Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 16, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PEG | |
Entity Registrant Name | PUBLIC SERVICE ENTERPRISE GROUP INC | |
Entity Central Index Key | 0000788784 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 505,430,473 | |
PSE And G [Member] | ||
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | PUBLIC SERVICE ELECTRIC & GAS CO | |
Entity Central Index Key | 0000081033 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
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 | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | PSEG POWER LLC | |
Entity Central Index Key | 0001158659 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Revenues | $ 2,980 | $ 2,818 |
Operating Expenses [Abstract] | ||
Energy Costs | 1,124 | 952 |
Operation and Maintenance | 756 | 754 |
Depreciation and Amortization | 314 | 280 |
Total Operating Expenses | 2,194 | 1,986 |
OPERATING INCOME | 786 | 832 |
Income from Equity Method Investments | 2 | 2 |
Net Gains (Losses) on Trust Investments | 128 | (22) |
Other Income (Deductions) | 33 | 32 |
Non-Operating Pension and OPEB Credits (Costs) | 33 | 19 |
Interest Expense | (133) | (103) |
Income Before Income Taxes | 849 | 760 |
Income Tax Benefit (Expense) | (149) | (202) |
Net Income | $ 700 | $ 558 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
BASIC (shares) | 504 | 504 |
DILUTED (shares) | 507 | 507 |
EARNINGS PER SHARE: | ||
BASIC (dollars per share) | $ 1.39 | $ 1.11 |
DILUTED (dollars per share) | $ 1.38 | $ 1.10 |
PSE And G [Member] | ||
Operating Revenues | $ 2,032 | $ 1,845 |
Operating Expenses [Abstract] | ||
Energy Costs | 947 | 782 |
Operation and Maintenance | 408 | 391 |
Depreciation and Amortization | 212 | 190 |
Total Operating Expenses | 1,567 | 1,363 |
OPERATING INCOME | 465 | 482 |
Net Gains (Losses) on Trust Investments | 1 | 0 |
Other Income (Deductions) | 19 | 20 |
Non-Operating Pension and OPEB Credits (Costs) | 30 | 15 |
Interest Expense | (87) | (81) |
Income Before Income Taxes | 428 | 436 |
Income Tax Benefit (Expense) | (25) | (117) |
Net Income | 403 | 319 |
Power [Member] | ||
Operating Revenues | 1,416 | 1,403 |
Operating Expenses [Abstract] | ||
Energy Costs | 786 | 746 |
Operation and Maintenance | 235 | 246 |
Depreciation and Amortization | 94 | 82 |
Total Operating Expenses | 1,115 | 1,074 |
OPERATING INCOME | 301 | 329 |
Income from Equity Method Investments | 2 | 2 |
Net Gains (Losses) on Trust Investments | 126 | (22) |
Other Income (Deductions) | 13 | 11 |
Non-Operating Pension and OPEB Credits (Costs) | 3 | 4 |
Interest Expense | (25) | (7) |
Income Before Income Taxes | 420 | 317 |
Income Tax Benefit (Expense) | (124) | (83) |
Net Income | $ 296 | $ 234 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Income | $ 700 | $ 558 |
Other Comprehensive Income (Loss), net of tax | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 21 | (14) |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | (4) | 0 |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 0 | 8 |
Other Comprehensive Income (Loss), net of tax | 17 | (6) |
COMPREHENSIVE INCOME | 717 | 552 |
PSE And G [Member] | ||
Net Income | 403 | 319 |
Other Comprehensive Income (Loss), net of tax | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 1 | (1) |
Other Comprehensive Income (Loss), net of tax | 1 | (1) |
COMPREHENSIVE INCOME | 404 | 318 |
Power [Member] | ||
Net Income | 296 | 234 |
Other Comprehensive Income (Loss), net of tax | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | 16 | (11) |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 0 | 6 |
Other Comprehensive Income (Loss), net of tax | 16 | (5) |
COMPREHENSIVE INCOME | $ 312 | $ 229 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ (13) | $ 9 |
Unrealized Gains (Losses) on Cash Flow Hedges, Tax | 1 | 0 |
Pension/OPEB adjustment, tax | (4) | (3) |
PSE And G [Member] | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 0 | 0 |
Power [Member] | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | (11) | 8 |
Pension/OPEB adjustment, tax | $ (4) | $ (3) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |||
CURRENT ASSETS | |||||
Cash and Cash Equivalents | $ 65 | $ 177 | |||
Accounts Receivable, net of allowances | 1,454 | 1,435 | |||
Tax Receivable | 149 | 242 | |||
Unbilled Revenues | 188 | 240 | |||
Fuel | 134 | 331 | |||
Materials and Supplies, net | 584 | 571 | |||
Prepayments | 112 | 94 | |||
Derivative Contracts | 20 | 11 | |||
Regulatory Assets | 294 | 389 | |||
Other | 27 | 17 | |||
Total Current Assets | 3,027 | 3,507 | |||
PROPERTY, PLANT AND EQUIPMENT | 44,854 | 44,201 | |||
Less: Accumulated Depreciation and Amortization | (10,067) | (9,838) | |||
Net Property, Plant and Equipment | 34,787 | 34,363 | |||
NONCURRENT ASSETS | |||||
Regulatory Assets | 3,423 | 3,399 | |||
Operating Lease, Right-of-Use Asset | 253 | 0 | |||
Long-Term Investments | 906 | 896 | |||
Nuclear Decommissioning Trust (NDT) Fund | 2,049 | 1,878 | |||
Long-Term Receivable of Variable Interest Entities (VIEs) | 631 | 624 | |||
Rabbi Trust Fund | 233 | 224 | |||
Goodwill | 16 | 16 | |||
Other Intangibles | 156 | 143 | |||
Derivative Contracts | 4 | 1 | |||
Other | 271 | 275 | |||
Total Noncurrent Assets | 7,942 | 7,456 | |||
Total Assets | 45,756 | 45,326 | |||
CURRENT LIABILITIES | |||||
Long-Term Debt Due Within One Year | 900 | 1,294 | |||
Commercial Paper and Loans | 1,151 | 1,016 | |||
Accounts Payable | 1,135 | 1,451 | |||
Derivative Contracts | 13 | 11 | |||
Accrued Interest | 158 | 110 | |||
Accrued Taxes | 73 | 26 | |||
Clean Energy Program | 85 | 143 | |||
Obligation to Return Cash Collateral | 129 | 136 | |||
Regulatory Liabilities | 320 | 311 | |||
Other | 509 | 437 | |||
Total Current Liabilities | 4,473 | 4,935 | |||
NONCURRENT LIABILITIES | |||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 5,929 | 5,713 | |||
Regulatory Liabilities | 3,148 | 3,221 | |||
Operating Leases | 250 | 0 | |||
Asset Retirement Obligations | 1,067 | 1,063 | |||
OPEB Costs | 698 | 704 | |||
OPEB Costs of Servco | 509 | 501 | |||
Accrued Pension Costs | 778 | 791 | |||
Accrued Pension Costs of Servco | 108 | 109 | |||
Environmental Costs | 364 | 327 | |||
Derivative Contracts | 7 | 4 | |||
Long-Term Accrued Taxes | 189 | 181 | |||
Other | 206 | 232 | |||
Total Noncurrent Liabilities | 13,253 | 12,846 | |||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||
LONG-TERM DEBT | |||||
Total Long-Term Debt | 13,216 | 13,168 | |||
STOCKHOLDER'S EQUITY | |||||
Common Stock, Value, Issued | 4,969 | 4,980 | |||
Treasury Stock, at cost | (839) | (808) | |||
Retained Earnings | 11,125 | 10,582 | |||
Accumulated Other Comprehensive Income (Loss) | (441) | (377) | |||
Total Stockholder's Equity | 14,814 | 14,377 | |||
Total Capitalization | 28,030 | 27,545 | |||
TOTAL LIABILITIES AND CAPITALIZATION | 45,756 | 45,326 | |||
PSE And G [Member] | |||||
CURRENT ASSETS | |||||
Cash and Cash Equivalents | 15 | 39 | |||
Accounts Receivable, net of allowances | 1,047 | 879 | |||
Accounts Receivable-Affiliated Companies | 0 | 123 | |||
Tax Receivable | 0 | 20 | |||
Unbilled Revenues | 188 | 240 | |||
Materials and Supplies, net | 201 | 196 | |||
Prepayments | 23 | 10 | |||
Regulatory Assets | 294 | 389 | |||
Other | 19 | 11 | |||
Total Current Assets | 1,787 | 1,907 | |||
PROPERTY, PLANT AND EQUIPMENT | 32,114 | 31,633 | |||
Less: Accumulated Depreciation and Amortization | (6,360) | (6,277) | |||
Net Property, Plant and Equipment | 25,754 | 25,356 | |||
NONCURRENT ASSETS | |||||
Regulatory Assets | 3,423 | 3,399 | |||
Operating Lease, Right-of-Use Asset | 89 | 0 | |||
Long-Term Investments | 275 | 270 | |||
Rabbi Trust Fund | 46 | 45 | |||
Other | 126 | 132 | |||
Total Noncurrent Assets | 3,959 | 3,846 | |||
Total Assets | 31,500 | 31,109 | |||
CURRENT LIABILITIES | |||||
Long-Term Debt Due Within One Year | 500 | 500 | |||
Commercial Paper and Loans | 364 | 272 | |||
Accounts Payable | 528 | 713 | |||
Accounts Payable-Affiliated Companies | 274 | 321 | |||
Accrued Interest | 96 | 84 | |||
Clean Energy Program | 85 | 143 | |||
Obligation to Return Cash Collateral | 129 | 136 | |||
Regulatory Liabilities | 320 | 311 | |||
Other | 402 | 345 | |||
Total Current Liabilities | 2,698 | 2,825 | |||
NONCURRENT LIABILITIES | |||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 3,913 | 3,830 | |||
Regulatory Liabilities | 3,148 | 3,221 | |||
Operating Leases | 79 | 0 | |||
Asset Retirement Obligations | 302 | 302 | |||
OPEB Costs | 479 | 486 | |||
Accrued Pension Costs | 391 | 400 | |||
Environmental Costs | 304 | 268 | |||
Long-Term Accrued Taxes | 69 | 69 | |||
Other | 127 | 124 | |||
Total Noncurrent Liabilities | 8,812 | 8,700 | |||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||
LONG-TERM DEBT | |||||
Total Long-Term Debt | 8,686 | 8,684 | |||
STOCKHOLDER'S EQUITY | |||||
Common Stock, Value, Issued | 892 | 892 | |||
Contributed Capital | 1,095 | 1,095 | |||
Basis Adjustment | 986 | 986 | |||
Retained Earnings | 8,331 | 7,928 | |||
Accumulated Other Comprehensive Income (Loss) | 0 | (1) | |||
Total Stockholder's Equity | 11,304 | 10,900 | |||
Total Capitalization | 19,990 | 19,584 | |||
TOTAL LIABILITIES AND CAPITALIZATION | 31,500 | 31,109 | |||
Power [Member] | |||||
CURRENT ASSETS | |||||
Cash and Cash Equivalents | 28 | 22 | |||
Accounts Receivable, net of allowances | 355 | 477 | |||
Accounts Receivable-Affiliated Companies | 284 | 274 | |||
Short-Term Loan to Affiliate | 87 | [1] | 0 | ||
Fuel | 134 | 331 | |||
Materials and Supplies, net | 381 | 373 | |||
Prepayments | 17 | 14 | |||
Derivative Contracts | [2] | 19 | 11 | ||
Other | 7 | 5 | |||
Total Current Assets | 1,312 | 1,507 | |||
PROPERTY, PLANT AND EQUIPMENT | 12,396 | 12,224 | |||
Less: Accumulated Depreciation and Amortization | (3,520) | (3,382) | |||
Net Property, Plant and Equipment | 8,876 | 8,842 | |||
NONCURRENT ASSETS | |||||
Operating Lease, Right-of-Use Asset | 43 | 0 | |||
Long-Term Investments | 86 | 86 | |||
Nuclear Decommissioning Trust (NDT) Fund | 2,049 | 1,878 | |||
Rabbi Trust Fund | 59 | 56 | |||
Goodwill | 16 | 16 | |||
Other Intangibles | 156 | 143 | |||
Derivative Contracts | [2] | 4 | 1 | ||
Other | 70 | 65 | |||
Total Noncurrent Assets | 2,483 | 2,245 | |||
Total Assets | 12,671 | 12,594 | |||
CURRENT LIABILITIES | |||||
Long-Term Debt Due Within One Year | 0 | 44 | |||
Accounts Payable | 472 | 498 | |||
Accounts Payable-Affiliated Companies | 21 | 16 | |||
Short-Term Loan from Affiliate | 0 | 193 | [1] | ||
Derivative Contracts | [2] | 13 | 11 | ||
Accrued Interest | 49 | 21 | |||
Other | 83 | 59 | |||
Total Current Liabilities | 638 | 842 | |||
NONCURRENT LIABILITIES | |||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 1,755 | 1,619 | |||
Operating Leases | 39 | 0 | |||
Asset Retirement Obligations | 762 | 758 | |||
OPEB Costs | 176 | 176 | |||
Accrued Pension Costs | 243 | 246 | |||
Derivative Contracts | [2] | 1 | 4 | ||
Long-Term Accrued Taxes | 82 | 76 | |||
Other | 117 | 122 | |||
Total Noncurrent Liabilities | 3,175 | 3,001 | |||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||
LONG-TERM DEBT | |||||
Total Long-Term Debt | 2,836 | 2,791 | |||
STOCKHOLDER'S EQUITY | |||||
Contributed Capital | 2,214 | 2,214 | |||
Basis Adjustment | (986) | (986) | |||
Retained Earnings | 5,166 | 5,051 | |||
Accumulated Other Comprehensive Income (Loss) | (372) | (319) | |||
Total Stockholder's Equity | 6,022 | 5,960 | |||
TOTAL LIABILITIES AND CAPITALIZATION | $ 12,671 | $ 12,594 | |||
[1] | 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. | ||||
[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 March 31, 2019 and December 31, 2018. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, allowances | $ 72 | $ 63 |
Common Stock, issued | 534 | 534 |
Common Stock, authorized | 1,000 | 1,000 |
Treasury Stock, Shares | 30 | 30 |
PSE And G [Member] | ||
Accounts Receivable, allowances | $ 72 | $ 63 |
Common Stock, issued | 132 | 132 |
Common Stock, outstanding | 132 | 132 |
Common Stock, authorized | 150 | 150 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 700 | $ 558 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 314 | 280 |
Amortization of Nuclear Fuel | 47 | 50 |
Emission Allowances and Renewable Energy Credit Compliance Accrual | 24 | 24 |
Provision for Deferred Income Taxes and ITC | 102 | 76 |
Non-Cash Employee Benefit Plan (Credits) Costs | (3) | 17 |
Leveraged Lease Income, Adjusted for Rents Received and Deferred Taxes | (1) | 4 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (109) | (119) |
Net Change in Regulatory Assets and Liabilities | 69 | (6) |
Cost of Removal | (30) | (38) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (137) | 12 |
Net Change in Certain Current Assets and Liabilities: | ||
Tax Receivable | 77 | 6 |
Accrued Taxes | 26 | 125 |
Margin Deposit | 190 | 25 |
Other Current Assets and Liabilities | (67) | 160 |
Employee Benefit Plan Funding and Related Payments | (14) | (36) |
Other | 30 | 2 |
Net Cash Provided By (Used In) Operating Activities | 1,218 | 1,140 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (795) | (1,053) |
Purchase of Emissions Allowances and RECs | (21) | (17) |
Proceeds from Sale of Available-for-Sale Securities | 497 | 397 |
Investments in Available-for-Sale Securities | (507) | (407) |
Other | 10 | 7 |
Net Cash Provided By (Used In) Investing Activities | (816) | (1,073) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | 135 | 52 |
Redemption of Long-term Debt | 350 | 0 |
Cash Dividends Paid on Common Stock | (238) | (227) |
Other | (52) | (73) |
Net Cash Provided By (Used In) Financing Activities | (505) | (248) |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (103) | (181) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 199 | 315 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 96 | 134 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (76) | (4) |
Interest Paid, Net of Amounts Capitalized | 91 | 73 |
Accrued Property, Plant and Equipment Expenditures | 456 | 544 |
PSE And G [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 403 | 319 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 212 | 190 |
Provision for Deferred Income Taxes and ITC | (12) | 40 |
Non-Cash Employee Benefit Plan (Credits) Costs | (9) | 9 |
Net Change in Regulatory Assets and Liabilities | 69 | (6) |
Cost of Removal | (30) | (38) |
Net Change in Certain Current Assets and Liabilities: | ||
Accounts Receivable and Unbilled Revenues | (119) | 24 |
Fuel, Materials and Supplies | (5) | (2) |
Prepayments | 3 | 22 |
Accounts Payable | (108) | (12) |
Accounts Receivable/Payable-Affiliated Companies, net | 87 | 40 |
Other Current Assets and Liabilities | 35 | 39 |
Employee Benefit Plan Funding and Related Payments | (10) | (33) |
Other | 4 | (15) |
Net Cash Provided By (Used In) Operating Activities | 520 | 577 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (625) | (750) |
Proceeds from Sale of Available-for-Sale Securities | 10 | 5 |
Investments in Available-for-Sale Securities | (9) | (5) |
Solar Loan Investments | (5) | (9) |
Other | 2 | 2 |
Net Cash Provided By (Used In) Investing Activities | (627) | (757) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | 92 | 0 |
Net Cash Provided By (Used In) Financing Activities | 92 | 0 |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (15) | (180) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 61 | 244 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 46 | 64 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (94) | 0 |
Interest Paid, Net of Amounts Capitalized | 73 | 65 |
Accrued Property, Plant and Equipment Expenditures | 273 | 326 |
Power [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 296 | 234 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 94 | 82 |
Amortization of Nuclear Fuel | 47 | 50 |
Emission Allowances and Renewable Energy Credit Compliance Accrual | 24 | 24 |
Provision for Deferred Income Taxes and ITC | 121 | 33 |
Interest Accretion on Asset Retirement Obligations | 10 | 10 |
Non-Cash Employee Benefit Plan (Credits) Costs | 4 | 6 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (109) | (119) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (137) | 12 |
Net Change in Certain Current Assets and Liabilities: | ||
Fuel, Materials and Supplies | 189 | 133 |
Margin Deposit | 190 | 25 |
Accounts Receivable | 34 | 93 |
Accounts Payable | (57) | (89) |
Accounts Receivable/Payable-Affiliated Companies, net | (22) | 25 |
Other Current Assets and Liabilities | 37 | 30 |
Employee Benefit Plan Funding and Related Payments | (3) | (2) |
Other | 8 | (5) |
Net Cash Provided By (Used In) Operating Activities | 726 | 542 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (167) | (299) |
Purchase of Emissions Allowances and RECs | (21) | (17) |
Proceeds from Sale of Available-for-Sale Securities | 463 | 377 |
Investments in Available-for-Sale Securities | (475) | (389) |
Short-Term Loan-Affiliated Company | 87 | 0 |
Other | 11 | 11 |
Net Cash Provided By (Used In) Investing Activities | (276) | (317) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Short-Term Loan-Affiliated Company | (193) | (246) |
Cash Dividends Paid on Common Stock | (250) | 0 |
Other | (1) | 0 |
Net Cash Provided By (Used In) Financing Activities | (444) | (246) |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 6 | (21) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 22 | 32 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 28 | 11 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | 11 | 2 |
