization | 16,086 | 14,223 | |
TOTAL LIABILITIES AND CAPITALIZATION | 25,486 | 23,677 | |
Power [Member] | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 12 | 12 | |
Accounts Receivable, net of allowances | 174 | 217 | |
Accounts Receivable-Affiliated Companies | 126 | 276 | |
Short-Term Loan to Affiliate | 514 | 363 | |
Fuel | 366 | 463 | |
Materials and Supplies, net | 399 | 363 | |
Prepayments | 16 | 25 | |
Derivative Contracts | [1] | 149 | 223 |
Other | 3 | 7 | |
Total Current Assets | 1,759 | 1,949 | |
PROPERTY, PLANT AND EQUIPMENT | 12,271 | 11,354 | |
Less: Accumulated Depreciation and Amortization | (3,564) | (3,227) | |
Net Property, Plant and Equipment | 8,707 | 8,127 | |
NONCURRENT ASSETS | |||
Long-Term Investments | 106 | 119 | |
Nuclear Decommissioning Trust (NDT) Fund | 1,857 | 1,754 | |
Other Special Funds | 60 | 55 | |
Goodwill | 16 | 16 | |
Other Intangibles | 154 | 102 | |
Derivative Contracts | [1] | 86 | 77 |
Other | 65 | 51 | |
Total Noncurrent Assets | 2,344 | 2,174 | |
Total Assets | 12,810 | 12,250 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 0 | 553 | |
Accounts Payable | 477 | 432 | |
Accounts Payable-Affiliated Companies | 156 | 33 | |
Derivative Contracts | [1] | 36 | 76 |
Accrued Interest | 43 | 25 | |
Other | 82 | 107 | |
Total Current Liabilities | 794 | 1,226 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 2,375 | 2,347 | |
Asset Retirement Obligations | 485 | 457 | |
OPEB Costs | 238 | 230 | |
Accrued Pension Costs | 143 | 166 | |
Derivative Contracts | [1] | 13 | 16 |
Long-Term Accrued Taxes | 79 | 35 | |
Other | 162 | 87 | |
Total Noncurrent Liabilities | 3,495 | 3,338 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
LONG-TERM DEBT | |||
Total Long-Term Debt | 2,381 | 1,684 | |
STOCKHOLDER'S EQUITY | |||
Contributed Capital | 2,214 | 2,214 | |
Basis Adjustment | (986) | (986) | |
Retained Earnings | 5,084 | 5,014 | |
Accumulated Other Comprehensive Income (Loss) | (172) | (240) | |
Total Stockholder's Equity | 6,140 | 6,002 | |
TOTAL LIABILITIES AND CAPITALIZATION | $ 12,810 | $ 12,250 | |
[1] | Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015. PSE&G does not have any derivative contracts subject to master netting or similar agreements. |
Condensed Consolidated Balance6
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts Receivable, allowances | $ 67 | $ 67 |
Common Stock, issued | 534 | 534 |
Common Stock, authorized | 1,000 | 1,000 |
Treasury Stock, Shares | 29 | 28 |
PSE And G [Member] | ||
Accounts Receivable, allowances | $ 67 | $ 67 |
Common Stock, issued | 132 | 132 |
Common Stock, outstanding | 132 | 132 |
Common Stock, authorized | 150 | 150 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 985 | $ 1,370 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 679 | 960 |
Amortization of Nuclear Fuel | 154 | 162 |
Impairment Costs | 102 | 0 |
Provision for Deferred Income Taxes and ITC | 445 | 230 |
Non-Cash Employee Benefit Plan Costs | 95 | 121 |
Leveraged Lease Income, Adjusted for Rents Received and Deferred Taxes | (12) | 6 |
Loss on Leases, net of tax | 86 | 0 |
Net Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 96 | (87) |
Change in Accrued Storm Costs | (6) | 15 |
Net Change in Other Regulatory Assets and Liabilities | (66) | 26 |
Cost of Removal | (109) | (82) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (12) | (2) |
Net Change in Certain Current Assets and Liabilities: | ||
Tax Receivable | 282 | 206 |
Accrued Taxes | 202 | 127 |
Margin Deposit | (4) | 142 |
Other Current Assets and Liabilities | (229) | 15 |
Employee Benefit Plan Funding and Related Payments | (81) | (87) |
Other | 154 | 106 |
Net Cash Provided By (Used In) Operating Activities | 2,761 | 3,228 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (2,985) | (2,782) |
Proceeds from Sale of Capital Leases and Investments | 0 | 12 |
Proceeds from Sale of Available-for-Sale Securities | 551 | 1,120 |
Investments in Available-for-Sale Securities | (576) | (1,163) |
Other | (44) | (28) |
Net Cash Provided By (Used In) Investing Activities | (3,054) | (2,841) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | (109) | 20 |
Issuance of Long-Term Debt | 1,975 | 600 |
Redemption of Long-Term Debt | (824) | (300) |
Redemption of Securitization Debt | 0 | (191) |
Cash Dividends Paid on Common Stock | (622) | (592) |
Other | (71) | (55) |
Net Cash Provided By (Used In) Financing Activities | 349 | (518) |
Net Increase (Decrease) In Cash and Cash Equivalents | 56 | (131) |
Cash and Cash Equivalents at Beginning of Period | 394 | 402 |
Cash and Cash Equivalents at End of Period | 450 | 271 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (274) | 292 |
Interest Paid, Net of Amounts Capitalized | 252 | 265 |
Accrued Property, Plant and Equipment Expenditures | 579 | 321 |
PSE And G [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 696 | 631 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 412 | 712 |
Provision for Deferred Income Taxes and ITC | 482 | 96 |
Non-Cash Employee Benefit Plan Costs | 55 | 71 |
Change in Accrued Storm Costs | (6) | 15 |
Net Change in Other Regulatory Assets and Liabilities | (66) | 26 |
Cost of Removal | (109) | (82) |
Net Change in Certain Current Assets and Liabilities: | ||
Accounts Receivable and Unbilled Revenues | 2 | 30 |
Fuel, Materials and Supplies | (42) | (13) |
Prepayments | (63) | (67) |
Accounts Payable | (30) | 34 |
Accounts Receivable/Payable-Affiliated Companies, net | 154 | 190 |
Other Current Assets and Liabilities | (6) | (18) |
Employee Benefit Plan Funding and Related Payments | (64) | (72) |
Other | (14) | (35) |
Net Cash Provided By (Used In) Operating Activities | 1,401 | 1,518 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (2,035) | (1,946) |
Proceeds from Sale of Available-for-Sale Securities | 16 | 16 |
Investments in Available-for-Sale Securities | (17) | (18) |
Other | 6 | 13 |
Net Cash Provided By (Used In) Investing Activities | (2,030) | (1,935) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Short-Term Debt | (153) | 20 |
Issuance of Long-Term Debt | 1,275 | 600 |
Redemption of Long-Term Debt | (271) | (300) |
Redemption of Securitization Debt | 0 | (191) |
Other | (14) | (8) |
Net Cash Provided By (Used In) Financing Activities | 837 | 121 |
Net Increase (Decrease) In Cash and Cash Equivalents | 208 | (296) |
Cash and Cash Equivalents at Beginning of Period | 198 | 310 |
Cash and Cash Equivalents at End of Period | 406 | 14 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (279) | (29) |
Interest Paid, Net of Amounts Capitalized | 194 | 186 |
Accrued Property, Plant and Equipment Expenditures | 404 | 251 |
Power [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 320 | 707 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 245 | 226 |
Amortization of Nuclear Fuel | 154 | 162 |
Impairment Costs | 102 | 0 |
Provision for Deferred Income Taxes and ITC | (34) | 109 |
Non-Cash Employee Benefit Plan Costs | 28 | 36 |
Net Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 96 | (87) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (12) | (2) |
Net Change in Certain Current Assets and Liabilities: | ||
Fuel, Materials and Supplies | (27) | 113 |
Margin Deposit | (4) | 142 |
Accounts Receivable | (11) | 54 |
Accounts Payable | (29) | (99) |
Accounts Receivable/Payable-Affiliated Companies, net | 235 | 115 |
Other Current Assets and Liabilities | 20 | (26) |
Employee Benefit Plan Funding and Related Payments | (10) | (9) |
Other | 187 | 117 |
Net Cash Provided By (Used In) Operating Activities | 1,260 | 1,558 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (923) | (797) |
Proceeds from Sale of Available-for-Sale Securities | 490 | 1,057 |
Investments in Available-for-Sale Securities | (512) | (1,083) |
Short-Term Loan-Affiliated Company, net | (151) | (281) |
Other | (55) | (46) |
Net Cash Provided By (Used In) Investing Activities | (1,151) | (1,150) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of Long-Term Debt | 700 | 0 |
Redemption of Long-Term Debt | (553) | 0 |
Cash Dividends Paid on Common Stock | (250) | (400) |
Other | (6) | (2) |
Net Cash Provided By (Used In) Financing Activities | (109) | (402) |
Net Increase (Decrease) In Cash and Cash Equivalents | 0 | 6 |
Cash and Cash Equivalents at Beginning of Period | 12 | 9 |
Cash and Cash Equivalents at End of Period | 12 | 15 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (7) | 284 |
Interest Paid, Net of Amounts Capitalized | 51 | 76 |
Accrued Property, Plant and Equipment Expenditures | $ 175 | $ 70 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Public Service Enterprise Group (PSEG) is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid-Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are: • 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) and the Federal Energy Regulatory Commission (FERC). PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy transacting functions primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. PSEG’s other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015 . 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 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, 2015 . |
PSE And G [Member] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Public Service Enterprise Group (PSEG) is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid-Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are: • 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) and the Federal Energy Regulatory Commission (FERC). PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy transacting functions primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. PSEG’s other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015 . 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 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, 2015 . |
Power [Member] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Organization Public Service Enterprise Group (PSEG) is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid-Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are: • 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) and the Federal Energy Regulatory Commission (FERC). PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy transacting functions primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. PSEG’s other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015 . 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 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, 2015 . |
Recent Accounting Standards
Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements and disclosures as well as the transition method to use to adopt the guidance. PSEG is considering the impacts of outstanding industry related issues currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including its ability to recognize revenue for certain contracts where there is uncertainty regarding collection, bundled price sales contracts and accounting for contributions in aid of construction. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is evaluating early adoption of the standard in the fourth quarter of 2016; however, PSEG does not expect adoption to materially affect its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. |
PSE And G [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements and disclosures as well as the transition method to use to adopt the guidance. PSEG is considering the impacts of outstanding industry related issues currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including its ability to recognize revenue for certain contracts where there is uncertainty regarding collection, bundled price sales contracts and accounting for contributions in aid of construction. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is evaluating early adoption of the standard in the fourth quarter of 2016; however, PSEG does not expect adoption to materially affect its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. |
Power [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements and disclosures as well as the transition method to use to adopt the guidance. PSEG is considering the impacts of outstanding industry related issues currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including its ability to recognize revenue for certain contracts where there is uncertainty regarding collection, bundled price sales contracts and accounting for contributions in aid of construction. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is evaluating early adoption of the standard in the fourth quarter of 2016; however, PSEG does not expect adoption to materially affect its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. |
Early Plant Retirements Early P
Early Plant Retirements Early Plant Retirements | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Early Plant Retirements | Early Plant Retirements On October 3, 2016, Power determined that it will cease generation operations of the existing coal/gas units at the Hudson and Mercer generating stations on June 1, 2017. Power has filed deactivation notices with PJM for these existing units at both stations and final must-offer exception requests for the 2020-2021 PJM capacity auction to the PJM Independent Market Monitor. Power expects the units to continue to be available to generate electricity and receive previously cleared capacity payments through the date the units cease operations. The exact timing of the early retirement of these units will be reviewed for reliability impacts by PJM, the regional transmission organization that controls the area where these units are located, and may be impacted by operational and other conditions that could subsequently arise. PSEG and Power undertake their annual five year strategic planning process primarily during the third and fourth quarters of each year. The primary factors considered during this process that contributed to the decision to retire these units early include significant declines in revenues and margin caused by a sustained period of depressed wholesale power prices and reduced capacity factors caused by lower natural gas prices making coal generation less economically competitive than natural gas-fired generation. Despite experiencing recent warmer than normal weather in PJM this summer, Power did not experience the usual increase in electricity prices in PJM as it had in past hot summers. This trend has a further adverse economic impact to these units because they generally dispatch and earn energy margin on peak hot and cold days. In addition, the upcoming PJM capacity auction in May 2017 for the capacity period from June 2020 to May 2021 will be the first to require all generating units to meet the increased operating performance standards of PJM’s new capacity performance regulations. During the current annual five-year strategic planning process, Power determined, on October 3, 2016, that the costs to upgrade the existing units at the Hudson and Mercer stations to comply with these higher reliability standards to be too significant and not economic given current market conditions, including anticipated future capacity prices, current forward energy prices and past operational performance results of the units. While these units have the capability to run on both coal and natural gas, they have higher operating costs and fuel consumption as well as longer start-up times compared to newer combined cycle gas units. The decision to retire the Hudson and Mercer units early will have a material effect on PSEG’s and Power’s results of operations. In the third quarter of 2016, PSEG and Power recognized the following one-time pre-tax charges in Energy Costs, Operation and Maintenance and Depreciation expense: Three Months Ended September 30, 2016 Millions Statement of Operations Expense (pre-tax) Energy Costs Coal Inventory Lower of Cost or Market Adjustments and Capacity Penalties $ 62 Operation and Maintenance Materials and Supplies Obsolescence 31 Write-down of Construction Work in Progress 14 Other (A) 3 Depreciation and Amortization Accelerated Depreciation including Asset Retirement Costs 4 Total Pre-Tax Expense $ 114 (A) Includes severance and miscellaneous costs. In addition to these one-time charges, Power will recognize incremental Depreciation and Amortization during the remainder of 2016 of $568 million and $946 million into 2017 due to the significant shortening of the expected economic useful lives of Hudson and Mercer. Additional employee-related salary continuance and severance costs and various miscellaneous costs may also be incurred during the period prior to retirement. Finally, Power currently anticipates using the sites for alternative industrial activity. However, if Power determines not to use the sites for alternative industrial activity, the early retirement of the units at these sites would trigger investigation and possible remediation of identified environmental contamination. The amounts for any such environmental investigation or remediation are neither currently probable nor estimable but may be material. PSEG and Power evaluate long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate or market conditions, including a current expectation that a long-lived asset will be sold or disposed of significantly before the end of its previously estimated useful life, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset’s or asset group’s carrying amount exceeds the associated undiscounted estimated future cash flows, the asset/asset group is considered impaired to the extent that its fair value is less than its carrying amount. As disclosed for Power, cash flows for long-lived assets and asset groups are determined at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The cash flows from the generation units are generally evaluated at a regional portfolio level (PJM, NYISO, ISO-NE) along with cash flows generated from the customer supply and risk management activities, inclusive of cash flows from contracts, including those that are accounted for as derivatives or that meet the normal purchases and normal sales exemption. An impairment would result in a reduction of the value of the long-lived asset/asset group through a noncash charge to earnings. Because the Hudson and Mercer generating units will cease operations significantly before the end of their previously estimated useful lives, Power performed a recoverability test for its portfolio of generating assets in the PJM region to determine if an impairment exists. As of September 30, 2016, the estimated undiscounted future cash flows of the PJM asset group exceeded the carrying amount and no impairment was identified. In addition, PSEG and Power continue to monitor their other coal assets, including the Keystone, Conemaugh and Bridgeport Harbor generating stations, to ensure their economic viability through the end of their designated useful lives. The precise timing of a change in useful lives may be dependent upon events out of PSEG’s and Power’s control and may impact their ability to operate or maintain certain assets in the future. These generating stations may be impacted by factors such as environmental legislation, co-owner capital requirements and continued depressed wholesale power prices or capacity factors, among other things. Any early retirement of our other coal units before the end of their current estimated useful lives may have a material adverse impact on PSEG’s and Power’s future financial results. |
Power [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Early Plant Retirements | Early Plant Retirements On October 3, 2016, Power determined that it will cease generation operations of the existing coal/gas units at the Hudson and Mercer generating stations on June 1, 2017. Power has filed deactivation notices with PJM for these existing units at both stations and final must-offer exception requests for the 2020-2021 PJM capacity auction to the PJM Independent Market Monitor. Power expects the units to continue to be available to generate electricity and receive previously cleared capacity payments through the date the units cease operations. The exact timing of the early retirement of these units will be reviewed for reliability impacts by PJM, the regional transmission organization that controls the area where these units are located, and may be impacted by operational and other conditions that could subsequently arise. PSEG and Power undertake their annual five year strategic planning process primarily during the third and fourth quarters of each year. The primary factors considered during this process that contributed to the decision to retire these units early include significant declines in revenues and margin caused by a sustained period of depressed wholesale power prices and reduced capacity factors caused by lower natural gas prices making coal generation less economically competitive than natural gas-fired generation. Despite experiencing recent warmer than normal weather in PJM this summer, Power did not experience the usual increase in electricity prices in PJM as it had in past hot summers. This trend has a further adverse economic impact to these units because they generally dispatch and earn energy margin on peak hot and cold days. In addition, the upcoming PJM capacity auction in May 2017 for the capacity period from June 2020 to May 2021 will be the first to require all generating units to meet the increased operating performance standards of PJM’s new capacity performance regulations. During the current annual five-year strategic planning process, Power determined, on October 3, 2016, that the costs to upgrade the existing units at the Hudson and Mercer stations to comply with these higher reliability standards to be too significant and not economic given current market conditions, including anticipated future capacity prices, current forward energy prices and past operational performance results of the units. While these units have the capability to run on both coal and natural gas, they have higher operating costs and fuel consumption as well as longer start-up times compared to newer combined cycle gas units. The decision to retire the Hudson and Mercer units early will have a material effect on PSEG’s and Power’s results of operations. In the third quarter of 2016, PSEG and Power recognized the following one-time pre-tax charges in Energy Costs, Operation and Maintenance and Depreciation expense: Three Months Ended September 30, 2016 Millions Statement of Operations Expense (pre-tax) Energy Costs Coal Inventory Lower of Cost or Market Adjustments and Capacity Penalties $ 62 Operation and Maintenance Materials and Supplies Obsolescence 31 Write-down of Construction Work in Progress 14 Other (A) 3 Depreciation and Amortization Accelerated Depreciation including Asset Retirement Costs 4 Total Pre-Tax Expense $ 114 (A) Includes severance and miscellaneous costs. In addition to these one-time charges, Power will recognize incremental Depreciation and Amortization during the remainder of 2016 of $568 million and $946 million into 2017 due to the significant shortening of the expected economic useful lives of Hudson and Mercer. Additional employee-related salary continuance and severance costs and various miscellaneous costs may also be incurred during the period prior to retirement. Finally, Power currently anticipates using the sites for alternative industrial activity. However, if Power determines not to use the sites for alternative industrial activity, the early retirement of the units at these sites would trigger investigation and possible remediation of identified environmental contamination. The amounts for any such environmental investigation or remediation are neither currently probable nor estimable but may be material. PSEG and Power evaluate long-lived assets for impairment whenever events or changes in circumstances, such as significant adverse changes in regulation, business climate or market conditions, including a current expectation that a long-lived asset will be sold or disposed of significantly before the end of its previously estimated useful life, could potentially indicate an asset’s or asset group’s carrying amount may not be recoverable. In such an event, an undiscounted cash flow analysis is performed to determine if an impairment exists. When a long-lived asset’s or asset group’s carrying amount exceeds the associated undiscounted estimated future cash flows, the asset/asset group is considered impaired to the extent that its fair value is less than its carrying amount. As disclosed for Power, cash flows for long-lived assets and asset groups are determined at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The cash flows from the generation units are generally evaluated at a regional portfolio level (PJM, NYISO, ISO-NE) along with cash flows generated from the customer supply and risk management activities, inclusive of cash flows from contracts, including those that are accounted for as derivatives or that meet the normal purchases and normal sales exemption. An impairment would result in a reduction of the value of the long-lived asset/asset group through a noncash charge to earnings. Because the Hudson and Mercer generating units will cease operations significantly before the end of their previously estimated useful lives, Power performed a recoverability test for its portfolio of generating assets in the PJM region to determine if an impairment exists. As of September 30, 2016, the estimated undiscounted future cash flows of the PJM asset group exceeded the carrying amount and no impairment was identified. In addition, PSEG and Power continue to monitor their other coal assets, including the Keystone, Conemaugh and Bridgeport Harbor generating stations, to ensure their economic viability through the end of their designated useful lives. The precise timing of a change in useful lives may be dependent upon events out of PSEG’s and Power’s control and may impact their ability to operate or maintain certain assets in the future. These generating stations may be impacted by factors such as environmental legislation, co-owner capital requirements and continued depressed wholesale power prices or capacity factors, among other things. Any early retirement of our other coal units before the end of their current estimated useful lives may have a material adverse impact on PSEG’s and Power’s future financial results. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 9 Months Ended |
Sep. 30, 2016 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) VIEs for which PSE&G is the Primary Beneficiary PSE&G is the primary beneficiary and consolidates two marginally capitalized VIEs, PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II), which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which was pledged as collateral to a trustee. PSE&G acted as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds were remitted to Transition Funding and Transition Funding II and were used for interest and principal payments on the transition bonds and related costs. During 2015, Transition Funding and Transition Funding II paid their final securitization bond payments and as of December 31, 2015, no further debt or related costs remained with these VIEs. Effective January 1, 2016, PSE&G commenced refunding the overcollections from customers associated with these VIEs and expects to fully refund these liabilities in 2016. VIE for which PSEG LI is the Primary Beneficiary PSEG LI consolidates Long Island Electric Utility Servco, LLC (Servco), a marginally capitalized VIE, which was created for the purpose of operating LIPA’s T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco’s economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. Pursuant to the OSA, Servco’s operating costs are reimbursable entirely by LIPA, and therefore, PSEG LI’s risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to reimbursement of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contractual management fee, in certain situations, could be partially offset by Servco’s annual storm costs not approved by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics. For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. Servco recorded $116 million and $96 million for the three months and $315 million and $262 million for the nine months ended September 30, 2016 and 2015 , respectively, of O&M costs, 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. |
PSE And G [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) VIEs for which PSE&G is the Primary Beneficiary PSE&G is the primary beneficiary and consolidates two marginally capitalized VIEs, PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II), which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which was pledged as collateral to a trustee. PSE&G acted as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds were remitted to Transition Funding and Transition Funding II and were used for interest and principal payments on the transition bonds and related costs. During 2015, Transition Funding and Transition Funding II paid their final securitization bond payments and as of December 31, 2015, no further debt or related costs remained with these VIEs. Effective January 1, 2016, PSE&G commenced refunding the overcollections from customers associated with these VIEs and expects to fully refund these liabilities in 2016. VIE for which PSEG LI is the Primary Beneficiary PSEG LI consolidates Long Island Electric Utility Servco, LLC (Servco), a marginally capitalized VIE, which was created for the purpose of operating LIPA’s T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco’s economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. Pursuant to the OSA, Servco’s operating costs are reimbursable entirely by LIPA, and therefore, PSEG LI’s risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to reimbursement of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contractual management fee, in certain situations, could be partially offset by Servco’s annual storm costs not approved by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics. For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. Servco recorded $116 million and $96 million for the three months and $315 million and $262 million for the nine months ended September 30, 2016 and 2015 , respectively, of O&M costs, 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. |
Rate Filings
Rate Filings | 9 Months Ended |
Sep. 30, 2016 | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 5. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2015 . In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Transmission Formula Rate Filings —In June 2016, PSE&G filed its 2015 true-up adjustment pertaining to its transmission formula rates in effect for 2015. This resulted in an adjustment of $34 million less than the 2015 originally filed revenues primarily due to the impact of bonus depreciation legislation enacted after PSE&G filed its 2015 formula rate requirement in October 2014. PSE&G had recognized the majority of this adjustment in its Consolidated Statement of Operations for the year ended December 31, 2015. In October 2016, the 2017 Annual Formula Rate Update was filed with FERC and requests approximately $121 million in increased annual transmission revenues effective January 1, 2017, subject to true-up. Energy Strong Recovery Filing —In March and September of each year, PSE&G files with the BPU for base rate recovery of Energy Strong investments which include a return of and on its investment. In June 2016, PSE&G updated its March cost recovery petition to include Energy Strong investments in service as of May 31, 2016 which represents estimated annual increases in electric and gas revenues of $16 million and $23 million , respectively. In August 2016, the BPU approved these rate increases effective September 1, 2016. In September 2016, PSE&G filed its Energy Strong electric cost recovery petition seeking BPU approval to recover the revenue requirements associated with Energy Strong capitalized investment costs placed in service from June 1, 2016 through November 30, 2016. The petition requests rates to be effective March 1, 2017, consistent with the BPU Order of approval of the Energy Strong Program. The annualized requested increase in electric revenue requirement is approximately $15 million . This matter is pending. Basic Gas Supply Service (BGSS) —In June 2016, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $87 million in annual BGSS revenues. In September 2016, the BPU approved a Stipulation in this matter on a provisional basis and the BGSS rate was reduced from approximately 40 cents to 34 cents per therm effective October 1, 2016. The rate is subject to final settlement. Weather Normalization Clause —On July 1, 2016, PSE&G filed a petition requesting approval to collect $54 million in net deficiency gas revenues as a result of the warmer than normal 2015-2016 Winter Period. The deficiency gas revenues would be collected from customers over the 2016-2017 and 2017-2018 Winter Periods (October 1 through May 31). In September 2016, the BPU approved PSE&G’s filing on a provisional basis with respect to the $54 million in deficiency revenues to be collected from customers effective October 1, 2016. Solar and Energy Efficiency - Green Program Recovery Charges (GPRC) —Each year PSE&G files with the BPU for annual recovery of its Green Program investments which include a return on its investment and recovery of expenses. On July 1, 2016, PSE&G filed its 2016 GPRC cost recovery petition requesting recovery for the nine combined components of the electric and gas GPRC. The filing proposes rates for the period October 1, 2016 through September 30, 2017 designed to recover approximately $44 million and $13 million in electric and gas revenues, respectively, on an annual basis associated with PSE&G’s implementation of these BPU approved programs. In September 2016, the BPU approved the July 2016 filing on a provisional basis, with new rates effective October 1, 2016. Gas System Modernization Program (GSMP) —In October 2016, PSE&G updated its initial annual GSMP cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $10 million effective January 1, 2017. This increase represents the return of and on investment for GSMP investments in service through September 30, 2016. This matter is pending. Universal Service Fund (USF)/Lifeline —In September 2016, the BPU approved rates set to recover state-wide costs incurred by New Jersey electric and gas distribution companies under the State’s USF/Lifeline energy assistance programs effective October 1, 2016. PSE&G earns no margin on the collection of the USF and Lifeline programs resulting in no impact on its Consolidated Statement of Operations. Remediation Adjustment Charge (RAC) —In April 2016, the BPU approved PSE&G’s filing with respect to its RAC 23 petition allowing recovery of $54 million effective May 7, 2016 related to net Manufactured Gas Plant expenditures from August 1, 2014 through July 31, 2015. |
PSE And G [Member] | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 5. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2015 . In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Transmission Formula Rate Filings —In June 2016, PSE&G filed its 2015 true-up adjustment pertaining to its transmission formula rates in effect for 2015. This resulted in an adjustment of $34 million less than the 2015 originally filed revenues primarily due to the impact of bonus depreciation legislation enacted after PSE&G filed its 2015 formula rate requirement in October 2014. PSE&G had recognized the majority of this adjustment in its Consolidated Statement of Operations for the year ended December 31, 2015. In October 2016, the 2017 Annual Formula Rate Update was filed with FERC and requests approximately $121 million in increased annual transmission revenues effective January 1, 2017, subject to true-up. Energy Strong Recovery Filing —In March and September of each year, PSE&G files with the BPU for base rate recovery of Energy Strong investments which include a return of and on its investment. In June 2016, PSE&G updated its March cost recovery petition to include Energy Strong investments in service as of May 31, 2016 which represents estimated annual increases in electric and gas revenues of $16 million and $23 million , respectively. In August 2016, the BPU approved these rate increases effective September 1, 2016. In September 2016, PSE&G filed its Energy Strong electric cost recovery petition seeking BPU approval to recover the revenue requirements associated with Energy Strong capitalized investment costs placed in service from June 1, 2016 through November 30, 2016. The petition requests rates to be effective March 1, 2017, consistent with the BPU Order of approval of the Energy Strong Program. The annualized requested increase in electric revenue requirement is approximately $15 million . This matter is pending. Basic Gas Supply Service (BGSS) —In June 2016, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $87 million in annual BGSS revenues. In September 2016, the BPU approved a Stipulation in this matter on a provisional basis and the BGSS rate was reduced from approximately 40 cents to 34 cents per therm effective October 1, 2016. The rate is subject to final settlement. Weather Normalization Clause —On July 1, 2016, PSE&G filed a petition requesting approval to collect $54 million in net deficiency gas revenues as a result of the warmer than normal 2015-2016 Winter Period. The deficiency gas revenues would be collected from customers over the 2016-2017 and 2017-2018 Winter Periods (October 1 through May 31). In September 2016, the BPU approved PSE&G’s filing on a provisional basis with respect to the $54 million in deficiency revenues to be collected from customers effective October 1, 2016. Solar and Energy Efficiency - Green Program Recovery Charges (GPRC) —Each year PSE&G files with the BPU for annual recovery of its Green Program investments which include a return on its investment and recovery of expenses. On July 1, 2016, PSE&G filed its 2016 GPRC cost recovery petition requesting recovery for the nine combined components of the electric and gas GPRC. The filing proposes rates for the period October 1, 2016 through September 30, 2017 designed to recover approximately $44 million and $13 million in electric and gas revenues, respectively, on an annual basis associated with PSE&G’s implementation of these BPU approved programs. In September 2016, the BPU approved the July 2016 filing on a provisional basis, with new rates effective October 1, 2016. Gas System Modernization Program (GSMP) —In October 2016, PSE&G updated its initial annual GSMP cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $10 million effective January 1, 2017. This increase represents the return of and on investment for GSMP investments in service through September 30, 2016. This matter is pending. Universal Service Fund (USF)/Lifeline —In September 2016, the BPU approved rates set to recover state-wide costs incurred by New Jersey electric and gas distribution companies under the State’s USF/Lifeline energy assistance programs effective October 1, 2016. PSE&G earns no margin on the collection of the USF and Lifeline programs resulting in no impact on its Consolidated Statement of Operations. Remediation Adjustment Charge (RAC) —In April 2016, the BPU approved PSE&G’s filing with respect to its RAC 23 petition allowing recovery of $54 million effective May 7, 2016 related to net Manufactured Gas Plant expenditures from August 1, 2014 through July 31, 2015. |
Financing Receivables
Financing Receivables | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Financial Receivables [Line Items] | |
Financing Receivables | Financing Receivables PSE&G PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with solar renewable energy certificates generated from the installed solar electric system. 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 loans by class of customer, none of which are considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans September 30, December 31, Millions Commercial/Industrial $ 165 $ 177 Residential 11 12 Total $ 176 $ 189 Energy Holdings Energy Holdings, through several of its indirect subsidiary companies, has investments in domestic energy and real estate assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ investments in the leases are comprised of the total expected lease receivables on its investments over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets. During the third quarter of 2016, Energy Holdings completed its annual review of estimated residual values embedded in the NRG REMA, LLC (REMA) leveraged leases. The outcome indicated that the revised residual value estimates were lower than the recorded residual values and the decline was deemed to be other than temporary due to the adverse economic conditions experienced by coal generation in PJM, as discussed in Note 3. Early Plant Retirements , negatively impacting the economic outlook of the leased assets. As a result, a pre-tax write-down of $137 million was reflected in Operating Revenues in the quarter ended September 30, 2016 , calculated by comparing the gross investment in the leases before and after the revised residual estimates. The following table shows Energy Holdings’ gross and net lease investment as of September 30, 2016 and December 31, 2015 , respectively. As of As of September 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 630 $ 631 Estimated Residual Value of Leased Assets 346 519 Total Investment in Rental Receivables 976 1,150 Unearned and Deferred Income (320 ) (366 ) Gross Investment in Leases 656 784 Deferred Tax Liabilities (661 ) (724 ) Net Investment in Leases $ (5 ) $ 60 The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of September 30, 2016 As of September 30, 2016 Millions AA $ 16 BBB+ — BBB- 316 BB- 134 CCC 164 Total $ 630 The “ BB- ” and the “ CCC ” ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of September 30, 2016 , the gross investment in the leases of such assets, net of non-recourse debt, was $436 million ( $(108) million , net of deferred taxes). A more detailed description of such assets under lease, as of September 30, 2016 , is presented in the following table. Asset Location Gross Investment % Owned Total MW Fuel Type Counterparties’ S&P Credit Ratings Counterparty Millions Powerton Station Units 5 and 6 IL $ 134 64 % 1,538 Coal BB- NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 83 64 % 1,044 Gas BB- NRG Energy, Inc. Keystone Station Units 1 and 2 PA $ 55 17 % 1,711 Coal CCC (B) REMA Conemaugh Station Units 1 and 2 PA $ 55 17 % 1,711 Coal CCC (B) REMA Shawville Station Units 1, 2, 3 and 4 PA $ 109 100 % 603 Coal (A) CCC (B) REMA (A) REMA notified PJM that it deactivated the coal-fired units at the Shawville generating facility in June 2015 and has disclosed that it expects to return the Shawville units to service in the late fall of 2016 with the ability to use natural gas. (B) On May 24, 2016, S&P lowered its corporate credit rating on REMA’s parent company, GenOn Energy Inc. (GenOn) and affiliates (including REMA) to “ CCC ” from “CCC+” due to a weaker forward power curve, milder weather patterns and weakening financial measures. On October 7, 2016, Moody’s downgraded the GenOn Corporate Family Rating to Caa3 to reflect its high debt burden relative to cash flow. GenOn reported in August 2016 that it did not expect to have sufficient liquidity to repay the senior unsecured notes due in June 2017. The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations which could be mitigated by tax indemnification claims with the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. Although all lease payments are current, PSEG cannot predict the outcome of GenOn’s efforts to restructure its portfolio and improve its liquidity and the possible related impact on REMA. PSEG continues to monitor any changes to REMA’s and GenOn’s status and potential impacts on Energy Holdings’ lease investments. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service. Although all lease payments are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and their affiliates and the quality and condition of assets under lease. |
PSE And G [Member] | |
Schedule of Financial Receivables [Line Items] | |
Financing Receivables | Financing Receivables PSE&G PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with solar renewable energy certificates generated from the installed solar electric system. 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 loans by class of customer, none of which are considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans September 30, December 31, Millions Commercial/Industrial $ 165 $ 177 Residential 11 12 Total $ 176 $ 189 Energy Holdings Energy Holdings, through several of its indirect subsidiary companies, has investments in domestic energy and real estate assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ investments in the leases are comprised of the total expected lease receivables on its investments over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets. During the third quarter of 2016, Energy Holdings completed its annual review of estimated residual values embedded in the NRG REMA, LLC (REMA) leveraged leases. The outcome indicated that the revised residual value estimates were lower than the recorded residual values and the decline was deemed to be other than temporary due to the adverse economic conditions experienced by coal generation in PJM, as discussed in Note 3. Early Plant Retirements , negatively impacting the economic outlook of the leased assets. As a result, a pre-tax write-down of $137 million was reflected in Operating Revenues in the quarter ended September 30, 2016 , calculated by comparing the gross investment in the leases before and after the revised residual estimates. The following table shows Energy Holdings’ gross and net lease investment as of September 30, 2016 and December 31, 2015 , respectively. As of As of September 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 630 $ 631 Estimated Residual Value of Leased Assets 346 519 Total Investment in Rental Receivables 976 1,150 Unearned and Deferred Income (320 ) (366 ) Gross Investment in Leases 656 784 Deferred Tax Liabilities (661 ) (724 ) Net Investment in Leases $ (5 ) $ 60 The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of September 30, 2016 As of September 30, 2016 Millions AA $ 16 BBB+ — BBB- 316 BB- 134 CCC 164 Total $ 630 The “ BB- ” and the “ CCC ” ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of September 30, 2016 , the gross investment in the leases of such assets, net of non-recourse debt, was $436 million ( $(108) million , net of deferred taxes). A more detailed description of such assets under lease, as of September 30, 2016 , is presented in the following table. Asset Location Gross Investment % Owned Total MW Fuel Type Counterparties’ S&P Credit Ratings Counterparty Millions Powerton Station Units 5 and 6 IL $ 134 64 % 1,538 Coal BB- NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 83 64 % 1,044 Gas BB- NRG Energy, Inc. Keystone Station Units 1 and 2 PA $ 55 17 % 1,711 Coal CCC (B) REMA Conemaugh Station Units 1 and 2 PA $ 55 17 % 1,711 Coal CCC (B) REMA Shawville Station Units 1, 2, 3 and 4 PA $ 109 100 % 603 Coal (A) CCC (B) REMA (A) REMA notified PJM that it deactivated the coal-fired units at the Shawville generating facility in June 2015 and has disclosed that it expects to return the Shawville units to service in the late fall of 2016 with the ability to use natural gas. (B) On May 24, 2016, S&P lowered its corporate credit rating on REMA’s parent company, GenOn Energy Inc. (GenOn) and affiliates (including REMA) to “ CCC ” from “CCC+” due to a weaker forward power curve, milder weather patterns and weakening financial measures. On October 7, 2016, Moody’s downgraded the GenOn Corporate Family Rating to Caa3 to reflect its high debt burden relative to cash flow. GenOn reported in August 2016 that it did not expect to have sufficient liquidity to repay the senior unsecured notes due in June 2017. The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations which could be mitigated by tax indemnification claims with the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. Although all lease payments are current, PSEG cannot predict the outcome of GenOn’s efforts to restructure its portfolio and improve its liquidity and the possible related impact on REMA. PSEG continues to monitor any changes to REMA’s and GenOn’s status and potential impacts on Energy Holdings’ lease investments. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service. Although all lease payments are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and their affiliates and the quality and condition of assets under lease. |
Available-for-Sale Securities
Available-for-Sale Securities | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-Sale Securities | Available-for-Sale Securities NDT Fund Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 691 $ 238 $ (7 ) $ 922 Debt Securities Government Obligations 509 21 — 530 Other 349 13 (2 ) 360 Total Debt Securities 858 34 (2 ) 890 Other Securities 45 — — 45 Total NDT Available-for-Sale Securities $ 1,594 $ 272 $ (9 ) $ 1,857 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 693 $ 185 $ (13 ) $ 865 Debt Securities Government Obligations 483 8 (3 ) 488 Other 366 3 (10 ) 359 Total Debt Securities 849 11 (13 ) 847 Other Securities 42 — — 42 Total NDT Available-for-Sale Securities $ 1,584 $ 196 $ (26 ) $ 1,754 The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 9 $ 17 Accounts Payable $ 7 $ 10 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ 101 $ (6 ) $ 4 $ (1 ) $ 151 $ (13 ) $ 1 $ — Debt Securities Government Obligations (B) 41 — 4 — 245 (2 ) 19 (1 ) Other (C) 34 — 25 (2 ) 222 (7 ) 36 (3 ) Total Debt Securities 75 — 29 (2 ) 467 (9 ) 55 (4 ) NDT Available-for-Sale Securities $ 176 $ (6 ) $ 33 $ (3 ) $ 618 $ (22 ) $ 56 $ (4 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (B) Debt Securities (Government Obligations)—Unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from NDT Fund Sales (A) $ 139 $ 215 $ 470 $ 1,037 Net Realized Gains (Losses) on NDT Fund: Gross Realized Gains $ 11 $ 14 $ 36 $ 47 Gross Realized Losses (3 ) (11 ) (25 ) (24 ) Net Realized Gains (Losses) on NDT Fund $ 8 $ 3 $ 11 $ 23 (A) 2015 proceeds include activity in accounts related to the liquidation of funds being transitioned to new managers. Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $131 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of September 30, 2016 . The NDT available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 22 1 - 5 years 233 6 - 10 years 214 11 - 15 years 56 16 - 20 years 62 Over 20 years 303 Total NDT Available-for-Sale Debt Securities $ 890 The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2016 , other-than-temporary impairments of $25 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 11 $ 11 $ — $ 22 Debt Securities Government Obligations 104 3 — 107 Other 91 3 — 94 Total Debt Securities 195 6 — 201 Other Securities 1 — — 1 Total Rabbi Trust Available-for-Sale Securities $ 207 $ 17 $ — $ 224 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 12 $ 10 $ — $ 22 Debt Securities Government Obligations 108 1 (1 ) 108 Other 82 — (1 ) 81 Total Debt Securities 190 1 (2 ) 189 Other Securities 2 — — 2 Total Rabbi Trust Available-for-Sale Securities $ 204 $ 11 $ (2 ) $ 213 The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 1 $ 1 Accounts Payable $ — $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ — $ — $ — $ — $ — $ — $ — $ — Debt Securities Government Obligations (B) 4 — 1 — 53 (1 ) 2 — Other (C) 9 — 5 — 46 (1 ) 9 — Total Debt Securities 13 — 6 — 99 (2 ) 11 — Rabbi Trust Available-for-Sale Securities $ 13 $ — $ 6 $ — $ 99 $ (2 ) $ 11 $ — (A) Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. (B) Debt Securities (Government Obligations)—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. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from Rabbi Trust Sales $ 20 $ 20 $ 81 $ 83 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 2 $ — $ 5 $ 2 Gross Realized Losses (2 ) (1 ) (4 ) (1 ) Net Realized Gains (Losses) on Rabbi Trust $ — $ (1 ) $ 1 $ 1 Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $10 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2016 . The Rabbi Trust available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 9 1 - 5 years 42 6 - 10 years 48 11 - 15 years 9 16 - 20 years 9 Over 20 years 84 Total Rabbi Trust Available-for-Sale Debt Securities $ 201 The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2016 , no other-than-temporary impairments were recognized on securities in the Rabbi Trust. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of September 30, December 31, Millions PSE&G $ 44 $ 42 Power 55 52 Other 125 119 Total Rabbi Trust Available-for-Sale Securities $ 224 $ 213 |
PSE And G [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-Sale Securities | Available-for-Sale Securities NDT Fund Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 691 $ 238 $ (7 ) $ 922 Debt Securities Government Obligations 509 21 — 530 Other 349 13 (2 ) 360 Total Debt Securities 858 34 (2 ) 890 Other Securities 45 — — 45 Total NDT Available-for-Sale Securities $ 1,594 $ 272 $ (9 ) $ 1,857 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 693 $ 185 $ (13 ) $ 865 Debt Securities Government Obligations 483 8 (3 ) 488 Other 366 3 (10 ) 359 Total Debt Securities 849 11 (13 ) 847 Other Securities 42 — — 42 Total NDT Available-for-Sale Securities $ 1,584 $ 196 $ (26 ) $ 1,754 The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 9 $ 17 Accounts Payable $ 7 $ 10 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ 101 $ (6 ) $ 4 $ (1 ) $ 151 $ (13 ) $ 1 $ — Debt Securities Government Obligations (B) 41 — 4 — 245 (2 ) 19 (1 ) Other (C) 34 — 25 (2 ) 222 (7 ) 36 (3 ) Total Debt Securities 75 — 29 (2 ) 467 (9 ) 55 (4 ) NDT Available-for-Sale Securities $ 176 $ (6 ) $ 33 $ (3 ) $ 618 $ (22 ) $ 56 $ (4 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (B) Debt Securities (Government Obligations)—Unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from NDT Fund Sales (A) $ 139 $ 215 $ 470 $ 1,037 Net Realized Gains (Losses) on NDT Fund: Gross Realized Gains $ 11 $ 14 $ 36 $ 47 Gross Realized Losses (3 ) (11 ) (25 ) (24 ) Net Realized Gains (Losses) on NDT Fund $ 8 $ 3 $ 11 $ 23 (A) 2015 proceeds include activity in accounts related to the liquidation of funds being transitioned to new managers. Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $131 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of September 30, 2016 . The NDT available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 22 1 - 5 years 233 6 - 10 years 214 11 - 15 years 56 16 - 20 years 62 Over 20 years 303 Total NDT Available-for-Sale Debt Securities $ 890 The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2016 , other-than-temporary impairments of $25 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 11 $ 11 $ — $ 22 Debt Securities Government Obligations 104 3 — 107 Other 91 3 — 94 Total Debt Securities 195 6 — 201 Other Securities 1 — — 1 Total Rabbi Trust Available-for-Sale Securities $ 207 $ 17 $ — $ 224 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 12 $ 10 $ — $ 22 Debt Securities Government Obligations 108 1 (1 ) 108 Other 82 — (1 ) 81 Total Debt Securities 190 1 (2 ) 189 Other Securities 2 — — 2 Total Rabbi Trust Available-for-Sale Securities $ 204 $ 11 $ (2 ) $ 213 The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 1 $ 1 Accounts Payable $ — $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ — $ — $ — $ — $ — $ — $ — $ — Debt Securities Government Obligations (B) 4 — 1 — 53 (1 ) 2 — Other (C) 9 — 5 — 46 (1 ) 9 — Total Debt Securities 13 — 6 — 99 (2 ) 11 — Rabbi Trust Available-for-Sale Securities $ 13 $ — $ 6 $ — $ 99 $ (2 ) $ 11 $ — (A) Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. (B) Debt Securities (Government Obligations)—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. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from Rabbi Trust Sales $ 20 $ 20 $ 81 $ 83 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 2 $ — $ 5 $ 2 Gross Realized Losses (2 ) (1 ) (4 ) (1 ) Net Realized Gains (Losses) on Rabbi Trust $ — $ (1 ) $ 1 $ 1 Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $10 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2016 . The Rabbi Trust available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 9 1 - 5 years 42 6 - 10 years 48 11 - 15 years 9 16 - 20 years 9 Over 20 years 84 Total Rabbi Trust Available-for-Sale Debt Securities $ 201 The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2016 , no other-than-temporary impairments were recognized on securities in the Rabbi Trust. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of September 30, December 31, Millions PSE&G $ 44 $ 42 Power 55 52 Other 125 119 Total Rabbi Trust Available-for-Sale Securities $ 224 $ 213 |
Power [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-Sale Securities | Available-for-Sale Securities NDT Fund Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 691 $ 238 $ (7 ) $ 922 Debt Securities Government Obligations 509 21 — 530 Other 349 13 (2 ) 360 Total Debt Securities 858 34 (2 ) 890 Other Securities 45 — — 45 Total NDT Available-for-Sale Securities $ 1,594 $ 272 $ (9 ) $ 1,857 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 693 $ 185 $ (13 ) $ 865 Debt Securities Government Obligations 483 8 (3 ) 488 Other 366 3 (10 ) 359 Total Debt Securities 849 11 (13 ) 847 Other Securities 42 — — 42 Total NDT Available-for-Sale Securities $ 1,584 $ 196 $ (26 ) $ 1,754 The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 9 $ 17 Accounts Payable $ 7 $ 10 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ 101 $ (6 ) $ 4 $ (1 ) $ 151 $ (13 ) $ 1 $ — Debt Securities Government Obligations (B) 41 — 4 — 245 (2 ) 19 (1 ) Other (C) 34 — 25 (2 ) 222 (7 ) 36 (3 ) Total Debt Securities 75 — 29 (2 ) 467 (9 ) 55 (4 ) NDT Available-for-Sale Securities $ 176 $ (6 ) $ 33 $ (3 ) $ 618 $ (22 ) $ 56 $ (4 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (B) Debt Securities (Government Obligations)—Unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . The proceeds from the sales of and the net realized gains on securities in the NDT Fund were: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from NDT Fund Sales (A) $ 139 $ 215 $ 470 $ 1,037 Net Realized Gains (Losses) on NDT Fund: Gross Realized Gains $ 11 $ 14 $ 36 $ 47 Gross Realized Losses (3 ) (11 ) (25 ) (24 ) Net Realized Gains (Losses) on NDT Fund $ 8 $ 3 $ 11 $ 23 (A) 2015 proceeds include activity in accounts related to the liquidation of funds being transitioned to new managers. Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $131 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of September 30, 2016 . The NDT available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 22 1 - 5 years 233 6 - 10 years 214 11 - 15 years 56 16 - 20 years 62 Over 20 years 303 Total NDT Available-for-Sale Debt Securities $ 890 The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2016 , other-than-temporary impairments of $25 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 11 $ 11 $ — $ 22 Debt Securities Government Obligations 104 3 — 107 Other 91 3 — 94 Total Debt Securities 195 6 — 201 Other Securities 1 — — 1 Total Rabbi Trust Available-for-Sale Securities $ 207 $ 17 $ — $ 224 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 12 $ 10 $ — $ 22 Debt Securities Government Obligations 108 1 (1 ) 108 Other 82 — (1 ) 81 Total Debt Securities 190 1 (2 ) 189 Other Securities 2 — — 2 Total Rabbi Trust Available-for-Sale Securities $ 204 $ 11 $ (2 ) $ 213 The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 1 $ 1 Accounts Payable $ — $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ — $ — $ — $ — $ — $ — $ — $ — Debt Securities Government Obligations (B) 4 — 1 — 53 (1 ) 2 — Other (C) 9 — 5 — 46 (1 ) 9 — Total Debt Securities 13 — 6 — 99 (2 ) 11 — Rabbi Trust Available-for-Sale Securities $ 13 $ — $ 6 $ — $ 99 $ (2 ) $ 11 $ — (A) Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. (B) Debt Securities (Government Obligations)—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. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from Rabbi Trust Sales $ 20 $ 20 $ 81 $ 83 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 2 $ — $ 5 $ 2 Gross Realized Losses (2 ) (1 ) (4 ) (1 ) Net Realized Gains (Losses) on Rabbi Trust $ — $ (1 ) $ 1 $ 1 Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $10 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of September 30, 2016 . The Rabbi Trust available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 9 1 - 5 years 42 6 - 10 years 48 11 - 15 years 9 16 - 20 years 9 Over 20 years 84 Total Rabbi Trust Available-for-Sale Debt Securities $ 201 The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the nine months ended September 30, 2016 , no other-than-temporary impairments were recognized on securities in the Rabbi Trust. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of September 30, December 31, Millions PSE&G $ 44 $ 42 Power 55 52 Other 125 119 Total Rabbi Trust Available-for-Sale Securities $ 224 $ 213 |
Pension and OPEB
Pension and OPEB | 9 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Effective January 1, 2016, PSEG changed the approach used to measure future service and interest costs for pension benefits. For 2015 and prior, PSEG calculated service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016 and beyond, PSEG has elected to calculate service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. PSEG believes the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of the plan obligations. As a change in accounting estimate, this change is being reflected prospectively. Pension and OPEB costs, net of amounts capitalized, were reduced by $9 million and $3 million , for the three months ended September 30, 2016 , respectively, and $26 million and $9 million for the nine months ended September 30, 2016 , respectively, as compared to the 2016 amounts that would have been derived from applying PSEG’s 2015 and prior years’ methodology. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, except for Servco. Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions Components of Net Periodic Benefit Costs Service Cost $ 28 $ 30 $ 5 $ 5 $ 82 $ 92 $ 13 $ 16 Interest Cost 50 59 15 16 151 176 44 50 Expected Return on Plan Assets (98 ) (103 ) (8 ) (7 ) (295 ) (310 ) (23 ) (22 ) Amortization of Net Prior Service Cost (Credit) (5 ) (5 ) (4 ) (4 ) (14 ) (14 ) (11 ) (11 ) Actuarial Loss 39 38 10 11 118 112 30 32 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions PSE&G $ 8 $ 10 $ 11 $ 13 $ 22 $ 30 $ 33 $ 41 Power 3 5 6 7 11 16 17 20 Other 3 4 1 1 9 10 3 4 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 PSEG contributed its entire planned contributions for the year 2016 of $21 million into its pension plans and $14 million into its OPEB plan during 2016 . Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 4. Variable Interest Entities . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco has contributed its entire planned contribution of $28 million into its pension plan trusts during 2016 . Servco’s pension-related revenues and costs were $16 million and $17 million for the three months ended September 30, 2016 and 2015 , respectively, and $28 million and $30 million for the nine months ended September 30, 2016 and 2015 , respectively. The OPEB-related revenues earned and costs incurred for each of the three months and nine months ended September 30, 2016 and 2015 were immaterial. |
PSE And G [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Effective January 1, 2016, PSEG changed the approach used to measure future service and interest costs for pension benefits. For 2015 and prior, PSEG calculated service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016 and beyond, PSEG has elected to calculate service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. PSEG believes the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of the plan obligations. As a change in accounting estimate, this change is being reflected prospectively. Pension and OPEB costs, net of amounts capitalized, were reduced by $9 million and $3 million , for the three months ended September 30, 2016 , respectively, and $26 million and $9 million for the nine months ended September 30, 2016 , respectively, as compared to the 2016 amounts that would have been derived from applying PSEG’s 2015 and prior years’ methodology. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, except for Servco. Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions Components of Net Periodic Benefit Costs Service Cost $ 28 $ 30 $ 5 $ 5 $ 82 $ 92 $ 13 $ 16 Interest Cost 50 59 15 16 151 176 44 50 Expected Return on Plan Assets (98 ) (103 ) (8 ) (7 ) (295 ) (310 ) (23 ) (22 ) Amortization of Net Prior Service Cost (Credit) (5 ) (5 ) (4 ) (4 ) (14 ) (14 ) (11 ) (11 ) Actuarial Loss 39 38 10 11 118 112 30 32 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions PSE&G $ 8 $ 10 $ 11 $ 13 $ 22 $ 30 $ 33 $ 41 Power 3 5 6 7 11 16 17 20 Other 3 4 1 1 9 10 3 4 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 PSEG contributed its entire planned contributions for the year 2016 of $21 million into its pension plans and $14 million into its OPEB plan during 2016 . Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 4. Variable Interest Entities . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco has contributed its entire planned contribution of $28 million into its pension plan trusts during 2016 . Servco’s pension-related revenues and costs were $16 million and $17 million for the three months ended September 30, 2016 and 2015 , respectively, and $28 million and $30 million for the nine months ended September 30, 2016 and 2015 , respectively. The OPEB-related revenues earned and costs incurred for each of the three months and nine months ended September 30, 2016 and 2015 were immaterial. |
Power [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Effective January 1, 2016, PSEG changed the approach used to measure future service and interest costs for pension benefits. For 2015 and prior, PSEG calculated service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016 and beyond, PSEG has elected to calculate service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. PSEG believes the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of the plan obligations. As a change in accounting estimate, this change is being reflected prospectively. Pension and OPEB costs, net of amounts capitalized, were reduced by $9 million and $3 million , for the three months ended September 30, 2016 , respectively, and $26 million and $9 million for the nine months ended September 30, 2016 , respectively, as compared to the 2016 amounts that would have been derived from applying PSEG’s 2015 and prior years’ methodology. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, except for Servco. Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions Components of Net Periodic Benefit Costs Service Cost $ 28 $ 30 $ 5 $ 5 $ 82 $ 92 $ 13 $ 16 Interest Cost 50 59 15 16 151 176 44 50 Expected Return on Plan Assets (98 ) (103 ) (8 ) (7 ) (295 ) (310 ) (23 ) (22 ) Amortization of Net Prior Service Cost (Credit) (5 ) (5 ) (4 ) (4 ) (14 ) (14 ) (11 ) (11 ) Actuarial Loss 39 38 10 11 118 112 30 32 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions PSE&G $ 8 $ 10 $ 11 $ 13 $ 22 $ 30 $ 33 $ 41 Power 3 5 6 7 11 16 17 20 Other 3 4 1 1 9 10 3 4 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 PSEG contributed its entire planned contributions for the year 2016 of $21 million into its pension plans and $14 million into its OPEB plan during 2016 . Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 4. Variable Interest Entities . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco has contributed its entire planned contribution of $28 million into its pension plan trusts during 2016 . Servco’s pension-related revenues and costs were $16 million and $17 million for the three months ended September 30, 2016 and 2015 , respectively, and $28 million and $30 million for the nine months ended September 30, 2016 and 2015 , respectively. The OPEB-related revenues earned and costs incurred for each of the three months and nine months ended September 30, 2016 and 2015 were immaterial. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Loss Contingencies [Line Items] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to • support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and • obtain credit. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to • fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and • all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. The following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of September 30, 2016 and December 31, 2015 . As of As of September 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,797 $ 1,734 Exposure under Current Guarantees $ 143 $ 172 Letters of Credit Margin Posted $ 164 $ 122 Letters of Credit Margin Received $ 136 $ 192 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (4 ) $ (15 ) Net Broker Balance Deposited (Received) $ (12 ) $ (5 ) Additional Amounts Posted: Other Letters of Credit $ 51 $ 51 As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. PSEG also issued a $106 million guarantee to support Power’s payment obligations related to its equity interest in the PennEast natural gas pipeline and a $21 million guarantee to support Power’s payment obligations related to construction of a 755 MW gas-fired combined cycle generating station in Maryland. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, these guarantees would each have to be replaced by a letter of credit. Environmental Matters Passaic River Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. The EPA determined that there was a need to perform a comprehensive study of the entire 17 miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately seven percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately one percent is attributable to Power’s generating stations. These interim allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. PSEG has provided notice to insurers concerning this potential claim. In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra/Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA and Tierra/Maxus, the estimated cost for the work to remove the sediment in this location was $80 million . Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. In 2012, Tierra/Maxus withdrew from the CPG and refused to participate as members going forward, other than with respect to their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million . Construction is complete. The CPG is awaiting EPA approval of the construction report, long-term monitoring plan and confirmatory sampling plan. PSE&G’s and Power’s combined share of the cost of that effort is approximately three percent . The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. On April 11, 2014, the EPA released its revised draft “Focused Feasibility Study” (FFS) which contemplated the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River. The revised draft FFS set forth various alternatives for remediating this portion of the Passaic River. The CPG, which consisted of 52 members as of September 30, 2016 , provided a draft RI and draft FS, both relating to the entire 17 miles of the lower Passaic River, to the EPA on February 18, 2015 and April 30, 2015, respectively. The estimated total cost for the preparation of the RI/FS is approximately $167 million , which the CPG continues to incur. Of the estimated $167 million , as of September 30, 2016 , the CPG had spent approximately $156 million , of which PSE&G’s and Power’s combined share was approximately $10 million . The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River. It set forth the CPG’s estimated costs to remediate the lower 17 miles of the Passaic River which range from approximately $518 million to $3.2 billion on an undiscounted basis. The CPG identified a targeted remedy in the draft FS which would involve removal, treatment and disposal of contaminated sediments taken from targeted locations within the entire 17 miles of the lower Passaic River. The estimated cost in the draft FS for the targeted remedy ranged from approximately $518 million to $772 million . Based on (i) the low end of the range of the current estimates of costs to remediate, (ii) PSE&G’s and Power’s estimated share of those costs, and (iii) the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued a $10 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued a $3 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2015. In March 2016, the EPA released its Record of Decision (ROD) for the FFS which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The ROD Remedy requires a bank-to-bank dredge ranging from approximately 5 to 30 feet deep in the federal navigation channel from River Mile 0 to River Mile 1.7 and an approximately 2.5 foot deep dredge everywhere else in the lower 8.3 miles of the river. An engineered cap approximately two feet thick will be placed over the dredged areas. Dredged sediments will be transported to facilities and landfills out-of-state. The EPA estimates the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Based upon the estimated cost of the ROD Remedy, PSEG’s estimate of PSE&G’s and Power’s shares of that cost, and the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued an additional $36 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued an additional $8 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2016. As of September 30, 2016 , these accruals bring the total liability to approximately $57 million , $46 million applicable to PSE&G and $11 million applicable to Power. Also in March 2016, the EPA sent a notice letter to 105 PRPs, including PSE&G, all other past and present members of the CPG, including Occidental Chemical Corporation (OCC), and the towns of Newark, Kearny and Harrison and the Passaic Valley Sewerage Commission stating that the EPA wants to determine whether OCC, a successor company to Diamond Shamrock, would voluntarily perform the remedial design for the ROD Remedy. On September 30, 2016, OCC and the EPA executed an Administrative Settlement Agreement and Order on Consent for Remedial Design under which OCC agreed to conduct the remedial design for the ROD. With OCC’s commitment to perform the remedial design, it is anticipated that the EPA will begin negotiation of a remedial action consent decree, under which OCC and the other “major PRPs” will implement and/or pay for the EPA’s ROD Remedy for the lower 8.3 miles. The EPA has not defined “major PRP.” On June 16, 2016, Tierra and Maxus, successors to Diamond Shamrock, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although PSEG does not currently anticipate that the filing for bankruptcy by Tierra and Maxus will affect its allocable share or total liability for the Passaic River matter, PSEG, through the CPG and independently, will monitor the bankruptcy proceedings to identify any potential impact on PSEG’s share of the costs. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G’s and Power’s ultimate liability. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G’s and Power’s respective shares of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and 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. Natural Resource Damage Claims In 2003, the New Jersey Department of Environmental Protection (NJDEP) directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the New Jersey Spill Compensation and Control Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million . In 2007, agencies of the U.S. Department of Commerce and the U.S. Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. MGP Remediation Program PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $424 million and $481 million through 2021, including its $46 million share for the Passaic River accrued as of September 30, 2016 , as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $424 million as of September 30, 2016 . Of this amount, $70 million was recorded in Other Current Liabilities and $354 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $424 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. NJDEP, PSEG and EPA representatives have had discussions regarding whether sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Prevention of Significant Deterioration (PSD)/New Source Review (NSR) The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. Clean Water Act Permit Renewals Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The NJDEP manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. On June 10, 2016, the NJDEP issued a final NJPDES permit for Salem with an effective date of August 1, 2016. The final permit does not require installation of cooling towers and allows Salem to continue to operate utilizing the existing once-through cooling water system. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the Clean Water Act, it requires additional studies and the selection of technology to address impingement for the service water system. On July 8, 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final permit for Salem. The Riverkeeper’s filing does not change the effective date of the permit. If the Riverkeeper’s challenge were successful, Power may be required to incur additional costs to comply with the Clean Water Act. Such service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. State permitting decisions at Bridgeport and possibly New Haven could also have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants without making significant upgrades to existing intake structures and cooling systems. Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power’s future capital requirements, financial condition or results of operations. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at Bridgeport Harbor Station Unit 3 (BH3). To address compliance with the EPA’s Clean Water Act Section 316(b) final rule, the current proposal under consideration is that, if a final permit is issued, Power would continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the current estimated useful life ending in 2025. Based on current discussions with the CTDEEP, if the proposal is accepted, a final permit could be issued in late 2016. Separately, Power has also negotiated a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut. That CEBA provides that Power would retire BH3 early if all its precedent conditions occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. The receipt of permits to allow construction and operation of the new facility could occur in 2017. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power will seek to operate BH3 through the current estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. Operations are expected to begin in mid-2019. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station’s NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Jersey City, New Jersey Subsurface Feeder Cable Matter In early October 2016, a discharge of mineral oil dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the New Jersey Department of Environmental Protection (NJDEP). The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison, with PSE&G owning the portion of the cables located in New Jersey and Con Edison owning the portion of the cables located in New York. The NJDEP has declared an emergency and an emergency response action has been undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order; and to restore the property. The U.S. Coast Guard has issued Notices of Federal Interest for an Oil Pollution Incident, to the property owners, PSE&G and Con Edison, and the NJDEP has issued a Field Directive to both PSE&G and Con Edison. The investigation and response actions related to the fluid discharge are ongoing. The investigation of the discharge and its potential cause is in the preliminary stages, making it difficult to determine the timing and potential costs to resolve this matter, as well as responsibility for such costs between PSE&G, Con Edison and NADC; however, based on currently available information and the potential scope of the necessary repair and remediation work, the costs could be material. Steam Electric Effluent Guidelines On September 30, 2015, the EPA issued a new Effluent Guidelines Limitation Rule for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. The EPA provides an implementation period for currently existing discharges of three years or up to eight years if a facility needs more time to implement equipment upgrades and provide supporting information to its permitting authority. In the intervening time period, existing discharge standards continue to apply. Power’s Bridgeport Harbor station and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under this rule. Power is unable to predict if this rule will have a material impact on its future capital requirements, financial condition and results of operations. Coal Combustion Residuals (CCRs) On December 19, 2014, the EPA issued a final rule which regulates CCRs as non-hazardous and requires that facility owners implement a series of actions to close or upgrade existing CCR surface impoundments and/or landfills. It also establishes new provisions for the construction of new surface impoundments and landfills. Power’s Hudson and Mercer generating stations, along with its co-owned Keystone and Conemaugh stations, are subject to the provisions of this rule. On April 17, 2015, the final rule was published with an effective date of October 19, 2015. Accordingly in June 2015, Power recorded an additional asset retirement obligation to comply with the final CCR rule which was not material to Power’s results of operations, financial condition or cash flows. Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G’s load requirement, 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 Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with winning BGS suppliers, including Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. 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, 2016 is $335.33 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2016 of $272.78 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 2013 2014 2015 2016 36-Month Terms Ending May 2016 May 2017 May 2018 May 2019 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $92.18 $97.39 $99.54 $96.38 (A) Prices set in the 2016 BGS auction year became effective on June 1, 2016 when the 2013 BGS auction agreements expired. Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. PSE&G has a full-requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 18. Related-Party Transactions . Minimum Fuel Purchase Requirements Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2020 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, Power can use the gas to supply its fossil generating stations. Power also has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations. As of September 30, 2016 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2020 Millions Nuclear Fuel Uranium $ 338 Enrichment $ 307 Fabrication $ 179 Natural Gas $ 904 Coal $ 235 Regulatory Proceedings FERC Complian |