Interest Paid, Net of Amounts Capitalized | 6 | 2 |
Accrued Property, Plant and Equipment Expenditures | $ 183 | $ 218 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Power [Member] | Power [Member]Retained Earnings [Member] | Power [Member]AOCI Attributable to Parent [Member] | Power [Member]Contributed Capital [Member] | Power [Member]Basis Adjustment [Member] | PSE And G [Member] | PSE And G [Member]Common Stock [Member] | PSE And G [Member]Retained Earnings [Member] | PSE And G [Member]AOCI Attributable to Parent [Member] | PSE And G [Member]Contributed Capital [Member] | PSE And G [Member]Basis Adjustment [Member] |
Shares, Outstanding | 534 | (29) | ||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 176 | $ (176) | $ 175 | $ (175) | ||||||||||||
Total Stockholder's Equity | $ 13,847 | $ 4,961 | $ (763) | 9,878 | (229) | $ 5,967 | 4,911 | (172) | $ 2,214 | $ (986) | $ 9,834 | $ 892 | $ 6,861 | $ 0 | $ 1,095 | $ 986 |
Net Income | 558 | 558 | 234 | 234 | 319 | 319 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (6) | (6) | (5) | (5) | (1) | (1) | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 552 | 229 | 318 | |||||||||||||
Dividends, Common Stock, Cash | (227) | (227) | ||||||||||||||
Stockholders' Equity, Other | (68) | $ (15) | $ (53) | |||||||||||||
Stockholders' Equity, Other Shares | (1) | |||||||||||||||
Shares, Outstanding | 534 | (30) | ||||||||||||||
Total Stockholder's Equity | 14,104 | $ 4,946 | $ (816) | 10,385 | (411) | 6,196 | 5,320 | (352) | 2,214 | (986) | 10,152 | 892 | 7,180 | (1) | 1,095 | 986 |
Shares, Outstanding | 534 | (30) | ||||||||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 81 | (81) | 69 | (69) | ||||||||||||
Total Stockholder's Equity | 14,377 | $ 4,980 | $ (808) | 10,582 | (377) | 5,960 | 5,051 | (319) | 2,214 | (986) | 10,900 | 892 | 7,928 | (1) | 1,095 | 986 |
Net Income | 700 | 700 | 296 | 296 | 403 | 403 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 17 | 17 | 16 | 16 | 1 | 1 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 717 | 312 | 404 | |||||||||||||
Dividends, Common Stock, Cash | (238) | (238) | 0 | (250) | (250) | |||||||||||
Stockholders' Equity, Other | (42) | $ (11) | $ (31) | 0 | 0 | |||||||||||
Stockholders' Equity, Other Shares | 0 | |||||||||||||||
Shares, Outstanding | 534 | (30) | ||||||||||||||
Total Stockholder's Equity | $ 14,814 | $ 4,969 | $ (839) | $ 11,125 | $ (441) | $ 6,022 | $ 5,166 | $ (372) | $ 2,214 | $ (986) | $ 11,304 | $ 892 | $ 8,331 | $ 0 | $ 1,095 | $ 986 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Comprehensive Income (Loss), Tax | $ (16) | $ 6 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.47 | $ 0.45 |
PSE And G [Member] | ||
Other Comprehensive Income (Loss), Tax | $ 0 | $ 0 |
Power [Member] | ||
Other Comprehensive Income (Loss), Tax | $ (15) | $ 5 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (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 regulated solar generation projects and energy efficiency and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, Power owns and operates solar generation in various states. 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 are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; 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, 2018 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2018 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2018 Cash and Cash Equivalents $ 39 $ 22 $ 116 $ 177 Restricted Cash in Other Current Assets 8 — — 8 Restricted Cash in Other Noncurrent Assets 14 — — 14 Cash, Cash Equivalents and Restricted Cash $ 61 $ 22 $ 116 $ 199 As of March 31, 2019 Cash and Cash Equivalents $ 15 $ 28 $ 22 $ 65 Restricted Cash in Other Current Assets 15 — — 15 Restricted Cash in Other Noncurrent Assets 16 — — 16 Cash, Cash Equivalents and Restricted Cash $ 46 $ 28 $ 22 $ 96 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
PSE And G [Member] | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (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 regulated solar generation projects and energy efficiency and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, Power owns and operates solar generation in various states. 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 are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; 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, 2018 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2018 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2018 Cash and Cash Equivalents $ 39 $ 22 $ 116 $ 177 Restricted Cash in Other Current Assets 8 — — 8 Restricted Cash in Other Noncurrent Assets 14 — — 14 Cash, Cash Equivalents and Restricted Cash $ 61 $ 22 $ 116 $ 199 As of March 31, 2019 Cash and Cash Equivalents $ 15 $ 28 $ 22 $ 65 Restricted Cash in Other Current Assets 15 — — 15 Restricted Cash in Other Noncurrent Assets 16 — — 16 Cash, Cash Equivalents and Restricted Cash $ 46 $ 28 $ 22 $ 96 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Power [Member] | |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (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 regulated solar generation projects and energy efficiency and related programs in New Jersey, which are regulated by the BPU. • PSEG Power LLC (Power) —which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, Power owns and operates solar generation in various states. 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 are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; 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, 2018 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2018 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2018 Cash and Cash Equivalents $ 39 $ 22 $ 116 $ 177 Restricted Cash in Other Current Assets 8 — — 8 Restricted Cash in Other Noncurrent Assets 14 — — 14 Cash, Cash Equivalents and Restricted Cash $ 61 $ 22 $ 116 $ 199 As of March 31, 2019 Cash and Cash Equivalents $ 15 $ 28 $ 22 $ 65 Restricted Cash in Other Current Assets 15 — — 15 Restricted Cash in Other Noncurrent Assets 16 — — 16 Cash, Cash Equivalents and Restricted Cash $ 46 $ 28 $ 22 $ 96 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Leases — Accounting Standards Update (ASU) 2016-02, updated by ASUs 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 This accounting standard, and related updates, replace existing lease accounting guidance and require lessees to recognize 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 and a lessor will classify its leases as operating leases, direct financing leases, or as sales-type leases. The standard requires additional disclosure of key information. Existing guidance related to leveraged leases does not change. PSEG adopted the optional transition method on January 1, 2019. There was no cumulative effect adjustment required to be recorded to Retained Earnings at adoption. The optional transition method requires disclosure under Accounting Standards Codification (ASC) 840—Leases, the previously existing lease guidance for prior periods. PSEG elected various practical expedients allowed by the standard, including the package of three practical expedients related to not reassessing existing or expired contracts and initial direct costs; and excluding evaluation of land easements that exist or expired before adoption that were not previously accounted for as leases. The impact of adoption on PSEG’s Consolidated Balance Sheet was to record Operating Lease Right of Use Assets of $261 million and Operating Lease Liabilities of $282 million . As part of that impact, PSEG reclassified deferred rent incentives and deferred rent liabilities of approximately $21 million , which were previously classified as Other Noncurrent Liabilities, to Operating Lease Right-of-Use Assets in accordance with this standard. PSE&G’s assets and liabilities each increased by $91 million and Power’s assets and liabilities each increased by $46 million . PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. See Note 7. Leases for additional information. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12, updated by ASU 2018-16 This accounting standard’s amendments more closely align hedge accounting with companies’ risk management activities in the financial statements and ease the operational burden of applying hedge accounting. PSEG adopted this standard on January 1, 2019. The standard requires using a modified retrospective method upon adoption. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard did not have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. PSEG adopted this standard on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment directly to Retained Earnings as of the beginning of 2019. Adoption of this standard did not have a material impact on PSEG’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard affects any entity that is required to apply the provisions of the ASC topic, “Income Statement-Reporting Comprehensive Income,” and has items of Other Comprehensive Income for which the related tax effects are presented in Other Comprehensive Income as required by GAAP. Specifically, this standard allows entities to record a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for stranded tax effects resulting from the recent decrease in the federal corporate income tax rate. PSEG adopted this standard on January 1, 2019. The impact of adoption on PSEG’s Consolidated Balance Sheet was to increase Retained Earnings and Accumulated Other Comprehensive Loss by approximately $81 million . Power’s Retained Earnings and Accumulated Other Comprehensive Loss increased by approximately $69 million . The impact on PSE&G’s Consolidated Balance Sheet was immaterial. PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. New Standards Issued But Not Yet Adopted Measurement of Credit Losses on Financial Instruments — ASU 2016-13, updated by ASU 2018-19 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. Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements will be eliminated. The standard will also add certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. Certain amendments in the standard should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments of the standard should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in ASC 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. This standard should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. PSEG is currently analyzing the impact of this standard on its financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE) - ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans — ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. An entity should apply the amendments in this standard on a retrospective basis to all periods presented. 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 and Adopted Leases — Accounting Standards Update (ASU) 2016-02, updated by ASUs 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 This accounting standard, and related updates, replace existing lease accounting guidance and require lessees to recognize 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 and a lessor will classify its leases as operating leases, direct financing leases, or as sales-type leases. The standard requires additional disclosure of key information. Existing guidance related to leveraged leases does not change. PSEG adopted the optional transition method on January 1, 2019. There was no cumulative effect adjustment required to be recorded to Retained Earnings at adoption. The optional transition method requires disclosure under Accounting Standards Codification (ASC) 840—Leases, the previously existing lease guidance for prior periods. PSEG elected various practical expedients allowed by the standard, including the package of three practical expedients related to not reassessing existing or expired contracts and initial direct costs; and excluding evaluation of land easements that exist or expired before adoption that were not previously accounted for as leases. The impact of adoption on PSEG’s Consolidated Balance Sheet was to record Operating Lease Right of Use Assets of $261 million and Operating Lease Liabilities of $282 million . As part of that impact, PSEG reclassified deferred rent incentives and deferred rent liabilities of approximately $21 million , which were previously classified as Other Noncurrent Liabilities, to Operating Lease Right-of-Use Assets in accordance with this standard. PSE&G’s assets and liabilities each increased by $91 million and Power’s assets and liabilities each increased by $46 million . PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. See Note 7. Leases for additional information. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12, updated by ASU 2018-16 This accounting standard’s amendments more closely align hedge accounting with companies’ risk management activities in the financial statements and ease the operational burden of applying hedge accounting. PSEG adopted this standard on January 1, 2019. The standard requires using a modified retrospective method upon adoption. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard did not have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. PSEG adopted this standard on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment directly to Retained Earnings as of the beginning of 2019. Adoption of this standard did not have a material impact on PSEG’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard affects any entity that is required to apply the provisions of the ASC topic, “Income Statement-Reporting Comprehensive Income,” and has items of Other Comprehensive Income for which the related tax effects are presented in Other Comprehensive Income as required by GAAP. Specifically, this standard allows entities to record a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for stranded tax effects resulting from the recent decrease in the federal corporate income tax rate. PSEG adopted this standard on January 1, 2019. The impact of adoption on PSEG’s Consolidated Balance Sheet was to increase Retained Earnings and Accumulated Other Comprehensive Loss by approximately $81 million . Power’s Retained Earnings and Accumulated Other Comprehensive Loss increased by approximately $69 million . The impact on PSE&G’s Consolidated Balance Sheet was immaterial. PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. New Standards Issued But Not Yet Adopted Measurement of Credit Losses on Financial Instruments — ASU 2016-13, updated by ASU 2018-19 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. Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements will be eliminated. The standard will also add certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. Certain amendments in the standard should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments of the standard should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in ASC 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. This standard should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. PSEG is currently analyzing the impact of this standard on its financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE) - ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans — ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. An entity should apply the amendments in this standard on a retrospective basis to all periods presented. 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 and Adopted Leases — Accounting Standards Update (ASU) 2016-02, updated by ASUs 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 This accounting standard, and related updates, replace existing lease accounting guidance and require lessees to recognize 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 and a lessor will classify its leases as operating leases, direct financing leases, or as sales-type leases. The standard requires additional disclosure of key information. Existing guidance related to leveraged leases does not change. PSEG adopted the optional transition method on January 1, 2019. There was no cumulative effect adjustment required to be recorded to Retained Earnings at adoption. The optional transition method requires disclosure under Accounting Standards Codification (ASC) 840—Leases, the previously existing lease guidance for prior periods. PSEG elected various practical expedients allowed by the standard, including the package of three practical expedients related to not reassessing existing or expired contracts and initial direct costs; and excluding evaluation of land easements that exist or expired before adoption that were not previously accounted for as leases. The impact of adoption on PSEG’s Consolidated Balance Sheet was to record Operating Lease Right of Use Assets of $261 million and Operating Lease Liabilities of $282 million . As part of that impact, PSEG reclassified deferred rent incentives and deferred rent liabilities of approximately $21 million , which were previously classified as Other Noncurrent Liabilities, to Operating Lease Right-of-Use Assets in accordance with this standard. PSE&G’s assets and liabilities each increased by $91 million and Power’s assets and liabilities each increased by $46 million . PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. See Note 7. Leases for additional information. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12, updated by ASU 2018-16 This accounting standard’s amendments more closely align hedge accounting with companies’ risk management activities in the financial statements and ease the operational burden of applying hedge accounting. PSEG adopted this standard on January 1, 2019. The standard requires using a modified retrospective method upon adoption. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard did not have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. PSEG adopted this standard on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment directly to Retained Earnings as of the beginning of 2019. Adoption of this standard did not have a material impact on PSEG’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard affects any entity that is required to apply the provisions of the ASC topic, “Income Statement-Reporting Comprehensive Income,” and has items of Other Comprehensive Income for which the related tax effects are presented in Other Comprehensive Income as required by GAAP. Specifically, this standard allows entities to record a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for stranded tax effects resulting from the recent decrease in the federal corporate income tax rate. PSEG adopted this standard on January 1, 2019. The impact of adoption on PSEG’s Consolidated Balance Sheet was to increase Retained Earnings and Accumulated Other Comprehensive Loss by approximately $81 million . Power’s Retained Earnings and Accumulated Other Comprehensive Loss increased by approximately $69 million . The impact on PSE&G’s Consolidated Balance Sheet was immaterial. PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. New Standards Issued But Not Yet Adopted Measurement of Credit Losses on Financial Instruments — ASU 2016-13, updated by ASU 2018-19 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. Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements will be eliminated. The standard will also add certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. Certain amendments in the standard should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments of the standard should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in ASC 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. This standard should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. PSEG is currently analyzing the impact of this standard on its financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE) - ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans — ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. An entity should apply the amendments in this standard on a retrospective basis to all periods presented. PSEG is currently analyzing the impact of this standard on its financial statements. |
Revenues Revenues
Revenues Revenues | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2019 Revenues from Contracts with Customers Electric Distribution $ 742 $ — $ — $ — $ 742 Gas Distribution 931 — — (3 ) 928 Transmission 288 — — — 288 Electricity and Related Product Sales PJM Third Party Sales — 515 — — 515 Sales to Affiliates — 126 — (126 ) — New York ISO — 41 — — 41 ISO New England — 21 — — 21 Gas Sales Third Party Sales — 47 — — 47 Sales to Affiliates — 479 — (479 ) — Other Revenues from Contracts with Customers (A) 64 10 131 (1 ) 204 Total Revenues from Contracts with Customers 2,025 1,239 131 (609 ) 2,786 Revenues Unrelated to Contracts with Customers (B) 7 177 10 — 194 Total Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2018 Revenues from Contracts with Customers Electric Distribution $ 690 $ — $ — $ — $ 690 Gas Distribution 759 — — (3 ) 756 Transmission 312 — — — 312 Electricity and Related Product Sales PJM Third Party Sales — 498 — — 498 Sales to Affiliates — 176 — (176 ) — New York ISO — 59 — — 59 ISO New England — 47 — — 47 Gas Sales Third Party Sales — 64 — — 64 Sales to Affiliates — 397 — (397 ) — Other Revenues from Contracts with Customers (A) 72 10 137 (1 ) 218 Total Revenues from Contracts with Customers 1,833 1,251 137 (577 ) 2,644 Revenues Unrelated to Contracts with Customers (B) 12 152 10 — 174 Total Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2019 and December 31, 2018 . Substantially all of PSE&G’s accounts receivable result from contracts with customers. Allowances represented approximately six percent and seven percent of accounts receivable as of March 31, 2019 and December 31, 2018 , respectively. Power Power generally collects consideration upon satisfaction of performance obligations, and therefore, Power had no material contract balances as of March 31, 2019 and December 31, 2018 . Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. In the wholesale energy markets in which Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables and Power typically records no allowances. Other PSEG LI did not have any material contract balances as of March 31, 2019 and December 31, 2018 . Remaining Performance Obligations under Fixed Consideration Contracts Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity's performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Power As stated above, capacity transactions with ISOs are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $115 9,000 June 2020 to May 2021 $170 8,100 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market (FCM) Auction is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $179 950 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $177 million . Other The LIPA OSA is a 12 -year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2019 is $65 million and could increase each year based on the change in the Consumer Price Index (CPI). The incentive for 2019 can range from zero to approximately $10 million and could increase each year thereafter based on the change in the CPI. |
PSE And G [Member] | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2019 Revenues from Contracts with Customers Electric Distribution $ 742 $ — $ — $ — $ 742 Gas Distribution 931 — — (3 ) 928 Transmission 288 — — — 288 Electricity and Related Product Sales PJM Third Party Sales — 515 — — 515 Sales to Affiliates — 126 — (126 ) — New York ISO — 41 — — 41 ISO New England — 21 — — 21 Gas Sales Third Party Sales — 47 — — 47 Sales to Affiliates — 479 — (479 ) — Other Revenues from Contracts with Customers (A) 64 10 131 (1 ) 204 Total Revenues from Contracts with Customers 2,025 1,239 131 (609 ) 2,786 Revenues Unrelated to Contracts with Customers (B) 7 177 10 — 194 Total Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2018 Revenues from Contracts with Customers Electric Distribution $ 690 $ — $ — $ — $ 690 Gas Distribution 759 — — (3 ) 756 Transmission 312 — — — 312 Electricity and Related Product Sales PJM Third Party Sales — 498 — — 498 Sales to Affiliates — 176 — (176 ) — New York ISO — 59 — — 59 ISO New England — 47 — — 47 Gas Sales Third Party Sales — 64 — — 64 Sales to Affiliates — 397 — (397 ) — Other Revenues from Contracts with Customers (A) 72 10 137 (1 ) 218 Total Revenues from Contracts with Customers 1,833 1,251 137 (577 ) 2,644 Revenues Unrelated to Contracts with Customers (B) 12 152 10 — 174 Total Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2019 and December 31, 2018 . Substantially all of PSE&G’s accounts receivable result from contracts with customers. Allowances represented approximately six percent and seven percent of accounts receivable as of March 31, 2019 and December 31, 2018 , respectively. Power Power generally collects consideration upon satisfaction of performance obligations, and therefore, Power had no material contract balances as of March 31, 2019 and December 31, 2018 . Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. In the wholesale energy markets in which Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables and Power typically records no allowances. Other PSEG LI did not have any material contract balances as of March 31, 2019 and December 31, 2018 . Remaining Performance Obligations under Fixed Consideration Contracts Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity's performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Power As stated above, capacity transactions with ISOs are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $115 9,000 June 2020 to May 2021 $170 8,100 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market (FCM) Auction is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $179 950 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $177 million . Other The LIPA OSA is a 12 -year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2019 is $65 million and could increase each year based on the change in the Consumer Price Index (CPI). The incentive for 2019 can range from zero to approximately $10 million and could increase each year thereafter based on the change in the CPI. |
Power [Member] | |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2019 Revenues from Contracts with Customers Electric Distribution $ 742 $ — $ — $ — $ 742 Gas Distribution 931 — — (3 ) 928 Transmission 288 — — — 288 Electricity and Related Product Sales PJM Third Party Sales — 515 — — 515 Sales to Affiliates — 126 — (126 ) — New York ISO — 41 — — 41 ISO New England — 21 — — 21 Gas Sales Third Party Sales — 47 — — 47 Sales to Affiliates — 479 — (479 ) — Other Revenues from Contracts with Customers (A) 64 10 131 (1 ) 204 Total Revenues from Contracts with Customers 2,025 1,239 131 (609 ) 2,786 Revenues Unrelated to Contracts with Customers (B) 7 177 10 — 194 Total Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2018 Revenues from Contracts with Customers Electric Distribution $ 690 $ — $ — $ — $ 690 Gas Distribution 759 — — (3 ) 756 Transmission 312 — — — 312 Electricity and Related Product Sales PJM Third Party Sales — 498 — — 498 Sales to Affiliates — 176 — (176 ) — New York ISO — 59 — — 59 ISO New England — 47 — — 47 Gas Sales Third Party Sales — 64 — — 64 Sales to Affiliates — 397 — (397 ) — Other Revenues from Contracts with Customers (A) 72 10 137 (1 ) 218 Total Revenues from Contracts with Customers 1,833 1,251 137 (577 ) 2,644 Revenues Unrelated to Contracts with Customers (B) 12 152 10 — 174 Total Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2019 and December 31, 2018 . Substantially all of PSE&G’s accounts receivable result from contracts with customers. Allowances represented approximately six percent and seven percent of accounts receivable as of March 31, 2019 and December 31, 2018 , respectively. Power Power generally collects consideration upon satisfaction of performance obligations, and therefore, Power had no material contract balances as of March 31, 2019 and December 31, 2018 . Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. In the wholesale energy markets in which Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables and Power typically records no allowances. Other PSEG LI did not have any material contract balances as of March 31, 2019 and December 31, 2018 . Remaining Performance Obligations under Fixed Consideration Contracts Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity's performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Power As stated above, capacity transactions with ISOs are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $115 9,000 June 2020 to May 2021 $170 8,100 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market (FCM) Auction is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $179 950 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $177 million . Other The LIPA OSA is a 12 -year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2019 is $65 million and could increase each year based on the change in the Consumer Price Index (CPI). The incentive for 2019 can range from zero to approximately $10 million and could increase each year thereafter based on the change in the CPI. |
Early Plant Retirements Early P
Early Plant Retirements Early Plant Retirements | 3 Months Ended |
Mar. 31, 2019 | |
Early Plant Retirements [Line Items] | |
Early Plant Retirements | Early Plant Retirements Nuclear In May 2018, the governor of New Jersey signed legislation, referred to as the Zero Emission Certificate (ZEC) legislation, that recognizes that nuclear power is a critical component of New Jersey’s clean energy portfolio and an important element of a diverse energy generation portfolio that currently meets approximately 40 percent of New Jersey’s electric power needs. The ZEC legislation created a program administered by the BPU. The BPU established processes to provide for the purchase of ZECs from selected nuclear plants and recovery of those ZEC payments through a non-bypassable distribution charge (ZEC charge) in the amount of $0.004 per kilowatt-hour (which is equivalent to approximately $10 per megawatt hour (MWh)) in payments to selected nuclear plants. In April 2019, Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs. As a result, the final “must-offer” exception requests and deactivation notices previously submitted to the PJM Independent Market Monitor and the PJM Office of Interconnection for the Salem and Hope Creek plants have been withdrawn. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, and will be obligated to maintain operations, subject to exceptions specified in the ZEC legislation. Power anticipates it will recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. The ZEC legislation requires nuclear plants to reapply for any subsequent three year periods. The ZEC payment may be adjusted by the BPU (a) at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source or (b) at certain times specified in the ZEC legislation if the BPU determines that the purposes of the ZEC legislation can be achieved through a reduced charge that will nonetheless be sufficient to achieve the state’s air quality and other environmental objectives by preventing the retirement of nuclear plants. The financial condition of the plants may nonetheless be materially adversely impacted by potential changes to the capacity market construct being considered by FERC (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC authorized capacity mechanism), and, in the case of the Salem nuclear plants, decisions by the EPA and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act and related state regulations, or other factors. Absent a material financial change, these adverse impacts could still result in Power taking all necessary steps to retire all of these plants following the end of the initial three year term of the ZECs program. Retirement of these plants would result in a material adverse impact on PSEG’s and Power’s financial results. Fossil PSEG and Power monitor their coal assets, including the Keystone and Conemaugh generating stations, to assess their economic viability through the end of their designated useful lives and their continued classification as held for use. 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 or change in the held for use classification of our remaining coal units may have a material adverse impact on PSEG’s and Power’s future financial results. |
Power [Member] | |
Early Plant Retirements [Line Items] | |
Early Plant Retirements | Early Plant Retirements Nuclear In May 2018, the governor of New Jersey signed legislation, referred to as the Zero Emission Certificate (ZEC) legislation, that recognizes that nuclear power is a critical component of New Jersey’s clean energy portfolio and an important element of a diverse energy generation portfolio that currently meets approximately 40 percent of New Jersey’s electric power needs. The ZEC legislation created a program administered by the BPU. The BPU established processes to provide for the purchase of ZECs from selected nuclear plants and recovery of those ZEC payments through a non-bypassable distribution charge (ZEC charge) in the amount of $0.004 per kilowatt-hour (which is equivalent to approximately $10 per megawatt hour (MWh)) in payments to selected nuclear plants. In April 2019, Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs. As a result, the final “must-offer” exception requests and deactivation notices previously submitted to the PJM Independent Market Monitor and the PJM Office of Interconnection for the Salem and Hope Creek plants have been withdrawn. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, and will be obligated to maintain operations, subject to exceptions specified in the ZEC legislation. Power anticipates it will recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. The ZEC legislation requires nuclear plants to reapply for any subsequent three year periods. The ZEC payment may be adjusted by the BPU (a) at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source or (b) at certain times specified in the ZEC legislation if the BPU determines that the purposes of the ZEC legislation can be achieved through a reduced charge that will nonetheless be sufficient to achieve the state’s air quality and other environmental objectives by preventing the retirement of nuclear plants. The financial condition of the plants may nonetheless be materially adversely impacted by potential changes to the capacity market construct being considered by FERC (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC authorized capacity mechanism), and, in the case of the Salem nuclear plants, decisions by the EPA and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act and related state regulations, or other factors. Absent a material financial change, these adverse impacts could still result in Power taking all necessary steps to retire all of these plants following the end of the initial three year term of the ZECs program. Retirement of these plants would result in a material adverse impact on PSEG’s and Power’s financial results. Fossil PSEG and Power monitor their coal assets, including the Keystone and Conemaugh generating stations, to assess their economic viability through the end of their designated useful lives and their continued classification as held for use. 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 or change in the held for use classification of our remaining coal units may have a material adverse impact on PSEG’s and Power’s future financial results. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2019 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) | Variable Interest Entity (VIE) VIE for which PSEG LI is the Primary Beneficiary PSEG LI consolidates Servco, a marginally capitalized VIE, which was created for the purpose of operating LIPA’s T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco’s economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. Pursuant to the OSA, Servco’s operating costs are 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 and controls the services provided to LIPA, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and O&M Expense, respectively. Servco recorded $115 million and $120 million for the three months ended March 31, 2019 and 2018 , 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 | 3 Months Ended |