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Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to • support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and • obtain credit. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to • fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and • all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. The following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of September 30, 2016 and December 31, 2015 . As of As of September 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,797 $ 1,734 Exposure under Current Guarantees $ 143 $ 172 Letters of Credit Margin Posted $ 164 $ 122 Letters of Credit Margin Received $ 136 $ 192 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (4 ) $ (15 ) Net Broker Balance Deposited (Received) $ (12 ) $ (5 ) Additional Amounts Posted: Other Letters of Credit $ 51 $ 51 As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. PSEG also issued a $106 million guarantee to support Power’s payment obligations related to its equity interest in the PennEast natural gas pipeline and a $21 million guarantee to support Power’s payment obligations related to construction of a 755 MW gas-fired combined cycle generating station in Maryland. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, these guarantees would each have to be replaced by a letter of credit. Environmental Matters Passaic River Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. The EPA determined that there was a need to perform a comprehensive study of the entire 17 miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately seven percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately one percent is attributable to Power’s generating stations. These interim allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. PSEG has provided notice to insurers concerning this potential claim. In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra/Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA and Tierra/Maxus, the estimated cost for the work to remove the sediment in this location was $80 million . Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. In 2012, Tierra/Maxus withdrew from the CPG and refused to participate as members going forward, other than with respect to their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million . Construction is complete. The CPG is awaiting EPA approval of the construction report, long-term monitoring plan and confirmatory sampling plan. PSE&G’s and Power’s combined share of the cost of that effort is approximately three percent . The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. On April 11, 2014, the EPA released its revised draft “Focused Feasibility Study” (FFS) which contemplated the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River. The revised draft FFS set forth various alternatives for remediating this portion of the Passaic River. The CPG, which consisted of 52 members as of September 30, 2016 , provided a draft RI and draft FS, both relating to the entire 17 miles of the lower Passaic River, to the EPA on February 18, 2015 and April 30, 2015, respectively. The estimated total cost for the preparation of the RI/FS is approximately $167 million , which the CPG continues to incur. Of the estimated $167 million , as of September 30, 2016 , the CPG had spent approximately $156 million , of which PSE&G’s and Power’s combined share was approximately $10 million . The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River. It set forth the CPG’s estimated costs to remediate the lower 17 miles of the Passaic River which range from approximately $518 million to $3.2 billion on an undiscounted basis. The CPG identified a targeted remedy in the draft FS which would involve removal, treatment and disposal of contaminated sediments taken from targeted locations within the entire 17 miles of the lower Passaic River. The estimated cost in the draft FS for the targeted remedy ranged from approximately $518 million to $772 million . Based on (i) the low end of the range of the current estimates of costs to remediate, (ii) PSE&G’s and Power’s estimated share of those costs, and (iii) the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued a $10 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued a $3 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2015. In March 2016, the EPA released its Record of Decision (ROD) for the FFS which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The ROD Remedy requires a bank-to-bank dredge ranging from approximately 5 to 30 feet deep in the federal navigation channel from River Mile 0 to River Mile 1.7 and an approximately 2.5 foot deep dredge everywhere else in the lower 8.3 miles of the river. An engineered cap approximately two feet thick will be placed over the dredged areas. Dredged sediments will be transported to facilities and landfills out-of-state. The EPA estimates the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Based upon the estimated cost of the ROD Remedy, PSEG’s estimate of PSE&G’s and Power’s shares of that cost, and the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued an additional $36 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued an additional $8 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2016. As of September 30, 2016 , these accruals bring the total liability to approximately $57 million , $46 million applicable to PSE&G and $11 million applicable to Power. Also in March 2016, the EPA sent a notice letter to 105 PRPs, including PSE&G, all other past and present members of the CPG, including Occidental Chemical Corporation (OCC), and the towns of Newark, Kearny and Harrison and the Passaic Valley Sewerage Commission stating that the EPA wants to determine whether OCC, a successor company to Diamond Shamrock, would voluntarily perform the remedial design for the ROD Remedy. On September 30, 2016, OCC and the EPA executed an Administrative Settlement Agreement and Order on Consent for Remedial Design under which OCC agreed to conduct the remedial design for the ROD. With OCC’s commitment to perform the remedial design, it is anticipated that the EPA will begin negotiation of a remedial action consent decree, under which OCC and the other “major PRPs” will implement and/or pay for the EPA’s ROD Remedy for the lower 8.3 miles. The EPA has not defined “major PRP.” On June 16, 2016, Tierra and Maxus, successors to Diamond Shamrock, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although PSEG does not currently anticipate that the filing for bankruptcy by Tierra and Maxus will affect its allocable share or total liability for the Passaic River matter, PSEG, through the CPG and independently, will monitor the bankruptcy proceedings to identify any potential impact on PSEG’s share of the costs. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G’s and Power’s ultimate liability. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G’s and Power’s respective shares of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and 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. Natural Resource Damage Claims In 2003, the New Jersey Department of Environmental Protection (NJDEP) directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the New Jersey Spill Compensation and Control Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million . In 2007, agencies of the U.S. Department of Commerce and the U.S. Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. MGP Remediation Program PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $424 million and $481 million through 2021, including its $46 million share for the Passaic River accrued as of September 30, 2016 , as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $424 million as of September 30, 2016 . Of this amount, $70 million was recorded in Other Current Liabilities and $354 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $424 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. NJDEP, PSEG and EPA representatives have had discussions regarding whether sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Prevention of Significant Deterioration (PSD)/New Source Review (NSR) The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. Clean Water Act Permit Renewals Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The NJDEP manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. On June 10, 2016, the NJDEP issued a final NJPDES permit for Salem with an effective date of August 1, 2016. The final permit does not require installation of cooling towers and allows Salem to continue to operate utilizing the existing once-through cooling water system. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the Clean Water Act, it requires additional studies and the selection of technology to address impingement for the service water system. On July 8, 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final permit for Salem. The Riverkeeper’s filing does not change the effective date of the permit. If the Riverkeeper’s challenge were successful, Power may be required to incur additional costs to comply with the Clean Water Act. Such service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. State permitting decisions at Bridgeport and possibly New Haven could also have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants without making significant upgrades to existing intake structures and cooling systems. Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power’s future capital requirements, financial condition or results of operations. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at Bridgeport Harbor Station Unit 3 (BH3). To address compliance with the EPA’s Clean Water Act Section 316(b) final rule, the current proposal under consideration is that, if a final permit is issued, Power would continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the current estimated useful life ending in 2025. Based on current discussions with the CTDEEP, if the proposal is accepted, a final permit could be issued in late 2016. Separately, Power has also negotiated a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut. That CEBA provides that Power would retire BH3 early if all its precedent conditions occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. The receipt of permits to allow construction and operation of the new facility could occur in 2017. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power will seek to operate BH3 through the current estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. Operations are expected to begin in mid-2019. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station’s NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Jersey City, New Jersey Subsurface Feeder Cable Matter In early October 2016, a discharge of mineral oil dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the New Jersey Department of Environmental Protection (NJDEP). The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison, with PSE&G owning the portion of the cables located in New Jersey and Con Edison owning the portion of the cables located in New York. The NJDEP has declared an emergency and an emergency response action has been undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order; and to restore the property. The U.S. Coast Guard has issued Notices of Federal Interest for an Oil Pollution Incident, to the property owners, PSE&G and Con Edison, and the NJDEP has issued a Field Directive to both PSE&G and Con Edison. The investigation and response actions related to the fluid discharge are ongoing. The investigation of the discharge and its potential cause is in the preliminary stages, making it difficult to determine the timing and potential costs to resolve this matter, as well as responsibility for such costs between PSE&G, Con Edison and NADC; however, based on currently available information and the potential scope of the necessary repair and remediation work, the costs could be material. Steam Electric Effluent Guidelines On September 30, 2015, the EPA issued a new Effluent Guidelines Limitation Rule for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. The EPA provides an implementation period for currently existing discharges of three years or up to eight years if a facility needs more time to implement equipment upgrades and provide supporting information to its permitting authority. In the intervening time period, existing discharge standards continue to apply. Power’s Bridgeport Harbor station and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under this rule. Power is unable to predict if this rule will have a material impact on its future capital requirements, financial condition and results of operations. Coal Combustion Residuals (CCRs) On December 19, 2014, the EPA issued a final rule which regulates CCRs as non-hazardous and requires that facility owners implement a series of actions to close or upgrade existing CCR surface impoundments and/or landfills. It also establishes new provisions for the construction of new surface impoundments and landfills. Power’s Hudson and Mercer generating stations, along with its co-owned Keystone and Conemaugh stations, are subject to the provisions of this rule. On April 17, 2015, the final rule was published with an effective date of October 19, 2015. Accordingly in June 2015, Power recorded an additional asset retirement obligation to comply with the final CCR rule which was not material to Power’s results of operations, financial condition or cash flows. Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G’s load requirement, 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 Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with winning BGS suppliers, including Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. 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, 2016 is $335.33 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2016 of $272.78 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 2013 2014 2015 2016 36-Month Terms Ending May 2016 May 2017 May 2018 May 2019 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $92.18 $97.39 $99.54 $96.38 (A) Prices set in the 2016 BGS auction year became effective on June 1, 2016 when the 2013 BGS auction agreements expired. Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. PSE&G has a full-requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 18. Related-Party Transactions . Minimum Fuel Purchase Requirements Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2020 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, Power can use the gas to supply its fossil generating stations. Power also has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations. As of September 30, 2016 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2020 Millions Nuclear Fuel Uranium $ 338 Enrichment $ 307 Fabrication $ 179 Natural Gas $ 904 Coal $ 235 Regulatory Proceedings FERC Complian |
Power [Member] | |
Loss Contingencies [Line Items] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to • support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and • obtain credit. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to • fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and • all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. The following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of September 30, 2016 and December 31, 2015 . As of As of September 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,797 $ 1,734 Exposure under Current Guarantees $ 143 $ 172 Letters of Credit Margin Posted $ 164 $ 122 Letters of Credit Margin Received $ 136 $ 192 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (4 ) $ (15 ) Net Broker Balance Deposited (Received) $ (12 ) $ (5 ) Additional Amounts Posted: Other Letters of Credit $ 51 $ 51 As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. PSEG also issued a $106 million guarantee to support Power’s payment obligations related to its equity interest in the PennEast natural gas pipeline and a $21 million guarantee to support Power’s payment obligations related to construction of a 755 MW gas-fired combined cycle generating station in Maryland. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, these guarantees would each have to be replaced by a letter of credit. Environmental Matters Passaic River Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. The EPA determined that there was a need to perform a comprehensive study of the entire 17 miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately seven percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately one percent is attributable to Power’s generating stations. These interim allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. PSEG has provided notice to insurers concerning this potential claim. In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra/Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA and Tierra/Maxus, the estimated cost for the work to remove the sediment in this location was $80 million . Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. In 2012, Tierra/Maxus withdrew from the CPG and refused to participate as members going forward, other than with respect to their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million . Construction is complete. The CPG is awaiting EPA approval of the construction report, long-term monitoring plan and confirmatory sampling plan. PSE&G’s and Power’s combined share of the cost of that effort is approximately three percent . The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. On April 11, 2014, the EPA released its revised draft “Focused Feasibility Study” (FFS) which contemplated the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River. The revised draft FFS set forth various alternatives for remediating this portion of the Passaic River. The CPG, which consisted of 52 members as of September 30, 2016 , provided a draft RI and draft FS, both relating to the entire 17 miles of the lower Passaic River, to the EPA on February 18, 2015 and April 30, 2015, respectively. The estimated total cost for the preparation of the RI/FS is approximately $167 million , which the CPG continues to incur. Of the estimated $167 million , as of September 30, 2016 , the CPG had spent approximately $156 million , of which PSE&G’s and Power’s combined share was approximately $10 million . The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River. It set forth the CPG’s estimated costs to remediate the lower 17 miles of the Passaic River which range from approximately $518 million to $3.2 billion on an undiscounted basis. The CPG identified a targeted remedy in the draft FS which would involve removal, treatment and disposal of contaminated sediments taken from targeted locations within the entire 17 miles of the lower Passaic River. The estimated cost in the draft FS for the targeted remedy ranged from approximately $518 million to $772 million . Based on (i) the low end of the range of the current estimates of costs to remediate, (ii) PSE&G’s and Power’s estimated share of those costs, and (iii) the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued a $10 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued a $3 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2015. In March 2016, the EPA released its Record of Decision (ROD) for the FFS which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The ROD Remedy requires a bank-to-bank dredge ranging from approximately 5 to 30 feet deep in the federal navigation channel from River Mile 0 to River Mile 1.7 and an approximately 2.5 foot deep dredge everywhere else in the lower 8.3 miles of the river. An engineered cap approximately two feet thick will be placed over the dredged areas. Dredged sediments will be transported to facilities and landfills out-of-state. The EPA estimates the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Based upon the estimated cost of the ROD Remedy, PSEG’s estimate of PSE&G’s and Power’s shares of that cost, and the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued an additional $36 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued an additional $8 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2016. As of September 30, 2016 , these accruals bring the total liability to approximately $57 million , $46 million applicable to PSE&G and $11 million applicable to Power. Also in March 2016, the EPA sent a notice letter to 105 PRPs, including PSE&G, all other past and present members of the CPG, including Occidental Chemical Corporation (OCC), and the towns of Newark, Kearny and Harrison and the Passaic Valley Sewerage Commission stating that the EPA wants to determine whether OCC, a successor company to Diamond Shamrock, would voluntarily perform the remedial design for the ROD Remedy. On September 30, 2016, OCC and the EPA executed an Administrative Settlement Agreement and Order on Consent for Remedial Design under which OCC agreed to conduct the remedial design for the ROD. With OCC’s commitment to perform the remedial design, it is anticipated that the EPA will begin negotiation of a remedial action consent decree, under which OCC and the other “major PRPs” will implement and/or pay for the EPA’s ROD Remedy for the lower 8.3 miles. The EPA has not defined “major PRP.” On June 16, 2016, Tierra and Maxus, successors to Diamond Shamrock, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although PSEG does not currently anticipate that the filing for bankruptcy by Tierra and Maxus will affect its allocable share or total liability for the Passaic River matter, PSEG, through the CPG and independently, will monitor the bankruptcy proceedings to identify any potential impact on PSEG’s share of the costs. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G’s and Power’s ultimate liability. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G’s and Power’s respective shares of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and 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. Natural Resource Damage Claims In 2003, the New Jersey Department of Environmental Protection (NJDEP) directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the New Jersey Spill Compensation and Control Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million . In 2007, agencies of the U.S. Department of Commerce and the U.S. Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. MGP Remediation Program PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $424 million and $481 million through 2021, including its $46 million share for the Passaic River accrued as of September 30, 2016 , as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $424 million as of September 30, 2016 . Of this amount, $70 million was recorded in Other Current Liabilities and $354 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $424 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. NJDEP, PSEG and EPA representatives have had discussions regarding whether sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Prevention of Significant Deterioration (PSD)/New Source Review (NSR) The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. Clean Water Act Permit Renewals Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The NJDEP manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. On June 10, 2016, the NJDEP issued a final NJPDES permit for Salem with an effective date of August 1, 2016. The final permit does not require installation of cooling towers and allows Salem to continue to operate utilizing the existing once-through cooling water system. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the Clean Water Act, it requires additional studies and the selection of technology to address impingement for the service water system. On July 8, 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final permit for Salem. The Riverkeeper’s filing does not change the effective date of the permit. If the Riverkeeper’s challenge were successful, Power may be required to incur additional costs to comply with the Clean Water Act. Such service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. State permitting decisions at Bridgeport and possibly New Haven could also have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants without making significant upgrades to existing intake structures and cooling systems. Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power’s future capital requirements, financial condition or results of operations. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at Bridgeport Harbor Station Unit 3 (BH3). To address compliance with the EPA’s Clean Water Act Section 316(b) final rule, the current proposal under consideration is that, if a final permit is issued, Power would continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the current estimated useful life ending in 2025. Based on current discussions with the CTDEEP, if the proposal is accepted, a final permit could be issued in late 2016. Separately, Power has also negotiated a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut. That CEBA provides that Power would retire BH3 early if all its precedent conditions occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. The receipt of permits to allow construction and operation of the new facility could occur in 2017. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power will seek to operate BH3 through the current estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. Operations are expected to begin in mid-2019. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station’s NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Jersey City, New Jersey Subsurface Feeder Cable Matter In early October 2016, a discharge of mineral oil dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the New Jersey Department of Environmental Protection (NJDEP). The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison, with PSE&G owning the portion of the cables located in New Jersey and Con Edison owning the portion of the cables located in New York. The NJDEP has declared an emergency and an emergency response action has been undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order; and to restore the property. The U.S. Coast Guard has issued Notices of Federal Interest for an Oil Pollution Incident, to the property owners, PSE&G and Con Edison, and the NJDEP has issued a Field Directive to both PSE&G and Con Edison. The investigation and response actions related to the fluid discharge are ongoing. The investigation of the discharge and its potential cause is in the preliminary stages, making it difficult to determine the timing and potential costs to resolve this matter, as well as responsibility for such costs between PSE&G, Con Edison and NADC; however, based on currently available information and the potential scope of the necessary repair and remediation work, the costs could be material. Steam Electric Effluent Guidelines On September 30, 2015, the EPA issued a new Effluent Guidelines Limitation Rule for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. The EPA provides an implementation period for currently existing discharges of three years or up to eight years if a facility needs more time to implement equipment upgrades and provide supporting information to its permitting authority. In the intervening time period, existing discharge standards continue to apply. Power’s Bridgeport Harbor station and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under this rule. Power is unable to predict if this rule will have a material impact on its future capital requirements, financial condition and results of operations. Coal Combustion Residuals (CCRs) On December 19, 2014, the EPA issued a final rule which regulates CCRs as non-hazardous and requires that facility owners implement a series of actions to close or upgrade existing CCR surface impoundments and/or landfills. It also establishes new provisions for the construction of new surface impoundments and landfills. Power’s Hudson and Mercer generating stations, along with its co-owned Keystone and Conemaugh stations, are subject to the provisions of this rule. On April 17, 2015, the final rule was published with an effective date of October 19, 2015. Accordingly in June 2015, Power recorded an additional asset retirement obligation to comply with the final CCR rule which was not material to Power’s results of operations, financial condition or cash flows. Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G’s load requirement, 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 Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with winning BGS suppliers, including Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. 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, 2016 is $335.33 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2016 of $272.78 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 2013 2014 2015 2016 36-Month Terms Ending May 2016 May 2017 May 2018 May 2019 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $92.18 $97.39 $99.54 $96.38 (A) Prices set in the 2016 BGS auction year became effective on June 1, 2016 when the 2013 BGS auction agreements expired. Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. PSE&G has a full-requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 18. Related-Party Transactions . Minimum Fuel Purchase Requirements Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2020 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, Power can use the gas to supply its fossil generating stations. Power also has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations. As of September 30, 2016 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2020 Millions Nuclear Fuel Uranium $ 338 Enrichment $ 307 Fabrication $ 179 Natural Gas $ 904 Coal $ 235 Regulatory Proceedings FERC Complian |
Debt and Credit Facilities
Debt and Credit Facilities | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the nine months ended September 30, 2016 : PSE&G • issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021 , • issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046 , • issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026 , • retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds, Series VV at maturity, and • repurchased at par $100 million of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds. Power • issued $700 million of 3.00% Senior Notes due June 2021 , • retired $303 million of 5.32% Senior Notes due September 2016 and • retired $250 million of 2.75% Senior Notes due September 2016 . Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under PSEG’s $4.2 billion credit facilities are provided by a diverse bank group with no single institution representing more than 7% of the total commitments in PSEG’s credit facilities. As of September 30, 2016 , PSEG’s total available credit capacity of $3.7 billion was in excess of its anticipated maximum liquidity requirements. Each of PSEG’s 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. PSEG’s total credit facilities and available liquidity as of September 30, 2016 were as follows: As of September 30, 2016 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facility $ 500 $ 10 $ 490 Apr 2019 Commercial Paper (CP) Support/Funding/Letters of Credit 5-year Credit Facility (A) 500 255 245 Apr 2020 CP Support/Funding/Letters of Credit Total PSEG $ 1,000 $ 265 $ 735 PSE&G 5-year Credit Facility (B) $ 600 $ 14 $ 586 Apr 2020 CP Support/Funding/Letters of Credit Total PSE&G $ 600 $ 14 $ 586 Power 5-year Credit Facility $ 1,600 $ 194 $ 1,406 Apr 2019 Funding/Letters of Credit 5-year Credit Facility (C) 953 11 942 Apr 2020 Funding/Letters of Credit Total Power $ 2,553 $ 205 $ 2,348 Total $ 4,153 $ 484 $ 3,669 (A) PSEG facility will be reduced by $12 million in March 2018. (B) PSE&G facility will be reduced by $14 million in March 2018. (C) Power facility will be reduced by $24 million in March 2018. (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016 , PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79% . As of September 30, 2016 , PSE&G had no amounts outstanding under its CP Program. |
PSE And G [Member] | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the nine months ended September 30, 2016 : PSE&G • issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021 , • issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046 , • issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026 , • retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds, Series VV at maturity, and • repurchased at par $100 million of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds. Power • issued $700 million of 3.00% Senior Notes due June 2021 , • retired $303 million of 5.32% Senior Notes due September 2016 and • retired $250 million of 2.75% Senior Notes due September 2016 . Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under PSEG’s $4.2 billion credit facilities are provided by a diverse bank group with no single institution representing more than 7% of the total commitments in PSEG’s credit facilities. As of September 30, 2016 , PSEG’s total available credit capacity of $3.7 billion was in excess of its anticipated maximum liquidity requirements. Each of PSEG’s 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. PSEG’s total credit facilities and available liquidity as of September 30, 2016 were as follows: As of September 30, 2016 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facility $ 500 $ 10 $ 490 Apr 2019 Commercial Paper (CP) Support/Funding/Letters of Credit 5-year Credit Facility (A) 500 255 245 Apr 2020 CP Support/Funding/Letters of Credit Total PSEG $ 1,000 $ 265 $ 735 PSE&G 5-year Credit Facility (B) $ 600 $ 14 $ 586 Apr 2020 CP Support/Funding/Letters of Credit Total PSE&G $ 600 $ 14 $ 586 Power 5-year Credit Facility $ 1,600 $ 194 $ 1,406 Apr 2019 Funding/Letters of Credit 5-year Credit Facility (C) 953 11 942 Apr 2020 Funding/Letters of Credit Total Power $ 2,553 $ 205 $ 2,348 Total $ 4,153 $ 484 $ 3,669 (A) PSEG facility will be reduced by $12 million in March 2018. (B) PSE&G facility will be reduced by $14 million in March 2018. (C) Power facility will be reduced by $24 million in March 2018. (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016 , PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79% . As of September 30, 2016 , PSE&G had no amounts outstanding under its CP Program. |
Power [Member] | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the nine months ended September 30, 2016 : PSE&G • issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021 , • issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046 , • issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026 , • retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds, Series VV at maturity, and • repurchased at par $100 million of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds. Power • issued $700 million of 3.00% Senior Notes due June 2021 , • retired $303 million of 5.32% Senior Notes due September 2016 and • retired $250 million of 2.75% Senior Notes due September 2016 . Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under PSEG’s $4.2 billion credit facilities are provided by a diverse bank group with no single institution representing more than 7% of the total commitments in PSEG’s credit facilities. As of September 30, 2016 , PSEG’s total available credit capacity of $3.7 billion was in excess of its anticipated maximum liquidity requirements. Each of PSEG’s 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. PSEG’s total credit facilities and available liquidity as of September 30, 2016 were as follows: As of September 30, 2016 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facility $ 500 $ 10 $ 490 Apr 2019 Commercial Paper (CP) Support/Funding/Letters of Credit 5-year Credit Facility (A) 500 255 245 Apr 2020 CP Support/Funding/Letters of Credit Total PSEG $ 1,000 $ 265 $ 735 PSE&G 5-year Credit Facility (B) $ 600 $ 14 $ 586 Apr 2020 CP Support/Funding/Letters of Credit Total PSE&G $ 600 $ 14 $ 586 Power 5-year Credit Facility $ 1,600 $ 194 $ 1,406 Apr 2019 Funding/Letters of Credit 5-year Credit Facility (C) 953 11 942 Apr 2020 Funding/Letters of Credit Total Power $ 2,553 $ 205 $ 2,348 Total $ 4,153 $ 484 $ 3,669 (A) PSEG facility will be reduced by $12 million in March 2018. (B) PSE&G facility will be reduced by $14 million in March 2018. (C) Power facility will be reduced by $24 million in March 2018. (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016 , PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79% . As of September 30, 2016 , PSE&G had no amounts outstanding under its CP Program. |
Financial Risk Management Activ
Financial Risk Management Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. 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 purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter 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. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to price risk primarily relating to changes in the market price of electricity, fossil fuels 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. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. PSEG had no commodity derivative transactions designated as cash flow or fair value hedges as of September 30, 2016 and December 31, 2015 . Economic Hedges Power enters into derivative contracts that are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Changes in the fair market value of these contracts are recorded in earnings. PSE&G is a party to a long-term natural gas sales derivative contract to optimize its pipeline capacity utilization. Changes in the fair market value of the contract are recorded in Regulatory Assets and Regulatory Liabilities. Interest Rates PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt and interest rate swaps. Fair Value Hedges PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. The changes in fair value of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. Interest rate swaps totaling $550 million that converted the retired Power’s Senior Notes due September 2016 into variable-rate debt matured in the third quarter. There were no outstanding interest rate swaps as of September 30, 2016 . As of December 31, 2015 , the fair value of all the underlying hedges was $6 million . The effect of these hedges reduced interest expense by $2 million and $5 million for the three months ended September 30, 2016 and 2015 , respectively, and $6 million and $15 million for the nine months ended September 30, 2016 and 2015 , respectively. Cash Flow Hedges PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. As of September 30, 2016 , PSEG had interest rate hedges outstanding totaling $500 million . These hedges convert PSEG’s $500 million variable rate term loan due November 2017 into a fixed rate loan . The fair value of these hedges and the related ineffectiveness were immaterial as of September 30, 2016 . PSEG interest rate hedges totaling $400 million were terminated during the second quarter and a gain of $2 million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power’s $700 million of 3% Senior Notes due June 2021. For additional information see Note 10. Debt and Credit Facilities . There were no outstanding interest rate cash flow hedges as of December 31, 2015 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to existing and terminated interest rate derivatives designated as cash flow hedges was $2 million as of September 30, 2016 and was immaterial as of December 31, 2015 . The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are immaterial. The expiration date of the longest-dated interest rate hedge is in May 2021 . 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 have been offset on the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. As of September 30, 2016 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 432 $ (283 ) $ 149 $ — $ — $ 149 Noncurrent Assets 305 (219 ) 86 — — 86 Total Mark-to-Market Derivative Assets $ 737 $ (502 ) $ 235 $ — $ — $ 235 Derivative Contracts Current Liabilities $ (314 ) $ 278 $ (36 ) $ (4 ) $ — $ (40 ) Noncurrent Liabilities (219 ) 206 (13 ) — — (13 ) Total Mark-to-Market Derivative (Liabilities) $ (533 ) $ 484 $ (49 ) $ (4 ) $ — $ (53 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 204 $ (18 ) $ 186 $ (4 ) $ — $ 182 As of December 31, 2015 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 700 $ (477 ) $ 223 $ 13 $ 6 $ 242 Noncurrent Assets 208 (131 ) 77 — — 77 Total Mark-to-Market Derivative Assets $ 908 $ (608 ) $ 300 $ 13 $ 6 $ 319 Derivative Contracts Current Liabilities $ (513 ) $ 437 $ (76 ) $ — $ — $ (76 ) Noncurrent Liabilities (132 ) 116 (16 ) (11 ) — (27 ) Total Mark-to-Market Derivative (Liabilities) $ (645 ) $ 553 $ (92 ) $ (11 ) $ — $ (103 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 263 $ (55 ) $ 208 $ 2 $ 6 $ 216 (A) Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015 . PSE&G does not have any derivative contracts subject to master netting or similar agreements. (B) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015 , net cash collateral (received) paid of $(18) million and $(55) million , respectively, were netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(13) million and $(14) million of cash collateral were netted against current assets and noncurrent assets, respectively, and $9 million was netted against current liabilities. Of the $(55) million as of December 31, 2015 , $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded to a below investment grade rating, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P and Moody’s 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. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized, and contracts designated as NPNS) was $42 million and $78 million as of September 30, 2016 and December 31, 2015 , respectively. As of September 30, 2016 and December 31, 2015 , Power had the contractual right of offset of $11 million and $12 million , respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $31 million and $66 million as of September 30, 2016 and December 31, 2015 , respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Interest Rate Swaps 1 — Interest Expense — — Interest Expense — — Total PSEG $ 1 $ 1 $ — $ — $ — $ — Power Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Total Power $ — $ 1 $ — $ — $ — $ — The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Interest Rate Swaps 3 — Interest Expense — — Interest Expense — — Total PSEG $ 3 $ 2 $ — $ 17 $ — $ — Power Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Total Power $ — $ 2 $ — $ 17 $ — $ — The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income Pre-Tax After-Tax Millions Balance as of December 31, 2015 $ — $ — Gain Recognized in AOCI 2 — 1 Less: Gain Reclassified into Income — — Balance as of June 30, 2016 $ 2 $ 1 Gain Recognized in AOCI 1 1 Less: Gain Reclassified into Income — — Balance as of September 30, 2016 $ 3 $ 2 The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS, such as its BGS contracts and certain other energy supply contracts, for the three months and nine months ended September 30, 2016 and 2015 . Power’s derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 125 $ 154 $ 255 $ 202 Energy-Related Contracts Energy Costs (11 ) (4 ) (3 ) (4 ) Total PSEG and Power $ 114 $ 150 $ 252 $ 198 The following reflects the gross volume, on an absolute value basis, of derivatives as of September 30, 2016 and December 31, 2015 . Type Notional Total PSEG Power PSE&G Millions As of September 30, 2016 Natural Gas Dekatherm (Dth) 315 — 300 15 Electricity MWh 349 — 349 — Financial Transmission Rights (FTRs) MWh 14 — 14 — Interest Rate Swaps U.S. Dollars 500 500 — — As of December 31, 2015 Natural Gas Dth 201 — 168 33 Electricity MWh 299 — 299 — FTRs MWh 23 — 23 — Interest Rate Swaps U.S. Dollars 550 550 — — Credit Risk Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. As of September 30, 2016 , 92% of the net credit exposure for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). The following table provides information on Power’s credit risk from others, net of collateral, as of September 30, 2016 . It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. Rating Current Exposure Securities Held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade—External Rating $ 384 $ 135 $ 249 2 $ 147 (A) Non-Investment Grade—External Rating 24 — 24 — — Investment Grade—No External Rating 9 — 9 — — Non-Investment Grade—No External Rating 1 1 — — — Total $ 418 $ 136 $ 282 2 $ 147 (A) Represents net exposure of $114 million with PSE&G. The remaining net exposure of $33 million is with a non-affiliated power purchaser which is an investment grade counterparty. As of September 30, 2016 , collateral held from counterparties where Power had credit exposure included $3 million in cash collateral and $133 million in letters of credit. As of September 30, 2016 , Power had 135 active counterparties. 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 guaranty 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 September 30, 2016 , primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G’s suppliers’ credit exposure is calculated each business day. As of September 30, 2016 , PSE&G had no net credit exposure with suppliers, including Power. 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. |
PSE And G [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. 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 purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter 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. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to price risk primarily relating to changes in the market price of electricity, fossil fuels 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. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. PSEG had no commodity derivative transactions designated as cash flow or fair value hedges as of September 30, 2016 and December 31, 2015 . Economic Hedges Power enters into derivative contracts that are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Changes in the fair market value of these contracts are recorded in earnings. PSE&G is a party to a long-term natural gas sales derivative contract to optimize its pipeline capacity utilization. Changes in the fair market value of the contract are recorded in Regulatory Assets and Regulatory Liabilities. Interest Rates PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt and interest rate swaps. Fair Value Hedges PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. The changes in fair value of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. Interest rate swaps totaling $550 million that converted the retired Power’s Senior Notes due September 2016 into variable-rate debt matured in the third quarter. There were no outstanding interest rate swaps as of September 30, 2016 . As of December 31, 2015 , the fair value of all the underlying hedges was $6 million . The effect of these hedges reduced interest expense by $2 million and $5 million for the three months ended September 30, 2016 and 2015 , respectively, and $6 million and $15 million for the nine months ended September 30, 2016 and 2015 , respectively. Cash Flow Hedges PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. As of September 30, 2016 , PSEG had interest rate hedges outstanding totaling $500 million . These hedges convert PSEG’s $500 million variable rate term loan due November 2017 into a fixed rate loan . The fair value of these hedges and the related ineffectiveness were immaterial as of September 30, 2016 . PSEG interest rate hedges totaling $400 million were terminated during the second quarter and a gain of $2 million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power’s $700 million of 3% Senior Notes due June 2021. For additional information see Note 10. Debt and Credit Facilities . There were no outstanding interest rate cash flow hedges as of December 31, 2015 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to existing and terminated interest rate derivatives designated as cash flow hedges was $2 million as of September 30, 2016 and was immaterial as of December 31, 2015 . The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are immaterial. The expiration date of the longest-dated interest rate hedge is in May 2021 . 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 have been offset on the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. As of September 30, 2016 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 432 $ (283 ) $ 149 $ — $ — $ 149 Noncurrent Assets 305 (219 ) 86 — — 86 Total Mark-to-Market Derivative Assets $ 737 $ (502 ) $ 235 $ — $ — $ 235 Derivative Contracts Current Liabilities $ (314 ) $ 278 $ (36 ) $ (4 ) $ — $ (40 ) Noncurrent Liabilities (219 ) 206 (13 ) — — (13 ) Total Mark-to-Market Derivative (Liabilities) $ (533 ) $ 484 $ (49 ) $ (4 ) $ — $ (53 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 204 $ (18 ) $ 186 $ (4 ) $ — $ 182 As of December 31, 2015 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 700 $ (477 ) $ 223 $ 13 $ 6 $ 242 Noncurrent Assets 208 (131 ) 77 — — 77 Total Mark-to-Market Derivative Assets $ 908 $ (608 ) $ 300 $ 13 $ 6 $ 319 Derivative Contracts Current Liabilities $ (513 ) $ 437 $ (76 ) $ — $ — $ (76 ) Noncurrent Liabilities (132 ) 116 (16 ) (11 ) — (27 ) Total Mark-to-Market Derivative (Liabilities) $ (645 ) $ 553 $ (92 ) $ (11 ) $ — $ (103 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 263 $ (55 ) $ 208 $ 2 $ 6 $ 216 (A) Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015 . PSE&G does not have any derivative contracts subject to master netting or similar agreements. (B) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015 , net cash collateral (received) paid of $(18) million and $(55) million , respectively, were netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(13) million and $(14) million of cash collateral were netted against current assets and noncurrent assets, respectively, and $9 million was netted against current liabilities. Of the $(55) million as of December 31, 2015 , $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded to a below investment grade rating, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P and Moody’s 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. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized, and contracts designated as NPNS) was $42 million and $78 million as of September 30, 2016 and December 31, 2015 , respectively. As of September 30, 2016 and December 31, 2015 , Power had the contractual right of offset of $11 million and $12 million , respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $31 million and $66 million as of September 30, 2016 and December 31, 2015 , respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Interest Rate Swaps 1 — Interest Expense — — Interest Expense — — Total PSEG $ 1 $ 1 $ — $ — $ — $ — Power Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Total Power $ — $ 1 $ — $ — $ — $ — The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Interest Rate Swaps 3 — Interest Expense — — Interest Expense — — Total PSEG $ 3 $ 2 $ — $ 17 $ — $ — Power Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Total Power $ — $ 2 $ — $ 17 $ — $ — The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income Pre-Tax After-Tax Millions Balance as of December 31, 2015 $ — $ — Gain Recognized in AOCI 2 — 1 Less: Gain Reclassified into Income — — Balance as of June 30, 2016 $ 2 $ 1 Gain Recognized in AOCI 1 1 Less: Gain Reclassified into Income — — Balance as of September 30, 2016 $ 3 $ 2 The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS, such as its BGS contracts and certain other energy supply contracts, for the three months and nine months ended September 30, 2016 and 2015 . Power’s derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 125 $ 154 $ 255 $ 202 Energy-Related Contracts Energy Costs (11 ) (4 ) (3 ) (4 ) Total PSEG and Power $ 114 $ 150 $ 252 $ 198 The following reflects the gross volume, on an absolute value basis, of derivatives as of September 30, 2016 and December 31, 2015 . Type Notional Total PSEG Power PSE&G Millions As of September 30, 2016 Natural Gas Dekatherm (Dth) 315 — 300 15 Electricity MWh 349 — 349 — Financial Transmission Rights (FTRs) MWh 14 — 14 — Interest Rate Swaps U.S. Dollars 500 500 — — As of December 31, 2015 Natural Gas Dth 201 — 168 33 Electricity MWh 299 — 299 — FTRs MWh 23 — 23 — Interest Rate Swaps U.S. Dollars 550 550 — — Credit Risk Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. As of September 30, 2016 , 92% of the net credit exposure for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). The following table provides information on Power’s credit risk from others, net of collateral, as of September 30, 2016 . It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. Rating Current Exposure Securities Held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade—External Rating $ 384 $ 135 $ 249 2 $ 147 (A) Non-Investment Grade—External Rating 24 — 24 — — Investment Grade—No External Rating 9 — 9 — — Non-Investment Grade—No External Rating 1 1 — — — Total $ 418 $ 136 $ 282 2 $ 147 (A) Represents net exposure of $114 million with PSE&G. The remaining net exposure of $33 million is with a non-affiliated power purchaser which is an investment grade counterparty. As of September 30, 2016 , collateral held from counterparties where Power had credit exposure included $3 million in cash collateral and $133 million in letters of credit. As of September 30, 2016 , Power had 135 active counterparties. 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 guaranty 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 September 30, 2016 , primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G’s suppliers’ credit exposure is calculated each business day. As of September 30, 2016 , PSE&G had no net credit exposure with suppliers, including Power. 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. |
Power [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. 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 purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter 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. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to price risk primarily relating to changes in the market price of electricity, fossil fuels 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. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. PSEG had no commodity derivative transactions designated as cash flow or fair value hedges as of September 30, 2016 and December 31, 2015 . Economic Hedges Power enters into derivative contracts that are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Changes in the fair market value of these contracts are recorded in earnings. PSE&G is a party to a long-term natural gas sales derivative contract to optimize its pipeline capacity utilization. Changes in the fair market value of the contract are recorded in Regulatory Assets and Regulatory Liabilities. Interest Rates PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt and interest rate swaps. Fair Value Hedges PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. The changes in fair value of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. Interest rate swaps totaling $550 million that converted the retired Power’s Senior Notes due September 2016 into variable-rate debt matured in the third quarter. There were no outstanding interest rate swaps as of September 30, 2016 . As of December 31, 2015 , the fair value of all the underlying hedges was $6 million . The effect of these hedges reduced interest expense by $2 million and $5 million for the three months ended September 30, 2016 and 2015 , respectively, and $6 million and $15 million for the nine months ended September 30, 2016 and 2015 , respectively. Cash Flow Hedges PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. As of September 30, 2016 , PSEG had interest rate hedges outstanding totaling $500 million . These hedges convert PSEG’s $500 million variable rate term loan due November 2017 into a fixed rate loan . The fair value of these hedges and the related ineffectiveness were immaterial as of September 30, 2016 . PSEG interest rate hedges totaling $400 million were terminated during the second quarter and a gain of $2 million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power’s $700 million of 3% Senior Notes due June 2021. For additional information see Note 10. Debt and Credit Facilities . There were no outstanding interest rate cash flow hedges as of December 31, 2015 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to existing and terminated interest rate derivatives designated as cash flow hedges was $2 million as of September 30, 2016 and was immaterial as of December 31, 2015 . The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are immaterial. The expiration date of the longest-dated interest rate hedge is in May 2021 . 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 have been offset on the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables. As of September 30, 2016 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 432 $ (283 ) $ 149 $ — $ — $ 149 Noncurrent Assets 305 (219 ) 86 — — 86 Total Mark-to-Market Derivative Assets $ 737 $ (502 ) $ 235 $ — $ — $ 235 Derivative Contracts Current Liabilities $ (314 ) $ 278 $ (36 ) $ (4 ) $ — $ (40 ) Noncurrent Liabilities (219 ) 206 (13 ) — — (13 ) Total Mark-to-Market Derivative (Liabilities) $ (533 ) $ 484 $ (49 ) $ (4 ) $ — $ (53 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 204 $ (18 ) $ 186 $ (4 ) $ — $ 182 As of December 31, 2015 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 700 $ (477 ) $ 223 $ 13 $ 6 $ 242 Noncurrent Assets 208 (131 ) 77 — — 77 Total Mark-to-Market Derivative Assets $ 908 $ (608 ) $ 300 $ 13 $ 6 $ 319 Derivative Contracts Current Liabilities $ (513 ) $ 437 $ (76 ) $ — $ — $ (76 ) Noncurrent Liabilities (132 ) 116 (16 ) (11 ) — (27 ) Total Mark-to-Market Derivative (Liabilities) $ (645 ) $ 553 $ (92 ) $ (11 ) $ — $ (103 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 263 $ (55 ) $ 208 $ 2 $ 6 $ 216 (A) Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015 . PSE&G does not have any derivative contracts subject to master netting or similar agreements. (B) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015 , net cash collateral (received) paid of $(18) million and $(55) million , respectively, were netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(13) million and $(14) million of cash collateral were netted against current assets and noncurrent assets, respectively, and $9 million was netted against current liabilities. Of the $(55) million as of December 31, 2015 , $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded to a below investment grade rating, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P and Moody’s 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. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized, and contracts designated as NPNS) was $42 million and $78 million as of September 30, 2016 and December 31, 2015 , respectively. As of September 30, 2016 and December 31, 2015 , Power had the contractual right of offset of $11 million and $12 million , respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $31 million and $66 million as of September 30, 2016 and December 31, 2015 , respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Interest Rate Swaps 1 — Interest Expense — — Interest Expense — — Total PSEG $ 1 $ 1 $ — $ — $ — $ — Power Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Total Power $ — $ 1 $ — $ — $ — $ — The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Interest Rate Swaps 3 — Interest Expense — — Interest Expense — — Total PSEG $ 3 $ 2 $ — $ 17 $ — $ — Power Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Total Power $ — $ 2 $ — $ 17 $ — $ — The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income Pre-Tax After-Tax Millions Balance as of December 31, 2015 $ — $ — Gain Recognized in AOCI 2 — 1 Less: Gain Reclassified into Income — — Balance as of June 30, 2016 $ 2 $ 1 Gain Recognized in AOCI 1 1 Less: Gain Reclassified into Income — — Balance as of September 30, 2016 $ 3 $ 2 The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS, such as its BGS contracts and certain other energy supply contracts, for the three months and nine months ended September 30, 2016 and 2015 . Power’s derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 125 $ 154 $ 255 $ 202 Energy-Related Contracts Energy Costs (11 ) (4 ) (3 ) (4 ) Total PSEG and Power $ 114 $ 150 $ 252 $ 198 The following reflects the gross volume, on an absolute value basis, of derivatives as of September 30, 2016 and December 31, 2015 . Type Notional Total PSEG Power PSE&G Millions As of September 30, 2016 Natural Gas Dekatherm (Dth) 315 — 300 15 Electricity MWh 349 — 349 — Financial Transmission Rights (FTRs) MWh 14 — 14 — Interest Rate Swaps U.S. Dollars 500 500 — — As of December 31, 2015 Natural Gas Dth 201 — 168 33 Electricity MWh 299 — 299 — FTRs MWh 23 — 23 — Interest Rate Swaps U.S. Dollars 550 550 — — Credit Risk Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. As of September 30, 2016 , 92% of the net credit exposure for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). The following table provides information on Power’s credit risk from others, net of collateral, as of September 30, 2016 . It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. Rating Current Exposure Securities Held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade—External Rating $ 384 $ 135 $ 249 2 $ 147 (A) Non-Investment Grade—External Rating 24 — 24 — — Investment Grade—No External Rating 9 — 9 — — Non-Investment Grade—No External Rating 1 1 — — — Total $ 418 $ 136 $ 282 2 $ 147 (A) Represents net exposure of $114 million with PSE&G. The remaining net exposure of $33 million is with a non-affiliated power purchaser which is an investment grade counterparty. As of September 30, 2016 , collateral held from counterparties where Power had credit exposure included $3 million in cash collateral and $133 million in letters of credit. As of September 30, 2016 , Power had 135 active counterparties. 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 guaranty 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 September 30, 2016 , primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G’s suppliers’ credit exposure is calculated each business day. As of September 30, 2016 , PSE&G had no net credit exposure with suppliers, including Power. PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2016 , these consisted primarily of long-term gas supply contracts and certain electric load contracts. The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 and Power. Recurring Fair Value Measurements as of September 30, 2016 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) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 Interest Rate Swaps (C) $ — $ — $ — $ — $ — NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 107 $ — $ — $ 107 $ — Debt Securities—Other $ 94 $ — $ — $ 94 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (53 ) $ 484 $ — $ (533 ) $ (4 ) Interest Rate Swaps (C) $ — $ — $ — $ — $ — PSE&G Assets: Cash Equivalents (A) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ — $ — $ — $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 4 $ — $ 4 $ — $ — Debt Securities—Govt Obligations $ 22 $ — $ — $ 22 $ — Debt Securities—Other $ 18 $ — $ — $ 18 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (4 ) $ — $ — $ — $ (4 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 6 $ — $ 6 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 23 $ — $ — $ 23 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (49 ) $ 484 $ — $ (533 ) $ — Recurring Fair Value Measurements as of December 31, 2015 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) $ 326 $ — $ 326 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 313 $ (608 ) $ — $ 896 $ 25 Interest Rate Swaps (C) $ 6 $ — $ — $ 6 $ — NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 108 $ — $ — $ 108 $ — Debt Securities—Other $ 81 $ — $ — $ 81 $ — Other Securities $ 2 $ — $ 2 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (103 ) $ 553 $ — $ (644 ) $ (12 ) PSE&G Assets: Cash Equivalents (A) $ 160 $ — $ 160 $ — $ — Derivative Contracts: Energy Related Contracts (B) $ 13 $ — $ — $ — $ 13 Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 21 $ — $ — $ 21 $ — Debt Securities—Other $ 16 $ — $ — $ 16 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (11 ) $ — $ — $ — $ (11 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 300 $ (608 ) $ — $ 896 $ 12 NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 20 $ — $ — $ 20 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (92 ) $ 553 $ — $ (644 ) $ (1 ) (A) Represents money market mutual funds. (B) Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. (C) Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. (D) The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. (E) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2016 , net cash collateral (received) paid of $(18) million was netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(27) million of cash collateral was netted against assets, and $9 million was netted against liabilities. As of December 31, 2015 , net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015 , $(69) million was netted against assets, and $14 million was netted against liabilities. Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. For PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors, as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The fair value of Power’s electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. The following tables provide details surrounding significant Level 3 valuations as of September 30, 2016 and December 31, 2015 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position September 30, 2016 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ — $ (4 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ — $ (4 ) Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash flow Historic Load Variability 0% to +10% Gas (A) Other 3 — Total Power $ 15 $ — Total PSEG $ 15 $ (4 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2015 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ 13 $ (11 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ 13 $ (11 ) Power Electricity Electric Load Contracts $ 11 $ (1 ) Discounted Cash Flow Historic Load Variability 0% to +10% Electricity Other 1 — Total Power $ 12 $ (1 ) Total PSEG $ 25 $ (12 ) (A) Includes gas supply positions that are immaterial. Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and nine months ended September 30, 2016 and September 30, 2015 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2016 Three Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 5 $ 8 $ (2 ) $ 4 $ (4 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ (2 ) $ — $ (2 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 7 $ 8 $ — $ 4 $ (4 ) $ — $ 15 Nine Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 13 $ 24 $ (6 ) $ 4 $ (24 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ 2 $ — $ (6 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 11 $ 24 $ — $ 4 $ (24 ) $ — $ 15 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 8 $ 4 $ (8 ) $ — $ (2 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 5 $ — $ (8 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 3 $ 4 $ — $ — $ (2 ) $ — $ 5 Nine Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 37 $ 12 $ (29 ) $ — $ (18 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 26 $ — $ (29 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 11 $ 12 $ — $ — $ (18 ) $ — $ 5 (A) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $8 million and $24 million in Operating Income for the three months and nine months ended September 30, 2016 , respectively. Of the $8 million in Operating Income, $4 million is unrealized. The $24 million in Operating Income is realized. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $(4) million and $(24) million in settlements for the three months and nine months ended September 30, 2016 , respectively. Represents $(2) million and $(18) million in settlements for the three months and nine months ended September 30, 2015 , respectively. (D) There were no transfers among levels during the three months and nine months ended September 30, 2016 and 2015 . (E) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $4 million and $12 million in Operating Income for the three months and nine months ended September 30, 2015 , respectively. Of the $4 million in Operating Income, $3 million is unrealized. Of the $12 million in Operating Income, $(6) million is unrealized. As of September 30, 2016 , PSEG carried $2.6 billion of net assets that are measured at fair value on a recurring basis, of which $11 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of September 30, 2015 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $2 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of September 30, 2016 and December 31, 2015 . As of As of September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (Parent) (A) $ 500 $ 500 $ 503 $ 506 PSE&G (B) 7,816 8,996 6,821 7,235 Power - Recourse Debt (B) 2,381 2,788 2,237 2,508 Energy Holdings: Project Level, Non-Recourse Debt (C) — — 7 7 Total Long-Term Debt $ 10,697 $ 12,284 $ 9,568 $ 10,256 (A) Fair value includes a $500 million floating rate term loan and net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. (B) Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. (C) Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
PSE And G [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2016 , these consisted primarily of long-term gas supply contracts and certain electric load contracts. The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 and Power. Recurring Fair Value Measurements as of September 30, 2016 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) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 Interest Rate Swaps (C) $ — $ — $ — $ — $ — NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 107 $ — $ — $ 107 $ — Debt Securities—Other $ 94 $ — $ — $ 94 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (53 ) $ 484 $ — $ (533 ) $ (4 ) Interest Rate Swaps (C) $ — $ — $ — $ — $ — PSE&G Assets: Cash Equivalents (A) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ — $ — $ — $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 4 $ — $ 4 $ — $ — Debt Securities—Govt Obligations $ 22 $ — $ — $ 22 $ — Debt Securities—Other $ 18 $ — $ — $ 18 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (4 ) $ — $ — $ — $ (4 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 6 $ — $ 6 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 23 $ — $ — $ 23 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (49 ) $ 484 $ — $ (533 ) $ — Recurring Fair Value Measurements as of December 31, 2015 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) $ 326 $ — $ 326 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 313 $ (608 ) $ — $ 896 $ 25 Interest Rate Swaps (C) $ 6 $ — $ — $ 6 $ — NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 108 $ — $ — $ 108 $ — Debt Securities—Other $ 81 $ — $ — $ 81 $ — Other Securities $ 2 $ — $ 2 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (103 ) $ 553 $ — $ (644 ) $ (12 ) PSE&G Assets: Cash Equivalents (A) $ 160 $ — $ 160 $ — $ — Derivative Contracts: Energy Related Contracts (B) $ 13 $ — $ — $ — $ 13 Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 21 $ — $ — $ 21 $ — Debt Securities—Other $ 16 $ — $ — $ 16 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (11 ) $ — $ — $ — $ (11 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 300 $ (608 ) $ — $ 896 $ 12 NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 20 $ — $ — $ 20 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (92 ) $ 553 $ — $ (644 ) $ (1 ) (A) Represents money market mutual funds. (B) Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. (C) Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. (D) The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. (E) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2016 , net cash collateral (received) paid of $(18) million was netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(27) million of cash collateral was netted against assets, and $9 million was netted against liabilities. As of December 31, 2015 , net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015 , $(69) million was netted against assets, and $14 million was netted against liabilities. Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. For PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors, as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The fair value of Power’s electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. The following tables provide details surrounding significant Level 3 valuations as of September 30, 2016 and December 31, 2015 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position September 30, 2016 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ — $ (4 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ — $ (4 ) Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash flow Historic Load Variability 0% to +10% Gas (A) Other 3 — Total Power $ 15 $ — Total PSEG $ 15 $ (4 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2015 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ 13 $ (11 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ 13 $ (11 ) Power Electricity Electric Load Contracts $ 11 $ (1 ) Discounted Cash Flow Historic Load Variability 0% to +10% Electricity Other 1 — Total Power $ 12 $ (1 ) Total PSEG $ 25 $ (12 ) (A) Includes gas supply positions that are immaterial. Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and nine months ended September 30, 2016 and September 30, 2015 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2016 Three Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 5 $ 8 $ (2 ) $ 4 $ (4 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ (2 ) $ — $ (2 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 7 $ 8 $ — $ 4 $ (4 ) $ — $ 15 Nine Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 13 $ 24 $ (6 ) $ 4 $ (24 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ 2 $ — $ (6 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 11 $ 24 $ — $ 4 $ (24 ) $ — $ 15 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 8 $ 4 $ (8 ) $ — $ (2 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 5 $ — $ (8 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 3 $ 4 $ — $ — $ (2 ) $ — $ 5 Nine Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 37 $ 12 $ (29 ) $ — $ (18 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 26 $ — $ (29 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 11 $ 12 $ — $ — $ (18 ) $ — $ 5 (A) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $8 million and $24 million in Operating Income for the three months and nine months ended September 30, 2016 , respectively. Of the $8 million in Operating Income, $4 million is unrealized. The $24 million in Operating Income is realized. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $(4) million and $(24) million in settlements for the three months and nine months ended September 30, 2016 , respectively. Represents $(2) million and $(18) million in settlements for the three months and nine months ended September 30, 2015 , respectively. (D) There were no transfers among levels during the three months and nine months ended September 30, 2016 and 2015 . (E) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $4 million and $12 million in Operating Income for the three months and nine months ended September 30, 2015 , respectively. Of the $4 million in Operating Income, $3 million is unrealized. Of the $12 million in Operating Income, $(6) million is unrealized. As of September 30, 2016 , PSEG carried $2.6 billion of net assets that are measured at fair value on a recurring basis, of which $11 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of September 30, 2015 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $2 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of September 30, 2016 and December 31, 2015 . As of As of September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (Parent) (A) $ 500 $ 500 $ 503 $ 506 PSE&G (B) 7,816 8,996 6,821 7,235 Power - Recourse Debt (B) 2,381 2,788 2,237 2,508 Energy Holdings: Project Level, Non-Recourse Debt (C) — — 7 7 Total Long-Term Debt $ 10,697 $ 12,284 $ 9,568 $ 10,256 (A) Fair value includes a $500 million floating rate term loan and net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. (B) Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. (C) Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Power [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2016 , these consisted primarily of long-term gas supply contracts and certain electric load contracts. The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 and Power. Recurring Fair Value Measurements as of September 30, 2016 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) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 Interest Rate Swaps (C) $ — $ — $ — $ — $ — NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 107 $ — $ — $ 107 $ — Debt Securities—Other $ 94 $ — $ — $ 94 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (53 ) $ 484 $ — $ (533 ) $ (4 ) Interest Rate Swaps (C) $ — $ — $ — $ — $ — PSE&G Assets: Cash Equivalents (A) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ — $ — $ — $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 4 $ — $ 4 $ — $ — Debt Securities—Govt Obligations $ 22 $ — $ — $ 22 $ — Debt Securities—Other $ 18 $ — $ — $ 18 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (4 ) $ — $ — $ — $ (4 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 6 $ — $ 6 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 23 $ — $ — $ 23 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (49 ) $ 484 $ — $ (533 ) $ — Recurring Fair Value Measurements as of December 31, 2015 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) $ 326 $ — $ 326 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 313 $ (608 ) $ — $ 896 $ 25 Interest Rate Swaps (C) $ 6 $ — $ — $ 6 $ — NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 108 $ — $ — $ 108 $ — Debt Securities—Other $ 81 $ — $ — $ 81 $ — Other Securities $ 2 $ — $ 2 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (103 ) $ 553 $ — $ (644 ) $ (12 ) PSE&G Assets: Cash Equivalents (A) $ 160 $ — $ 160 $ — $ — Derivative Contracts: Energy Related Contracts (B) $ 13 $ — $ — $ — $ 13 Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 21 $ — $ — $ 21 $ — Debt Securities—Other $ 16 $ — $ — $ 16 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (11 ) $ — $ — $ — $ (11 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 300 $ (608 ) $ — $ 896 $ 12 NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 20 $ — $ — $ 20 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (92 ) $ 553 $ — $ (644 ) $ (1 ) (A) Represents money market mutual funds. (B) Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. (C) Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. (D) The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. (E) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2016 , net cash collateral (received) paid of $(18) million was netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(27) million of cash collateral was netted against assets, and $9 million was netted against liabilities. As of December 31, 2015 , net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015 , $(69) million was netted against assets, and $14 million was netted against liabilities. Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. For PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors, as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The fair value of Power’s electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. The following tables provide details surrounding significant Level 3 valuations as of September 30, 2016 and December 31, 2015 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position September 30, 2016 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ — $ (4 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ — $ (4 ) Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash flow Historic Load Variability 0% to +10% Gas (A) Other 3 — Total Power $ 15 $ — Total PSEG $ 15 $ (4 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2015 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ 13 $ (11 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ 13 $ (11 ) Power Electricity Electric Load Contracts $ 11 $ (1 ) Discounted Cash Flow Historic Load Variability 0% to +10% Electricity Other 1 — Total Power $ 12 $ (1 ) Total PSEG $ 25 $ (12 ) (A) Includes gas supply positions that are immaterial. Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and nine months ended September 30, 2016 and September 30, 2015 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2016 Three Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 5 $ 8 $ (2 ) $ 4 $ (4 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ (2 ) $ — $ (2 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 7 $ 8 $ — $ 4 $ (4 ) $ — $ 15 Nine Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 13 $ 24 $ (6 ) $ 4 $ (24 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ 2 $ — $ (6 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 11 $ 24 $ — $ 4 $ (24 ) $ — $ 15 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 8 $ 4 $ (8 ) $ — $ (2 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 5 $ — $ (8 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 3 $ 4 $ — $ — $ (2 ) $ — $ 5 Nine Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 37 $ 12 $ (29 ) $ — $ (18 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 26 $ — $ (29 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 11 $ 12 $ — $ — $ (18 ) $ — $ 5 (A) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $8 million and $24 million in Operating Income for the three months and nine months ended September 30, 2016 , respectively. Of the $8 million in Operating Income, $4 million is unrealized. The $24 million in Operating Income is realized. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $(4) million and $(24) million in settlements for the three months and nine months ended September 30, 2016 , respectively. Represents $(2) million and $(18) million in settlements for the three months and nine months ended September 30, 2015 , respectively. (D) There were no transfers among levels during the three months and nine months ended September 30, 2016 and 2015 . (E) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $4 million and $12 million in Operating Income for the three months and nine months ended September 30, 2015 , respectively. Of the $4 million in Operating Income, $3 million is unrealized. Of the $12 million in Operating Income, $(6) million is unrealized. As of September 30, 2016 , PSEG carried $2.6 billion of net assets that are measured at fair value on a recurring basis, of which $11 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of September 30, 2015 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $2 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of September 30, 2016 and December 31, 2015 . As of As of September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (Parent) (A) $ 500 $ 500 $ 503 $ 506 PSE&G (B) 7,816 8,996 6,821 7,235 Power - Recourse Debt (B) 2,381 2,788 2,237 2,508 Energy Holdings: Project Level, Non-Recourse Debt (C) — — 7 7 Total Long-Term Debt $ 10,697 $ 12,284 $ 9,568 $ 10,256 (A) Fair value includes a $500 million floating rate term loan and net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. (B) Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. (C) Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Other Income and Deductions
Other Income and Deductions | 9 Months Ended |
Sep. 30, 2016 | |
Component of Other Income [Line Items] | |
Other Income and Deductions | Other Income and Deductions Other Income PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 21 $ — $ 21 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 2 2 6 Total Other Income $ 22 $ 23 $ 2 $ 47 Nine Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 69 $ — $ 69 Allowance for Funds Used During Construction 35 — — 35 Solar Loan Interest 17 — — 17 Other 9 5 4 18 Total Other Income $ 61 $ 74 $ 4 $ 139 Three Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 24 $ — $ 24 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 1 — 3 Total Other Income $ 22 $ 25 $ — $ 47 Nine Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 78 $ — $ 78 Allowance for Funds Used During Construction 36 — — 36 Solar Loan Interest 18 — — 18 Gain on Insurance Recovery — 28 — 28 Other 5 3 3 11 Total Other Income $ 59 $ 109 $ 3 $ 171 Other Deductions PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 5 $ — $ 5 Other 1 1 1 3 Total Other Deductions $ 1 $ 6 $ 1 $ 8 Nine Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 31 $ — $ 31 Other 3 2 3 8 Total Other Deductions $ 3 $ 33 $ 3 $ 39 Three Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 13 $ — $ 13 Other — 1 — 1 Total Other Deductions $ — $ 14 $ — $ 14 Nine Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 30 $ — $ 30 Other 2 2 2 6 Total Other Deductions $ 2 $ 32 $ 2 $ 36 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