Mar. 31, 2019 | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2018 . In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU by PSE&G are as follows: BGSS —In March 2019, the BPU approved the final BGSS rates which were effective October 1, 2018. Weather Normalization Clause (WNC) —In March 2019, the BPU gave final approval to PSE&G’s 2017-2018 WNC petition allowing a net recovery of $14 million to be collected over the 2018-2019 Winter Period with the new rate effective November 1, 2018. The $14 million net recovery is the result of $9 million of excess revenues from the colder than normal 2017-2018 Winter Period offset by $23 million of remaining prior Winter Period undercollection. Gas System Modernization Program I (GSMP I) —In April 2019, PSE&G filed its final GSMP I cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $12 million effective October 1, 2019. This increase represents the return on and of GSMP I investments expected to be in service through June 30, 2019. This request will be updated in July 2019 for actual costs. |
PSE And G [Member] | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2018 . In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU by PSE&G are as follows: BGSS —In March 2019, the BPU approved the final BGSS rates which were effective October 1, 2018. Weather Normalization Clause (WNC) —In March 2019, the BPU gave final approval to PSE&G’s 2017-2018 WNC petition allowing a net recovery of $14 million to be collected over the 2018-2019 Winter Period with the new rate effective November 1, 2018. The $14 million net recovery is the result of $9 million of excess revenues from the colder than normal 2017-2018 Winter Period offset by $23 million of remaining prior Winter Period undercollection. Gas System Modernization Program I (GSMP I) —In April 2019, PSE&G filed its final GSMP I cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $12 million effective October 1, 2019. This increase represents the return on and of GSMP I investments expected to be in service through June 30, 2019. This request will be updated in July 2019 for actual costs. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases | Leases PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property. As of March 31, 2019 , PSEG and subsidiaries were both a lessee and a lessor in Operating Leases. PSEG and subsidiaries were neither the lessee nor the lessor in any material non-operating leases. Lessee The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Condensed Consolidated Balance Sheets of PSEG, PSE&G and Power . PSEG and its subsidiaries have elected an accounting policy to exclude the application of ASC 842 requirements to recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less. Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. PSEG and its subsidiaries recognize the lease payments in O&M Expense on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred. As lessee, most of the Operating Leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s and Power’s borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company. Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component. PSE&G PSE&G has Operating Leases for office space for customer service centers; rooftops and land for its Solar 4 All ® facilities; equipment; vehicles; and land for certain electric substations. These leases have remaining lease terms through 2039 , some of which include options to extend the leases for terms of one to five years. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Power Power has Operating Leases for buildings; land leases for its solar generating facilities; and equipment. These leases have remaining terms through 2052 , some of which include options to extend the leases for one or more five -year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Other Services has Operating Leases for real estate and office equipment. These leases have remaining terms through 2030 . Services’ lease for its headquarters, which ends in 2030 , includes options to extend for two five -year terms. Energy Holdings has land leases with remaining lease terms through 2027 , some of which include options to extend the leases for up to eight five -year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions. PSE&G Power Other Total Millions Three Months Ended March 31, 2019 Operating Lease Costs Long-term Lease Costs $ 4 $ 2 $ 4 $ 10 Short-term Lease Costs 5 2 — 7 Variable Lease Costs — — 3 3 Total Operating Lease Costs $ 9 $ 4 $ 7 $ 20 Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 4 $ 2 $ 4 $ 10 Weighted Average Remaining Lease Term in Years 13 20 11 13 Weighted Average Discount Rate 3.7 % 5.0 % 4.2 % 4.2 % Operating Lease commitments as of December 31, 2018 had the following maturities: PSE&G Power Other Total Millions 2019 $ 15 $ 11 $ 15 $ 41 2020 11 13 16 40 2021 10 13 16 39 2022 8 14 16 38 2023 8 8 15 31 Thereafter 66 51 105 222 Total Minimum Lease Payments $ 118 $ 110 $ 183 $ 411 Operating Lease Liabilities as of March 31, 2019 had the following maturities: PSE&G Power Other Total Millions 2019 $ 11 $ 5 $ 12 $ 28 2020 11 4 16 31 2021 10 4 16 30 2022 8 5 16 29 2023 8 3 15 26 2024 7 3 14 24 Thereafter 60 46 90 196 Total Minimum Lease Payments $ 115 $ 70 $ 179 $ 364 As of March 31, 2019 , Power was a lessee in an operating lease that was executed but had not yet commenced and, therefore, no lease asset or liability was recognized. Fixed payments under this contract aggregating $35 million are due through 2023 and are not included in the above table. The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets: As of March 31, 2019 PSE&G Power Other Total Millions Undiscounted Cash Flows $ 115 $ 70 $ 179 $ 364 Reconciling Amount due to Discount Rate (25 ) (27 ) (37 ) (89 ) Total Discounted Operating Lease Liabilities $ 90 $ 43 $ 142 $ 275 As of March 31, 2019 , the current portions of Operating Lease Liabilities included in Other Current Liabilities were $25 million , $11 million and $4 million for PSEG, PSE&G and Power, respectively. Lessor Property subject to Operating Leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to real estate assets and solar generating facilities. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. See Note 8. Financing Receivables . Power Certain of Power’s sales agreements related to its solar generating plants qualify as Operating Leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of March 31, 2019 , Power’s solar generating plants subject to these leases had a total carrying value of $331 million . Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Financing Receivables . Energy Holdings is the lessor in various Operating Leases for real estate with remaining terms through 2033 . As of March 31, 2019 , Energy Holdings’ property subject to these leases had a total carrying value of $24 million . The following is the Operating Lease Income for Power and Energy Holdings for the three months ended March 31, 2019 : Power Energy Holdings Total Millions Operating Lease Income Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 4 — 4 Total Operating Lease Income $ 4 $ 5 $ 9 Energy Holdings’ Operating Leases had the following minimum future fixed lease receipts as of March 31, 2019 : Millions 2019 $ 19 2020 20 2021 18 2022 17 2023 17 2024 16 Thereafter 165 Total Minimum Future Lease Receipts $ 272 |
Leases | Leases PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property. As of March 31, 2019 , PSEG and subsidiaries were both a lessee and a lessor in Operating Leases. PSEG and subsidiaries were neither the lessee nor the lessor in any material non-operating leases. Lessee The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Condensed Consolidated Balance Sheets of PSEG, PSE&G and Power . PSEG and its subsidiaries have elected an accounting policy to exclude the application of ASC 842 requirements to recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less. Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. PSEG and its subsidiaries recognize the lease payments in O&M Expense on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred. As lessee, most of the Operating Leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s and Power’s borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company. Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component. PSE&G PSE&G has Operating Leases for office space for customer service centers; rooftops and land for its Solar 4 All ® facilities; equipment; vehicles; and land for certain electric substations. These leases have remaining lease terms through 2039 , some of which include options to extend the leases for terms of one to five years. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Power Power has Operating Leases for buildings; land leases for its solar generating facilities; and equipment. These leases have remaining terms through 2052 , some of which include options to extend the leases for one or more five -year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Other Services has Operating Leases for real estate and office equipment. These leases have remaining terms through 2030 . Services’ lease for its headquarters, which ends in 2030 , includes options to extend for two five -year terms. Energy Holdings has land leases with remaining lease terms through 2027 , some of which include options to extend the leases for up to eight five -year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions. PSE&G Power Other Total Millions Three Months Ended March 31, 2019 Operating Lease Costs Long-term Lease Costs $ 4 $ 2 $ 4 $ 10 Short-term Lease Costs 5 2 — 7 Variable Lease Costs — — 3 3 Total Operating Lease Costs $ 9 $ 4 $ 7 $ 20 Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 4 $ 2 $ 4 $ 10 Weighted Average Remaining Lease Term in Years 13 20 11 13 Weighted Average Discount Rate 3.7 % 5.0 % 4.2 % 4.2 % Operating Lease commitments as of December 31, 2018 had the following maturities: PSE&G Power Other Total Millions 2019 $ 15 $ 11 $ 15 $ 41 2020 11 13 16 40 2021 10 13 16 39 2022 8 14 16 38 2023 8 8 15 31 Thereafter 66 51 105 222 Total Minimum Lease Payments $ 118 $ 110 $ 183 $ 411 Operating Lease Liabilities as of March 31, 2019 had the following maturities: PSE&G Power Other Total Millions 2019 $ 11 $ 5 $ 12 $ 28 2020 11 4 16 31 2021 10 4 16 30 2022 8 5 16 29 2023 8 3 15 26 2024 7 3 14 24 Thereafter 60 46 90 196 Total Minimum Lease Payments $ 115 $ 70 $ 179 $ 364 As of March 31, 2019 , Power was a lessee in an operating lease that was executed but had not yet commenced and, therefore, no lease asset or liability was recognized. Fixed payments under this contract aggregating $35 million are due through 2023 and are not included in the above table. The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets: As of March 31, 2019 PSE&G Power Other Total Millions Undiscounted Cash Flows $ 115 $ 70 $ 179 $ 364 Reconciling Amount due to Discount Rate (25 ) (27 ) (37 ) (89 ) Total Discounted Operating Lease Liabilities $ 90 $ 43 $ 142 $ 275 As of March 31, 2019 , the current portions of Operating Lease Liabilities included in Other Current Liabilities were $25 million , $11 million and $4 million for PSEG, PSE&G and Power, respectively. Lessor Property subject to Operating Leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to real estate assets and solar generating facilities. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. See Note 8. Financing Receivables . Power Certain of Power’s sales agreements related to its solar generating plants qualify as Operating Leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of March 31, 2019 , Power’s solar generating plants subject to these leases had a total carrying value of $331 million . Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Financing Receivables . Energy Holdings is the lessor in various Operating Leases for real estate with remaining terms through 2033 . As of March 31, 2019 , Energy Holdings’ property subject to these leases had a total carrying value of $24 million . The following is the Operating Lease Income for Power and Energy Holdings for the three months ended March 31, 2019 : Power Energy Holdings Total Millions Operating Lease Income Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 4 — 4 Total Operating Lease Income $ 4 $ 5 $ 9 Energy Holdings’ Operating Leases had the following minimum future fixed lease receipts as of March 31, 2019 : Millions 2019 $ 19 2020 20 2021 18 2022 17 2023 17 2024 16 Thereafter 165 Total Minimum Future Lease Receipts $ 272 |
PSE And G [Member] | |
Leases | Leases PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property. As of March 31, 2019 , PSEG and subsidiaries were both a lessee and a lessor in Operating Leases. PSEG and subsidiaries were neither the lessee nor the lessor in any material non-operating leases. Lessee The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Condensed Consolidated Balance Sheets of PSEG, PSE&G and Power . PSEG and its subsidiaries have elected an accounting policy to exclude the application of ASC 842 requirements to recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less. Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. PSEG and its subsidiaries recognize the lease payments in O&M Expense on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred. As lessee, most of the Operating Leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s and Power’s borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company. Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component. PSE&G PSE&G has Operating Leases for office space for customer service centers; rooftops and land for its Solar 4 All ® facilities; equipment; vehicles; and land for certain electric substations. These leases have remaining lease terms through 2039 , some of which include options to extend the leases for terms of one to five years. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Power Power has Operating Leases for buildings; land leases for its solar generating facilities; and equipment. These leases have remaining terms through 2052 , some of which include options to extend the leases for one or more five -year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Other Services has Operating Leases for real estate and office equipment. These leases have remaining terms through 2030 . Services’ lease for its headquarters, which ends in 2030 , includes options to extend for two five -year terms. Energy Holdings has land leases with remaining lease terms through 2027 , some of which include options to extend the leases for up to eight five -year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions. PSE&G Power Other Total Millions Three Months Ended March 31, 2019 Operating Lease Costs Long-term Lease Costs $ 4 $ 2 $ 4 $ 10 Short-term Lease Costs 5 2 — 7 Variable Lease Costs — — 3 3 Total Operating Lease Costs $ 9 $ 4 $ 7 $ 20 Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 4 $ 2 $ 4 $ 10 Weighted Average Remaining Lease Term in Years 13 20 11 13 Weighted Average Discount Rate 3.7 % 5.0 % 4.2 % 4.2 % Operating Lease commitments as of December 31, 2018 had the following maturities: PSE&G Power Other Total Millions 2019 $ 15 $ 11 $ 15 $ 41 2020 11 13 16 40 2021 10 13 16 39 2022 8 14 16 38 2023 8 8 15 31 Thereafter 66 51 105 222 Total Minimum Lease Payments $ 118 $ 110 $ 183 $ 411 Operating Lease Liabilities as of March 31, 2019 had the following maturities: PSE&G Power Other Total Millions 2019 $ 11 $ 5 $ 12 $ 28 2020 11 4 16 31 2021 10 4 16 30 2022 8 5 16 29 2023 8 3 15 26 2024 7 3 14 24 Thereafter 60 46 90 196 Total Minimum Lease Payments $ 115 $ 70 $ 179 $ 364 As of March 31, 2019 , Power was a lessee in an operating lease that was executed but had not yet commenced and, therefore, no lease asset or liability was recognized. Fixed payments under this contract aggregating $35 million are due through 2023 and are not included in the above table. The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets: As of March 31, 2019 PSE&G Power Other Total Millions Undiscounted Cash Flows $ 115 $ 70 $ 179 $ 364 Reconciling Amount due to Discount Rate (25 ) (27 ) (37 ) (89 ) Total Discounted Operating Lease Liabilities $ 90 $ 43 $ 142 $ 275 As of March 31, 2019 , the current portions of Operating Lease Liabilities included in Other Current Liabilities were $25 million , $11 million and $4 million for PSEG, PSE&G and Power, respectively. Lessor Property subject to Operating Leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to real estate assets and solar generating facilities. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. See Note 8. Financing Receivables . Power Certain of Power’s sales agreements related to its solar generating plants qualify as Operating Leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of March 31, 2019 , Power’s solar generating plants subject to these leases had a total carrying value of $331 million . Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Financing Receivables . Energy Holdings is the lessor in various Operating Leases for real estate with remaining terms through 2033 . As of March 31, 2019 , Energy Holdings’ property subject to these leases had a total carrying value of $24 million . The following is the Operating Lease Income for Power and Energy Holdings for the three months ended March 31, 2019 : Power Energy Holdings Total Millions Operating Lease Income Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 4 — 4 Total Operating Lease Income $ 4 $ 5 $ 9 Energy Holdings’ Operating Leases had the following minimum future fixed lease receipts as of March 31, 2019 : Millions 2019 $ 19 2020 20 2021 18 2022 17 2023 17 2024 16 Thereafter 165 Total Minimum Future Lease Receipts $ 272 |