PSE And G [Member] | |
Component of Other Income [Line Items] | |
Other Income and Deductions | Other Income and Deductions Other Income PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 21 $ — $ 21 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 2 2 6 Total Other Income $ 22 $ 23 $ 2 $ 47 Nine Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 69 $ — $ 69 Allowance for Funds Used During Construction 35 — — 35 Solar Loan Interest 17 — — 17 Other 9 5 4 18 Total Other Income $ 61 $ 74 $ 4 $ 139 Three Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 24 $ — $ 24 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 1 — 3 Total Other Income $ 22 $ 25 $ — $ 47 Nine Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 78 $ — $ 78 Allowance for Funds Used During Construction 36 — — 36 Solar Loan Interest 18 — — 18 Gain on Insurance Recovery — 28 — 28 Other 5 3 3 11 Total Other Income $ 59 $ 109 $ 3 $ 171 Other Deductions PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 5 $ — $ 5 Other 1 1 1 3 Total Other Deductions $ 1 $ 6 $ 1 $ 8 Nine Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 31 $ — $ 31 Other 3 2 3 8 Total Other Deductions $ 3 $ 33 $ 3 $ 39 Three Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 13 $ — $ 13 Other — 1 — 1 Total Other Deductions $ — $ 14 $ — $ 14 Nine Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 30 $ — $ 30 Other 2 2 2 6 Total Other Deductions $ 2 $ 32 $ 2 $ 36 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Power [Member] | |
Component of Other Income [Line Items] | |
Other Income and Deductions | Other Income and Deductions Other Income PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 21 $ — $ 21 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 2 2 6 Total Other Income $ 22 $ 23 $ 2 $ 47 Nine Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 69 $ — $ 69 Allowance for Funds Used During Construction 35 — — 35 Solar Loan Interest 17 — — 17 Other 9 5 4 18 Total Other Income $ 61 $ 74 $ 4 $ 139 Three Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 24 $ — $ 24 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 1 — 3 Total Other Income $ 22 $ 25 $ — $ 47 Nine Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 78 $ — $ 78 Allowance for Funds Used During Construction 36 — — 36 Solar Loan Interest 18 — — 18 Gain on Insurance Recovery — 28 — 28 Other 5 3 3 11 Total Other Income $ 59 $ 109 $ 3 $ 171 Other Deductions PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 5 $ — $ 5 Other 1 1 1 3 Total Other Deductions $ 1 $ 6 $ 1 $ 8 Nine Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 31 $ — $ 31 Other 3 2 3 8 Total Other Deductions $ 3 $ 33 $ 3 $ 39 Three Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 13 $ — $ 13 Other — 1 — 1 Total Other Deductions $ — $ 14 $ — $ 14 Nine Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 30 $ — $ 30 Other 2 2 2 6 Total Other Deductions $ 2 $ 32 $ 2 $ 36 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 PSEG 36.5% 39.4% 36.3% 38.8% PSE&G 36.1% 38.2% 36.1% 38.7% Power 39.3% 40.3% 39.4% 38.6% For the three months and nine months ended September 30, 2016 , the overall decreases in PSEG’s effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant related items. For the three months and nine months ended September 30, 2016 , the overall decreases in PSE&G’s effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant and other flow through items. The Tax Increase Prevention Act of 2014 extended the 50% bonus depreciation rules for qualified property placed in service before January 1, 2015 and for long production property placed in service in 2015. The Protecting Americans from Tax Hikes Act of 2015 (Tax Act) extended the 50% bonus depreciation rules for qualified property placed in service from January 1, 2015 through December 31, 2017. The rate is reduced to 40% and 30% for eligible property placed in service in 2018 and 2019, respectively. In addition, long production property placed in service in 2020 will also qualify for 30% bonus depreciation. The Tax Act also extended the 30% ITC for qualified property placed in service starting January 1, 2016 through December 31, 2019 but reduces the ITC rate to 26% and 22% for projects commenced in 2020 and 2021, respectively. The financial impact of the extensions of the ITC rate will depend upon future transactions. These provisions have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. However, these tax benefits will have a negative impact on the rate base of several of PSE&G’s programs. |
PSE And G [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 PSEG 36.5% 39.4% 36.3% 38.8% PSE&G 36.1% 38.2% 36.1% 38.7% Power 39.3% 40.3% 39.4% 38.6% For the three months and nine months ended September 30, 2016 , the overall decreases in PSEG’s effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant related items. For the three months and nine months ended September 30, 2016 , the overall decreases in PSE&G’s effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant and other flow through items. The Tax Increase Prevention Act of 2014 extended the 50% bonus depreciation rules for qualified property placed in service before January 1, 2015 and for long production property placed in service in 2015. The Protecting Americans from Tax Hikes Act of 2015 (Tax Act) extended the 50% bonus depreciation rules for qualified property placed in service from January 1, 2015 through December 31, 2017. The rate is reduced to 40% and 30% for eligible property placed in service in 2018 and 2019, respectively. In addition, long production property placed in service in 2020 will also qualify for 30% bonus depreciation. The Tax Act also extended the 30% ITC for qualified property placed in service starting January 1, 2016 through December 31, 2019 but reduces the ITC rate to 26% and 22% for projects commenced in 2020 and 2021, respectively. The financial impact of the extensions of the ITC rate will depend upon future transactions. These provisions have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. However, these tax benefits will have a negative impact on the rate base of several of PSE&G’s programs. |
Power [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 PSEG 36.5% 39.4% 36.3% 38.8% PSE&G 36.1% 38.2% 36.1% 38.7% Power 39.3% 40.3% 39.4% 38.6% For the three months and nine months ended September 30, 2016 , the overall decreases in PSEG’s effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant related items. For the three months and nine months ended September 30, 2016 , the overall decreases in PSE&G’s effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant and other flow through items. The Tax Increase Prevention Act of 2014 extended the 50% bonus depreciation rules for qualified property placed in service before January 1, 2015 and for long production property placed in service in 2015. The Protecting Americans from Tax Hikes Act of 2015 (Tax Act) extended the 50% bonus depreciation rules for qualified property placed in service from January 1, 2015 through December 31, 2017. The rate is reduced to 40% and 30% for eligible property placed in service in 2018 and 2019, respectively. In addition, long production property placed in service in 2020 will also qualify for 30% bonus depreciation. The Tax Act also extended the 30% ITC for qualified property placed in service starting January 1, 2016 through December 31, 2019 but reduces the ITC rate to 26% and 22% for projects commenced in 2020 and 2021, respectively. The financial impact of the extensions of the ITC rate will depend upon future transactions. These provisions have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. However, these tax benefits will have a negative impact on the rate base of several of PSE&G’s programs. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net of Tax | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax PSEG Other Comprehensive Income (Loss) Three Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2016 $ 1 $ (370 ) $ 117 $ (252 ) Other Comprehensive Income before Reclassifications 1 — 26 27 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 9 (2 ) 7 Net Current Period Other Comprehensive Income (Loss) 1 9 24 34 Balance as of September 30, 2016 $ 2 $ (361 ) $ 141 $ (218 ) PSEG Other Comprehensive Income (Loss) Three Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2015 $ 1 $ (395 ) $ 117 $ (277 ) Other Comprehensive Income before Reclassifications — — (46 ) (46 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 9 15 24 Net Current Period Other Comprehensive Income (Loss) — 9 (31 ) (22 ) Balance as of September 30, 2015 $ 1 $ (386 ) $ 86 $ (299 ) PSEG Other Comprehensive Income (Loss) Nine Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2015 $ — $ (386 ) $ 91 $ (295 ) Other Comprehensive Income before Reclassifications 2 — 44 46 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 25 6 31 Net Current Period Other Comprehensive Income (Loss) 2 25 50 77 Balance as of September 30, 2016 $ 2 $ (361 ) $ 141 $ (218 ) PSEG Other Comprehensive Income (Loss) Nine Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2014 $ 10 $ (411 ) $ 118 $ (283 ) Other Comprehensive Income before Reclassifications 1 — (44 ) (43 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 25 12 27 Net Current Period Other Comprehensive Income (Loss) (9 ) 25 (32 ) (16 ) Balance as of September 30, 2015 $ 1 $ (386 ) $ 86 $ (299 ) Power Other Comprehensive Income (Loss) Three Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2016 $ — $ (313 ) $ 112 $ (201 ) Other Comprehensive Income before Reclassifications — — 24 24 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 (2 ) 5 Net Current Period Other Comprehensive Income (Loss) — 7 22 29 Balance as of September 30, 2016 $ — $ (306 ) $ 134 $ (172 ) Power Other Comprehensive Income (Loss) Three Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2015 $ 2 $ (337 ) $ 112 $ (223 ) Other Comprehensive Income before Reclassifications — — (43 ) (43 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 14 21 Net Current Period Other Comprehensive Income (Loss) — 7 (29 ) (22 ) Balance as of September 30, 2015 $ 2 $ (330 ) $ 83 $ (245 ) Power Other Comprehensive Income (Loss) Nine Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2015 $ — $ (327 ) $ 87 $ (240 ) Other Comprehensive Income before Reclassifications — — 40 40 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 21 7 28 Net Current Period Other Comprehensive Income (Loss) — 21 47 68 Balance as of September 30, 2016 $ — $ (306 ) $ 134 $ (172 ) Power Other Comprehensive Income (Loss) Nine Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2014 $ 11 $ (351 ) $ 112 $ (228 ) Other Comprehensive Income before Reclassifications 1 — (41 ) (40 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 21 12 23 Net Current Period Other Comprehensive Income (Loss) (9 ) 21 (29 ) (17 ) Balance as of September 30, 2015 $ 2 $ (330 ) $ 83 $ (245 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2016 September 30, 2016 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense $ 3 $ (2 ) $ 1 $ 9 $ (4 ) $ 5 Amortization of Actuarial Loss O&M Expense (17 ) 7 (10 ) (51 ) 21 (30 ) Total Pension and OPEB Plans (14 ) 5 (9 ) (42 ) 17 (25 ) Available-for-Sale Securities Realized Gains Other Income 13 (6 ) 7 41 (20 ) 21 Realized Losses Other Deductions (5 ) 3 (2 ) (29 ) 15 (14 ) Other-Than-Temporary Impairments (OTTI) OTTI (5 ) 2 (3 ) (25 ) 12 (13 ) Total Available-for-Sale Securities 3 (1 ) 2 (13 ) 7 (6 ) Total $ (11 ) $ 4 $ (7 ) $ (55 ) $ 24 $ (31 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2015 September 30, 2015 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Energy-Related Contracts Operating Revenues $ — $ — $ — $ 17 $ (7 ) $ 10 Total Cash Flow Hedges — — — 17 (7 ) 10 Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense 3 (1 ) 2 9 (3 ) 6 Amortization of Actuarial Loss O&M Expense (17 ) 6 (11 ) (51 ) 20 (31 ) Total Pension and OPEB Plans (14 ) 5 (9 ) (42 ) 17 (25 ) Available-for-Sale Securities Realized Gains Other Income 14 (7 ) 7 49 (25 ) 24 Realized Losses Other Deductions (12 ) 5 (7 ) (25 ) 12 (13 ) OTTI OTTI (30 ) 15 (15 ) (45 ) 22 (23 ) Total Available-for-Sale Securities (28 ) 13 (15 ) (21 ) 9 (12 ) Total $ (42 ) $ 18 $ (24 ) $ (46 ) $ 19 $ (27 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2016 September 30, 2016 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense $ 3 $ (1 ) $ 2 $ 8 $ (3 ) $ 5 Amortization of Actuarial Loss O&M Expense (15 ) 6 (9 ) (44 ) 18 (26 ) Total Pension and OPEB Plans (12 ) 5 (7 ) (36 ) 15 (21 ) Available-for-Sale Securities Realized Gains Other Income 12 (5 ) 7 37 (18 ) 19 Realized Losses Other Deductions (4 ) 2 (2 ) (26 ) 13 (13 ) OTTI OTTI (5 ) 2 (3 ) (25 ) 12 (13 ) Total Available-for-Sale Securities 3 (1 ) 2 (14 ) 7 (7 ) Total $ (9 ) $ 4 $ (5 ) $ (50 ) $ 22 $ (28 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2015 September 30, 2015 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Energy-Related Contracts Operating Revenues $ — $ — $ — $ 17 $ (7 ) $ 10 Total Cash Flow Hedges — — — 17 (7 ) 10 Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense 3 (1 ) 2 9 (3 ) 6 Amortization of Actuarial Loss O&M Expense (15 ) 6 (9 ) (45 ) 18 (27 ) Total Pension and OPEB Plans (12 ) 5 (7 ) (36 ) 15 (21 ) Available-for-Sale Securities Realized Gains Other Income 14 (7 ) 7 47 (24 ) 23 Realized Losses Other Deductions (11 ) 5 (6 ) (24 ) 12 (12 ) OTTI OTTI (30 ) 15 (15 ) (45 ) 22 (23 ) Total Available-for-Sale Securities (27 ) 13 (14 ) (22 ) 10 (12 ) Total $ (39 ) $ 18 $ (21 ) $ (41 ) $ 18 $ (23 ) |
Power [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax PSEG Other Comprehensive Income (Loss) Three Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2016 $ 1 $ (370 ) $ 117 $ (252 ) Other Comprehensive Income before Reclassifications 1 — 26 27 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 9 (2 ) 7 Net Current Period Other Comprehensive Income (Loss) 1 9 24 34 Balance as of September 30, 2016 $ 2 $ (361 ) $ 141 $ (218 ) PSEG Other Comprehensive Income (Loss) Three Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2015 $ 1 $ (395 ) $ 117 $ (277 ) Other Comprehensive Income before Reclassifications — — (46 ) (46 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 9 15 24 Net Current Period Other Comprehensive Income (Loss) — 9 (31 ) (22 ) Balance as of September 30, 2015 $ 1 $ (386 ) $ 86 $ (299 ) PSEG Other Comprehensive Income (Loss) Nine Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2015 $ — $ (386 ) $ 91 $ (295 ) Other Comprehensive Income before Reclassifications 2 — 44 46 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 25 6 31 Net Current Period Other Comprehensive Income (Loss) 2 25 50 77 Balance as of September 30, 2016 $ 2 $ (361 ) $ 141 $ (218 ) PSEG Other Comprehensive Income (Loss) Nine Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2014 $ 10 $ (411 ) $ 118 $ (283 ) Other Comprehensive Income before Reclassifications 1 — (44 ) (43 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 25 12 27 Net Current Period Other Comprehensive Income (Loss) (9 ) 25 (32 ) (16 ) Balance as of September 30, 2015 $ 1 $ (386 ) $ 86 $ (299 ) Power Other Comprehensive Income (Loss) Three Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2016 $ — $ (313 ) $ 112 $ (201 ) Other Comprehensive Income before Reclassifications — — 24 24 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 (2 ) 5 Net Current Period Other Comprehensive Income (Loss) — 7 22 29 Balance as of September 30, 2016 $ — $ (306 ) $ 134 $ (172 ) Power Other Comprehensive Income (Loss) Three Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2015 $ 2 $ (337 ) $ 112 $ (223 ) Other Comprehensive Income before Reclassifications — — (43 ) (43 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 14 21 Net Current Period Other Comprehensive Income (Loss) — 7 (29 ) (22 ) Balance as of September 30, 2015 $ 2 $ (330 ) $ 83 $ (245 ) Power Other Comprehensive Income (Loss) Nine Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2015 $ — $ (327 ) $ 87 $ (240 ) Other Comprehensive Income before Reclassifications — — 40 40 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 21 7 28 Net Current Period Other Comprehensive Income (Loss) — 21 47 68 Balance as of September 30, 2016 $ — $ (306 ) $ 134 $ (172 ) Power Other Comprehensive Income (Loss) Nine Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2014 $ 11 $ (351 ) $ 112 $ (228 ) Other Comprehensive Income before Reclassifications 1 — (41 ) (40 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 21 12 23 Net Current Period Other Comprehensive Income (Loss) (9 ) 21 (29 ) (17 ) Balance as of September 30, 2015 $ 2 $ (330 ) $ 83 $ (245 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2016 September 30, 2016 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense $ 3 $ (2 ) $ 1 $ 9 $ (4 ) $ 5 Amortization of Actuarial Loss O&M Expense (17 ) 7 (10 ) (51 ) 21 (30 ) Total Pension and OPEB Plans (14 ) 5 (9 ) (42 ) 17 (25 ) Available-for-Sale Securities Realized Gains Other Income 13 (6 ) 7 41 (20 ) 21 Realized Losses Other Deductions (5 ) 3 (2 ) (29 ) 15 (14 ) Other-Than-Temporary Impairments (OTTI) OTTI (5 ) 2 (3 ) (25 ) 12 (13 ) Total Available-for-Sale Securities 3 (1 ) 2 (13 ) 7 (6 ) Total $ (11 ) $ 4 $ (7 ) $ (55 ) $ 24 $ (31 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2015 September 30, 2015 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Energy-Related Contracts Operating Revenues $ — $ — $ — $ 17 $ (7 ) $ 10 Total Cash Flow Hedges — — — 17 (7 ) 10 Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense 3 (1 ) 2 9 (3 ) 6 Amortization of Actuarial Loss O&M Expense (17 ) 6 (11 ) (51 ) 20 (31 ) Total Pension and OPEB Plans (14 ) 5 (9 ) (42 ) 17 (25 ) Available-for-Sale Securities Realized Gains Other Income 14 (7 ) 7 49 (25 ) 24 Realized Losses Other Deductions (12 ) 5 (7 ) (25 ) 12 (13 ) OTTI OTTI (30 ) 15 (15 ) (45 ) 22 (23 ) Total Available-for-Sale Securities (28 ) 13 (15 ) (21 ) 9 (12 ) Total $ (42 ) $ 18 $ (24 ) $ (46 ) $ 19 $ (27 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2016 September 30, 2016 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense $ 3 $ (1 ) $ 2 $ 8 $ (3 ) $ 5 Amortization of Actuarial Loss O&M Expense (15 ) 6 (9 ) (44 ) 18 (26 ) Total Pension and OPEB Plans (12 ) 5 (7 ) (36 ) 15 (21 ) Available-for-Sale Securities Realized Gains Other Income 12 (5 ) 7 37 (18 ) 19 Realized Losses Other Deductions (4 ) 2 (2 ) (26 ) 13 (13 ) OTTI OTTI (5 ) 2 (3 ) (25 ) 12 (13 ) Total Available-for-Sale Securities 3 (1 ) 2 (14 ) 7 (7 ) Total $ (9 ) $ 4 $ (5 ) $ (50 ) $ 22 $ (28 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2015 September 30, 2015 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Energy-Related Contracts Operating Revenues $ — $ — $ — $ 17 $ (7 ) $ 10 Total Cash Flow Hedges — — — 17 (7 ) 10 Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense 3 (1 ) 2 9 (3 ) 6 Amortization of Actuarial Loss O&M Expense (15 ) 6 (9 ) (45 ) 18 (27 ) Total Pension and OPEB Plans (12 ) 5 (7 ) (36 ) 15 (21 ) Available-for-Sale Securities Realized Gains Other Income 14 (7 ) 7 47 (24 ) 23 Realized Losses Other Deductions (11 ) 5 (6 ) (24 ) 12 (12 ) OTTI OTTI (30 ) 15 (15 ) (45 ) 22 (23 ) Total Available-for-Sale Securities (27 ) 13 (14 ) (22 ) 10 (12 ) Total $ (39 ) $ 18 $ (21 ) $ (41 ) $ 18 $ (23 ) |
Earnings Per Share (EPS) and Di
Earnings Per Share (EPS) and Dividends | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) and Dividends | Earnings Per Share (EPS) and Dividends Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, including shares issuable upon exercise of stock options outstanding or vesting of restricted stock awards granted under PSEG’s stock compensation plans and upon payment of performance units or restricted stock units. The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic Diluted Basic Diluted Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 327 $ 327 $ 439 $ 439 $ 985 $ 985 $ 1,370 $ 1,370 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 505 505 505 505 505 505 505 505 Effect of Stock Based Compensation Awards — 3 — 3 — 3 — 3 Total Shares 505 508 505 508 505 508 505 508 EPS Net Income $ 0.65 $ 0.64 $ 0.87 $ 0.87 $ 1.95 $ 1.94 $ 2.71 $ 2.70 There were approximately 0.4 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect for the three months and nine months ended September 30, 2016 and 2015 . Three Months Ended Nine Months Ended September 30, September 30, Dividend Payments on Common Stock 2016 2015 2016 2015 Per Share $ 0.41 $ 0.39 $ 1.23 $ 1.17 In Millions $ 207 $ 198 $ 622 $ 592 |
Financial Information By Busine
Financial Information By Business Segments | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G Power Other (A) Eliminations (B) Consolidated Millions Three Months Ended September 30, 2016 Total Operating Revenues $ 1,684 $ 1,075 $ 7 $ (316 ) $ 2,450 Net Income (Loss) 255 139 (67 ) — 327 Gross Additions to Long-Lived Assets 680 325 9 — 1,014 Nine Months Ended September 30, 2016 Operating Revenues $ 4,746 $ 3,102 $ 256 $ (1,133 ) $ 6,971 Net Income (Loss) 696 320 (31 ) — 985 Gross Additions to Long-Lived Assets 2,035 923 27 — 2,985 Three Months Ended September 30, 2015 Total Operating Revenues $ 1,766 $ 1,096 $ 120 $ (294 ) $ 2,688 Net Income (Loss) 222 206 11 — 439 Gross Additions to Long-Lived Assets 716 310 13 — 1,039 Nine Months Ended September 30, 2015 Operating Revenues $ 5,234 $ 3,846 $ 326 $ (1,269 ) $ 8,137 Net Income (Loss) 631 707 32 — 1,370 Gross Additions to Long-Lived Assets 1,946 797 39 — 2,782 As of September 30, 2016 Total Assets $ 25,486 $ 12,810 $ 2,385 $ (1,193 ) $ 39,488 Investments in Equity Method Subsidiaries $ — $ 106 $ — $ — $ 106 As of December 31, 2015 Total Assets $ 23,677 $ 12,250 $ 2,810 $ (1,202 ) $ 37,535 Investments in Equity Method Subsidiaries $ — $ 119 $ — $ — $ 119 (A) Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 18. Related-Party Transactions . |
PSE And G [Member] | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G Power Other (A) Eliminations (B) Consolidated Millions Three Months Ended September 30, 2016 Total Operating Revenues $ 1,684 $ 1,075 $ 7 $ (316 ) $ 2,450 Net Income (Loss) 255 139 (67 ) — 327 Gross Additions to Long-Lived Assets 680 325 9 — 1,014 Nine Months Ended September 30, 2016 Operating Revenues $ 4,746 $ 3,102 $ 256 $ (1,133 ) $ 6,971 Net Income (Loss) 696 320 (31 ) — 985 Gross Additions to Long-Lived Assets 2,035 923 27 — 2,985 Three Months Ended September 30, 2015 Total Operating Revenues $ 1,766 $ 1,096 $ 120 $ (294 ) $ 2,688 Net Income (Loss) 222 206 11 — 439 Gross Additions to Long-Lived Assets 716 310 13 — 1,039 Nine Months Ended September 30, 2015 Operating Revenues $ 5,234 $ 3,846 $ 326 $ (1,269 ) $ 8,137 Net Income (Loss) 631 707 32 — 1,370 Gross Additions to Long-Lived Assets 1,946 797 39 — 2,782 As of September 30, 2016 Total Assets $ 25,486 $ 12,810 $ 2,385 $ (1,193 ) $ 39,488 Investments in Equity Method Subsidiaries $ — $ 106 $ — $ — $ 106 As of December 31, 2015 Total Assets $ 23,677 $ 12,250 $ 2,810 $ (1,202 ) $ 37,535 Investments in Equity Method Subsidiaries $ — $ 119 $ — $ — $ 119 (A) Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 18. Related-Party Transactions . |
Power [Member] | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G Power Other (A) Eliminations (B) Consolidated Millions Three Months Ended September 30, 2016 Total Operating Revenues $ 1,684 $ 1,075 $ 7 $ (316 ) $ 2,450 Net Income (Loss) 255 139 (67 ) — 327 Gross Additions to Long-Lived Assets 680 325 9 — 1,014 Nine Months Ended September 30, 2016 Operating Revenues $ 4,746 $ 3,102 $ 256 $ (1,133 ) $ 6,971 Net Income (Loss) 696 320 (31 ) — 985 Gross Additions to Long-Lived Assets 2,035 923 27 — 2,985 Three Months Ended September 30, 2015 Total Operating Revenues $ 1,766 $ 1,096 $ 120 $ (294 ) $ 2,688 Net Income (Loss) 222 206 11 — 439 Gross Additions to Long-Lived Assets 716 310 13 — 1,039 Nine Months Ended September 30, 2015 Operating Revenues $ 5,234 $ 3,846 $ 326 $ (1,269 ) $ 8,137 Net Income (Loss) 631 707 32 — 1,370 Gross Additions to Long-Lived Assets 1,946 797 39 — 2,782 As of September 30, 2016 Total Assets $ 25,486 $ 12,810 $ 2,385 $ (1,193 ) $ 39,488 Investments in Equity Method Subsidiaries $ — $ 106 $ — $ — $ 106 As of December 31, 2015 Total Assets $ 23,677 $ 12,250 $ 2,810 $ (1,202 ) $ 37,535 Investments in Equity Method Subsidiaries $ — $ 119 $ — $ — $ 119 (A) Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 18. Related-Party Transactions . |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Administrative Billings from Services (B) 73 66 224 197 Total Billings from Affiliates $ 393 $ 360 $ 1,386 $ 1,484 As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSEG (C) $ 28 $ 222 Payable to Power (A) $ 126 $ 212 Payable to Services (B) 88 80 Accounts Payable—Affiliated Companies $ 214 $ 292 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 92 $ 109 Power The financial statements for Power include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Billings from Affiliates: Administrative Billings from Services (B) $ 44 $ 44 $ 134 $ 135 As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSE&G (A) $ 126 $ 212 Receivables from PSEG (C) — 64 Accounts Receivable—Affiliated Companies $ 126 $ 276 Payable to Services (B) $ 27 $ 33 Payable to PSEG (C) 129 — Accounts Payable—Affiliated Companies $ 156 $ 33 Short-Term Loan Due (to) from Affiliate (E) $ 514 $ 363 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 79 $ 35 (A) PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, Power and PSE&G provide certain technical services for each other in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. (C) PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. (D) PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. (E) Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. |
PSE And G [Member] | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Administrative Billings from Services (B) 73 66 224 197 Total Billings from Affiliates $ 393 $ 360 $ 1,386 $ 1,484 As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSEG (C) $ 28 $ 222 Payable to Power (A) $ 126 $ 212 Payable to Services (B) 88 80 Accounts Payable—Affiliated Companies $ 214 $ 292 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 92 $ 109 Power The financial statements for Power include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Billings from Affiliates: Administrative Billings from Services (B) $ 44 $ 44 $ 134 $ 135 As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSE&G (A) $ 126 $ 212 Receivables from PSEG (C) — 64 Accounts Receivable—Affiliated Companies $ 126 $ 276 Payable to Services (B) $ 27 $ 33 Payable to PSEG (C) 129 — Accounts Payable—Affiliated Companies $ 156 $ 33 Short-Term Loan Due (to) from Affiliate (E) $ 514 $ 363 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 79 $ 35 (A) PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, Power and PSE&G provide certain technical services for each other in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. (C) PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. (D) PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. (E) Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. |
Power [Member] | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Administrative Billings from Services (B) 73 66 224 197 Total Billings from Affiliates $ 393 $ 360 $ 1,386 $ 1,484 As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSEG (C) $ 28 $ 222 Payable to Power (A) $ 126 $ 212 Payable to Services (B) 88 80 Accounts Payable—Affiliated Companies $ 214 $ 292 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 92 $ 109 Power The financial statements for Power include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Billings from Affiliates: Administrative Billings from Services (B) $ 44 $ 44 $ 134 $ 135 As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSE&G (A) $ 126 $ 212 Receivables from PSEG (C) — 64 Accounts Receivable—Affiliated Companies $ 126 $ 276 Payable to Services (B) $ 27 $ 33 Payable to PSEG (C) 129 — Accounts Payable—Affiliated Companies $ 156 $ 33 Short-Term Loan Due (to) from Affiliate (E) $ 514 $ 363 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 79 $ 35 (A) PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, Power and PSE&G provide certain technical services for each other in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. (C) PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. (D) PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. (E) Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. |
Guarantees of Debt
Guarantees of Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Instrument [Line Items] | |
Guarantees of Debt | Guarantees of Debt Each series of Power’s Senior Notes, Pollution Control Notes and its syndicated revolving credit facilities are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of September 30, 2016 and December 31, 2015 and for the three months and nine months ended September 30, 2016 and 2015 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended September 30, 2016 Operating Revenues $ — $ 1,059 $ 43 $ (27 ) $ 1,075 Operating Expenses (2 ) 826 40 (27 ) 837 Operating Income (Loss) 2 233 3 — 238 Equity Earnings (Losses) of Subsidiaries 143 (1 ) 3 (142 ) 3 Other Income 18 26 — (21 ) 23 Other Deductions (2 ) (4 ) — — (6 ) Other-Than-Temporary Impairments — (5 ) — — (5 ) Interest Expense (30 ) (12 ) (3 ) 21 (24 ) Income Tax Benefit (Expense) 8 (97 ) (1 ) — (90 ) Net Income (Loss) $ 139 $ 140 $ 2 $ (142 ) $ 139 Comprehensive Income (Loss) $ 168 $ 161 $ 2 $ (163 ) $ 168 Nine Months Ended September 30, 2016 Operating Revenues $ — $ 3,061 $ 131 $ (90 ) $ 3,102 Operating Expenses 10 2,494 119 (90 ) 2,533 Operating Income (Loss) (10 ) 567 12 — 569 Equity Earnings (Losses) of Subsidiaries 347 (1 ) 9 (346 ) 9 Other Income 52 88 — (66 ) 74 Other Deductions (2 ) (31 ) — — (33 ) Other-Than-Temporary Impairments — (25 ) — — (25 ) Interest Expense (91 ) (29 ) (12 ) 66 (66 ) Income Tax Benefit (Expense) 24 (234 ) 2 — (208 ) Net Income (Loss) $ 320 $ 335 $ 11 $ (346 ) $ 320 Comprehensive Income (Loss) $ 388 $ 381 $ 11 $ (392 ) $ 388 Nine Months Ended September 30, 2016 Net Cash Provided By (Used In) Operating Activities $ 175 $ 1,261 $ 234 $ (410 ) $ 1,260 Net Cash Provided By (Used In) Investing Activities $ (588 ) $ (1,166 ) $ (549 ) $ 1,152 $ (1,151 ) Net Cash Provided By (Used In) Financing Activities $ 413 $ (95 ) $ 315 $ (742 ) $ (109 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended September 30, 2015 Operating Revenues $ — $ 1,084 $ 37 $ (25 ) $ 1,096 Operating Expenses 3 692 35 (25 ) 705 Operating Income (Loss) (3 ) 392 2 — 391 Equity Earnings (Losses) of Subsidiaries 220 (2 ) 3 (218 ) 3 Other Income 10 26 — (11 ) 25 Other Deductions — (14 ) — — (14 ) Other-Than-Temporary Impairments — (30 ) — — (30 ) Interest Expense (28 ) (8 ) (5 ) 11 (30 ) Income Tax Benefit (Expense) 7 (148 ) 2 — (139 ) Net Income (Loss) $ 206 $ 216 $ 2 $ (218 ) $ 206 Comprehensive Income (Loss) $ 184 $ 187 $ 2 $ (189 ) $ 184 Nine Months Ended September 30, 2015 Operating Revenues $ — $ 3,811 $ 144 $ (109 ) $ 3,846 Operating Expenses 7 2,610 135 (109 ) 2,643 Operating Income (Loss) (7 ) 1,201 9 — 1,203 Equity Earnings (Losses) of Subsidiaries 755 (4 ) 11 (751 ) 11 Other Income 33 111 — (35 ) 109 Other Deductions (1 ) (31 ) — — (32 ) Other-Than-Temporary Impairments — (45 ) — — (45 ) Interest Expense (90 ) (24 ) (15 ) 35 (94 ) Income Tax Benefit (Expense) 17 (463 ) 1 — (445 ) Net Income (Loss) $ 707 $ 745 $ 6 $ (751 ) $ 707 Comprehensive Income (Loss) $ 690 $ 707 $ 6 $ (713 ) $ 690 Nine Months Ended September 30, 2015 Net Cash Provided By (Used In) Operating Activities $ 435 $ 1,826 $ 66 $ (769 ) $ 1,558 Net Cash Provided By (Used In) Investing Activities $ (656 ) $ (1,382 ) $ (303 ) $ 1,191 $ (1,150 ) Net Cash Provided By (Used In) Financing Activities $ 221 $ (446 ) $ 245 $ (422 ) $ (402 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of September 30, 2016 Current Assets $ 4,889 $ 1,845 $ 287 $ (5,262 ) $ 1,759 Property, Plant and Equipment, net 57 6,570 2,080 — 8,707 Investment in Subsidiaries 4,709 483 — (5,192 ) — Noncurrent Assets 157 2,140 123 (76 ) 2,344 Total Assets $ 9,812 $ 11,038 $ 2,490 $ (10,530 ) $ 12,810 Current Liabilities $ 818 $ 3,888 $ 1,350 $ (5,262 ) $ 794 Noncurrent Liabilities 473 2,704 394 (76 ) 3,495 Long-Term Debt 2,381 — — — 2,381 Member’s Equity 6,140 4,446 746 (5,192 ) 6,140 Total Liabilities and Member’s Equity $ 9,812 $ 11,038 $ 2,490 $ (10,530 ) $ 12,810 As of December 31, 2015 Current Assets $ 4,501 $ 1,912 $ 364 $ (4,828 ) $ 1,949 Property, Plant and Equipment, net 83 6,502 1,542 — 8,127 Investment in Subsidiaries 4,501 346 — (4,847 ) — Noncurrent Assets 155 1,959 136 (76 ) 2,174 Total Assets $ 9,240 $ 10,719 $ 2,042 $ (9,751 ) $ 12,250 Current Liabilities $ 1,112 $ 3,866 $ 1,076 $ (4,828 ) $ 1,226 Noncurrent Liabilities 442 2,597 375 (76 ) 3,338 Long-Term Debt 1,684 — — — 1,684 Member’s Equity 6,002 4,256 591 (4,847 ) 6,002 Total Liabilities and Member’s Equity $ 9,240 $ 10,719 $ 2,042 $ (9,751 ) $ 12,250 |
Power [Member] | |
Debt Instrument [Line Items] | |
Guarantees of Debt | Guarantees of Debt Each series of Power’s Senior Notes, Pollution Control Notes and its syndicated revolving credit facilities are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of September 30, 2016 and December 31, 2015 and for the three months and nine months ended September 30, 2016 and 2015 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended September 30, 2016 Operating Revenues $ — $ 1,059 $ 43 $ (27 ) $ 1,075 Operating Expenses (2 ) 826 40 (27 ) 837 Operating Income (Loss) 2 233 3 — 238 Equity Earnings (Losses) of Subsidiaries 143 (1 ) 3 (142 ) 3 Other Income 18 26 — (21 ) 23 Other Deductions (2 ) (4 ) — — (6 ) Other-Than-Temporary Impairments — (5 ) — — (5 ) Interest Expense (30 ) (12 ) (3 ) 21 (24 ) Income Tax Benefit (Expense) 8 (97 ) (1 ) — (90 ) Net Income (Loss) $ 139 $ 140 $ 2 $ (142 ) $ 139 Comprehensive Income (Loss) $ 168 $ 161 $ 2 $ (163 ) $ 168 Nine Months Ended September 30, 2016 Operating Revenues $ — $ 3,061 $ 131 $ (90 ) $ 3,102 Operating Expenses 10 2,494 119 (90 ) 2,533 Operating Income (Loss) (10 ) 567 12 — 569 Equity Earnings (Losses) of Subsidiaries 347 (1 ) 9 (346 ) 9 Other Income 52 88 — (66 ) 74 Other Deductions (2 ) (31 ) — — (33 ) Other-Than-Temporary Impairments — (25 ) — — (25 ) Interest Expense (91 ) (29 ) (12 ) 66 (66 ) Income Tax Benefit (Expense) 24 (234 ) 2 — (208 ) Net Income (Loss) $ 320 $ 335 $ 11 $ (346 ) $ 320 Comprehensive Income (Loss) $ 388 $ 381 $ 11 $ (392 ) $ 388 Nine Months Ended September 30, 2016 Net Cash Provided By (Used In) Operating Activities $ 175 $ 1,261 $ 234 $ (410 ) $ 1,260 Net Cash Provided By (Used In) Investing Activities $ (588 ) $ (1,166 ) $ (549 ) $ 1,152 $ (1,151 ) Net Cash Provided By (Used In) Financing Activities $ 413 $ (95 ) $ 315 $ (742 ) $ (109 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended September 30, 2015 Operating Revenues $ — $ 1,084 $ 37 $ (25 ) $ 1,096 Operating Expenses 3 692 35 (25 ) 705 Operating Income (Loss) (3 ) 392 2 — 391 Equity Earnings (Losses) of Subsidiaries 220 (2 ) 3 (218 ) 3 Other Income 10 26 — (11 ) 25 Other Deductions — (14 ) — — (14 ) Other-Than-Temporary Impairments — (30 ) — — (30 ) Interest Expense (28 ) (8 ) (5 ) 11 (30 ) Income Tax Benefit (Expense) 7 (148 ) 2 — (139 ) Net Income (Loss) $ 206 $ 216 $ 2 $ (218 ) $ 206 Comprehensive Income (Loss) $ 184 $ 187 $ 2 $ (189 ) $ 184 Nine Months Ended September 30, 2015 Operating Revenues $ — $ 3,811 $ 144 $ (109 ) $ 3,846 Operating Expenses 7 2,610 135 (109 ) 2,643 Operating Income (Loss) (7 ) 1,201 9 — 1,203 Equity Earnings (Losses) of Subsidiaries 755 (4 ) 11 (751 ) 11 Other Income 33 111 — (35 ) 109 Other Deductions (1 ) (31 ) — — (32 ) Other-Than-Temporary Impairments — (45 ) — — (45 ) Interest Expense (90 ) (24 ) (15 ) 35 (94 ) Income Tax Benefit (Expense) 17 (463 ) 1 — (445 ) Net Income (Loss) $ 707 $ 745 $ 6 $ (751 ) $ 707 Comprehensive Income (Loss) $ 690 $ 707 $ 6 $ (713 ) $ 690 Nine Months Ended September 30, 2015 Net Cash Provided By (Used In) Operating Activities $ 435 $ 1,826 $ 66 $ (769 ) $ 1,558 Net Cash Provided By (Used In) Investing Activities $ (656 ) $ (1,382 ) $ (303 ) $ 1,191 $ (1,150 ) Net Cash Provided By (Used In) Financing Activities $ 221 $ (446 ) $ 245 $ (422 ) $ (402 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of September 30, 2016 Current Assets $ 4,889 $ 1,845 $ 287 $ (5,262 ) $ 1,759 Property, Plant and Equipment, net 57 6,570 2,080 — 8,707 Investment in Subsidiaries 4,709 483 — (5,192 ) — Noncurrent Assets 157 2,140 123 (76 ) 2,344 Total Assets $ 9,812 $ 11,038 $ 2,490 $ (10,530 ) $ 12,810 Current Liabilities $ 818 $ 3,888 $ 1,350 $ (5,262 ) $ 794 Noncurrent Liabilities 473 2,704 394 (76 ) 3,495 Long-Term Debt 2,381 — — — 2,381 Member’s Equity 6,140 4,446 746 (5,192 ) 6,140 Total Liabilities and Member’s Equity $ 9,812 $ 11,038 $ 2,490 $ (10,530 ) $ 12,810 As of December 31, 2015 Current Assets $ 4,501 $ 1,912 $ 364 $ (4,828 ) $ 1,949 Property, Plant and Equipment, net 83 6,502 1,542 — 8,127 Investment in Subsidiaries 4,501 346 — (4,847 ) — Noncurrent Assets 155 1,959 136 (76 ) 2,174 Total Assets $ 9,240 $ 10,719 $ 2,042 $ (9,751 ) $ 12,250 Current Liabilities $ 1,112 $ 3,866 $ 1,076 $ (4,828 ) $ 1,226 Noncurrent Liabilities 442 2,597 375 (76 ) 3,338 Long-Term Debt 1,684 — — — 1,684 Member’s Equity 6,002 4,256 591 (4,847 ) 6,002 Total Liabilities and Member’s Equity $ 9,240 $ 10,719 $ 2,042 $ (9,751 ) $ 12,250 |
Organization and Basis of Pre27
Organization and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015 . 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 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, 2015 . |
Power [Member] | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015 . 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 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, 2015 . |
PSE And G [Member] | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015 . 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 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, 2015 . |
Recent Accounting Standards (Po
Recent Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Standards Issued But Not Yet Adopted | New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements and disclosures as well as the transition method to use to adopt the guidance. PSEG is considering the impacts of outstanding industry related issues currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including its ability to recognize revenue for certain contracts where there is uncertainty regarding collection, bundled price sales contracts and accounting for contributions in aid of construction. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is evaluating early adoption of the standard in the fourth quarter of 2016; however, PSEG does not expect adoption to materially affect its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. |
PSE And G [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Standards Issued But Not Yet Adopted | New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements and disclosures as well as the transition method to use to adopt the guidance. PSEG is considering the impacts of outstanding industry related issues currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including its ability to recognize revenue for certain contracts where there is uncertainty regarding collection, bundled price sales contracts and accounting for contributions in aid of construction. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is evaluating early adoption of the standard in the fourth quarter of 2016; however, PSEG does not expect adoption to materially affect its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. |
Power [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Standards Issued But Not Yet Adopted | New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements and disclosures as well as the transition method to use to adopt the guidance. PSEG is considering the impacts of outstanding industry related issues currently being addressed by the AICPA’s Revenue Recognition Working Group and the FASB’s Transition Resource Group, including its ability to recognize revenue for certain contracts where there is uncertainty regarding collection, bundled price sales contracts and accounting for contributions in aid of construction. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. However, existing guidance related to leveraged leases will not change. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is evaluating early adoption of the standard in the fourth quarter of 2016; however, PSEG does not expect adoption to materially affect its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments This accounting standard reduces the diversity in practice in how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows. The standard is effective for annual and interim periods beginning after December 15, 2017; however, entities may adopt early including in an interim period. PSEG is currently analyzing the impact of this standard on its financial statements. |
Early Plant Retirements Early29
Early Plant Retirements Early Plant Retirements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Power [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Early Plant Retirements Related Costs [Table Text Block] | In the third quarter of 2016, PSEG and Power recognized the following one-time pre-tax charges in Energy Costs, Operation and Maintenance and Depreciation expense: Three Months Ended September 30, 2016 Millions Statement of Operations Expense (pre-tax) Energy Costs Coal Inventory Lower of Cost or Market Adjustments and Capacity Penalties $ 62 Operation and Maintenance Materials and Supplies Obsolescence 31 Write-down of Construction Work in Progress 14 Other (A) 3 Depreciation and Amortization Accelerated Depreciation including Asset Retirement Costs 4 Total Pre-Tax Expense $ 114 (A) Includes severance and miscellaneous costs. |
Financing Receivables (Tables)
Financing Receivables (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
PSE And G [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Credit Risk Profile Based On Payment Activity | The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans September 30, December 31, Millions Commercial/Industrial $ 165 $ 177 Residential 11 12 Total $ 176 $ 189 |
Energy Holdings [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Gross And Net Lease Investment | The following table shows Energy Holdings’ gross and net lease investment as of September 30, 2016 and December 31, 2015 , respectively. As of As of September 30, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 630 $ 631 Estimated Residual Value of Leased Assets 346 519 Total Investment in Rental Receivables 976 1,150 Unearned and Deferred Income (320 ) (366 ) Gross Investment in Leases 656 784 Deferred Tax Liabilities (661 ) (724 ) Net Investment in Leases $ (5 ) $ 60 |
Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating | The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of September 30, 2016 As of September 30, 2016 Millions AA $ 16 BBB+ — BBB- 316 BB- 134 CCC 164 Total $ 630 |
Schedule Of Assets Under Lease Receivables | A more detailed description of such assets under lease, as of September 30, 2016 , is presented in the following table. Asset Location Gross Investment % Owned Total MW Fuel Type Counterparties’ S&P Credit Ratings Counterparty Millions Powerton Station Units 5 and 6 IL $ 134 64 % 1,538 Coal BB- NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 83 64 % 1,044 Gas BB- NRG Energy, Inc. Keystone Station Units 1 and 2 PA $ 55 17 % 1,711 Coal CCC (B) REMA Conemaugh Station Units 1 and 2 PA $ 55 17 % 1,711 Coal CCC (B) REMA Shawville Station Units 1, 2, 3 and 4 PA $ 109 100 % 603 Coal (A) CCC (B) REMA (A) REMA notified PJM that it deactivated the coal-fired units at the Shawville generating facility in June 2015 and has disclosed that it expects to return the Shawville units to service in the late fall of 2016 with the ability to use natural gas. (B) On May 24, 2016, S&P lowered its corporate credit rating on REMA’s parent company, GenOn Energy Inc. (GenOn) and affiliates (including REMA) to “ CCC ” from “CCC+” due to a weaker forward power curve, milder weather patterns and weakening financial measures. On October 7, 2016, Moody’s downgraded the GenOn Corporate Family Rating to Caa3 to reflect its high debt burden relative to cash flow. GenOn reported in August 2016 that it did not expect to have sufficient liquidity to repay the senior unsecured notes due in June 2017. |
Available-for-Sale Securities (
Available-for-Sale Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund | The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 691 $ 238 $ (7 ) $ 922 Debt Securities Government Obligations 509 21 — 530 Other 349 13 (2 ) 360 Total Debt Securities 858 34 (2 ) 890 Other Securities 45 — — 45 Total NDT Available-for-Sale Securities $ 1,594 $ 272 $ (9 ) $ 1,857 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 693 $ 185 $ (13 ) $ 865 Debt Securities Government Obligations 483 8 (3 ) 488 Other 366 3 (10 ) 359 Total Debt Securities 849 11 (13 ) 847 Other Securities 42 — — 42 Total NDT Available-for-Sale Securities $ 1,584 $ 196 $ (26 ) $ 1,754 |
Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds | The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 9 $ 17 Accounts Payable $ 7 $ 10 |
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ 101 $ (6 ) $ 4 $ (1 ) $ 151 $ (13 ) $ 1 $ — Debt Securities Government Obligations (B) 41 — 4 — 245 (2 ) 19 (1 ) Other (C) 34 — 25 (2 ) 222 (7 ) 36 (3 ) Total Debt Securities 75 — 29 (2 ) 467 (9 ) 55 (4 ) NDT Available-for-Sale Securities $ 176 $ (6 ) $ 33 $ (3 ) $ 618 $ (22 ) $ 56 $ (4 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (B) Debt Securities (Government Obligations)—Unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . |
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from NDT Fund Sales (A) $ 139 $ 215 $ 470 $ 1,037 Net Realized Gains (Losses) on NDT Fund: Gross Realized Gains $ 11 $ 14 $ 36 $ 47 Gross Realized Losses (3 ) (11 ) (25 ) (24 ) Net Realized Gains (Losses) on NDT Fund $ 8 $ 3 $ 11 $ 23 (A) 2015 proceeds include activity in accounts related to the liquidation of funds being transitioned to new managers |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The NDT available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 22 1 - 5 years 233 6 - 10 years 214 11 - 15 years 56 16 - 20 years 62 Over 20 years 303 Total NDT Available-for-Sale Debt Securities $ 890 |
Rabbi Trust [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months. As of September 30, 2016 As of December 31, 2015 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) $ — $ — $ — $ — $ — $ — $ — $ — Debt Securities Government Obligations (B) 4 — 1 — 53 (1 ) 2 — Other (C) 9 — 5 — 46 (1 ) 9 — Total Debt Securities 13 — 6 — 99 (2 ) 11 — Rabbi Trust Available-for-Sale Securities $ 13 $ — $ 6 $ — $ 99 $ (2 ) $ 11 $ — (A) Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. (B) Debt Securities (Government Obligations)—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. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2016 . (C) Debt Securities (Other)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016 . |
Securities Held In The Rabbi Trusts | The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of September 30, 2016 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 11 $ 11 $ — $ 22 Debt Securities Government Obligations 104 3 — 107 Other 91 3 — 94 Total Debt Securities 195 6 — 201 Other Securities 1 — — 1 Total Rabbi Trust Available-for-Sale Securities $ 207 $ 17 $ — $ 224 As of December 31, 2015 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities $ 12 $ 10 $ — $ 22 Debt Securities Government Obligations 108 1 (1 ) 108 Other 82 — (1 ) 81 Total Debt Securities 190 1 (2 ) 189 Other Securities 2 — — 2 Total Rabbi Trust Available-for-Sale Securities $ 204 $ 11 $ (2 ) $ 213 |
Schedule of Accounts Receivable and Accounts Payable in the Rabbi Trust Funds [Table Text Block] | The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of September 30, December 31, Millions Accounts Receivable $ 1 $ 1 Accounts Payable $ — $ — |
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 realized gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions Proceeds from Rabbi Trust Sales $ 20 $ 20 $ 81 $ 83 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 2 $ — $ 5 $ 2 Gross Realized Losses (2 ) (1 ) (4 ) (1 ) Net Realized Gains (Losses) on Rabbi Trust $ — $ (1 ) $ 1 $ 1 |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The Rabbi Trust available-for-sale debt securities held as of September 30, 2016 had the following maturities: Time Frame Fair Value Millions Less than one year $ 9 1 - 5 years 42 6 - 10 years 48 11 - 15 years 9 16 - 20 years 9 Over 20 years 84 Total Rabbi Trust Available-for-Sale Debt Securities $ 201 |
Fair Value Of The Rabbi Trusts | The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of September 30, December 31, Millions PSE&G $ 44 $ 42 Power 55 52 Other 125 119 Total Rabbi Trust Available-for-Sale Securities $ 224 $ 213 |
Pension and OPEB (Tables)
Pension and OPEB (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Components Of Net Periodic Benefit Cost | Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions Components of Net Periodic Benefit Costs Service Cost $ 28 $ 30 $ 5 $ 5 $ 82 $ 92 $ 13 $ 16 Interest Cost 50 59 15 16 151 176 44 50 Expected Return on Plan Assets (98 ) (103 ) (8 ) (7 ) (295 ) (310 ) (23 ) (22 ) Amortization of Net Prior Service Cost (Credit) (5 ) (5 ) (4 ) (4 ) (14 ) (14 ) (11 ) (11 ) Actuarial Loss 39 38 10 11 118 112 30 32 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 |
Schedule Of Pension And OPEB Costs | Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows: Pension Benefits OPEB Pension Benefits OPEB Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 Millions PSE&G $ 8 $ 10 $ 11 $ 13 $ 22 $ 30 $ 33 $ 41 Power 3 5 6 7 11 16 17 20 Other 3 4 1 1 9 10 3 4 Total Benefit Costs $ 14 $ 19 $ 18 $ 21 $ 42 $ 56 $ 53 $ 65 |
Commitments and Contingent Li33
Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Power [Member] | |
Loss Contingencies [Line Items] | |
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | The following table shows the face value of Power’s outstanding guarantees, current exposure and margin positions as of September 30, 2016 and December 31, 2015 . As of As of September 30, December 31, Millions Face Value of Outstanding Guarantees $ 1,797 $ 1,734 Exposure under Current Guarantees $ 143 $ 172 Letters of Credit Margin Posted $ 164 $ 122 Letters of Credit Margin Received $ 136 $ 192 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (4 ) $ (15 ) Net Broker Balance Deposited (Received) $ (12 ) $ (5 ) Additional Amounts Posted: Other Letters of Credit $ 51 $ 51 |
Total Minimum Purchase Commitments | As of September 30, 2016 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2020 Millions Nuclear Fuel Uranium $ 338 Enrichment $ 307 Fabrication $ 179 Natural Gas $ 904 Coal $ 235 |
PSE And G [Member] | |
Loss Contingencies [Line Items] | |
Contract For Anticipated BGS-Fixed Price Eligible Load | Auction Year 2013 2014 2015 2016 36-Month Terms Ending May 2016 May 2017 May 2018 May 2019 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $92.18 $97.39 $99.54 $96.38 (A) Prices set in the 2016 BGS auction year became effective on June 1, 2016 when the 2013 BGS auction agreements expired. |
Debt and Credit Facilities Debt
Debt and Credit Facilities Debt and Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt and Credit Facilities [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Each of PSEG’s 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. PSEG’s total credit facilities and available liquidity as of September 30, 2016 were as follows: As of September 30, 2016 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facility $ 500 $ 10 $ 490 Apr 2019 Commercial Paper (CP) Support/Funding/Letters of Credit 5-year Credit Facility (A) 500 255 245 Apr 2020 CP Support/Funding/Letters of Credit Total PSEG $ 1,000 $ 265 $ 735 PSE&G 5-year Credit Facility (B) $ 600 $ 14 $ 586 Apr 2020 CP Support/Funding/Letters of Credit Total PSE&G $ 600 $ 14 $ 586 Power 5-year Credit Facility $ 1,600 $ 194 $ 1,406 Apr 2019 Funding/Letters of Credit 5-year Credit Facility (C) 953 11 942 Apr 2020 Funding/Letters of Credit Total Power $ 2,553 $ 205 $ 2,348 Total $ 4,153 $ 484 $ 3,669 (A) PSEG facility will be reduced by $12 million in March 2018. (B) PSE&G facility will be reduced by $14 million in March 2018. (C) Power facility will be reduced by $24 million in March 2018. (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016 , PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79% . As of September 30, 2016 , PSE&G had no amounts outstanding under its CP Program. |
Financial Risk Management Act35
Financial Risk Management Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Derivative Instruments Fair Value In Balance Sheets | As of September 30, 2016 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 432 $ (283 ) $ 149 $ — $ — $ 149 Noncurrent Assets 305 (219 ) 86 — — 86 Total Mark-to-Market Derivative Assets $ 737 $ (502 ) $ 235 $ — $ — $ 235 Derivative Contracts Current Liabilities $ (314 ) $ 278 $ (36 ) $ (4 ) $ — $ (40 ) Noncurrent Liabilities (219 ) 206 (13 ) — — (13 ) Total Mark-to-Market Derivative (Liabilities) $ (533 ) $ 484 $ (49 ) $ (4 ) $ — $ (53 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 204 $ (18 ) $ 186 $ (4 ) $ — $ 182 As of December 31, 2015 (A) Power PSE&G PSEG Consolidated Not Designated Not Designated Designated as Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Energy- Related Contracts Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 700 $ (477 ) $ 223 $ 13 $ 6 $ 242 Noncurrent Assets 208 (131 ) 77 — — 77 Total Mark-to-Market Derivative Assets $ 908 $ (608 ) $ 300 $ 13 $ 6 $ 319 Derivative Contracts Current Liabilities $ (513 ) $ 437 $ (76 ) $ — $ — $ (76 ) Noncurrent Liabilities (132 ) 116 (16 ) (11 ) — (27 ) Total Mark-to-Market Derivative (Liabilities) $ (645 ) $ 553 $ (92 ) $ (11 ) $ — $ (103 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 263 $ (55 ) $ 208 $ 2 $ 6 $ 216 (A) Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015 . PSE&G does not have any derivative contracts subject to master netting or similar agreements. (B) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015 , net cash collateral (received) paid of $(18) million and $(55) million , respectively, were netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(13) million and $(14) million of cash collateral were netted against current assets and noncurrent assets, respectively, and $9 million was netted against current liabilities. Of the $(55) million as of December 31, 2015 , $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. |
Schedule Of Derivative Instruments Designated As Cash Flow Hedges | The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Interest Rate Swaps 1 — Interest Expense — — Interest Expense — — Total PSEG $ 1 $ 1 $ — $ — $ — $ — Power Energy-Related Contracts $ — $ 1 Operating Revenues $ — $ — Operating Revenues $ — $ — Total Power $ — $ 1 $ — $ — $ — $ — The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the nine months ended September 30, 2016 and 2015 . Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 Millions PSEG Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Interest Rate Swaps 3 — Interest Expense — — Interest Expense — — Total PSEG $ 3 $ 2 $ — $ 17 $ — $ — Power Energy-Related Contracts $ — $ 2 Operating Revenues $ — $ 17 Operating Revenues $ — $ — Total Power $ — $ 2 $ — $ 17 $ — $ — |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income Pre-Tax After-Tax Millions Balance as of December 31, 2015 $ — $ — Gain Recognized in AOCI 2 — 1 Less: Gain Reclassified into Income — — Balance as of June 30, 2016 $ 2 $ 1 Gain Recognized in AOCI 1 1 Less: Gain Reclassified into Income — — Balance as of September 30, 2016 $ 3 $ 2 |
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, such as its BGS contracts and certain other energy supply contracts, for the three months and nine months ended September 30, 2016 and 2015 . Power’s derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 125 $ 154 $ 255 $ 202 Energy-Related Contracts Energy Costs (11 ) (4 ) (3 ) (4 ) Total PSEG and Power $ 114 $ 150 $ 252 $ 198 |
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | The following reflects the gross volume, on an absolute value basis, of derivatives as of September 30, 2016 and December 31, 2015 . Type Notional Total PSEG Power PSE&G Millions As of September 30, 2016 Natural Gas Dekatherm (Dth) 315 — 300 15 Electricity MWh 349 — 349 — Financial Transmission Rights (FTRs) MWh 14 — 14 — Interest Rate Swaps U.S. Dollars 500 500 — — As of December 31, 2015 Natural Gas Dth 201 — 168 33 Electricity MWh 299 — 299 — FTRs MWh 23 — 23 — Interest Rate Swaps U.S. Dollars 550 550 — — |
Power [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Providing Credit Risk From Others, Net Of Collateral | The following table provides information on Power’s credit risk from others, net of collateral, as of September 30, 2016 . It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties. Rating Current Exposure Securities Held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade—External Rating $ 384 $ 135 $ 249 2 $ 147 (A) Non-Investment Grade—External Rating 24 — 24 — — Investment Grade—No External Rating 9 — 9 — — Non-Investment Grade—No External Rating 1 1 — — — Total $ 418 $ 136 $ 282 2 $ 147 (A) Represents net exposure of $114 million with PSE&G. The remaining net exposure of $33 million is with a non-affiliated power purchaser which is an investment grade counterparty. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 , 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 and Power. Recurring Fair Value Measurements as of September 30, 2016 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) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 Interest Rate Swaps (C) $ — $ — $ — $ — $ — NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 107 $ — $ — $ 107 $ — Debt Securities—Other $ 94 $ — $ — $ 94 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (53 ) $ 484 $ — $ (533 ) $ (4 ) Interest Rate Swaps (C) $ — $ — $ — $ — $ — PSE&G Assets: Cash Equivalents (A) $ 357 $ — $ 357 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ — $ — $ — $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 4 $ — $ 4 $ — $ — Debt Securities—Govt Obligations $ 22 $ — $ — $ 22 $ — Debt Securities—Other $ 18 $ — $ — $ 18 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (4 ) $ — $ — $ — $ (4 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 235 $ (502 ) $ — $ 722 $ 15 NDT Fund (D) Equity Securities $ 922 $ — $ 922 $ — $ — Debt Securities—Govt Obligations $ 530 $ — $ — $ 530 $ — Debt Securities—Other $ 360 $ — $ — $ 360 $ — Other Securities $ 45 $ — $ 45 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 6 $ — $ 6 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 23 $ — $ — $ 23 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (49 ) $ 484 $ — $ (533 ) $ — Recurring Fair Value Measurements as of December 31, 2015 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) $ 326 $ — $ 326 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 313 $ (608 ) $ — $ 896 $ 25 Interest Rate Swaps (C) $ 6 $ — $ — $ 6 $ — NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 22 $ — $ 22 $ — $ — Debt Securities—Govt Obligations $ 108 $ — $ — $ 108 $ — Debt Securities—Other $ 81 $ — $ — $ 81 $ — Other Securities $ 2 $ — $ 2 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (103 ) $ 553 $ — $ (644 ) $ (12 ) PSE&G Assets: Cash Equivalents (A) $ 160 $ — $ 160 $ — $ — Derivative Contracts: Energy Related Contracts (B) $ 13 $ — $ — $ — $ 13 Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 21 $ — $ — $ 21 $ — Debt Securities—Other $ 16 $ — $ — $ 16 $ — Other Securities $ — $ — $ — $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (11 ) $ — $ — $ — $ (11 ) Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 300 $ (608 ) $ — $ 896 $ 12 NDT Fund (D) Equity Securities $ 865 $ — $ 865 $ — $ — Debt Securities—Govt Obligations $ 488 $ — $ — $ 488 $ — Debt Securities—Other $ 359 $ — $ — $ 359 $ — Other Securities $ 42 $ — $ 42 $ — $ — Rabbi Trust (D) Equity Securities—Mutual Funds $ 5 $ — $ 5 $ — $ — Debt Securities—Govt Obligations $ 26 $ — $ — $ 26 $ — Debt Securities—Other $ 20 $ — $ — $ 20 $ — Other Securities $ 1 $ — $ 1 $ — $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (92 ) $ 553 $ — $ (644 ) $ (1 ) (A) Represents money market mutual funds. (B) Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. (C) Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. (D) The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. (E) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2016 , net cash collateral (received) paid of $(18) million was netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016 , $(27) million of cash collateral was netted against assets, and $9 million was netted against liabilities. As of December 31, 2015 , net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015 , $(69) million was netted against assets, and $14 million was netted against liabilities. |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | The following tables provide details surrounding significant Level 3 valuations as of September 30, 2016 and December 31, 2015 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position September 30, 2016 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ — $ (4 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ — $ (4 ) Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash flow Historic Load Variability 0% to +10% Gas (A) Other 3 — Total Power $ 15 $ — Total PSEG $ 15 $ (4 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2015 Technique(s) Input Range Assets (Liabilities) Millions PSE&G Gas Natural Gas Supply Contracts $ 13 $ (11 ) Discounted Cash Flow Transportation Costs $0.60 to $0.80/Dth Total PSE&G $ 13 $ (11 ) Power Electricity Electric Load Contracts $ 11 $ (1 ) Discounted Cash Flow Historic Load Variability 0% to +10% Electricity Other 1 — Total Power $ 12 $ (1 ) Total PSEG $ 25 $ (12 ) (A) Includes gas supply positions that are immaterial. Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. |
Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and nine months ended September 30, 2016 and September 30, 2015 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2016 Three Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 5 $ 8 $ (2 ) $ 4 $ (4 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ (2 ) $ — $ (2 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 7 $ 8 $ — $ 4 $ (4 ) $ — $ 15 Nine Months Ended September 30, 2016 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2016 Included in Income (A) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2016 Millions PSEG Net Derivative Assets (Liabilities) $ 13 $ 24 $ (6 ) $ 4 $ (24 ) $ — $ 11 PSE&G Net Derivative Assets (Liabilities) $ 2 $ — $ (6 ) $ — $ — $ — $ (4 ) Power Net Derivative Assets (Liabilities) $ 11 $ 24 $ — $ 4 $ (24 ) $ — $ 15 Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Nine Months Ended September 30, 2015 Three Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of July 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 8 $ 4 $ (8 ) $ — $ (2 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 5 $ — $ (8 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 3 $ 4 $ — $ — $ (2 ) $ — $ 5 Nine Months Ended September 30, 2015 Total Gains or (Losses) Realized/Unrealized Description Balance as of January 1, 2015 Included in Income (E) Included in Regulatory Assets/ Liabilities (B) Purchases (Sales) Issuances/ Settlements (C) Transfers In/Out (D) Balance as of September 30, 2015 Millions PSEG Net Derivative Assets (Liabilities) $ 37 $ 12 $ (29 ) $ — $ (18 ) $ — $ 2 PSE&G Net Derivative Assets (Liabilities) $ 26 $ — $ (29 ) $ — $ — $ — $ (3 ) Power Net Derivative Assets (Liabilities) $ 11 $ 12 $ — $ — $ (18 ) $ — $ 5 (A) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $8 million and $24 million in Operating Income for the three months and nine months ended September 30, 2016 , respectively. Of the $8 million in Operating Income, $4 million is unrealized. The $24 million in Operating Income is realized. (B) Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. (C) Represents $(4) million and $(24) million in settlements for the three months and nine months ended September 30, 2016 , respectively. Represents $(2) million and $(18) million in settlements for the three months and nine months ended September 30, 2015 , respectively. (D) There were no transfers among levels during the three months and nine months ended September 30, 2016 and 2015 . (E) PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $4 million and $12 million in Operating Income for the three months and nine months ended September 30, 2015 , respectively. Of the $4 million in Operating Income, $3 million is unrealized. Of the $12 million in Operating Income, $(6) million is unrealized. |
Schedule of Fair Value of Debt | The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of September 30, 2016 and December 31, 2015 . As of As of September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (Parent) (A) $ 500 $ 500 $ 503 $ 506 PSE&G (B) 7,816 8,996 6,821 7,235 Power - Recourse Debt (B) 2,381 2,788 2,237 2,508 Energy Holdings: Project Level, Non-Recourse Debt (C) — — 7 7 Total Long-Term Debt $ 10,697 $ 12,284 $ 9,568 $ 10,256 (A) Fair value includes a $500 million floating rate term loan and net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. (B) Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. (C) Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Other Income and Deductions (Ta
Other Income and Deductions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule Of Other Income | Other Income PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 21 $ — $ 21 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 2 2 6 Total Other Income $ 22 $ 23 $ 2 $ 47 Nine Months Ended September 30, 2016 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 69 $ — $ 69 Allowance for Funds Used During Construction 35 — — 35 Solar Loan Interest 17 — — 17 Other 9 5 4 18 Total Other Income $ 61 $ 74 $ 4 $ 139 Three Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 24 $ — $ 24 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 6 — — 6 Other 2 1 — 3 Total Other Income $ 22 $ 25 $ — $ 47 Nine Months Ended September 30, 2015 NDT Fund Gains, Interest, Dividend and Other Income $ — $ 78 $ — $ 78 Allowance for Funds Used During Construction 36 — — 36 Solar Loan Interest 18 — — 18 Gain on Insurance Recovery — 28 — 28 Other 5 3 3 11 Total Other Income $ 59 $ 109 $ 3 $ 171 |
Schedule Of Other Deductions | Other Deductions PSE&G Power Other (A) Consolidated Millions Three Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 5 $ — $ 5 Other 1 1 1 3 Total Other Deductions $ 1 $ 6 $ 1 $ 8 Nine Months Ended September 30, 2016 NDT Fund Realized Losses and Expenses $ — $ 31 $ — $ 31 Other 3 2 3 8 Total Other Deductions $ 3 $ 33 $ 3 $ 39 Three Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 13 $ — $ 13 Other — 1 — 1 Total Other Deductions $ — $ 14 $ — $ 14 Nine Months Ended September 30, 2015 NDT Fund Realized Losses and Expenses $ — $ 30 $ — $ 30 Other 2 2 2 6 Total Other Deductions $ 2 $ 32 $ 2 $ 36 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Tax Rates | PSEG’s, PSE&G’s and Power’s effective tax rates for the three months and nine months ended September 30, 2016 and 2015 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 PSEG 36.5% 39.4% 36.3% 38.8% PSE&G 36.1% 38.2% 36.1% 38.7% Power 39.3% 40.3% 39.4% 38.6% |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income by Component | PSEG Other Comprehensive Income (Loss) Three Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2016 $ 1 $ (370 ) $ 117 $ (252 ) Other Comprehensive Income before Reclassifications 1 — 26 27 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 9 (2 ) 7 Net Current Period Other Comprehensive Income (Loss) 1 9 24 34 Balance as of September 30, 2016 $ 2 $ (361 ) $ 141 $ (218 ) PSEG Other Comprehensive Income (Loss) Three Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2015 $ 1 $ (395 ) $ 117 $ (277 ) Other Comprehensive Income before Reclassifications — — (46 ) (46 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 9 15 24 Net Current Period Other Comprehensive Income (Loss) — 9 (31 ) (22 ) Balance as of September 30, 2015 $ 1 $ (386 ) $ 86 $ (299 ) PSEG Other Comprehensive Income (Loss) Nine Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2015 $ — $ (386 ) $ 91 $ (295 ) Other Comprehensive Income before Reclassifications 2 — 44 46 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 25 6 31 Net Current Period Other Comprehensive Income (Loss) 2 25 50 77 Balance as of September 30, 2016 $ 2 $ (361 ) $ 141 $ (218 ) PSEG Other Comprehensive Income (Loss) Nine Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2014 $ 10 $ (411 ) $ 118 $ (283 ) Other Comprehensive Income before Reclassifications 1 — (44 ) (43 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 25 12 27 Net Current Period Other Comprehensive Income (Loss) (9 ) 25 (32 ) (16 ) Balance as of September 30, 2015 $ 1 $ (386 ) $ 86 $ (299 ) Power Other Comprehensive Income (Loss) Three Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2016 $ — $ (313 ) $ 112 $ (201 ) Other Comprehensive Income before Reclassifications — — 24 24 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 (2 ) 5 Net Current Period Other Comprehensive Income (Loss) — 7 22 29 Balance as of September 30, 2016 $ — $ (306 ) $ 134 $ (172 ) Power Other Comprehensive Income (Loss) Three Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of June 30, 2015 $ 2 $ (337 ) $ 112 $ (223 ) Other Comprehensive Income before Reclassifications — — (43 ) (43 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 7 14 21 Net Current Period Other Comprehensive Income (Loss) — 7 (29 ) (22 ) Balance as of September 30, 2015 $ 2 $ (330 ) $ 83 $ (245 ) Power Other Comprehensive Income (Loss) Nine Months Ended September 30, 2016 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2015 $ — $ (327 ) $ 87 $ (240 ) Other Comprehensive Income before Reclassifications — — 40 40 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 21 7 28 Net Current Period Other Comprehensive Income (Loss) — 21 47 68 Balance as of September 30, 2016 $ — $ (306 ) $ 134 $ (172 ) Power Other Comprehensive Income (Loss) Nine Months Ended September 30, 2015 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2014 $ 11 $ (351 ) $ 112 $ (228 ) Other Comprehensive Income before Reclassifications 1 — (41 ) (40 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) (10 ) 21 12 23 Net Current Period Other Comprehensive Income (Loss) (9 ) 21 (29 ) (17 ) Balance as of September 30, 2015 $ 2 $ (330 ) $ 83 $ (245 ) |
Reclassifications out of Accumulated Other Comprehensive Income | PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2016 September 30, 2016 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense $ 3 $ (2 ) $ 1 $ 9 $ (4 ) $ 5 Amortization of Actuarial Loss O&M Expense (17 ) 7 (10 ) (51 ) 21 (30 ) Total Pension and OPEB Plans (14 ) 5 (9 ) (42 ) 17 (25 ) Available-for-Sale Securities Realized Gains Other Income 13 (6 ) 7 41 (20 ) 21 Realized Losses Other Deductions (5 ) 3 (2 ) (29 ) 15 (14 ) Other-Than-Temporary Impairments (OTTI) OTTI (5 ) 2 (3 ) (25 ) 12 (13 ) Total Available-for-Sale Securities 3 (1 ) 2 (13 ) 7 (6 ) Total $ (11 ) $ 4 $ (7 ) $ (55 ) $ 24 $ (31 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2015 September 30, 2015 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Energy-Related Contracts Operating Revenues $ — $ — $ — $ 17 $ (7 ) $ 10 Total Cash Flow Hedges — — — 17 (7 ) 10 Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense 3 (1 ) 2 9 (3 ) 6 Amortization of Actuarial Loss O&M Expense (17 ) 6 (11 ) (51 ) 20 (31 ) Total Pension and OPEB Plans (14 ) 5 (9 ) (42 ) 17 (25 ) Available-for-Sale Securities Realized Gains Other Income 14 (7 ) 7 49 (25 ) 24 Realized Losses Other Deductions (12 ) 5 (7 ) (25 ) 12 (13 ) OTTI OTTI (30 ) 15 (15 ) (45 ) 22 (23 ) Total Available-for-Sale Securities (28 ) 13 (15 ) (21 ) 9 (12 ) Total $ (42 ) $ 18 $ (24 ) $ (46 ) $ 19 $ (27 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2016 September 30, 2016 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense $ 3 $ (1 ) $ 2 $ 8 $ (3 ) $ 5 Amortization of Actuarial Loss O&M Expense (15 ) 6 (9 ) (44 ) 18 (26 ) Total Pension and OPEB Plans (12 ) 5 (7 ) (36 ) 15 (21 ) Available-for-Sale Securities Realized Gains Other Income 12 (5 ) 7 37 (18 ) 19 Realized Losses Other Deductions (4 ) 2 (2 ) (26 ) 13 (13 ) OTTI OTTI (5 ) 2 (3 ) (25 ) 12 (13 ) Total Available-for-Sale Securities 3 (1 ) 2 (14 ) 7 (7 ) Total $ (9 ) $ 4 $ (5 ) $ (50 ) $ 22 $ (28 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Nine Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations September 30, 2015 September 30, 2015 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Energy-Related Contracts Operating Revenues $ — $ — $ — $ 17 $ (7 ) $ 10 Total Cash Flow Hedges — — — 17 (7 ) 10 Pension and OPEB Plans Amortization of Prior Service (Cost) Credit O&M Expense 3 (1 ) 2 9 (3 ) 6 Amortization of Actuarial Loss O&M Expense (15 ) 6 (9 ) (45 ) 18 (27 ) Total Pension and OPEB Plans (12 ) 5 (7 ) (36 ) 15 (21 ) Available-for-Sale Securities Realized Gains Other Income 14 (7 ) 7 47 (24 ) 23 Realized Losses Other Deductions (11 ) 5 (6 ) (24 ) 12 (12 ) OTTI OTTI (30 ) 15 (15 ) (45 ) 22 (23 ) Total Available-for-Sale Securities (27 ) 13 (14 ) (22 ) 10 (12 ) Total $ (39 ) $ 18 $ (21 ) $ (41 ) $ 18 $ (23 ) |
Earnings Per Share (EPS) and 40
Earnings Per Share (EPS) and Dividends (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Earnings Per Share Computation | The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Basic Diluted Basic Diluted Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 327 $ 327 $ 439 $ 439 $ 985 $ 985 $ 1,370 $ 1,370 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 505 505 505 505 505 505 505 505 Effect of Stock Based Compensation Awards — 3 — 3 — 3 — 3 Total Shares 505 508 505 508 505 508 505 508 EPS Net Income $ 0.65 $ 0.64 $ 0.87 $ 0.87 $ 1.95 $ 1.94 $ 2.71 $ 2.70 There were approximately 0.4 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect for the three months |
Dividend Payments On Common Stock | Three Months Ended Nine Months Ended September 30, September 30, Dividend Payments on Common Stock 2016 2015 2016 2015 Per Share $ 0.41 $ 0.39 $ 1.23 $ 1.17 In Millions $ 207 $ 198 $ 622 $ 592 |
Financial Information By Busi41
Financial Information By Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Financial Information By Business Segments | PSE&G Power Other (A) Eliminations (B) Consolidated Millions Three Months Ended September 30, 2016 Total Operating Revenues $ 1,684 $ 1,075 $ 7 $ (316 ) $ 2,450 Net Income (Loss) 255 139 (67 ) — 327 Gross Additions to Long-Lived Assets 680 325 9 — 1,014 Nine Months Ended September 30, 2016 Operating Revenues $ 4,746 $ 3,102 $ 256 $ (1,133 ) $ 6,971 Net Income (Loss) 696 320 (31 ) — 985 Gross Additions to Long-Lived Assets 2,035 923 27 — 2,985 Three Months Ended September 30, 2015 Total Operating Revenues $ 1,766 $ 1,096 $ 120 $ (294 ) $ 2,688 Net Income (Loss) 222 206 11 — 439 Gross Additions to Long-Lived Assets 716 310 13 — 1,039 Nine Months Ended September 30, 2015 Operating Revenues $ 5,234 $ 3,846 $ 326 $ (1,269 ) $ 8,137 Net Income (Loss) 631 707 32 — 1,370 Gross Additions to Long-Lived Assets 1,946 797 39 — 2,782 As of September 30, 2016 Total Assets $ 25,486 $ 12,810 $ 2,385 $ (1,193 ) $ 39,488 Investments in Equity Method Subsidiaries $ — $ 106 $ — $ — $ 106 As of December 31, 2015 Total Assets $ 23,677 $ 12,250 $ 2,810 $ (1,202 ) $ 37,535 Investments in Equity Method Subsidiaries $ — $ 119 $ — $ — $ 119 (A) Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 18. Related-Party Transactions . |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
PSE And G [Member] | |
Related Party Transaction [Line Items] | |
Schedule Of Related Party Transactions, Revenue | The financial statements for PSE&G include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Administrative Billings from Services (B) 73 66 224 197 Total Billings from Affiliates $ 393 $ 360 $ 1,386 $ 1,484 |
Schedule Of Related Party Transactions, Payables | As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSEG (C) $ 28 $ 222 Payable to Power (A) $ 126 $ 212 Payable to Services (B) 88 80 Accounts Payable—Affiliated Companies $ 214 $ 292 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 92 $ 109 |
Power [Member] | |
Related Party Transaction [Line Items] | |
Schedule Of Related Party Transactions, Revenue | The financial statements for Power include transactions with related parties as follows: Three Months Ended Nine Months Ended September 30, September 30, Related-Party Transactions 2016 2015 2016 2015 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 320 $ 294 $ 1,162 $ 1,287 Billings from Affiliates: Administrative Billings from Services (B) $ 44 $ 44 $ 134 $ 135 |
Schedule Of Related Party Transactions, Receivables | As of As of Related-Party Transactions September 30, 2016 December 31, 2015 Millions Receivables from PSE&G (A) $ 126 $ 212 Receivables from PSEG (C) — 64 Accounts Receivable—Affiliated Companies $ 126 $ 276 Payable to Services (B) $ 27 $ 33 Payable to PSEG (C) 129 — Accounts Payable—Affiliated Companies $ 156 $ 33 Short-Term Loan Due (to) from Affiliate (E) $ 514 $ 363 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 79 $ 35 |
Guarantees of Debt (Tables)
Guarantees of Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Power [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Financial Statements Of Guarantors | Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended September 30, 2016 Operating Revenues $ — $ 1,059 $ 43 $ (27 ) $ 1,075 Operating Expenses (2 ) 826 40 (27 ) 837 Operating Income (Loss) 2 233 3 — 238 Equity Earnings (Losses) of Subsidiaries 143 (1 ) 3 (142 ) 3 Other Income 18 26 — (21 ) 23 Other Deductions (2 ) (4 ) — — (6 ) Other-Than-Temporary Impairments — (5 ) — — (5 ) Interest Expense (30 ) (12 ) (3 ) 21 (24 ) Income Tax Benefit (Expense) 8 (97 ) (1 ) — (90 ) Net Income (Loss) $ 139 $ 140 $ 2 $ (142 ) $ 139 Comprehensive Income (Loss) $ 168 $ 161 $ 2 $ (163 ) $ 168 Nine Months Ended September 30, 2016 Operating Revenues $ — $ 3,061 $ 131 $ (90 ) $ 3,102 Operating Expenses 10 2,494 119 (90 ) 2,533 Operating Income (Loss) (10 ) 567 12 — 569 Equity Earnings (Losses) of Subsidiaries 347 (1 ) 9 (346 ) 9 Other Income 52 88 — (66 ) 74 Other Deductions (2 ) (31 ) — — (33 ) Other-Than-Temporary Impairments — (25 ) — — (25 ) Interest Expense (91 ) (29 ) (12 ) 66 (66 ) Income Tax Benefit (Expense) 24 (234 ) 2 — (208 ) Net Income (Loss) $ 320 $ 335 $ 11 $ (346 ) $ 320 Comprehensive Income (Loss) $ 388 $ 381 $ 11 $ (392 ) $ 388 Nine Months Ended September 30, 2016 Net Cash Provided By (Used In) Operating Activities $ 175 $ 1,261 $ 234 $ (410 ) $ 1,260 Net Cash Provided By (Used In) Investing Activities $ (588 ) $ (1,166 ) $ (549 ) $ 1,152 $ (1,151 ) Net Cash Provided By (Used In) Financing Activities $ 413 $ (95 ) $ 315 $ (742 ) $ (109 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended September 30, 2015 Operating Revenues $ — $ 1,084 $ 37 $ (25 ) $ 1,096 Operating Expenses 3 692 35 (25 ) 705 Operating Income (Loss) (3 ) 392 2 — 391 Equity Earnings (Losses) of Subsidiaries 220 (2 ) 3 (218 ) 3 Other Income 10 26 — (11 ) 25 Other Deductions — (14 ) — — (14 ) Other-Than-Temporary Impairments — (30 ) — — (30 ) Interest Expense (28 ) (8 ) (5 ) 11 (30 ) Income Tax Benefit (Expense) 7 (148 ) 2 — (139 ) Net Income (Loss) $ 206 $ 216 $ 2 $ (218 ) $ 206 Comprehensive Income (Loss) $ 184 $ 187 $ 2 $ (189 ) $ 184 Nine Months Ended September 30, 2015 Operating Revenues $ — $ 3,811 $ 144 $ (109 ) $ 3,846 Operating Expenses 7 2,610 135 (109 ) 2,643 Operating Income (Loss) (7 ) 1,201 9 — 1,203 Equity Earnings (Losses) of Subsidiaries 755 (4 ) 11 (751 ) 11 Other Income 33 111 — (35 ) 109 Other Deductions (1 ) (31 ) — — (32 ) Other-Than-Temporary Impairments — (45 ) — — (45 ) Interest Expense (90 ) (24 ) (15 ) 35 (94 ) Income Tax Benefit (Expense) 17 (463 ) 1 — (445 ) Net Income (Loss) $ 707 $ 745 $ 6 $ (751 ) $ 707 Comprehensive Income (Loss) $ 690 $ 707 $ 6 $ (713 ) $ 690 Nine Months Ended September 30, 2015 Net Cash Provided By (Used In) Operating Activities $ 435 $ 1,826 $ 66 $ (769 ) $ 1,558 Net Cash Provided By (Used In) Investing Activities $ (656 ) $ (1,382 ) $ (303 ) $ 1,191 $ (1,150 ) Net Cash Provided By (Used In) Financing Activities $ 221 $ (446 ) $ 245 $ (422 ) $ (402 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of September 30, 2016 Current Assets $ 4,889 $ 1,845 $ 287 $ (5,262 ) $ 1,759 Property, Plant and Equipment, net 57 6,570 2,080 — 8,707 Investment in Subsidiaries 4,709 483 — (5,192 ) — Noncurrent Assets 157 2,140 123 (76 ) 2,344 Total Assets $ 9,812 $ 11,038 $ 2,490 $ (10,530 ) $ 12,810 Current Liabilities $ 818 $ 3,888 $ 1,350 $ (5,262 ) $ 794 Noncurrent Liabilities 473 2,704 394 (76 ) 3,495 Long-Term Debt 2,381 — — — 2,381 Member’s Equity 6,140 4,446 746 (5,192 ) 6,140 Total Liabilities and Member’s Equity $ 9,812 $ 11,038 $ 2,490 $ (10,530 ) $ 12,810 As of December 31, 2015 Current Assets $ 4,501 $ 1,912 $ 364 $ (4,828 ) $ 1,949 Property, Plant and Equipment, net 83 6,502 1,542 — 8,127 Investment in Subsidiaries 4,501 346 — (4,847 ) — Noncurrent Assets 155 1,959 136 (76 ) 2,174 Total Assets $ 9,240 $ 10,719 $ 2,042 $ (9,751 ) $ 12,250 Current Liabilities $ 1,112 $ 3,866 $ 1,076 $ (4,828 ) $ 1,226 Noncurrent Liabilities 442 2,597 375 (76 ) 3,338 Long-Term Debt 1,684 — — — 1,684 Member’s Equity 6,002 4,256 591 (4,847 ) 6,002 Total Liabilities and Member’s Equity $ 9,240 $ 10,719 $ 2,042 $ (9,751 ) $ 12,250 |
Early Plant Retirements Early44
Early Plant Retirements Early Plant Retirements (Details) - Power [Member] - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2017 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Total Pre-Tax Expense | $ 114 | |||
Energy Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Coal Inventory Lower of Cost or Market Adjustments and Capacity Penalties | 62 | |||
Operating Expense [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Materials and Supplies Obsolescence | 31 | |||
Write-Down of Construction Work in Progress | 14 | |||
Other | [1] | 3 | ||
Depreciation And Amortization [Domain] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated Depreciation including Asset Retirement Costs | $ 4 | |||
Subsequent Event [Member] | Depreciation And Amortization [Domain] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Accelerated Depreciation including Asset Retirement Costs | $ 568 | $ 946 | ||
[1] | Includes severance and miscellaneous costs. |
Variable Interest Entities (V45
Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Variable Interest Entity [Line Items] | ||||
Operating Revenues | $ 2,450 | $ 2,688 | $ 6,971 | $ 8,137 |
Operation and Maintenance | 776 | 746 | 2,215 | 2,170 |
PSE And G [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Operating Revenues | 1,684 | 1,766 | 4,746 | 5,234 |
Operation and Maintenance | 376 | 391 | 1,110 | 1,171 |
Long Island ServCo [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Operating Revenues | 116 | 96 | 315 | 262 |
Operation and Maintenance | $ 116 | $ 96 | $ 315 | $ 262 |
Rate Filings (Details)
Rate Filings (Details) - PSE And G [Member] $ in Millions | 1 Months Ended | ||||
Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jul. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Oct. 01, 2016 | |
Regulatory Assets And Liabilities [Line Items] | |||||
Request for RAC Recovery | $ 54 | ||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 15 | $ 16 | |||
Current BGSS rate per therm | 0.40 | ||||
Proposed Recovery of costs for Electric Green Energy Program | 44 | ||||