Leases | Leases PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property. As of March 31, 2019 , PSEG and subsidiaries were both a lessee and a lessor in Operating Leases. PSEG and subsidiaries were neither the lessee nor the lessor in any material non-operating leases. Lessee The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Condensed Consolidated Balance Sheets of PSEG, PSE&G and Power . PSEG and its subsidiaries have elected an accounting policy to exclude the application of ASC 842 requirements to recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less. Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. PSEG and its subsidiaries recognize the lease payments in O&M Expense on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred. As lessee, most of the Operating Leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s and Power’s borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company. Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component. PSE&G PSE&G has Operating Leases for office space for customer service centers; rooftops and land for its Solar 4 All ® facilities; equipment; vehicles; and land for certain electric substations. These leases have remaining lease terms through 2039 , some of which include options to extend the leases for terms of one to five years. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Power Power has Operating Leases for buildings; land leases for its solar generating facilities; and equipment. These leases have remaining terms through 2052 , some of which include options to extend the leases for one or more five -year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Other Services has Operating Leases for real estate and office equipment. These leases have remaining terms through 2030 . Services’ lease for its headquarters, which ends in 2030 , includes options to extend for two five -year terms. Energy Holdings has land leases with remaining lease terms through 2027 , some of which include options to extend the leases for up to eight five -year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions. PSE&G Power Other Total Millions Three Months Ended March 31, 2019 Operating Lease Costs Long-term Lease Costs $ 4 $ 2 $ 4 $ 10 Short-term Lease Costs 5 2 — 7 Variable Lease Costs — — 3 3 Total Operating Lease Costs $ 9 $ 4 $ 7 $ 20 Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 4 $ 2 $ 4 $ 10 Weighted Average Remaining Lease Term in Years 13 20 11 13 Weighted Average Discount Rate 3.7 % 5.0 % 4.2 % 4.2 % Operating Lease commitments as of December 31, 2018 had the following maturities: PSE&G Power Other Total Millions 2019 $ 15 $ 11 $ 15 $ 41 2020 11 13 16 40 2021 10 13 16 39 2022 8 14 16 38 2023 8 8 15 31 Thereafter 66 51 105 222 Total Minimum Lease Payments $ 118 $ 110 $ 183 $ 411 Operating Lease Liabilities as of March 31, 2019 had the following maturities: PSE&G Power Other Total Millions 2019 $ 11 $ 5 $ 12 $ 28 2020 11 4 16 31 2021 10 4 16 30 2022 8 5 16 29 2023 8 3 15 26 2024 7 3 14 24 Thereafter 60 46 90 196 Total Minimum Lease Payments $ 115 $ 70 $ 179 $ 364 As of March 31, 2019 , Power was a lessee in an operating lease that was executed but had not yet commenced and, therefore, no lease asset or liability was recognized. Fixed payments under this contract aggregating $35 million are due through 2023 and are not included in the above table. The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets: As of March 31, 2019 PSE&G Power Other Total Millions Undiscounted Cash Flows $ 115 $ 70 $ 179 $ 364 Reconciling Amount due to Discount Rate (25 ) (27 ) (37 ) (89 ) Total Discounted Operating Lease Liabilities $ 90 $ 43 $ 142 $ 275 As of March 31, 2019 , the current portions of Operating Lease Liabilities included in Other Current Liabilities were $25 million , $11 million and $4 million for PSEG, PSE&G and Power, respectively. Lessor Property subject to Operating Leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to real estate assets and solar generating facilities. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. See Note 8. Financing Receivables . Power Certain of Power’s sales agreements related to its solar generating plants qualify as Operating Leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of March 31, 2019 , Power’s solar generating plants subject to these leases had a total carrying value of $331 million . Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Financing Receivables . Energy Holdings is the lessor in various Operating Leases for real estate with remaining terms through 2033 . As of March 31, 2019 , Energy Holdings’ property subject to these leases had a total carrying value of $24 million . The following is the Operating Lease Income for Power and Energy Holdings for the three months ended March 31, 2019 : Power Energy Holdings Total Millions Operating Lease Income Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 4 — 4 Total Operating Lease Income $ 4 $ 5 $ 9 Energy Holdings’ Operating Leases had the following minimum future fixed lease receipts as of March 31, 2019 : Millions 2019 $ 19 2020 20 2021 18 2022 17 2023 17 2024 16 Thereafter 165 Total Minimum Future Lease Receipts $ 272 |
Power [Member] | |
Leases | Leases PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property. As of March 31, 2019 , PSEG and subsidiaries were both a lessee and a lessor in Operating Leases. PSEG and subsidiaries were neither the lessee nor the lessor in any material non-operating leases. Lessee The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Condensed Consolidated Balance Sheets of PSEG, PSE&G and Power . PSEG and its subsidiaries have elected an accounting policy to exclude the application of ASC 842 requirements to recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less. Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. PSEG and its subsidiaries recognize the lease payments in O&M Expense on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred. As lessee, most of the Operating Leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s and Power’s borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company. Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component. PSE&G PSE&G has Operating Leases for office space for customer service centers; rooftops and land for its Solar 4 All ® facilities; equipment; vehicles; and land for certain electric substations. These leases have remaining lease terms through 2039 , some of which include options to extend the leases for terms of one to five years. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Power Power has Operating Leases for buildings; land leases for its solar generating facilities; and equipment. These leases have remaining terms through 2052 , some of which include options to extend the leases for one or more five -year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Other Services has Operating Leases for real estate and office equipment. These leases have remaining terms through 2030 . Services’ lease for its headquarters, which ends in 2030 , includes options to extend for two five -year terms. Energy Holdings has land leases with remaining lease terms through 2027 , some of which include options to extend the leases for up to eight five -year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions. PSE&G Power Other Total Millions Three Months Ended March 31, 2019 Operating Lease Costs Long-term Lease Costs $ 4 $ 2 $ 4 $ 10 Short-term Lease Costs 5 2 — 7 Variable Lease Costs — — 3 3 Total Operating Lease Costs $ 9 $ 4 $ 7 $ 20 Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 4 $ 2 $ 4 $ 10 Weighted Average Remaining Lease Term in Years 13 20 11 13 Weighted Average Discount Rate 3.7 % 5.0 % 4.2 % 4.2 % Operating Lease commitments as of December 31, 2018 had the following maturities: PSE&G Power Other Total Millions 2019 $ 15 $ 11 $ 15 $ 41 2020 11 13 16 40 2021 10 13 16 39 2022 8 14 16 38 2023 8 8 15 31 Thereafter 66 51 105 222 Total Minimum Lease Payments $ 118 $ 110 $ 183 $ 411 Operating Lease Liabilities as of March 31, 2019 had the following maturities: PSE&G Power Other Total Millions 2019 $ 11 $ 5 $ 12 $ 28 2020 11 4 16 31 2021 10 4 16 30 2022 8 5 16 29 2023 8 3 15 26 2024 7 3 14 24 Thereafter 60 46 90 196 Total Minimum Lease Payments $ 115 $ 70 $ 179 $ 364 As of March 31, 2019 , Power was a lessee in an operating lease that was executed but had not yet commenced and, therefore, no lease asset or liability was recognized. Fixed payments under this contract aggregating $35 million are due through 2023 and are not included in the above table. The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets: As of March 31, 2019 PSE&G Power Other Total Millions Undiscounted Cash Flows $ 115 $ 70 $ 179 $ 364 Reconciling Amount due to Discount Rate (25 ) (27 ) (37 ) (89 ) Total Discounted Operating Lease Liabilities $ 90 $ 43 $ 142 $ 275 As of March 31, 2019 , the current portions of Operating Lease Liabilities included in Other Current Liabilities were $25 million , $11 million and $4 million for PSEG, PSE&G and Power, respectively. Lessor Property subject to Operating Leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to real estate assets and solar generating facilities. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. See Note 8. Financing Receivables . Power Certain of Power’s sales agreements related to its solar generating plants qualify as Operating Leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of March 31, 2019 , Power’s solar generating plants subject to these leases had a total carrying value of $331 million . Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Financing Receivables . Energy Holdings is the lessor in various Operating Leases for real estate with remaining terms through 2033 . As of March 31, 2019 , Energy Holdings’ property subject to these leases had a total carrying value of $24 million . The following is the Operating Lease Income for Power and Energy Holdings for the three months ended March 31, 2019 : Power Energy Holdings Total Millions Operating Lease Income Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 4 — 4 Total Operating Lease Income $ 4 $ 5 $ 9 Energy Holdings’ Operating Leases had the following minimum future fixed lease receipts as of March 31, 2019 : Millions 2019 $ 19 2020 20 2021 18 2022 17 2023 17 2024 16 Thereafter 165 Total Minimum Future Lease Receipts $ 272 |
Leases | Leases PSEG and its subsidiaries, when acting as lessee or lessor, determine if an arrangement is a lease at inception. PSEG assesses contracts to determine if the arrangement conveys (i) the right to control the use of the identified property, (ii) the right to obtain substantially all of the economic benefits from the use of the property, and (iii) the right to direct the use of the property. As of March 31, 2019 , PSEG and subsidiaries were both a lessee and a lessor in Operating Leases. PSEG and subsidiaries were neither the lessee nor the lessor in any material non-operating leases. Lessee The current portion of Operating Lease Liabilities is included in Other Current Liabilities. Operating Lease Right-of-Use Assets and noncurrent Operating Lease Liabilities are included as separate captions in Noncurrent Assets and Noncurrent Liabilities, respectively, on the Condensed Consolidated Balance Sheets of PSEG, PSE&G and Power . PSEG and its subsidiaries have elected an accounting policy to exclude the application of ASC 842 requirements to recognize Operating Lease Right-of-Use Assets and Operating Lease Liabilities for leases where the term is twelve months or less. Operating Lease Right-of-Use Assets represent the right to use an underlying asset for the lease term and Operating Lease Liabilities represent the obligation to make lease payments arising from the lease. Operating Lease Right-of-Use Assets and Operating Lease Liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. PSEG and its subsidiaries recognize the lease payments in O&M Expense on a straight-line basis over the term of the leases and variable lease payments in the period in which the obligations for those payments are incurred. As lessee, most of the Operating Leases of PSEG and its subsidiaries do not provide an implicit rate; therefore, incremental borrowing rates are used based on the information available at commencement date in determining the present value of lease payments. The implicit rate is used when readily determinable. PSE&G’s incremental borrowing rates are based on secured borrowing rates. PSEG’s and Power’s borrowing rates are generally unsecured rates. Having calculated simulated secured rates for each of PSEG and Power, it was determined that the difference between the unsecured borrowing rates and the simulated secured rates had an immaterial effect on their recorded Operating Lease Right-of-Use Assets and Operating Lease Liabilities. Services, PSEG LI and other subsidiaries of PSEG that do not borrow funds or issue debt may enter into leases. Since these companies do not have credit ratings and related incremental borrowing rates, PSEG has determined that it is appropriate for these companies to use the incremental borrowing rate of PSEG, the parent company. Lease terms may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. PSEG and its subsidiaries have lease agreements with lease and non-lease components. For real estate, equipment and vehicle leases, the lease and non-lease components are accounted for as a single lease component. PSE&G PSE&G has Operating Leases for office space for customer service centers; rooftops and land for its Solar 4 All ® facilities; equipment; vehicles; and land for certain electric substations. These leases have remaining lease terms through 2039 , some of which include options to extend the leases for terms of one to five years. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Power Power has Operating Leases for buildings; land leases for its solar generating facilities; and equipment. These leases have remaining terms through 2052 , some of which include options to extend the leases for one or more five -year terms and certain other leases which include options to extend the leases for 15 to 20 year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Other Services has Operating Leases for real estate and office equipment. These leases have remaining terms through 2030 . Services’ lease for its headquarters, which ends in 2030 , includes options to extend for two five -year terms. Energy Holdings has land leases with remaining lease terms through 2027 , some of which include options to extend the leases for up to eight five -year terms. Some leases have fixed rent payments that have escalations based on certain indices, such as the CPI. Certain leases contain variable payments. Operating Lease Costs The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions. PSE&G Power Other Total Millions Three Months Ended March 31, 2019 Operating Lease Costs Long-term Lease Costs $ 4 $ 2 $ 4 $ 10 Short-term Lease Costs 5 2 — 7 Variable Lease Costs — — 3 3 Total Operating Lease Costs $ 9 $ 4 $ 7 $ 20 Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 4 $ 2 $ 4 $ 10 Weighted Average Remaining Lease Term in Years 13 20 11 13 Weighted Average Discount Rate 3.7 % 5.0 % 4.2 % 4.2 % Operating Lease commitments as of December 31, 2018 had the following maturities: PSE&G Power Other Total Millions 2019 $ 15 $ 11 $ 15 $ 41 2020 11 13 16 40 2021 10 13 16 39 2022 8 14 16 38 2023 8 8 15 31 Thereafter 66 51 105 222 Total Minimum Lease Payments $ 118 $ 110 $ 183 $ 411 Operating Lease Liabilities as of March 31, 2019 had the following maturities: PSE&G Power Other Total Millions 2019 $ 11 $ 5 $ 12 $ 28 2020 11 4 16 31 2021 10 4 16 30 2022 8 5 16 29 2023 8 3 15 26 2024 7 3 14 24 Thereafter 60 46 90 196 Total Minimum Lease Payments $ 115 $ 70 $ 179 $ 364 As of March 31, 2019 , Power was a lessee in an operating lease that was executed but had not yet commenced and, therefore, no lease asset or liability was recognized. Fixed payments under this contract aggregating $35 million are due through 2023 and are not included in the above table. The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets: As of March 31, 2019 PSE&G Power Other Total Millions Undiscounted Cash Flows $ 115 $ 70 $ 179 $ 364 Reconciling Amount due to Discount Rate (25 ) (27 ) (37 ) (89 ) Total Discounted Operating Lease Liabilities $ 90 $ 43 $ 142 $ 275 As of March 31, 2019 , the current portions of Operating Lease Liabilities included in Other Current Liabilities were $25 million , $11 million and $4 million for PSEG, PSE&G and Power, respectively. Lessor Property subject to Operating Leases, where PSEG or one of its subsidiaries is the lessor, is included in Property, Plant and Equipment and rental income from these leases is included in Operating Revenues. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to real estate assets and solar generating facilities. PSEG and subsidiaries account for the lease and non-lease components as a single lease component. Energy Holdings’ leveraged leases are accounted for in Operating Revenues and in Noncurrent Long-Term Investments. See Note 8. Financing Receivables . Power Certain of Power’s sales agreements related to its solar generating plants qualify as Operating Leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. As of March 31, 2019 , Power’s solar generating plants subject to these leases had a total carrying value of $331 million . Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, those leveraged leases will be accounted for as operating or financing leases. See Note 8. Financing Receivables . Energy Holdings is the lessor in various Operating Leases for real estate with remaining terms through 2033 . As of March 31, 2019 , Energy Holdings’ property subject to these leases had a total carrying value of $24 million . The following is the Operating Lease Income for Power and Energy Holdings for the three months ended March 31, 2019 : Power Energy Holdings Total Millions Operating Lease Income Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 4 — 4 Total Operating Lease Income $ 4 $ 5 $ 9 Energy Holdings’ Operating Leases had the following minimum future fixed lease receipts as of March 31, 2019 : Millions 2019 $ 19 2020 20 2021 18 2022 17 2023 17 2024 16 Thereafter 165 Total Minimum Future Lease Receipts $ 272 |
Financing Receivables
Financing Receivables | 3 Months Ended |
Mar. 31, 2019 | |
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. Interest income on the loans is recorded on an accrual basis. The loans are generally paid back with solar renewable energy certificates (SRECs) generated from the installed solar electric system. In the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. None of the solar loans are impaired; however, in the event a loan becomes impaired, the basis of the loan would be recovered through a regulatory recovery mechanism. 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 would be considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans March 31, December 31, Millions Commercial/Industrial $ 169 $ 164 Residential 9 9 Total $ 178 $ 173 Current Portion (included in Other Current Assets) (22 ) (24 ) Noncurrent Portion (included in Long-Term Investments) $ 156 $ 149 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’ equity investments in the leases are comprised of the total expected lease receivables 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. In December 2018, REMA emerged from its in-court proceeding under Chapter 11 of the Bankruptcy Code. Upon emergence, PSEG received $31.5 million in cash in exchange for transferring the ownership interests in Keystone and Conemaugh to the debtholders of REMA and satisfaction of all other claims asserted against REMA, as well as certain amendments to the Shawville lease. The Shawville lease amendments, among other things, will allow REMA to express interest in a renewal on or after November 24, 2019. In addition, REMA has agreed to fund qualifying credit support up to $36 million . The remaining deferred tax liabilities related to these lease investments were reclassified to current tax liabilities. PSEG expects to pay approximately $120 million to taxing authorities in 2019 resulting from this restructuring activity. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2019 and December 31, 2018 . As of As of March 31, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 502 $ 504 Estimated Residual Value of Leased Assets 326 326 Total Investment in Rental Receivables 828 830 Unearned and Deferred Income (285 ) (290 ) Gross Investments in Leases 543 540 Deferred Tax Liabilities (356 ) (354 ) Net Investments in Leases $ 187 $ 186 The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of March 31, 2019 As of March 31, 2019 Millions AA $ 13 A- 58 BBB+ — BBB- 258 BB 133 NR 40 Total $ 502 The “ BB ” and the “ NR ” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of March 31, 2019 , the gross investment in the leases of such assets, net of non-recourse debt, was $295 million ( $7 million , net of deferred taxes). A more detailed description of such assets under lease 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 $ 133 64 % 1,538 Coal BB NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 85 64 % 1,036 Gas BB NRG Energy, Inc. Shawville Station Units 1, 2, 3 and 4 PA $ 77 100 % 596 Gas NR REMA The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and 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 and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Additional factors that 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. Interest income on the loans is recorded on an accrual basis. The loans are generally paid back with solar renewable energy certificates (SRECs) generated from the installed solar electric system. In the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. None of the solar loans are impaired; however, in the event a loan becomes impaired, the basis of the loan would be recovered through a regulatory recovery mechanism. 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 would be considered “non-performing.” Outstanding Loans by Class of Customer As of As of Consumer Loans March 31, December 31, Millions Commercial/Industrial $ 169 $ 164 Residential 9 9 Total $ 178 $ 173 Current Portion (included in Other Current Assets) (22 ) (24 ) Noncurrent Portion (included in Long-Term Investments) $ 156 $ 149 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’ equity investments in the leases are comprised of the total expected lease receivables 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. In December 2018, REMA emerged from its in-court proceeding under Chapter 11 of the Bankruptcy Code. Upon emergence, PSEG received $31.5 million in cash in exchange for transferring the ownership interests in Keystone and Conemaugh to the debtholders of REMA and satisfaction of all other claims asserted against REMA, as well as certain amendments to the Shawville lease. The Shawville lease amendments, among other things, will allow REMA to express interest in a renewal on or after November 24, 2019. In addition, REMA has agreed to fund qualifying credit support up to $36 million . The remaining deferred tax liabilities related to these lease investments were reclassified to current tax liabilities. PSEG expects to pay approximately $120 million to taxing authorities in 2019 resulting from this restructuring activity. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2019 and December 31, 2018 . As of As of March 31, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 502 $ 504 Estimated Residual Value of Leased Assets 326 326 Total Investment in Rental Receivables 828 830 Unearned and Deferred Income (285 ) (290 ) Gross Investments in Leases 543 540 Deferred Tax Liabilities (356 ) (354 ) Net Investments in Leases $ 187 $ 186 The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of March 31, 2019 As of March 31, 2019 Millions AA $ 13 A- 58 BBB+ — BBB- 258 BB 133 NR 40 Total $ 502 The “ BB ” and the “ NR ” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of March 31, 2019 , the gross investment in the leases of such assets, net of non-recourse debt, was $295 million ( $7 million , net of deferred taxes). A more detailed description of such assets under lease 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 $ 133 64 % 1,538 Coal BB NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 85 64 % 1,036 Gas BB NRG Energy, Inc. Shawville Station Units 1, 2, 3 and 4 PA $ 77 100 % 596 Gas NR REMA The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and 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 and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Additional factors that 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. |
Trust Investments
Trust Investments | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 423 $ 183 $ (6 ) $ 600 International 388 68 (16 ) 440 Total Equity Securities 811 251 (22 ) 1,040 Available-for Sale Debt Securities Government 509 6 (3 ) 512 Corporate 495 6 (4 ) 497 Total Available-for-Sale Debt Securities 1,004 12 (7 ) 1,009 Total NDT Fund Investments $ 1,815 $ 263 $ (29 ) $ 2,049 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 447 $ 153 $ (29 ) $ 571 International 323 36 (30 ) 329 Total Equity Securities 770 189 (59 ) 900 Available-for Sale Debt Securities Government 498 2 (9 ) 491 Corporate 501 1 (15 ) 487 Total Available-for-Sale Debt Securities 999 3 (24 ) 978 Total NDT Fund Investments $ 1,769 $ 192 $ (83 ) $ 1,878 Net unrealized gains (losses) on debt securities of $3 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of March 31, 2019 . The portion of net unrealized gains (losses) recognized during the first three months of 2019 related to equity securities still held at the end of March 31, 2019 was $88 million . The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of March 31, December 31, Millions Accounts Receivable $ 16 $ 17 Accounts Payable $ 14 $ 5 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 45 $ (5 ) $ 4 $ (1 ) $ 147 $ (26 ) $ 5 $ (3 ) International 76 (10 ) 20 (6 ) 131 (28 ) 5 (2 ) Total Equity Securities 121 (15 ) 24 (7 ) 278 (54 ) 10 (5 ) Available-for Sale Debt Securities Government (B) 23 — 225 (3 ) 51 — 317 (9 ) Corporate (C) 20 — 190 (4 ) 150 (5 ) 222 (10 ) Total Available-for-Sale Debt Securities 43 — 415 (7 ) 201 (5 ) 539 (19 ) NDT Trust Investments $ 164 $ (15 ) $ 439 $ (14 ) $ 479 $ (59 ) $ 549 $ (24 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 . The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from NDT Fund Sales (A) $ 453 $ 372 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 45 $ 24 Gross Realized Losses (19 ) (12 ) Net Realized Gains (Losses) on NDT Fund (B) $ 26 $ 12 Unrealized Gains (Losses) on Equity Securities in NDT Fund 99 (34 ) Net Gains (Losses) on NDT Fund Investments $ 125 $ (22 ) (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. The NDT Fund debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ 13 1 - 5 years 257 6 - 10 years 215 11 - 15 years 44 16 - 20 years 71 Over 20 years 409 Total NDT Available-for-Sale Debt Securities $ 1,009 Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries 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.” 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 March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 3 $ — $ 25 Available-for-Sale Debt Securities Government 108 2 — 110 Corporate 97 2 (1 ) 98 Total Available-for-Sale Debt Securities 205 4 (1 ) 208 Total Rabbi Trust Investments $ 227 $ 7 $ (1 ) $ 233 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 1 $ — $ 23 Available-for-Sale Debt Securities Government 110 1 (2 ) 109 Corporate 96 — (4 ) 92 Total Available-for-Sale Debt Securities 206 1 (6 ) 201 Total Rabbi Trust Investments $ 228 $ 2 $ (6 ) $ 224 Net unrealized gains (losses) on debt securities of $2 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2019 . The portion of net unrealized gains (losses) recognized during the first three months of 2019 related to equity securities still held at the end of March 31, 2019 was $3 million . The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of March 31, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ 1 $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. As of March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ — $ — $ 27 $ — $ 18 $ — $ 59 $ (2 ) Corporate (B) 6 — 30 (1 ) 50 (3 ) 29 (1 ) Total Available-for-Sale Debt Securities 6 — 57 (1 ) 68 (3 ) 88 (3 ) Rabbi Trust Investments $ 6 $ — $ 57 $ (1 ) $ 68 $ (3 ) $ 88 $ (3 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 . The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from Rabbi Trust Sales (A) $ 44 $ 25 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 1 $ 2 Gross Realized Losses (1 ) (2 ) Net Realized Gains (Losses) on Rabbi Trust (B) — — Unrealized Gains (Losses) on Equity Securities in Rabbi Trust 3 — Net Gains (Losses) on Rabbi Trust Investments $ 3 $ — (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 33 6 - 10 years 30 11 - 15 years 10 16 - 20 years 25 Over 20 years 110 Total Rabbi Trust Available-for-Sale Debt Securities $ 208 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 46 $ 45 Power 59 56 Other 128 123 Total Rabbi Trust Investments $ 233 $ 224 |
PSE And G [Member] | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 423 $ 183 $ (6 ) $ 600 International 388 68 (16 ) 440 Total Equity Securities 811 251 (22 ) 1,040 Available-for Sale Debt Securities Government 509 6 (3 ) 512 Corporate 495 6 (4 ) 497 Total Available-for-Sale Debt Securities 1,004 12 (7 ) 1,009 Total NDT Fund Investments $ 1,815 $ 263 $ (29 ) $ 2,049 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 447 $ 153 $ (29 ) $ 571 International 323 36 (30 ) 329 Total Equity Securities 770 189 (59 ) 900 Available-for Sale Debt Securities Government 498 2 (9 ) 491 Corporate 501 1 (15 ) 487 Total Available-for-Sale Debt Securities 999 3 (24 ) 978 Total NDT Fund Investments $ 1,769 $ 192 $ (83 ) $ 1,878 Net unrealized gains (losses) on debt securities of $3 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of March 31, 2019 . The portion of net unrealized gains (losses) recognized during the first three months of 2019 related to equity securities still held at the end of March 31, 2019 was $88 million . The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of March 31, December 31, Millions Accounts Receivable $ 16 $ 17 Accounts Payable $ 14 $ 5 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 45 $ (5 ) $ 4 $ (1 ) $ 147 $ (26 ) $ 5 $ (3 ) International 76 (10 ) 20 (6 ) 131 (28 ) 5 (2 ) Total Equity Securities 121 (15 ) 24 (7 ) 278 (54 ) 10 (5 ) Available-for Sale Debt Securities Government (B) 23 — 225 (3 ) 51 — 317 (9 ) Corporate (C) 20 — 190 (4 ) 150 (5 ) 222 (10 ) Total Available-for-Sale Debt Securities 43 — 415 (7 ) 201 (5 ) 539 (19 ) NDT Trust Investments $ 164 $ (15 ) $ 439 $ (14 ) $ 479 $ (59 ) $ 549 $ (24 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 . The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from NDT Fund Sales (A) $ 453 $ 372 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 45 $ 24 Gross Realized Losses (19 ) (12 ) Net Realized Gains (Losses) on NDT Fund (B) $ 26 $ 12 Unrealized Gains (Losses) on Equity Securities in NDT Fund 99 (34 ) Net Gains (Losses) on NDT Fund Investments $ 125 $ (22 ) (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. The NDT Fund debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ 13 1 - 5 years 257 6 - 10 years 215 11 - 15 years 44 16 - 20 years 71 Over 20 years 409 Total NDT Available-for-Sale Debt Securities $ 1,009 Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries 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.” 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 March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 3 $ — $ 25 Available-for-Sale Debt Securities Government 108 2 — 110 Corporate 97 2 (1 ) 98 Total Available-for-Sale Debt Securities 205 4 (1 ) 208 Total Rabbi Trust Investments $ 227 $ 7 $ (1 ) $ 233 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 1 $ — $ 23 Available-for-Sale Debt Securities Government 110 1 (2 ) 109 Corporate 96 — (4 ) 92 Total Available-for-Sale Debt Securities 206 1 (6 ) 201 Total Rabbi Trust Investments $ 228 $ 2 $ (6 ) $ 224 Net unrealized gains (losses) on debt securities of $2 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2019 . The portion of net unrealized gains (losses) recognized during the first three months of 2019 related to equity securities still held at the end of March 31, 2019 was $3 million . The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of March 31, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ 1 $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. As of March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ — $ — $ 27 $ — $ 18 $ — $ 59 $ (2 ) Corporate (B) 6 — 30 (1 ) 50 (3 ) 29 (1 ) Total Available-for-Sale Debt Securities 6 — 57 (1 ) 68 (3 ) 88 (3 ) Rabbi Trust Investments $ 6 $ — $ 57 $ (1 ) $ 68 $ (3 ) $ 88 $ (3 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 . The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from Rabbi Trust Sales (A) $ 44 $ 25 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 1 $ 2 Gross Realized Losses (1 ) (2 ) Net Realized Gains (Losses) on Rabbi Trust (B) — — Unrealized Gains (Losses) on Equity Securities in Rabbi Trust 3 — Net Gains (Losses) on Rabbi Trust Investments $ 3 $ — (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 33 6 - 10 years 30 11 - 15 years 10 16 - 20 years 25 Over 20 years 110 Total Rabbi Trust Available-for-Sale Debt Securities $ 208 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 46 $ 45 Power 59 56 Other 128 123 Total Rabbi Trust Investments $ 233 $ 224 |