True-up adjustment for Transmission Formula Rate Revenues | $ 34 | ||||
Proposed Recovery of costs for Gas Green Energy Programs | 13 | ||||
Gas Distribution [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | 23 | ||||
Overrecovered Gas Costs Basic Gas Supply Service [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
BGSS Revenue Reduction | $ 87 | ||||
Gas Weather Normalization Deferral [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 54 | ||||
Subsequent Event [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 121 | ||||
Proposed BGSS rate per therm | 0.34 | ||||
Subsequent Event [Member] | Gas System Modernization Program [Member] | |||||
Regulatory Assets And Liabilities [Line Items] | |||||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 10 |
Financing Receivables (Outstand
Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - PSE And G [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 176 | $ 189 |
Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | 165 | 177 |
Residential [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 11 | $ 12 |
Financing Receivables (Gross An
Financing Receivables (Gross And Net Lease Investment) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Financial Receivables [Line Items] | ||
Total Investment in Rental Receivables | $ 976 | $ 1,150 |
Energy Holdings [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 630 | 631 |
Estimated Residual Value of Leased Assets | 346 | 519 |
Unearned and Deferred Income | (320) | (366) |
Gross Investment in Leases | 656 | 784 |
Deferred Tax Liabilities | (661) | (724) |
Net Investment in Leases | $ (5) | $ 60 |
Financing Receivables (Schedule
Financing Receivables (Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 630 | $ 631 |
Standard & Poor's, AA Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 16 | |
Standard & Poor's, BBB plus - BBB - Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 316 | |
Standard & Poor's, BB- Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 134 | |
Standard & Poor's, CCC plus Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 164 |
Financing Receivables (Narrativ
Financing Receivables (Narrative) (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Schedule of Financial Receivables [Line Items] | |
Lease investment with non-investment grade counterparties, gross | $ 436 |
Lease investment with non-investment grade counterparties, net of deferred taxes | $ (108) |
Financing Receivables (Schedu51
Financing Receivables (Schedule Of Assets Under Lease Receivables) (Detail) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)MW | ||
Powerton Station Units 5 And 6 [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Location | IL | |
Gross Investment | $ | $ 134 | |
% Owned | 64.00% | |
Total MW | MW | 1,538 | |
Fuel Type | Coal | |
Counterparties’ S&P Credit Ratings | BB- | |
Counterparty | NRG Energy, Inc. | |
Joliet Station Units 7 And 8 [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Location | IL | |
Gross Investment | $ | $ 83 | |
% Owned | 64.00% | |
Total MW | MW | 1,044 | |
Fuel Type | Gas | |
Counterparties’ S&P Credit Ratings | BB- | |
Counterparty | NRG Energy, Inc. | |
Keystone Station Units 1 And 2 [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Location | PA | |
Gross Investment | $ | $ 55 | |
% Owned | 17.00% | |
Total MW | MW | 1,711 | |
Fuel Type | Coal | |
Counterparties’ S&P Credit Ratings | CCC (B) | [1] |
Counterparty | REMA | |
Conemaugh Station Units 1 And 2 [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Location | PA | |
Gross Investment | $ | $ 55 | |
% Owned | 17.00% | |
Total MW | MW | 1,711 | |
Fuel Type | Coal | |
Counterparties’ S&P Credit Ratings | CCC (B) | [1] |
Counterparty | REMA | |
Shawville Station Units 1, 2, 3 And 4 [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Location | PA | |
Gross Investment | $ | $ 109 | |
% Owned | 100.00% | |
Total MW | MW | 603 | |
Fuel Type | Coal (A) | [2] |
Counterparties’ S&P Credit Ratings | CCC (B) | [1] |
Counterparty | REMA | |
[1] | On May 24, 2016, S&P lowered its corporate credit rating on REMA’s parent company, GenOn Energy Inc. (GenOn) and affiliates (including REMA) to “CCC” from “CCC+” due to a weaker forward power curve, milder weather patterns and weakening financial measures. On October 7, 2016, Moody’s downgraded the GenOn Corporate Family Rating to Caa3 to reflect its high debt burden relative to cash flow. GenOn reported in August 2016 that it did not expect to have sufficient liquidity to repay the senior unsecured notes due in June 2017. | |
[2] | REMA notified PJM that it deactivated the coal-fired units at the Shawville generating facility in June 2015 and has disclosed that it expects to return the Shawville units to service in the late fall of 2016 with the ability to use natural gas. |
Available-For-Sale Securities52
Available-For-Sale Securities (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 1,594 | $ 1,584 |
Gross Unrealized Gains | 272 | 196 |
Gross Unrealized Losses | (9) | (26) |
Fair Value | 1,857 | 1,754 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 691 | 693 |
Gross Unrealized Gains | 238 | 185 |
Gross Unrealized Losses | (7) | (13) |
Fair Value | 922 | 865 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 509 | 483 |
Gross Unrealized Gains | 21 | 8 |
Gross Unrealized Losses | 0 | (3) |
Fair Value | 530 | 488 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 349 | 366 |
Gross Unrealized Gains | 13 | 3 |
Gross Unrealized Losses | (2) | (10) |
Fair Value | 360 | 359 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 858 | 849 |
Gross Unrealized Gains | 34 | 11 |
Gross Unrealized Losses | (2) | (13) |
Fair Value | 890 | 847 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 45 | 42 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 45 | 42 |
Rabbi Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 207 | 204 |
Gross Unrealized Gains | 17 | 11 |
Gross Unrealized Losses | 0 | (2) |
Fair Value | 224 | 213 |
Rabbi Trust [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 11 | 12 |
Gross Unrealized Gains | 11 | 10 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 22 | 22 |
Rabbi Trust [Member] | Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 104 | 108 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 107 | 108 |
Rabbi Trust [Member] | Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 91 | 82 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 94 | 81 |
Rabbi Trust [Member] | Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 195 | 190 |
Gross Unrealized Gains | 6 | 1 |
Gross Unrealized Losses | 0 | (2) |
Fair Value | 201 | 189 |
Rabbi Trust [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 1 | 2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1 | 2 |
Rabbi Trust [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 55 | $ 52 |
Available-For-Sale Securities53
Available-For-Sale Securities (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accounts Receivable | $ 9 | $ 17 |
Accounts Payable | 7 | 10 |
Rabbi Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accounts Receivable | 1 | 1 |
Accounts Payable | $ 0 | $ 0 |
Available-For-Sale Securities54
Available-For-Sale Securities (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 176 | $ 618 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | (6) | (22) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 33 | 56 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (3) | (4) | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 101 | 151 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (6) | (13) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 4 | 1 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | (1) | 0 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [2] | 41 | 245 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [2] | 0 | (2) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [2] | 4 | 19 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [2] | 0 | (1) |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [3] | 34 | 222 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [3] | 0 | (7) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [3] | 25 | 36 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [3] | (2) | (3) |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 75 | 467 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | 0 | (9) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 29 | 55 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (2) | (4) | |
Rabbi Trust [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 13 | 99 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | 0 | (2) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 6 | 11 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | 0 | 0 | |
Rabbi Trust [Member] | Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [4] | 0 | 0 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [4] | 0 | 0 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [4] | 0 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [4] | 0 | |
Rabbi Trust [Member] | Government Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [5] | 4 | 53 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [5] | 0 | (1) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [5] | 1 | 2 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [5] | 0 | 0 |
Rabbi Trust [Member] | Other Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [6] | 9 | 46 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [6] | 0 | (1) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [6] | 5 | 9 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [6] | 0 | 0 |
Rabbi Trust [Member] | Total Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 13 | 99 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | 0 | (2) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 6 | 11 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | $ 0 | $ 0 | |
[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. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016. | ||
[2] | Debt Securities (Government Obligations)—Unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be more-likely-than-not required to sell. Power does not consider these securities to be other-than-temporarily impaired as of September 30, 2016. | ||
[3] | Debt Securities (Other)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016. | ||
[4] | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. | ||
[5] | Debt Securities (Government Obligations)—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. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of September 30, 2016. | ||
[6] | Debt Securities (Other)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of September 30, 2016. |
Available-For-Sale Securities55
Available-For-Sale Securities (Proceeds From The Sales Of And The Net Realized Gains On Securities in the NDT and Rabbi Trusts) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Rabbi Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from Sales | $ 20 | $ 20 | $ 81 | $ 83 | ||
Gross Realized Gains | 2 | 0 | 5 | 2 | ||
Gross Realized Losses | (2) | (1) | (4) | (1) | ||
Net Realized Gains (Losses) | 0 | (1) | 1 | 1 | ||
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from Sales | 139 | 215 | [1] | 470 | 1,037 | [1] |
Gross Realized Gains | 11 | 14 | 36 | 47 | ||
Gross Realized Losses | (3) | (11) | (25) | (24) | ||
Net Realized Gains (Losses) | $ 8 | $ 3 | $ 11 | $ 23 | ||
[1] | 2015 proceeds include activity in accounts related to the liquidation of funds being transitioned to new managers. |
Available-For-Sale Securities56
Available-For-Sale Securities (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions | Sep. 30, 2016USD ($) |
Rabbi Trust [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than one year | $ 9 |
1 - 5 years | 42 |
6 - 10 years | 48 |
11 - 15 years | 9 |
16 - 20 years | 9 |
Over 20 years | 84 |
Total Available-for-Sale Debt Securities | 201 |
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than one year | 22 |
1 - 5 years | 233 |
6 - 10 years | 214 |
11 - 15 years | 56 |
16 - 20 years | 62 |
Over 20 years | 303 |
Total Available-for-Sale Debt Securities | $ 890 |
Available-For-Sale Securities57
Available-For-Sale Securities (Fair Value Of Rabbi Trust) (Detail) - Rabbi Trust [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $ 224 | $ 213 |
Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 55 | 52 |
PSE And G [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 44 | 42 |
Other Entity [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $ 125 | $ 119 |
Available-For-Sale Securities58
Available-For-Sale Securities (Narrative) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Facility | Sep. 30, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-Than-Temporary Impairments | $ 5 | $ 30 | $ 25 | $ 45 |
Power [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Number of Nuclear Facilities | Facility | 5 | |||
Other-Than-Temporary Impairments | $ 5 | $ 30 | $ 25 | $ 45 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-Than-Temporary Impairments | 25 | |||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
After tax amount of net unrealized gains recognized in AOCI | 131 | |||
Rabbi Trust [Member] | Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
After tax amount of net unrealized gains recognized in AOCI | $ 10 |
Pension And OPEB (Components Of
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 28 | $ 30 | $ 82 | $ 92 |
Interest Cost | 50 | 59 | 151 | 176 |
Expected Return on Plan Assets | (98) | (103) | (295) | (310) |
Amortization of Prior Service Cost | (5) | (5) | (14) | (14) |
Amortization of Actuarial Loss | 39 | 38 | 118 | 112 |
Total Benefit Costs | 14 | 19 | 42 | 56 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 5 | 5 | 13 | 16 |
Interest Cost | 15 | 16 | 44 | 50 |
Expected Return on Plan Assets | (8) | (7) | (23) | (22) |
Amortization of Prior Service Cost | (4) | (4) | (11) | (11) |
Amortization of Actuarial Loss | 10 | 11 | 30 | 32 |
Total Benefit Costs | $ 18 | $ 21 | $ 53 | $ 65 |
Pension And OPEB (Schedule Of P
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 14 | $ 19 | $ 42 | $ 56 |
Pension Benefits [Member] | PSE And G [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 8 | 10 | 22 | 30 |
Pension Benefits [Member] | Power [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 3 | 5 | 11 | 16 |
Pension Benefits [Member] | Other Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 3 | 4 | 9 | 10 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 18 | 21 | 53 | 65 |
OPEB [Member] | PSE And G [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 11 | 13 | 33 | 41 |
OPEB [Member] | Power [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 6 | 7 | 17 | 20 |
OPEB [Member] | Other Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 1 | $ 1 | $ 3 | $ 4 |
Pension And OPEB (Narrative) (D
Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 21 | |||
Total Benefit Costs | $ 14 | $ 19 | 42 | $ 56 |
Postretirement Healthcare Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 14 | |||
Total Benefit Costs | 18 | 21 | 53 | 65 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 28 | |||
Total Benefit Costs | 16 | $ 17 | 28 | $ 30 |
Cost Reduction related to change in estimate [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 9 | 26 | ||
Cost Reduction related to change in estimate [Member] | Postretirement Healthcare Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 3 | $ 9 |
Commitments And Contingent Li62
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - Power [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Loss Contingencies [Line Items] | ||
Face Value of Outstanding Guarantees | $ 1,797 | $ 1,734 |
Exposure under Current Guarantees | 143 | 172 |
Letters of Credit Margin Posted | 164 | 122 |
Letters of Credit Margin Received | 136 | 192 |
Counterparty Cash Margin Deposited | 0 | 0 |
Counterparty Cash Margin Received | (4) | (15) |
Net Broker Balance Deposited (Received) | (12) | (5) |
Other Letters of Credit | 51 | $ 51 |
PennEast Natural Gas Pipeline [Member] | ||
Loss Contingencies [Line Items] | ||
Face Value of Outstanding Guarantees | 106 | |
755 MW Gas-Fired Combined Cycle Generating Station [Member] | ||
Loss Contingencies [Line Items] | ||
Face Value of Outstanding Guarantees | $ 21 |
Commitments And Contingent Li63
Commitments And Contingent Liabilities (Environmental Matters) (Detail) | 1 Months Ended | 9 Months Ended | ||||
Jun. 30, 2008USD ($) | Sep. 30, 2016USD ($)Potentially_Responsible_PartyentitysiteStationPlantmi | Dec. 31, 2015USD ($) | Mar. 31, 2007Potentially_Responsible_Party | Dec. 31, 2006 | Dec. 31, 2003Potentially_Responsible_Party | |
Site Contingency [Line Items] | ||||||
Number of miles related to the Passaic River constituting a facility as determined by the US Environmental Protection Agency | mi | 17 | |||||
Number of miles on Passaic River tidal reach required to be studied as determined by the US Environmental Protection Agency | mi | 8 | |||||
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination | entity | 11 | |||||
Number of operating electric generating stations located on Hackensack River | Station | 2 | |||||
Number of former MGP contamination sites located on Hackensack river in conjunction with Newark Bay study area contamination | site | 1 | |||||
Accrued environmental costs | $ 430,000,000 | $ 415,000,000 | ||||
PSE And G [Member] | ||||||
Site Contingency [Line Items] | ||||||
Percentage of cost attributable to potentially responsible party | 7.00% | |||||
Accrued environmental costs | $ 364,000,000 | $ 365,000,000 | ||||
Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Ownership percentage of Keystone Coal fired plant in Pennsylvania | 23.00% | |||||
Psd Nsr Regulations Site Contingency [Member] | Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Penalty per day from date of violation-minimum | $ 25,000 | |||||
Penalty per day from date of violation-maximum | $ 37,500 | |||||
Pse G S Former Mgp Sites [Member] | ||||||
Site Contingency [Line Items] | ||||||
Number of potentially responsible parties ("PRPs") in connection with environmental liabilities for operations conducted near Passaic River | Potentially_Responsible_Party | 52 | 73 | ||||
Estimated, total cost of the study | $ 167,000,000 | |||||
Total Spend of Study to date | 156,000,000 | |||||
Company Share of Total Spend of Study to date | 10,000,000 | |||||
Pse G S Former Mgp Sites [Member] | Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Percentage of cost attributable to potentially responsible party | 1.00% | |||||
Passaic River Site Contingency [Member] | ||||||
Site Contingency [Line Items] | ||||||
Estimated Cleanup Costs EPA Preferred Method | 2,300,000,000 | |||||
Accrual for Environmental Loss Contingencies | 57,000,000 | |||||
CPG Estimated Cleanup Costs Low Estimate | 518,000,000 | |||||
CPG Estimated Cleanup Costs High Estimate | 3,200,000,000 | |||||
CPG Targeted Method Cleanup Costs Low Estimate | 518,000,000 | |||||
Number Of Additional Potentially Responsible Parties Directed By New Jersey Department Of Environmental Protection To Arrange Damage Assessment For Lower Passaic River | Potentially_Responsible_Party | 56 | |||||
CPG Targeted Remedy Cleanup Costs High Estimate | 772,000,000 | |||||
Estimated cleanup costs agreed to by two potentially responsible parties | $ 80,000,000 | |||||
Estimated cost of interim natural resource injury restoration | $ 950,000,000 | |||||
Passaic River Site Contingency [Member] | PSE And G [Member] | ||||||
Site Contingency [Line Items] | ||||||
Number of former generating electric station | Plant | 1 | |||||
Number of former Manufactured Gas Plant (MGP) sites | Plant | 4 | |||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | $ 36,000,000 | |||||
Accrual for Environmental Loss Contingencies | 46,000,000 | |||||
CPG Targeted Method Cleanup Costs Low Estimate | 10,000,000 | |||||
Passaic River Site Contingency [Member] | Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 8,000,000 | |||||
Accrual for Environmental Loss Contingencies | 11,000,000 | |||||
CPG Targeted Method Cleanup Costs Low Estimate | 3,000,000 | |||||
Mgp Remediation Site Contingency [Member] | PSE And G [Member] | ||||||
Site Contingency [Line Items] | ||||||
Accrued environmental costs | 424,000,000 | |||||
Estimated Expenditures Low End Of Range | 424,000,000 | |||||
Estimated Expenditures High End Of Range | 481,000,000 | |||||
Remediation Liability Recorded As Other Current Liabilities | 70,000,000 | |||||
Remediation Liability Recorded As Other Noncurrent Liabilities | 354,000,000 | |||||
Regulatory Assets | 424,000,000 | |||||
Remedial Investigation And Feasibility Study [Member] | ||||||
Site Contingency [Line Items] | ||||||
Estimated, total cost of the study | 30,000,000 | |||||
Estimated Total Cost Of Study Low End of Range | $ 25,000,000 | |||||
Passaic River mile 10.9 contaminant removal [Member] | ||||||
Site Contingency [Line Items] | ||||||
Percentage of cost attributable to potentially responsible party | 3.00% |
Commitments And Contingent Li64
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions | 9 Months Ended | |
Sep. 30, 2016cf$ / mwh$ / mwdMW | ||
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% | |
PSE And G [Member] | Auction Year 2013 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | May 31, 2016 | [1] |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 92.18 | |
PSE And G [Member] | Auction Year 2014 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | May 31, 2017 | |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 97.39 | |
PSE And G [Member] | Auction Year 2014 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 272.78 | |
36-Month Terms Ending | May 31, 2018 | |
Load (MW) | MW | 2,900 | |
Dollars Per Megawatt Hour | $ / mwh | 99.54 | |
PSE And G [Member] | Auction Year 2016 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 335.33 | |
36-Month Terms Ending | May 31, 2019 | [1] |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 96.38 | |
[1] | Prices set in the 2016 BGS auction year became effective on June 1, 2016 when the 2013 BGS auction agreements expired. |
Commitments And Contingent Li65
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - Power [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements | 100.00% |
Commitments Through 2020 [Member] | Nuclear Fuel Uranium [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | $ 338 |
Commitments Through 2020 [Member] | Nuclear Fuel Enrichment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 307 |
Commitments Through 2020 [Member] | Nuclear Fuel Fabrication [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 179 |
Commitments Through 2020 [Member] | Natural Gas [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 904 |
Commitments Through 2020 [Member] | Coal [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | $ 235 |
Commitments And Contingent Li66
Commitments And Contingent Liabilities (Regulatory Proceedings and Superstorm Sandy) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Clean Energy Program, current portion | $ 185 | $ 142 | |
PSE And G [Member] | |||
Loss Contingencies [Line Items] | |||
Clean Energy Program, current portion | 185 | $ 142 | |
Power [Member] | FERC Compliance [Domain] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency related to bidding errors | $ 25 | ||
Nuclear Electric Insurance Limited Ii Salem Hope Creek Peach Bottom [Member] | Total Site Coverage [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Primary Layer | 1,500 | ||
Property Damage Excess Layers | 300 | ||
Nuclear Electric Insurance Limited Ii Salem Hope Creek Peach Bottom [Member] | Total Site Coverage for Non Nuclear Event [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Excess Layers | 300 | ||
Nuclear Electric Insurance Limited I Peach Bottom [Member] | Total Site Coverage [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Excess Layers | 300 | ||
Nuclear Electric Insurance Limited I Peach Bottom [Member] | Total Site Coverage for Non Nuclear Event [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Excess Layers | $ 600 |
Debt and Credit Facilities (Cha
Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Medium Term Notes One Point Nine Zero Percent Due in Two Thousand Twenty One [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Issued long-term debt | $ 300 |
Stated interest rate of debt instrument | 1.90% |
Medium Term Notes Three Point Eight Zero Percent due Two Thousand Forty Six [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Issued long-term debt | $ 550 |
Stated interest rate of debt instrument | 3.80% |
Medium Term Notes Two Point Two Five Percent due Two Thousand Twenty Six [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate of debt instrument | 2.25% |
Proceeds from Issuance of Long-term Debt | $ 425 |
First And Refunding Mortgage Bonds Six Point Seven Five Percentage Due On Two Thousand Sixteen [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate of debt instrument | 6.75% |
Repayments of long-term debt | $ 171 |
Pollution Control Bonds [Member] | PSE And G [Member] | |
Debt Instrument [Line Items] | |
Repayments of long-term debt | 100 |
Senior Notes Three Point Zero Percent Due In Two Thousand Twenty One [Member] | Power [Member] | |
Debt Instrument [Line Items] | |
Issued long-term debt | $ 700 |
Stated interest rate of debt instrument | 3.00% |
Senior Notes Five Point Three Two Percentage Due Two Thousand Sixteen [Member] | Power [Member] | |
Debt Instrument [Line Items] | |
Issued long-term debt | $ 303 |
Stated interest rate of debt instrument | 5.32% |
Senior Notes Two Point Seven Five Percentage Due Two Thousand Sixteen [Member] | Power [Member] | |
Debt Instrument [Line Items] | |
Stated interest rate of debt instrument | 2.75% |
Repayments of long-term debt | $ 250 |
Debt and Credit Facilities De68
Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($) | ||
Commitments of Single Institution as Percentage of Total Commitments | 7.00% | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,669 | |
Line of Credit Facility, Maximum Borrowing Capacity | 4,153 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 484 | |
PSEG [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 735 | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 265 | [1] |
PSE And G [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 586 | |
Line of Credit Facility, Maximum Borrowing Capacity | 600 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 14 | [1] |
Power [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 2,348 | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,553 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 205 | |
Five Year Credit Facility Maturing on April 2019 [Member] | PSEG [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 490 | |
Debt Instrument, Maturity Date, Description | Apr 2,019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 10 | [1] |
Five Year Credit Facility Maturing on April 2019 [Member] | Power [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,406 | |
Debt Instrument, Maturity Date, Description | Apr 2,019 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,600 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 194 | |
Five Year Credit Facility Maturing on April 2020 [Member] | PSEG [Member] | ||
Credit Facility Reduction in March 2018 | 12 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 245 | |
Debt Instrument, Maturity Date, Description | Apr 2,020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | [2] |
Line of Credit Facility, Fair Value of Amount Outstanding | 255 | [1] |
Five Year Credit Facility Maturing on April 2020 [Member] | PSE And G [Member] | ||
Credit Facility Reduction in March 2018 | 14 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 586 | |
Debt Instrument, Maturity Date, Description | Apr 2,020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | [3] |
Line of Credit Facility, Fair Value of Amount Outstanding | 14 | [1] |
Five Year Credit Facility Maturing on April 2020 [Member] | Power [Member] | ||
Credit Facility Reduction in March 2018 | 24 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 942 | |
Debt Instrument, Maturity Date, Description | Apr 2,020 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 953 | [4] |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 11 | |
[1] | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016, PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79%. As of September 30, 2016, PSE&G had no amounts outstanding under its CP Program. | |
[2] | PSEG facility will be reduced by $12 million in March 2018. | |
[3] | PSE&G facility will be reduced by $14 million in March 2018. | |
[4] | Power facility will be reduced by $24 million in March 2018. |
Financial Risk Management Act69
Financial Risk Management Activities (Narrative) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)Counterparty | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Counterparty | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | ||
Derivatives, Fair Value [Line Items] | ||||||
Net cash collateral received in connection with net derivative contracts | $ (18) | $ (18) | $ (55) | |||
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 42 | 42 | 78 | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 2 | 2 | ||||
Power [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Net exposure | 282 | 282 | ||||
Net cash collateral received in connection with net derivative contracts | [1],[2] | $ (18) | $ (18) | (55) | ||
Number of active counterparties on credit risk derivatives | Counterparty | 135 | 135 | ||||
Power [Member] | Senior Notes 3.00% Due June 2021 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Stated interest rate of debt instrument | 3.00% | 3.00% | ||||
Debt Instrument, Face Amount | $ 700 | $ 700 | ||||
PSEG [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair value of interest rate swaps designated as underlying hedges | 6 | |||||
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 11 | 11 | 12 | |||
Additional collateral aggregate fair value | 31 | 31 | 66 | |||
Amount of reduction in interest expense attributed to interest rate swaps designated as fair value hedges | (2) | $ (5) | (6) | $ (15) | ||
Gain (Loss) on Hedging Activity | 2 | |||||
PSEG [Member] | Loans Payable [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Long-term Debt, Gross | 500 | 500 | ||||
Non Current Assets [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Net cash collateral received in connection with net derivative contracts | (14) | (14) | $ (16) | |||
Investment Grade - External Rating [Member] | Power [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Net exposure | 249 | $ 249 | ||||
Credit exposure, percentage | 92.00% | |||||
Fair Value Hedging [Member] | PSEG [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Aggregate amount of series of interest rate swaps converting to variable-rate debt | 550 | $ 550 | ||||
Cash Flow Hedging [Member] | PSEG [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Aggregate amount of series of interest rate swaps converting to variable-rate debt | 500 | 500 | ||||
Cash Flow Hedging [Member] | PSEG [Member] | Senior Notes 3.00% Due June 2021 [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Aggregate amount of series of interest rate swaps converting to variable-rate debt | $ 400 | $ 400 | ||||
[1] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015, net cash collateral (received) paid of $(18) million and $(55) million, respectively, were netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016, $(13) million and $(14) million of cash collateral were netted against current assets and noncurrent assets, respectively, and $9 million was netted against current liabilities. Of the $(55) million as of December 31, 2015, $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. | |||||
[2] | Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015. PSE&G does not have any derivative contracts subject to master netting or similar agreements. |
Financial Risk Management Act70
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | $ 149 | $ 242 | |
Derivative Contracts, Noncurrent Assets | 86 | 77 | |
Total Mark-to-Market Derivative Assets | 235 | 319 | |
Derivative Contracts, Current Liabilities | (40) | (76) | |
Derivative Contracts, Noncurrent Liabilities | (13) | (27) | |
Total Mark-to-Market Derivative (Liabilities) | (53) | (103) | |
Net Mark-to-Market Derivative Assets (Liabilities) | 182 | 216 | |
Net cash collateral received in connection with net derivative contracts | (18) | (55) | |
Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | [1] | 149 | 223 |
Derivative Contracts, Noncurrent Assets | [1] | 86 | 77 |
Total Mark-to-Market Derivative Assets | [1] | 235 | 300 |
Derivative Contracts, Current Liabilities | [1] | (36) | (76) |
Derivative Contracts, Noncurrent Liabilities | [1] | (13) | (16) |
Total Mark-to-Market Derivative (Liabilities) | [1] | (49) | (92) |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 186 | 208 |
Net cash collateral received in connection with net derivative contracts | [1],[2] | (18) | (55) |
PSE And G [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | 0 | 13 | |
Derivative Contracts, Current Liabilities | (4) | 0 | |
Derivative Contracts, Noncurrent Liabilities | 0 | (11) | |
PSEG [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | [1] | 0 | 6 |
Derivative Contracts, Noncurrent Assets | [1] | 0 | 0 |
Total Mark-to-Market Derivative Assets | [1] | 0 | 6 |
Derivative Contracts, Current Liabilities | [1] | 0 | 0 |
Derivative Contracts, Noncurrent Liabilities | [1] | 0 | 0 |
Total Mark-to-Market Derivative (Liabilities) | [1] | 0 | 0 |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 0 | 6 |
Not Designated as Hedging Instrument [Member] | Power [Member] | Energy-Related Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | [1] | 432 | 700 |
Derivative Contracts, Noncurrent Assets | [1] | 305 | 208 |
Total Mark-to-Market Derivative Assets | [1] | 737 | 908 |
Derivative Contracts, Current Liabilities | [1] | (314) | (513) |
Derivative Contracts, Noncurrent Liabilities | [1] | (219) | (132) |
Total Mark-to-Market Derivative (Liabilities) | [1] | (533) | (645) |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 204 | 263 |
Not Designated as Hedging Instrument [Member] | PSE And G [Member] | Energy-Related Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | [1] | 0 | 13 |
Derivative Contracts, Noncurrent Assets | [1] | 0 | 0 |
Total Mark-to-Market Derivative Assets | [1] | 0 | 13 |
Derivative Contracts, Current Liabilities | [1] | (4) | 0 |
Derivative Contracts, Noncurrent Liabilities | [1] | 0 | (11) |
Total Mark-to-Market Derivative (Liabilities) | [1] | (4) | (11) |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | (4) | 2 |
Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | (27) | (69) | |
Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | (13) | (53) | |
Non Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | (14) | (16) | |
Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | 9 | 12 | |
Noncurrent Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | 2 | ||
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | 9 | 14 | |
Energy-Related Contracts [Member] | Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [3],[4] | (502) | (608) |
Energy-Related Contracts [Member] | Assets [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [1],[2],[3],[4] | (502) | (608) |
Energy-Related Contracts [Member] | Assets [Member] | PSE And G [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [3],[4] | 0 | 0 |
Energy-Related Contracts [Member] | Current Assets [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [1],[2] | (283) | (477) |
Energy-Related Contracts [Member] | Non Current Assets [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [1],[2] | (219) | (131) |
Energy-Related Contracts [Member] | Current Liabilities [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [1],[2] | 278 | 437 |
Energy-Related Contracts [Member] | Noncurrent Liabilities [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [1],[2] | 206 | 116 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [3],[4] | 484 | 553 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [1],[2],[3],[4] | 484 | 553 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | PSE And G [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net cash collateral received in connection with net derivative contracts | [3],[4] | $ 0 | $ 0 |
[1] | Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | ||
[2] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015, net cash collateral (received) paid of $(18) million and $(55) million, respectively, were netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016, $(13) million and $(14) million of cash collateral were netted against current assets and noncurrent assets, respectively, and $9 million was netted against current liabilities. Of the $(55) million as of December 31, 2015, $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. | ||
[3] | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | ||
[4] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2016, net cash collateral (received) paid of $(18) million was netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016, $(27) million of cash collateral was netted against assets, and $9 million was netted against liabilities. As of December 31, 2015, net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015, $(69) million was netted against assets, and $14 million was netted against liabilities. |
Financial Risk Management Act71
Financial Risk Management Activities (Schedule Of Derivative Instruments Designated As Cash Flow Hedges) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | $ 1 | $ 1 | $ 3 | $ 2 |
Interest Expense | (99) | (96) | (288) | (291) |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Operating Revenues | 2,450 | 2,688 | 6,971 | 8,137 |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | 0 | 0 | 0 | 17 |
Power [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 0 | 0 | 2 | |
Interest Expense | (24) | (30) | (66) | (94) |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Operating Revenues | 1,075 | 1,096 | 3,102 | 3,846 |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | 0 | 0 | 0 | 17 |
Operating Revenues [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 0 | 1 | 0 | 2 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 | 0 | 17 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Operating Revenues [Member] | Power [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 0 | 1 | 0 | 2 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 | 0 | 17 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 1 | 0 | 3 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Risk Management Act72
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Gain (Loss) in AOCI | $ 27 | $ (46) | $ 46 | $ (43) | |
(Gain) Loss into Income | 7 | 24 | 31 | 27 | |
Cash Flow Hedges [Member] | |||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
Pre-Tax Balance at Beginning of Period | 2 | $ 0 | 0 | ||
Gain (Loss) in AOCI | 1 | 2 | |||
(Gain) Loss into Income | 0 | 0 | 0 | (17) | |
Pre-Tax Balance at End of Period | 3 | 2 | 3 | ||
After-Tax Balance at Beginning of Period | 1 | 0 | 0 | ||
Gain (Loss) in AOCI | 1 | 0 | 1 | 2 | 1 |
(Gain) Loss into Income | 0 | $ 0 | 0 | 0 | $ (10) |
After-Tax Balance at End of Period | $ 2 | $ 1 | $ 2 |
Financial Risk Management Act73
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ 114 | $ 150 | $ 252 | $ 198 |
Operating Revenues [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | 125 | 154 | 255 | 202 |
Energy Costs [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ (11) | $ (4) | $ (3) | $ (4) |
Financial Risk Management Act74
Financial Risk Management Activities (Schedule Of Gross Volume, On Absolute Basis For Derivative Contracts) (Detail) $ / mwh in Millions, $ / Derivative in Millions, $ / DTH in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016$ / mwh$ / Derivative$ / DTH | Dec. 31, 2015$ / mwh$ / Derivative$ / DTH | |
Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 315 | 201 |
Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 349 | 299 |
FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 14 | 23 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 500 | 550 |
PSEG [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSEG [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSEG [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSEG [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 500 | 550 |
Power [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 300 | 168 |
Power [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 349 | 299 |
Power [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 14 | 23 |
Power [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 0 | 0 |
PSE And G [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 15 | 33 |
PSE And G [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSE And G [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSE And G [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 0 | 0 |
Financial Risk Management Act75
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) - Power [Member] $ in Millions | Sep. 30, 2016USD ($) | |
Derivative [Line Items] | ||
Current Exposure | $ 418 | |
Securities held as Collateral | 136 | |
Net exposure | 282 | |
Number of Counterparties greater than 10% | 2 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 147 | |
Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 384 | |
Securities held as Collateral | 135 | |
Net exposure | 249 | |
Number of Counterparties greater than 10% | 2 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 147 | [1] |
Non-Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 24 | |
Securities held as Collateral | 0 | |
Net exposure | 24 | |
Number of Counterparties greater than 10% | 0 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
Investment Grade - No External Rating [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 9 | |
Securities held as Collateral | 0 | |
Net exposure | 9 | |
Number of Counterparties greater than 10% | 0 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
Non-Investment Grade - No External Rating [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 1 | |
Securities held as Collateral | 1 | |
Net exposure | 0 | |
Number of Counterparties greater than 10% | 0 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
Cash [Member] | ||
Derivative [Line Items] | ||
Securities held as Collateral | 3 | |
Letter of Credit [Member] | ||
Derivative [Line Items] | ||
Securities held as Collateral | $ 133 | |
[1] | Represents net exposure of $114 million with PSE&G. The remaining net exposure of $33 million is with a non-affiliated power purchaser which is an investment grade counterparty. |
Fair Value Measurements (PSEG's
Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | $ 235 | $ 319 | ||
Total Mark-to-Market Derivative (Liabilities) | (53) | (103) | ||
Collateral netted against assets and liabilities | (18) | (55) | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [3] | 235 | 300 | |
Total Mark-to-Market Derivative (Liabilities) | [3] | (49) | (92) | |
Collateral netted against assets and liabilities | [3],[4] | (18) | (55) | |
Power [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Power [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Power [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Power [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Power [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 357 | 326 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 922 | 865 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 45 | 42 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 22 | 22 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 1 | 2 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 922 | 865 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 45 | 42 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 6 | 5 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 1 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 357 | 160 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 4 | 5 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 530 | 488 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 360 | 359 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 107 | 108 | |
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 94 | 81 | |
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 530 | 488 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 360 | 359 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 26 | 26 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 23 | 20 | |
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 22 | 21 | |
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 18 | 16 | |
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 357 | 326 | |
Total Estimate Of Fair Value [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 922 | 865 | |
Total Estimate Of Fair Value [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 530 | 488 | |
Total Estimate Of Fair Value [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 360 | 359 | |
Total Estimate Of Fair Value [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 45 | 42 | |
Total Estimate Of Fair Value [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 22 | 22 | |
Total Estimate Of Fair Value [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 107 | 108 | |
Total Estimate Of Fair Value [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 94 | 81 | |
Total Estimate Of Fair Value [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 1 | 2 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 922 | 865 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 530 | 488 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 360 | 359 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 45 | 42 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 6 | 5 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 26 | 26 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 23 | 20 | |
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 1 | |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents, Fair Value Disclosure | [5] | 357 | 160 | |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 4 | 5 | |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 22 | 21 | |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 18 | 16 | |
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | 0 | |
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | 0 | |
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |
Total Mark-to-Market Derivative (Liabilities) | 0 | [6] | 0 | |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 722 | 896 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | (533) | (644) | |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 722 | 896 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | (533) | (644) | |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |
Total Mark-to-Market Derivative (Liabilities) | 0 | [6] | 0 | |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 15 | 25 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | (4) | (12) | |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 15 | 12 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | (1) | |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 13 | |
Total Mark-to-Market Derivative (Liabilities) | (4) | [6] | (11) | |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 235 | 313 | |
Total Mark-to-Market Derivative (Liabilities) | (53) | [6] | (103) | |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 235 | 300 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | (49) | (92) | |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 13 | |
Total Mark-to-Market Derivative (Liabilities) | [6] | (4) | (11) | |
Interest Rate Swap [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [7] | 0 | 0 | |
Total Mark-to-Market Derivative (Liabilities) | [7] | 0 | ||
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [7] | 0 | 6 | |
Total Mark-to-Market Derivative (Liabilities) | [7] | 0 | ||
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [7] | 0 | 0 | |
Total Mark-to-Market Derivative (Liabilities) | [7] | 0 | ||
Interest Rate Swap [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | [7] | 0 | 6 | |
Total Mark-to-Market Derivative (Liabilities) | [7] | 0 | ||
Cash and Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[5] | 0 | 0 | |
Cash and Cash Equivalents [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[5] | 0 | 0 | |
Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | (27) | (69) | ||
Assets [Member] | Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Other Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Rabbi Trust - Other Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||
Assets [Member] | Energy-Related Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[6] | (502) | (608) | |
Assets [Member] | Energy-Related Contracts [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[3],[4],[6] | (502) | (608) | |
Assets [Member] | Energy-Related Contracts [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[6] | 0 | 0 | |
Assets [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[7] | 0 | 0 | |
Other Liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 9 | 14 | ||
Other Liabilities [Member] | Energy-Related Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[6] | 484 | 553 | |
Other Liabilities [Member] | Energy-Related Contracts [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[3],[4],[6] | 484 | 553 | |
Other Liabilities [Member] | Energy-Related Contracts [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[6] | 0 | $ 0 | |
Other Liabilities [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | [1],[7] | $ 0 | ||
[1] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of September 30, 2016, net cash collateral (received) paid of $(18) million was netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016, $(27) million of cash collateral was netted against assets, and $9 million was netted against liabilities. As of December 31, 2015, net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015, $(69) million was netted against assets, and $14 million was netted against liabilities. | |||
[2] | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market.Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. | |||
[3] | Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2016 and December 31, 2015. PSE&G does not have any derivative contracts subject to master netting or similar agreements. | |||
[4] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2016 and December 31, 2015, net cash collateral (received) paid of $(18) million and $(55) million, respectively, were netted against the corresponding net derivative contract positions. Of the $(18) million as of September 30, 2016, $(13) million and $(14) million of cash collateral were netted against current assets and noncurrent assets, respectively, and $9 million was netted against current liabilities. Of the $(55) million as of December 31, 2015, $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. | |||
[5] | Represents money market mutual funds | |||
[6] | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask midpoints from multiple broker or dealer quotes or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data. | |||
[7] | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Quantitative Information About Level 3 Fair Value Measurements) (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 15 | $ 12 |
Liabilities, Fair Value | 0 | (1) |
PSE And G [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 0 | 13 |
Liabilities, Fair Value | (4) | (11) |
PSEG [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 15 | 25 |
Liabilities, Fair Value | (4) | (12) |
Various [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 3 | 1 |
Liabilities, Fair Value | 0 | 0 |
Electric Load Contracts [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 12 | 11 |
Liabilities, Fair Value | $ 0 | $ (1) |
Valuation Technique (s) | Discounted Cash flow | Discounted Cash Flow |
Significant Unobservable Inputs | Historic Load Variability | Historic Load Variability |
Electric Load Contracts [Member] | Minimum [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Historic Load Variability | 10.00% | 10.00% |
Electric Load Contracts [Member] | Maximum [Member] | Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Historic Load Variability | 0.00% | 0.00% |
Natural Gas Supply Contracts [Member] | PSE And G [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 0 | $ 13 |
Liabilities, Fair Value | $ (4) | $ (11) |
Valuation Technique (s) | Discounted Cash Flow | Discounted Cash Flow |
Significant Unobservable Inputs | Transportation Costs | Transportation Costs |
Natural Gas Supply Contracts [Member] | Minimum [Member] | MWh [Member] | PSE And G [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transportation Costs | 0.60 | 0.60 |
Natural Gas Supply Contracts [Member] | Maximum [Member] | MWh [Member] | PSE And G [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transportation Costs | 0.80 | 0.80 |
Fair Value Measurements (Change
Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Settlements | $ (4) | $ (2) | $ (24) | $ (18) | |||||
Power [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Gains and losses attributable to changes in net derivative assets and liabilities, included in Operating Income | 8 | 4 | 24 | 12 | |||||
Gains and losses attributable to changes in net derivative assets and liabilities, unrealized | 4 | (6) | |||||||
Net Derivative Assets (Liabilities) [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Opening Balance | 5 | 8 | 13 | 37 | |||||
Included in Income | 8 | [1] | 4 | [2] | 24 | [1] | 12 | [2] | |
Included in Regulatory Assets/Liabilities | [3] | (2) | (8) | (6) | (29) | ||||
Purchases, (Sales) | 4 | 0 | 4 | 0 | |||||
Issuances (Settlements) | [4] | (4) | (2) | (24) | (18) | ||||
Transfers In (Out) | [5] | 0 | 0 | 0 | 0 | ||||
Closing Balance | 11 | 2 | 11 | 2 | |||||
Net Derivative Assets (Liabilities) [Member] | Power [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Opening Balance | 7 | 3 | 11 | 11 | |||||
Included in Income | 8 | [1] | 4 | [2] | 24 | [1] | 12 | [2] | |
Included in Regulatory Assets/Liabilities | [3] | 0 | 0 | 0 | 0 | ||||
Purchases, (Sales) | 4 | 0 | 4 | 0 | |||||
Issuances (Settlements) | [4] | (4) | (2) | (24) | (18) | ||||
Transfers In (Out) | [5] | 0 | 0 | 0 | 0 | ||||
Closing Balance | 15 | 5 | 15 | 5 | |||||
Net Derivative Assets (Liabilities) [Member] | PSE And G [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Opening Balance | (2) | 5 | 2 | 26 | |||||
Included in Income | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |
Included in Regulatory Assets/Liabilities | [3] | (2) | (8) | (6) | (29) | ||||
Purchases, (Sales) | 0 | 0 | 0 | 0 | |||||
Issuances (Settlements) | [4] | 0 | 0 | 0 | 0 | ||||
Transfers In (Out) | [5] | 0 | 0 | 0 | 0 | ||||
Closing Balance | $ (4) | $ (3) | $ (4) | $ (3) | |||||
[1] | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $8 million and $24 million in Operating Income for the three months and nine months ended September 30, 2016, respectively. Of the $8 million in Operating Income, $4 million is unrealized. The $24 million in Operating Income is realized. | ||||||||
[2] | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $4 million and $12 million in Operating Income for the three months and nine months ended September 30, 2015, respectively. Of the $4 million in Operating Income, $3 million is unrealized. Of the $12 million in Operating Income, $(6) million is unrealized. | ||||||||
[3] | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. | ||||||||
[4] | Represents $(4) million and $(24) million in settlements for the three months and nine months ended September 30, 2016, respectively. Represents $(2) million and $(18) million in settlements for the three months and nine months ended September 30, 2015, respectively. | ||||||||
[5] | There were no transfers among levels during the three months and nine months ended September 30, 2016 and 2015. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ 4 | $ 2 | $ 24 | $ 18 |
Net assets measured at fair value on a recurring basis | 2,600 | 2,300 | 2,600 | 2,300 |
Net assets measured at fair value on a recurring basis measured using unobservable input and as Level 3 | 11 | 2 | 11 | 2 |
Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 4 | (6) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Trading Revenue | $ 8 | $ 4 | $ 24 | $ 12 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | $ 10,697 | $ 9,568 | |
Long-Term Debt, Fair Value | 12,284 | 10,256 | |
Power - Recourse Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 2,381 | 2,237 |
Long-Term Debt, Fair Value | [1] | 2,788 | 2,508 |
PSE And G [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 7,816 | 6,821 |
Long-Term Debt, Fair Value | [1] | 8,996 | 7,235 |
Energy Holdings Project Level, Non-Recourse Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [2] | 0 | 7 |
Long-Term Debt, Fair Value | [2] | 0 | 7 |
PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [3] | 500 | 503 |
Long-Term Debt, Fair Value | [3] | $ 500 | $ 506 |
[1] | Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. | ||
[2] | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. | ||
[3] | Fair value includes a $500 million floating rate term loan and net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. |
Other Income And Deductions (Sc
Other Income And Deductions (Schedule Of Other Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Component of Other Income [Line Items] | |||||
NDT Fund Gains, Interest, Dividend and Other Income | $ 21 | $ 24 | $ 69 | $ 78 | |
Allowance for Funds Used During Construction | 14 | 14 | 35 | 36 | |
Solar Loan Interest | 6 | 6 | 17 | 18 | |
Gain on Insurance Recovery | 28 | ||||
Other | 6 | 3 | 18 | 11 | |
Total Other Income | 47 | 47 | 139 | 171 | |
PSE And G [Member] | |||||
Component of Other Income [Line Items] | |||||
NDT Fund Gains, Interest, Dividend and Other Income | 0 | 0 | 0 | 0 | |
Allowance for Funds Used During Construction | 14 | 14 | 35 | 36 | |
Solar Loan Interest | 6 | 6 | 17 | 18 | |
Gain on Insurance Recovery | 0 | ||||
Other | 2 | 2 | 9 | 5 | |
Total Other Income | 22 | 22 | 61 | 59 | |
Power [Member] | |||||
Component of Other Income [Line Items] | |||||
NDT Fund Gains, Interest, Dividend and Other Income | 21 | 24 | 69 | 78 | |
Allowance for Funds Used During Construction | 0 | 0 | 0 | 0 | |
Solar Loan Interest | 0 | 0 | 0 | 0 | |
Gain on Insurance Recovery | 28 | ||||
Other | 2 | 1 | 5 | 3 | |
Total Other Income | 23 | 25 | 74 | 109 | |
Other Entities [Member] | |||||
Component of Other Income [Line Items] | |||||
NDT Fund Gains, Interest, Dividend and Other Income | [1] | 0 | 0 | 0 | 0 |
Allowance for Funds Used During Construction | [1] | 0 | 0 | 0 | 0 |
Solar Loan Interest | [1] | 0 | 0 | 0 | 0 |
Other | [1] | 2 | 0 | 4 | 3 |
Total Other Income | [1] | $ 2 | $ 0 | $ 4 | $ 3 |
[1] | Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Other Income And Deductions (82
Other Income And Deductions (Schedule Of Other Deductions) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Component of Other Deductions [Line Items] | |||||
NDT Fund Realized Losses and Expenses | $ 5 | $ 13 | $ 31 | $ 30 | |
Other | 3 | 1 | 8 | 6 | |
Total Other Deductions | 8 | 14 | 39 | 36 | |
PSE And G [Member] | |||||
Component of Other Deductions [Line Items] | |||||
NDT Fund Realized Losses and Expenses | 0 | 0 | 0 | 0 | |
Other | 1 | 0 | 3 | 2 | |
Total Other Deductions | 1 | 0 | 3 | 2 | |
Power [Member] | |||||
Component of Other Deductions [Line Items] | |||||
NDT Fund Realized Losses and Expenses | 5 | 13 | 31 | 30 | |
Other | 1 | 1 | 2 | 2 | |
Total Other Deductions | 6 | 14 | 33 | 32 | |
Other Entities [Member] | |||||
Component of Other Deductions [Line Items] | |||||
NDT Fund Realized Losses and Expenses | [1] | 0 | 0 | 0 | 0 |
Other | [1] | 1 | 0 | 3 | 2 |
Total Other Deductions | [1] | $ 1 | $ 0 | $ 3 | $ 2 |
[1] | Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rates) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Taxes [Line Items] | ||||
Effective tax rate | 36.50% | 39.40% | 36.30% | 38.80% |
PSE And G [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 36.10% | 38.20% | 36.10% | 38.70% |
Power [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 39.30% | 40.30% | 39.40% | 38.60% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Income Taxes [Line Items] | |
Bonus Depreciation For Tax Purposes | 50.00% |
Bonus Depreciation for Tax Purposes 2018 | 40.00% |
Bonus Depreciation for Tax Purposes 2019 | 30.00% |
Current ITC rate for qualified property | 30.00% |
2020 ITC rate for qualified property | 26.00% |
2021 ITC rate for qualified property | 22.00% |
Accumulated Other Comprehensi85
Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (252) | $ (277) | $ (295) | $ (295) | $ (283) |
Other Comprehensive Income before Reclassifications | 27 | (46) | 46 | (43) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 7 | 24 | 31 | 27 | |
Other Comprehensive Income (Loss), net of tax | 34 | (22) | 77 | (16) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (218) | (299) | (252) | (218) | (299) |
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 1 | 1 | 0 | 0 | 10 |
Other Comprehensive Income before Reclassifications | 1 | 0 | 1 | 2 | 1 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | (10) |
Other Comprehensive Income (Loss), net of tax | 1 | 0 | 2 | (9) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 2 | 1 | 1 | 2 | 1 |
Pension and OPEB Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (370) | (395) | (386) | (386) | (411) |
Other Comprehensive Income before Reclassifications | 0 | 0 | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 9 | 9 | 25 | 25 | |
Other Comprehensive Income (Loss), net of tax | 9 | 9 | 25 | 25 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (361) | (386) | (370) | (361) | (386) |
Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 117 | 117 | 91 | 91 | 118 |
Other Comprehensive Income before Reclassifications | 26 | (46) | 44 | (44) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | 15 | 6 | 12 | |
Other Comprehensive Income (Loss), net of tax | 24 | (31) | 50 | (32) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 141 | 86 | 117 | 141 | 86 |
Power [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (201) | (223) | (240) | (240) | (228) |
Other Comprehensive Income before Reclassifications | 24 | (43) | 40 | (40) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 5 | 21 | 28 | 23 | |
Other Comprehensive Income (Loss), net of tax | 29 | (22) | 68 | (17) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (172) | (245) | (201) | (172) | (245) |
Power [Member] | Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 0 | 2 | 0 | 0 | 11 |
Other Comprehensive Income before Reclassifications | 0 | 0 | 0 | 1 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | (10) | |
Other Comprehensive Income (Loss), net of tax | 0 | 0 | 0 | (9) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 0 | 2 | 0 | 0 | 2 |
Power [Member] | Pension and OPEB Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (313) | (337) | (327) | (327) | (351) |
Other Comprehensive Income before Reclassifications | 0 | 0 | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 7 | 7 | 21 | 21 | |
Other Comprehensive Income (Loss), net of tax | 7 | 7 | 21 | 21 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (306) | (330) | (313) | (306) | (330) |
Power [Member] | Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 112 | 112 | 87 | 87 | 112 |
Other Comprehensive Income before Reclassifications | 24 | (43) | 40 | (41) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | 14 | 7 | 12 | |
Other Comprehensive Income (Loss), net of tax | 22 | (29) | 47 | (29) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | $ 134 | $ 83 | $ 112 | $ 134 | $ 83 |
Accumulated Other Comprehensi86
Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (11) | $ (42) | $ (55) | $ (46) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 4 | 18 | 24 | 19 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | (24) | (31) | (27) | |
Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Energy-Related Contracts, Pre-Tax | 0 | 0 | $ 0 | 17 | |
Energy-Related Contracts, Tax | 0 | (7) | |||
Energy-Related Contracts, After-Tax | 0 | 10 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | $ 0 | 0 | 10 |
Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (14) | (14) | (42) | (42) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 5 | 5 | 17 | 17 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (9) | (9) | (25) | (25) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (9) | (9) | (25) | (25) | |
Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | 3 | (28) | (13) | (21) | |
Reclassification for Available for Sale Securities, Tax | (1) | 13 | 7 | 9 | |
Reclassification for Available for Sale Securities, After-Tax | 2 | (15) | (6) | (12) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2 | (15) | (6) | (12) | |
Power [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (9) | (39) | (50) | (41) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 4 | 18 | 22 | 18 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (5) | (21) | (28) | (23) | |
Power [Member] | Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Energy-Related Contracts, Pre-Tax | 0 | 17 | |||
Energy-Related Contracts, Tax | 0 | (7) | |||
Energy-Related Contracts, After-Tax | 0 | 10 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 10 | |
Power [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (12) | (12) | (36) | (36) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 5 | 5 | 15 | 15 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (7) | (7) | (21) | (21) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | (7) | (21) | (21) | |
Power [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | 3 | (27) | (14) | (22) | |
Reclassification for Available for Sale Securities, Tax | (1) | 13 | 7 | 10 | |
Reclassification for Available for Sale Securities, After-Tax | 2 | (14) | (7) | (12) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2 | (14) | (7) | (12) | |
Operating Expense [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 3 | 3 | 9 | 9 | |
Amortization of Prior Service (Cost) Credit, Tax | (2) | (1) | (4) | (3) | |
Amortization of Prior Service (Cost) Credit, After-Tax | 1 | 2 | 5 | 6 | |
Amortization of Actuarial Loss, Pre-Tax | (17) | (17) | (51) | (51) | |
Amortization of Actuarial Loss, Tax | 7 | 6 | 21 | 20 | |
Amortization of Actuarial Loss, After-Tax | (10) | (11) | (30) | (31) | |
Operating Expense [Member] | Power [Member] | Pension and OPEB Plans [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 3 | 3 | 8 | 9 | |
Amortization of Prior Service (Cost) Credit, Tax | (1) | (1) | (3) | (3) | |
Amortization of Prior Service (Cost) Credit, After-Tax | 2 | 2 | 5 | 6 | |
Amortization of Actuarial Loss, Pre-Tax | (15) | (15) | (44) | (45) | |
Amortization of Actuarial Loss, Tax | 6 | 6 | 18 | 18 | |
Amortization of Actuarial Loss, After-Tax | (9) | (9) | (26) | (27) | |
Operating Revenues [Member] | Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Energy-Related Contracts, Pre-Tax | 0 | 17 | |||
Energy-Related Contracts, Tax | 0 | (7) | |||
Energy-Related Contracts, After-Tax | 0 | 10 | |||
Operating Revenues [Member] | Power [Member] | Cash Flow Hedges [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Energy-Related Contracts, Pre-Tax | 0 | 17 | |||
Energy-Related Contracts, Tax | 0 | (7) | |||
Energy-Related Contracts, After-Tax | 0 | 10 | |||
Other Income [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | 13 | 14 | 41 | 49 | |
Reclassification for Available for Sale Securities, Tax | (6) | (7) | (20) | (25) | |
Reclassification for Available for Sale Securities, After-Tax | 7 | 7 | 21 | 24 | |
Other Income [Member] | Power [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | 12 | 14 | 37 | 47 | |
Reclassification for Available for Sale Securities, Tax | (5) | (7) | (18) | (24) | |
Reclassification for Available for Sale Securities, After-Tax | 7 | 7 | 19 | 23 | |
Other Expense [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (5) | (12) | (29) | (25) | |
Reclassification for Available for Sale Securities, Tax | 3 | 5 | 15 | 12 | |
Reclassification for Available for Sale Securities, After-Tax | (2) | (7) | (14) | (13) | |
Other Expense [Member] | Power [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (4) | (11) | (26) | (24) | |
Reclassification for Available for Sale Securities, Tax | 2 | 5 | 13 | 12 | |
Reclassification for Available for Sale Securities, After-Tax | (2) | (6) | (13) | (12) | |
Other-Than-Temporary Impairments [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (5) | (30) | (25) | (45) | |
Reclassification for Available for Sale Securities, Tax | 2 | 15 | 12 | 22 | |
Reclassification for Available for Sale Securities, After-Tax | (3) | (15) | (13) | (23) | |
Other-Than-Temporary Impairments [Member] | Power [Member] | Available-for-Sale Securities [Member] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
Reclassification for Available for Sale Securities, Pre-Tax | (5) | (30) | (25) | (45) | |
Reclassification for Available for Sale Securities, Tax | 2 | 15 | 12 | 22 | |
Reclassification for Available for Sale Securities, After-Tax | $ (3) | $ (15) | $ (13) | $ (23) |
Earnings Per Share (EPS) And 87
Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.4 | 0.4 | 0.4 | 0.4 |
Net Income | $ 327 | $ 439 | $ 985 | $ 1,370 |
Weighted Average Common Shares Outstanding, Basic (shares) | 505 | 505 | 505 | 505 |
Effect of Stock Based Compensation Awards, Basic (shares) | 0 | 0 | 0 | 0 |
Total Shares, Basic (shares) | 505 | 505 | 505 | 505 |
Net Income, Basic (in dollars per share) | $ 0.65 | $ 0.87 | $ 1.95 | $ 2.71 |
Weighted Average Common Shares Outstanding, Diluted (shares) | 505 | 505 | 505 | 505 |
Effect of Stock Based Compensation Awards, Diluted (shares) | 3 | 3 | 3 | 3 |
Total Shares, Diluted (shares) | 508 | 508 | 508 | 508 |
Net Income, Diluted (in dollars per share) | $ 0.64 | $ 0.87 | $ 1.94 | $ 2.70 |
Earnings Per Share (EPS) And 88
Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
DIVIDENDS PAID PER SHARE OF COMMON STOCK (in dollars per share) | $ 0.41 | $ 0.39 | $ 1.23 | $ 1.17 |
Dividend Payments on Common Stock | $ 207 | $ 198 | $ 622 | $ 592 |
Financial Information By Busi89
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||||
Segment Reporting Information [Line Items] | ||||||||
Operating Revenues | $ 2,450 | $ 2,688 | $ 6,971 | $ 8,137 | ||||
Net Income (Loss) | 327 | 439 | 985 | 1,370 | ||||
Property, Plant and Equipment, Additions | 1,014 | 1,039 | 2,985 | 2,782 | ||||
Total Assets | 39,488 | 39,488 | $ 37,535 | |||||
Investments in Equity Method Subsidiaries | 106 | 106 | 119 | |||||
Operating Segments [Member] | PSE And G [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating Revenues | 1,684 | 1,766 | 4,746 | 5,234 | ||||
Net Income (Loss) | 255 | 222 | 696 | 631 | ||||
Property, Plant and Equipment, Additions | 680 | 716 | 2,035 | 1,946 | ||||
Total Assets | 25,486 | 25,486 | 23,677 | |||||
Investments in Equity Method Subsidiaries | 0 | 0 | 0 | |||||
Operating Segments [Member] | Power [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating Revenues | 1,075 | 1,096 | 3,102 | 3,846 | ||||
Net Income (Loss) | 139 | 206 | 320 | 707 | ||||
Property, Plant and Equipment, Additions | 325 | 310 | 923 | 797 | ||||
Total Assets | 12,810 | 12,810 | 12,250 | |||||
Investments in Equity Method Subsidiaries | 106 | 106 | 119 | |||||
Operating Segments [Member] | Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating Revenues | [1] | 7 | 120 | 256 | 326 | |||
Net Income (Loss) | [1] | (67) | 11 | (31) | 32 | |||
Property, Plant and Equipment, Additions | [1] | 9 | 13 | 27 | 39 | |||
Total Assets | [1] | 2,385 | 2,385 | 2,810 | ||||
Investments in Equity Method Subsidiaries | [1] | 0 | 0 | 0 | ||||
Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Operating Revenues | [2] | (316) | (294) | (1,133) | (1,269) | |||
Net Income (Loss) | 0 | [2] | 0 | [2] | 0 | 0 | ||
Property, Plant and Equipment, Additions | 0 | [2] | $ 0 | [2] | 0 | $ 0 | ||
Total Assets | [2] | (1,193) | (1,193) | (1,202) | ||||
Investments in Equity Method Subsidiaries | $ 0 | $ 0 | $ 0 | |||||
[1] | Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. | |||||||
[2] | Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 18. Related-Party Transactions. |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||||
PSE And G [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Billings from Power through BGS and BGSS | [1] | $ 320 | $ 294 | $ 1,162 | $ 1,287 | ||
Administrative Billings from Services | [2] | 73 | 66 | 224 | 197 | ||
Total Billings from Affiliates | 393 | 360 | 1,386 | 1,484 | |||
Power [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from Related Parties | 320 | 294 | 1,162 | [1] | 1,287 | [1] | |
Administrative Billings from Services | $ 44 | $ 44 | $ 134 | [2] | $ 135 | [2] | |
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, Power and PSE&G provide certain technical services for each other in compliance with FERC and BPU affiliate rules. | ||||||
[2] | Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. |
Related-Party Transactions (S91
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - PSE And G [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Receivable From PSEG | [1] | $ 28 | $ 222 |
Payable To Power | [2] | 126 | 212 |
Payable To Services | [3] | 88 | 80 |
Accounts Payable - Affiliated Companies | 214 | 292 | |
Working Capital Advances to Services | [4] | 33 | 33 |
Long-Term Accrued Taxes Payable | $ 92 | $ 109 | |
[1] | PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||
[2] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, Power and PSE&G provide certain technical services for each other in compliance with FERC and BPU affiliate rules. | ||
[3] | Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | ||
[4] | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. |
Related-Party Transactions (S92
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) - Power [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Receivable from PSE&G | [1] | $ 126 | $ 212 |
Receivable From PSEG | [2] | 0 | 64 |
Due from Affiliate, Current | 126 | 276 | |
Payable To Services | [3] | 27 | 33 |
Payable to PSEG | [2] | 129 | 0 |
Accounts Payable - Affiliated Companies | 156 | 33 | |
Short Term Loan To Affiliate | [4] | 514 | 363 |
Working Capital Advances to Services | [5] | 17 | 17 |
Long-Term Accrued Taxes Payable | $ 79 | $ 35 | |
[1] | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, Power and PSE&G provide certain technical services for each other in compliance with FERC and BPU affiliate rules. | ||
[2] | PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||
[3] | Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. | ||
[4] | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. | ||
[5] | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. |
Guarantees Of Debt (Schedule Of
Guarantees Of Debt (Schedule Of Financial Statements Of Guarantors) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Operating Revenues | $ 2,450 | $ 2,688 | $ 6,971 | $ 8,137 | |
Operating Expenses | 1,873 | 1,874 | 5,220 | 5,707 | |
Operating Income (Loss) | 577 | 814 | 1,751 | 2,430 | |
Equity Earnings (Losses) of Subsidiaries | 3 | 3 | 9 | 10 | |
Other Income | 47 | 47 | 139 | 171 | |
Other Deductions | (8) | (14) | (39) | (36) | |
Other-Than-Temporary Impairments | (5) | (30) | (25) | (45) | |
Interest Expense | (99) | (96) | (288) | (291) | |
Income Tax Expense | (188) | (285) | (562) | (869) | |
Net Income | 327 | 439 | 985 | 1,370 | |
Net Cash Provided By (Used In) Operating Activities | 2,761 | 3,228 | |||
Net Cash Provided By (Used In) Investing Activities | (3,054) | (2,841) | |||
Net Cash Provided By (Used In) Financing Activities | 349 | (518) | |||
Current Assets | 3,209 | 3,209 | $ 3,494 | ||
Property, Plant and Equipment, net | 28,804 | 28,804 | 26,539 | ||
Noncurrent Assets | 7,475 | 7,475 | 7,502 | ||
Total Assets | 39,488 | 39,488 | 37,535 | ||
Current Liabilities | 2,804 | 2,804 | 3,575 | ||
Noncurrent Liabilities | 12,511 | 12,511 | 12,059 | ||
Long-Term Debt | 10,697 | 10,697 | 8,834 | ||
Member's Equity | 13,476 | 13,476 | 13,067 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 39,488 | 39,488 | 37,535 | ||
Power [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 1,075 | 1,096 | 3,102 | 3,846 | |
Operating Expenses | 837 | 705 | 2,533 | 2,643 | |
Operating Income (Loss) | 238 | 391 | 569 | 1,203 | |
Equity Earnings (Losses) of Subsidiaries | 3 | 3 | 9 | 11 | |
Other Income | 23 | 25 | 74 | 109 | |
Other Deductions | (6) | (14) | (33) | (32) | |
Other-Than-Temporary Impairments | (5) | (30) | (25) | (45) | |
Interest Expense | (24) | (30) | (66) | (94) | |
Income Tax Expense | (90) | (139) | (208) | (445) | |
Net Income | 139 | 206 | 320 | 707 | |
Net Cash Provided By (Used In) Operating Activities | 1,260 | 1,558 | |||
Net Cash Provided By (Used In) Investing Activities | (1,151) | (1,150) | |||
Net Cash Provided By (Used In) Financing Activities | (109) | (402) | |||
Current Assets | 1,759 | 1,759 | 1,949 | ||
Property, Plant and Equipment, net | 8,707 | 8,707 | 8,127 | ||
Noncurrent Assets | 2,344 | 2,344 | 2,174 | ||
Total Assets | 12,810 | 12,810 | 12,250 | ||
Current Liabilities | 794 | 794 | 1,226 | ||
Noncurrent Liabilities | 3,495 | 3,495 | 3,338 | ||
Long-Term Debt | 2,381 | 2,381 | 1,684 | ||
Member's Equity | 6,140 | 6,140 | 6,002 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 12,810 | 12,810 | 12,250 | ||
Power Senior Notes [Member] | Consolidating Adjustments [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | (27) | (25) | (90) | (109) | |
Operating Expenses | (27) | (25) | (90) | (109) | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Equity Earnings (Losses) of Subsidiaries | (142) | (218) | (346) | (751) | |
Other Income | (21) | (11) | (66) | (35) | |
Other Deductions | 0 | 0 | 0 | 0 | |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | |
Interest Expense | 21 | 11 | 66 | 35 | |
Income Tax Expense | 0 | 0 | 0 | 0 | |
Net Income | (142) | (218) | (346) | (751) | |
Comprehensive Income (Loss) | (163) | (189) | (392) | (713) | |
Net Cash Provided By (Used In) Operating Activities | (410) | (769) | |||
Net Cash Provided By (Used In) Investing Activities | 1,152 | 1,191 | |||
Net Cash Provided By (Used In) Financing Activities | (742) | (422) | |||
Current Assets | (5,262) | (5,262) | (4,828) | ||
Property, Plant and Equipment, net | 0 | 0 | 0 | ||
Investment in Subsidiaries | (5,192) | (5,192) | (4,847) | ||
Noncurrent Assets | (76) | (76) | (76) | ||
Total Assets | (10,530) | (10,530) | (9,751) | ||
Current Liabilities | (5,262) | (5,262) | (4,828) | ||
Noncurrent Liabilities | (76) | (76) | (76) | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | (5,192) | (5,192) | (4,847) | ||
TOTAL LIABILITIES AND CAPITALIZATION | (10,530) | (10,530) | (9,751) | ||
Power Senior Notes [Member] | Power Parent [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 0 | 0 | 0 | 0 | |
Operating Expenses | (2) | 3 | 10 | 7 | |
Operating Income (Loss) | 2 | (3) | (10) | (7) | |
Equity Earnings (Losses) of Subsidiaries | 143 | 220 | 347 | 755 | |
Other Income | 18 | 10 | 52 | 33 | |
Other Deductions | (2) | 0 | (2) | (1) | |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | |
Interest Expense | (30) | (28) | (91) | (90) | |
Income Tax Expense | 8 | 7 | 24 | 17 | |
Net Income | 139 | 206 | 320 | 707 | |
Comprehensive Income (Loss) | 168 | 184 | 388 | 690 | |
Net Cash Provided By (Used In) Operating Activities | 175 | 435 | |||
Net Cash Provided By (Used In) Investing Activities | (588) | (656) | |||
Net Cash Provided By (Used In) Financing Activities | 413 | 221 | |||
Current Assets | 4,889 | 4,889 | 4,501 | ||
Property, Plant and Equipment, net | 57 | 57 | 83 | ||
Investment in Subsidiaries | 4,709 | 4,709 | 4,501 | ||
Noncurrent Assets | 157 | 157 | 155 | ||
Total Assets | 9,812 | 9,812 | 9,240 | ||
Current Liabilities | 818 | 818 | 1,112 | ||
Noncurrent Liabilities | 473 | 473 | 442 | ||
Long-Term Debt | 2,381 | 2,381 | 1,684 | ||
Member's Equity | 6,140 | 6,140 | 6,002 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 9,812 | 9,812 | 9,240 | ||
Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 1,059 | 1,084 | 3,061 | 3,811 | |
Operating Expenses | 826 | 692 | 2,494 | 2,610 | |
Operating Income (Loss) | 233 | 392 | 567 | 1,201 | |
Equity Earnings (Losses) of Subsidiaries | (1) | (2) | (1) | (4) | |
Other Income | 26 | 26 | 88 | 111 | |
Other Deductions | (4) | (14) | (31) | (31) | |
Other-Than-Temporary Impairments | (5) | (30) | (25) | (45) | |
Interest Expense | (12) | (8) | (29) | (24) | |
Income Tax Expense | (97) | (148) | (234) | (463) | |
Net Income | 140 | 216 | 335 | 745 | |
Comprehensive Income (Loss) | 161 | 187 | 381 | 707 | |
Net Cash Provided By (Used In) Operating Activities | 1,261 | 1,826 | |||
Net Cash Provided By (Used In) Investing Activities | (1,166) | (1,382) | |||
Net Cash Provided By (Used In) Financing Activities | (95) | (446) | |||
Current Assets | 1,845 | 1,845 | 1,912 | ||
Property, Plant and Equipment, net | 6,570 | 6,570 | 6,502 | ||
Investment in Subsidiaries | 483 | 483 | 346 | ||
Noncurrent Assets | 2,140 | 2,140 | 1,959 | ||
Total Assets | 11,038 | 11,038 | 10,719 | ||
Current Liabilities | 3,888 | 3,888 | 3,866 | ||
Noncurrent Liabilities | 2,704 | 2,704 | 2,597 | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | 4,446 | 4,446 | 4,256 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 11,038 | 11,038 | 10,719 | ||
Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 43 | 37 | 131 | 144 | |
Operating Expenses | 40 | 35 | 119 | 135 | |
Operating Income (Loss) | 3 | 2 | 12 | 9 | |
Equity Earnings (Losses) of Subsidiaries | 3 | 3 | 9 | 11 | |
Other Income | 0 | 0 | 0 | 0 | |
Other Deductions | 0 | 0 | 0 | 0 | |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | |
Interest Expense | (3) | (5) | (12) | (15) | |
Income Tax Expense | (1) | 2 | 2 | 1 | |
Net Income | 2 | 2 | 11 | 6 | |
Comprehensive Income (Loss) | 2 | 2 | 11 | 6 | |
Net Cash Provided By (Used In) Operating Activities | 234 | 66 | |||
Net Cash Provided By (Used In) Investing Activities | (549) | (303) | |||
Net Cash Provided By (Used In) Financing Activities | 315 | 245 | |||
Current Assets | 287 | 287 | 364 | ||
Property, Plant and Equipment, net | 2,080 | 2,080 | 1,542 | ||
Investment in Subsidiaries | 0 | 0 | 0 | ||
Noncurrent Assets | 123 | 123 | 136 | ||
Total Assets | 2,490 | 2,490 | 2,042 | ||
Current Liabilities | 1,350 | 1,350 | 1,076 | ||
Noncurrent Liabilities | 394 | 394 | 375 | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | 746 | 746 | 591 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 2,490 | 2,490 | 2,042 | ||
Power Senior Notes [Member] | Power [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 1,075 | 1,096 | 3,102 | 3,846 | |
Operating Expenses | 837 | 705 | 2,533 | 2,643 | |
Operating Income (Loss) | 238 | 391 | 569 | 1,203 | |
Equity Earnings (Losses) of Subsidiaries | 3 | 3 | 9 | 11 | |
Other Income | 23 | 25 | 74 | 109 | |
Other Deductions | (6) | (14) | (33) | (32) | |
Other-Than-Temporary Impairments | (5) | (30) | (25) | (45) | |
Interest Expense | (24) | (30) | (66) | (94) | |
Income Tax Expense | (90) | (139) | (208) | (445) | |
Net Income | 139 | 206 | 320 | 707 | |
Comprehensive Income (Loss) | 168 | $ 184 | 388 | 690 | |
Net Cash Provided By (Used In) Operating Activities | 1,260 | 1,558 | |||
Net Cash Provided By (Used In) Investing Activities | (1,151) | (1,150) | |||
Net Cash Provided By (Used In) Financing Activities | (109) | $ (402) | |||
Current Assets | 1,759 | 1,759 | 1,949 | ||
Property, Plant and Equipment, net | 8,707 | 8,707 | 8,127 | ||
Investment in Subsidiaries | 0 | 0 | 0 | ||
Noncurrent Assets | 2,344 | 2,344 | 2,174 | ||
Total Assets | 12,810 | 12,810 | 12,250 | ||
Current Liabilities | 794 | 794 | 1,226 | ||
Noncurrent Liabilities | 3,495 | 3,495 | 3,338 | ||
Long-Term Debt | 2,381 | 2,381 | 1,684 | ||
Member's Equity | 6,140 | 6,140 | 6,002 | ||
TOTAL LIABILITIES AND CAPITALIZATION | $ 12,810 | $ 12,810 | $ 12,250 |