Power [Member] | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 423 $ 183 $ (6 ) $ 600 International 388 68 (16 ) 440 Total Equity Securities 811 251 (22 ) 1,040 Available-for Sale Debt Securities Government 509 6 (3 ) 512 Corporate 495 6 (4 ) 497 Total Available-for-Sale Debt Securities 1,004 12 (7 ) 1,009 Total NDT Fund Investments $ 1,815 $ 263 $ (29 ) $ 2,049 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 447 $ 153 $ (29 ) $ 571 International 323 36 (30 ) 329 Total Equity Securities 770 189 (59 ) 900 Available-for Sale Debt Securities Government 498 2 (9 ) 491 Corporate 501 1 (15 ) 487 Total Available-for-Sale Debt Securities 999 3 (24 ) 978 Total NDT Fund Investments $ 1,769 $ 192 $ (83 ) $ 1,878 Net unrealized gains (losses) on debt securities of $3 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and Power’s Condensed Consolidated Balance Sheets as of March 31, 2019 . The portion of net unrealized gains (losses) recognized during the first three months of 2019 related to equity securities still held at the end of March 31, 2019 was $88 million . The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of March 31, December 31, Millions Accounts Receivable $ 16 $ 17 Accounts Payable $ 14 $ 5 The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months. As of March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 45 $ (5 ) $ 4 $ (1 ) $ 147 $ (26 ) $ 5 $ (3 ) International 76 (10 ) 20 (6 ) 131 (28 ) 5 (2 ) Total Equity Securities 121 (15 ) 24 (7 ) 278 (54 ) 10 (5 ) Available-for Sale Debt Securities Government (B) 23 — 225 (3 ) 51 — 317 (9 ) Corporate (C) 20 — 190 (4 ) 150 (5 ) 222 (10 ) Total Available-for-Sale Debt Securities 43 — 415 (7 ) 201 (5 ) 539 (19 ) NDT Trust Investments $ 164 $ (15 ) $ 439 $ (14 ) $ 479 $ (59 ) $ 549 $ (24 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 . The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from NDT Fund Sales (A) $ 453 $ 372 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 45 $ 24 Gross Realized Losses (19 ) (12 ) Net Realized Gains (Losses) on NDT Fund (B) $ 26 $ 12 Unrealized Gains (Losses) on Equity Securities in NDT Fund 99 (34 ) Net Gains (Losses) on NDT Fund Investments $ 125 $ (22 ) (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. The NDT Fund debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ 13 1 - 5 years 257 6 - 10 years 215 11 - 15 years 44 16 - 20 years 71 Over 20 years 409 Total NDT Available-for-Sale Debt Securities $ 1,009 Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries 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.” 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 March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 3 $ — $ 25 Available-for-Sale Debt Securities Government 108 2 — 110 Corporate 97 2 (1 ) 98 Total Available-for-Sale Debt Securities 205 4 (1 ) 208 Total Rabbi Trust Investments $ 227 $ 7 $ (1 ) $ 233 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 1 $ — $ 23 Available-for-Sale Debt Securities Government 110 1 (2 ) 109 Corporate 96 — (4 ) 92 Total Available-for-Sale Debt Securities 206 1 (6 ) 201 Total Rabbi Trust Investments $ 228 $ 2 $ (6 ) $ 224 Net unrealized gains (losses) on debt securities of $2 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2019 . The portion of net unrealized gains (losses) recognized during the first three months of 2019 related to equity securities still held at the end of March 31, 2019 was $3 million . The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table. As of As of March 31, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ 1 $ — The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. As of March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ — $ — $ 27 $ — $ 18 $ — $ 59 $ (2 ) Corporate (B) 6 — 30 (1 ) 50 (3 ) 29 (1 ) Total Available-for-Sale Debt Securities 6 — 57 (1 ) 68 (3 ) 88 (3 ) Rabbi Trust Investments $ 6 $ — $ 57 $ (1 ) $ 68 $ (3 ) $ 88 $ (3 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 . The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from Rabbi Trust Sales (A) $ 44 $ 25 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 1 $ 2 Gross Realized Losses (1 ) (2 ) Net Realized Gains (Losses) on Rabbi Trust (B) — — Unrealized Gains (Losses) on Equity Securities in Rabbi Trust 3 — Net Gains (Losses) on Rabbi Trust Investments $ 3 $ — (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 33 6 - 10 years 30 11 - 15 years 10 16 - 20 years 25 Over 20 years 110 Total Rabbi Trust Available-for-Sale Debt Securities $ 208 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 46 $ 45 Power 59 56 Other 128 123 Total Rabbi Trust Investments $ 233 $ 224 |
Pension and OPEB
Pension and OPEB | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. In December 2018, PSEG amended certain provisions of its OPEB plans applicable to all current and future Medicare-eligible retirees and spouses who receive or will receive subsidized healthcare from PSEG. Effective January 1, 2021, the PSEG-sponsored Medicare-eligible plans will be replaced by a Medicare private exchange. For each Medicare-eligible retiree and spouse, PSEG will provide annual credits to a Health Reimbursement Arrangement, which can be used to pay for medical, prescription drug, and dental plan premiums, as well as certain out-of-pocket costs. The amendment resulted in a $559 million reduction in PSEG’s OPEB obligation as of December 31, 2018 . 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, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable. Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 29 $ 32 $ 2 $ 4 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 58 52 11 16 Expected Return on Plan Assets (97 ) (110 ) (9 ) (10 ) Amortization of Net Prior Service Cost (5 ) (4 ) (32 ) — Actuarial Loss 27 21 13 16 Non-Service Components of Pension and OPEB (Credits) Costs (17 ) (41 ) (17 ) 22 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions PSE&G $ 7 $ (8 ) $ (16 ) $ 17 Power 3 (2 ) 1 8 Other 2 1 — 1 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 During the three months ended March 31, 2019 , PSEG contributed its entire 2019 annual planned contribution of $10 million into its OPEB plan. 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 5. Variable Interest Entity . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $28 million into its pension plan trusts during 2019 . Servco’s pension-related revenues and costs were $7 million and $10 million for the three months ended March 31, 2019 and 2018 , respectively. The OPEB-related revenues earned and costs incurred were $1 million for each of the three months ended March 31, 2019 and 2018 . |
PSE And G [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. In December 2018, PSEG amended certain provisions of its OPEB plans applicable to all current and future Medicare-eligible retirees and spouses who receive or will receive subsidized healthcare from PSEG. Effective January 1, 2021, the PSEG-sponsored Medicare-eligible plans will be replaced by a Medicare private exchange. For each Medicare-eligible retiree and spouse, PSEG will provide annual credits to a Health Reimbursement Arrangement, which can be used to pay for medical, prescription drug, and dental plan premiums, as well as certain out-of-pocket costs. The amendment resulted in a $559 million reduction in PSEG’s OPEB obligation as of December 31, 2018 . 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, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable. Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 29 $ 32 $ 2 $ 4 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 58 52 11 16 Expected Return on Plan Assets (97 ) (110 ) (9 ) (10 ) Amortization of Net Prior Service Cost (5 ) (4 ) (32 ) — Actuarial Loss 27 21 13 16 Non-Service Components of Pension and OPEB (Credits) Costs (17 ) (41 ) (17 ) 22 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions PSE&G $ 7 $ (8 ) $ (16 ) $ 17 Power 3 (2 ) 1 8 Other 2 1 — 1 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 During the three months ended March 31, 2019 , PSEG contributed its entire 2019 annual planned contribution of $10 million into its OPEB plan. 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 5. Variable Interest Entity . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $28 million into its pension plan trusts during 2019 . Servco’s pension-related revenues and costs were $7 million and $10 million for the three months ended March 31, 2019 and 2018 , respectively. The OPEB-related revenues earned and costs incurred were $1 million for each of the three months ended March 31, 2019 and 2018 . |
Power [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. In December 2018, PSEG amended certain provisions of its OPEB plans applicable to all current and future Medicare-eligible retirees and spouses who receive or will receive subsidized healthcare from PSEG. Effective January 1, 2021, the PSEG-sponsored Medicare-eligible plans will be replaced by a Medicare private exchange. For each Medicare-eligible retiree and spouse, PSEG will provide annual credits to a Health Reimbursement Arrangement, which can be used to pay for medical, prescription drug, and dental plan premiums, as well as certain out-of-pocket costs. The amendment resulted in a $559 million reduction in PSEG’s OPEB obligation as of December 31, 2018 . 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, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable. Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 29 $ 32 $ 2 $ 4 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 58 52 11 16 Expected Return on Plan Assets (97 ) (110 ) (9 ) (10 ) Amortization of Net Prior Service Cost (5 ) (4 ) (32 ) — Actuarial Loss 27 21 13 16 Non-Service Components of Pension and OPEB (Credits) Costs (17 ) (41 ) (17 ) 22 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions PSE&G $ 7 $ (8 ) $ (16 ) $ 17 Power 3 (2 ) 1 8 Other 2 1 — 1 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 During the three months ended March 31, 2019 , PSEG contributed its entire 2019 annual planned contribution of $10 million into its OPEB plan. 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 5. Variable Interest Entity . These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $28 million into its pension plan trusts during 2019 . Servco’s pension-related revenues and costs were $7 million and $10 million for the three months ended March 31, 2019 and 2018 , respectively. The OPEB-related revenues earned and costs incurred were $1 million for each of the three months ended March 31, 2019 and 2018 . |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
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 as a form of collateral. 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. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for 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 • the net position 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. 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 March 31, 2019 and December 31, 2018 . As of As of March 31, December 31, Millions Face Value of Outstanding Guarantees $ 1,854 $ 1,772 Exposure under Current Guarantees $ 150 $ 198 Letters of Credit Margin Posted $ 105 $ 115 Letters of Credit Margin Received $ 29 $ 26 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (1 ) $ (10 ) Net Broker Balance Deposited (Received) $ 204 $ 403 Additional Amounts Posted: Other Letters of Credit $ 51 $ 52 As part of determining credit exposure, Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 13. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power have posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. 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) The U.S. Environmental Protection Agency (EPA) has determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA and a comprehensive study of the entire 17 miles of the lower Passaic River needed to be performed. 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, certain 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. The CPG has 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 7.6 percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately 1.9 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. The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River with an estimated cost to remediate the lower 17 miles of the Passaic River ranging from approximately $518 million to $3.2 billion on an undiscounted basis. In March 2016, the EPA released its Record of Decision (ROD) for the EPA’s own Focused Feasibility Study (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 EPA estimated 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. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced performance of the remedial design required by the ROD Remedy, reserving its right of cost contribution from all other PRPs. In September 2017, the EPA concluded that an Agency-commenced allocation process for the Passaic River’s lower 8.3 miles should include only certain PRPs. The allocation is intended to lead to a consent decree in which certain of the PRPs agree to perform and pay for the remedial action under EPA oversight. The allocation process was delayed due to the partial federal government shutdown in late 2018 through early 2019, together with issues connected to OCC’s complaint in Federal District Court in Newark, and is now currently scheduled to continue into the summer of 2020. In October 2018, the EPA Region 2 issued a Directive to the CPG instructing the CPG to focus the ongoing RI/FS evaluation on various adaptive management scenarios for remediation of the upper 9 miles of the Passaic River, which approach has been agreed to in concept by the EPA and the CPG. The Directive does not contain estimates for anticipated costs. Adaptive management focuses on removing targeted “hot spots” of contaminated sediments rather than removing all of the Passaic River’s sediments as in a “bank to bank” approach. In a separate matter, two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), filed for Chapter 11 bankruptcy in Delaware Federal Bankruptcy Court. In June 2018, the trust representing the creditors in this proceeding filed a complaint asserting claims against the current and former parent entities of Tierra and Maxus, among other parties, for up to $14 billion . Any damages awarded may be used to fund, in part, the remediation costs of the lower 8.3 miles of the Passaic River. The creditor trust has reserved its right to file contribution claims against 28 PRPs, including PSEG. This matter is ongoing. In June 2018, OCC filed a complaint in Federal District Court in Newark against various defendants, including PSE&G, seeking cost recovery and contribution under CERCLA for the remediation of the lower 8.3 miles of the Passaic River. The complaint does not quantify damages sought. The Complaint alleges that “no single hazardous substance” is to blame for the contamination of the lower Passaic River and lists the eight Contaminants of Concern (COCs) identified by the EPA in the ROD. OCC alleges PSE&G is responsible for a portion of six of the eight COCs. PSE&G cannot predict the outcome of this matter. Based upon the estimated cost of the ROD Remedy and PSEG’s estimate of PSE&G’s and Power’s shares of that cost, as of March 31, 2019 , PSEG has accrued approximately $57 million . Of this amount, PSE&G has accrued $46 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. Power has accrued $11 million as an Other Noncurrent Liability with the corresponding O&M Expense recorded in prior years when the liability was accrued. 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 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. In December 2018, Power completed the sale of the site of the Hudson electric generating station. Power contractually transferred all land rights and structures on the site to a third party purchaser, along with the assumption of the environmental liabilities for the site. 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 $353 million and $404 million on an undiscounted basis through 2021, including its $46 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $353 million as of March 31, 2019 . Of this amount, $52 million was recorded in Other Current Liabilities and $301 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $353 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 to what extent 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. Clean Water Act (CWA) Permit Renewals Pursuant to the Federal Water Pollution Control Act, 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. In May 2014, the EPA issued a final cooling water intake rule that establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA has structured the rule so that each state Permitting Director will continue to consider renewal permits for existing power facilities on a case by case basis, based on studies related to impingement mortality and entrainment by the facilities seeking renewal permits. Several environmental organizations and certain energy industry groups have filed suit under the CWA and the Endangered Species Act. The cases were consolidated at the Second Circuit, and in July 2018 the Second Circuit upheld the EPA’s final cooling water intake rule. The Court’s decision allows Permitting Directors to continue to issue permits in accordance with the flexible, site-specific provisions of the final rule. In June 2016, the NJDEP issued a final NJPDES permit for Salem. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the CWA, it requires additional studies and the selection of technology to address impingement for the service water system. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final NJPDES renewal permit for Salem. NJDEP has granted the hearing request, but it has not yet been scheduled. 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 CWA. Potential cooling 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 intakes 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 CWA Section 316(b) final rule, Power has proposed to 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 previously estimated useful life ending in 2025. Power is currently awaiting action by the CTDEEP to issue a draft and then a final permit. Power has entered into a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut and local community organizations. That CEBA provides that Power would retire BH3 early if all of its conditions precedent 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. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power may seek to operate BH3 through the previously estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. The Connecticut Siting Council issued an order to approve siting BH5. Operations are expected to begin in mid-2019. Power’s obligations under the CEBA are being monitored regularly and carried out as needed. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the 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 declared an emergency and an emergency response action was undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order, if feasible; and to restore the property. The regulatory agencies overseeing the emergency response, including the U.S. Coast Guard, the NJDEP and the Army Corps of Engineers, issued multiple notices, orders and directives to the various parties related to this matter and the parties may also be subject to the assessment of civil penalties related to the discharge and response. The U.S. Coast Guard transitioned control of the federal response to the EPA in May 2018. In August 2018, the EPA ended the federal response to the matter. The response has now transitioned to the NJDEP site remediation program. The impacted cable was repaired in late September 2017; however, small amounts of residual dielectric fluid believed to be contained within the marina sediment continue to appear on the surface and response actions related to the fluid discharge are ongoing, although at a significantly reduced scale. PSE&G remains concerned about future leaks and potential environmental impacts as a result of reintroduction of fluid back into these lines and has determined that retirement of the affected facilities is appropriate. PSE&G has been unable to reach an agreement with Con Edison and, as a result, in May 2018, PSE&G filed an action at FERC to resolve the matter. FERC dismissed PSE&G’s Complaint against Con Edison in September 2018 and PSE&G has challenged FERC’s decision. Also ongoing is the lawsuit in federal court to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC. In addition, Con Edison filed counter claims against PSE&G and NADC, including seeking injunctive relief and damages. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover these costs through regulatory proceedings. 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, 2019 is $281.78 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2019 of $287.76 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 2016 2017 2018 2019 36-Month Terms Ending May 2019 May 2020 May 2021 May 2022 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $96.38 $90.78 $91.77 $98.04 (A) Prices set in the 2019 BGS auction will become effective on June 1, 2019 when the 2016 BGS auction agreements expire. 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 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 20. 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 2020 and a significant portion through 2021 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 in New Jersey. Power also has various long-term fuel purchase commitments for coal through 2023 to support its fossil generation stations. As of March 31, 2019 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2023 Millions Nuclear Fuel Uranium $ 221 Enrichment $ 336 Fabrication $ 157 Natural Gas $ 1,121 Coal $ 380 Pending FERC Matters In June 2015, Hudson Power Transmission Developers, LLC (Hudson Power), formerly known as Transource LLC, a merchant transmission developer, filed a complaint against PJM claiming that PJM wrongfully refused to provide data and a transparent process for evaluating transmission network upgrade requests that the transmission developer had submitted to PJM. Although not named as a respondent, the complaint identifies PSE&G as one of the companies claimed to have been involved. In January 2018, a FERC administrative law judge (ALJ) issued an order generally finding that PJM and transmission owners, including PSE&G, did not engage in wrongful conduct. In addition, the developer’s assertion of an entitlement to monetary damages was expressly denied. However, in a determination disputed by PSE&G, the order found that the PJM process lacked transparency. The judge’s order has been briefed by all parties for additional determinations by FERC. We are unable to predict the outcome of these proceedings. PSE&G has also received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G has retained outside counsel to assist with an internal investigation. PSE&G is fully cooperating with FERC’s requests for information and the investigation. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, a wholly owned subsidiary of Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that Power withheld money owed to Durr and that Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. Power intends to vigorously defend against these allegations. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, Power cannot predict the outcome of this matter. Newark Customer Incident On the morning of July 5, 2018, PSE&G discontinued electricity to the home of a customer residing in Newark because of outstanding arrears on that customer’s account. Subsequent to the discontinuation of electricity, that customer died on the afternoon of July 5th. The family of the customer, who was on hospice care, raised allegations in the media regarding PSE&G’s conduct surrounding the discontinuation and restoration of electricity to the home of the customer, claiming that the discontinuation of electric service prevented the customer from using life sustaining medical equipment. The BPU initiated an investigation into the matter and that investigation is ongoing. In addition, PSE&G received a grand jury subpoena from the Essex County Prosecutor’s Office (ECPO) for records and correspondence between PSE&G and the customer. PSE&G is fully cooperating with the BPU and the ECPO in both proceedings. PSEG cannot predict the outcome of the pending proceedings regarding this incident at this time. The PSEG Board of Directors (PSEG Board) retained outside counsel to conduct an independent investigation of the facts surrounding this incident with the full support and cooperation of management. The independent investigation concluded that the disconnection itself was not improper; however, it did identify issues related to PSE&G’s response once it was notified of the disconnection. The PSEG Board reviewed and considered the findings and conclusions of the investigation and PSE&G’s proposed corrective actions. PSE&G’s progress on implementation of the corrective actions will continue to be overseen by the PSEG Board. Caithness Energy, L.L.C. (Caithness) In August 2018, Caithness, a Long Island power plant developer, filed a complaint in federal district court in the Eastern District of New York against PSEG and PSEG LI alleging violations of state and federal antitrust laws and a claim of intentional interference of prospective business relations. Caithness alleges that PSEG and PSEG LI interfered with LIPA’s consideration of the Caithness proposal for a 750 MW combined cycle generation project that was identified as a finalist for a Request For Proposal issued by LIPA. In addition, Caithness claims that PSEG and PSEG LI induced LIPA to agree to eliminate the proposed project as a potential competitor to other PSEG affiliates with power supply operations. The complaint alleges hundreds of millions of dollars of harm and seeks treble and punitive damages. PSEG intends to vigorously defend against these allegations. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, if any, estimable as of March 31, 2019 . Hudson Power In January 2019, Hudson Power filed a complaint against PJM, PSE&G and three other transmission owners in Pennsylvania state court. Hudson Power has sued the transmission owner defendants for fraud and intentional misrepresentation relating to information provided to PJM and FERC regarding the costs of upgrades for Hudson Power’s proposed project. These allegations appear to be based on alleged conduct that is the subject of the Hudson Power proceeding discussed under “Pending FERC Matters.” This action was removed to federal court in the Eastern District of Pennsylvania in February 2019. In light of the FERC proceeding, the federal court granted a motion to stay the federal proceeding until the conclusion of the FERC proceeding. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, |
PSE And G [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 as a form of collateral. 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. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for 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 • the net position 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. 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 March 31, 2019 and December 31, 2018 . As of As of March 31, December 31, Millions Face Value of Outstanding Guarantees $ 1,854 $ 1,772 Exposure under Current Guarantees $ 150 $ 198 Letters of Credit Margin Posted $ 105 $ 115 Letters of Credit Margin Received $ 29 $ 26 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (1 ) $ (10 ) Net Broker Balance Deposited (Received) $ 204 $ 403 Additional Amounts Posted: Other Letters of Credit $ 51 $ 52 As part of determining credit exposure, Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 13. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power have posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. 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) The U.S. Environmental Protection Agency (EPA) has determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA and a comprehensive study of the entire 17 miles of the lower Passaic River needed to be performed. 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, certain 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. The CPG has 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 7.6 percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately 1.9 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. The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River with an estimated cost to remediate the lower 17 miles of the Passaic River ranging from approximately $518 million to $3.2 billion on an undiscounted basis. In March 2016, the EPA released its Record of Decision (ROD) for the EPA’s own Focused Feasibility Study (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 EPA estimated 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. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced performance of the remedial design required by the ROD Remedy, reserving its right of cost contribution from all other PRPs. In September 2017, the EPA concluded that an Agency-commenced allocation process for the Passaic River’s lower 8.3 miles should include only certain PRPs. The allocation is intended to lead to a consent decree in which certain of the PRPs agree to perform and pay for the remedial action under EPA oversight. The allocation process was delayed due to the partial federal government shutdown in late 2018 through early 2019, together with issues connected to OCC’s complaint in Federal District Court in Newark, and is now currently scheduled to continue into the summer of 2020. In October 2018, the EPA Region 2 issued a Directive to the CPG instructing the CPG to focus the ongoing RI/FS evaluation on various adaptive management scenarios for remediation of the upper 9 miles of the Passaic River, which approach has been agreed to in concept by the EPA and the CPG. The Directive does not contain estimates for anticipated costs. Adaptive management focuses on removing targeted “hot spots” of contaminated sediments rather than removing all of the Passaic River’s sediments as in a “bank to bank” approach. In a separate matter, two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), filed for Chapter 11 bankruptcy in Delaware Federal Bankruptcy Court. In June 2018, the trust representing the creditors in this proceeding filed a complaint asserting claims against the current and former parent entities of Tierra and Maxus, among other parties, for up to $14 billion . Any damages awarded may be used to fund, in part, the remediation costs of the lower 8.3 miles of the Passaic River. The creditor trust has reserved its right to file contribution claims against 28 PRPs, including PSEG. This matter is ongoing. In June 2018, OCC filed a complaint in Federal District Court in Newark against various defendants, including PSE&G, seeking cost recovery and contribution under CERCLA for the remediation of the lower 8.3 miles of the Passaic River. The complaint does not quantify damages sought. The Complaint alleges that “no single hazardous substance” is to blame for the contamination of the lower Passaic River and lists the eight Contaminants of Concern (COCs) identified by the EPA in the ROD. OCC alleges PSE&G is responsible for a portion of six of the eight COCs. PSE&G cannot predict the outcome of this matter. Based upon the estimated cost of the ROD Remedy and PSEG’s estimate of PSE&G’s and Power’s shares of that cost, as of March 31, 2019 , PSEG has accrued approximately $57 million . Of this amount, PSE&G has accrued $46 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. Power has accrued $11 million as an Other Noncurrent Liability with the corresponding O&M Expense recorded in prior years when the liability was accrued. 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 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. In December 2018, Power completed the sale of the site of the Hudson electric generating station. Power contractually transferred all land rights and structures on the site to a third party purchaser, along with the assumption of the environmental liabilities for the site. 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 $353 million and $404 million on an undiscounted basis through 2021, including its $46 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $353 million as of March 31, 2019 . Of this amount, $52 million was recorded in Other Current Liabilities and $301 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $353 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 to what extent 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. Clean Water Act (CWA) Permit Renewals Pursuant to the Federal Water Pollution Control Act, 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. In May 2014, the EPA issued a final cooling water intake rule that establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA has structured the rule so that each state Permitting Director will continue to consider renewal permits for existing power facilities on a case by case basis, based on studies related to impingement mortality and entrainment by the facilities seeking renewal permits. Several environmental organizations and certain energy industry groups have filed suit under the CWA and the Endangered Species Act. The cases were consolidated at the Second Circuit, and in July 2018 the Second Circuit upheld the EPA’s final cooling water intake rule. The Court’s decision allows Permitting Directors to continue to issue permits in accordance with the flexible, site-specific provisions of the final rule. In June 2016, the NJDEP issued a final NJPDES permit for Salem. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the CWA, it requires additional studies and the selection of technology to address impingement for the service water system. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final NJPDES renewal permit for Salem. NJDEP has granted the hearing request, but it has not yet been scheduled. 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 CWA. Potential cooling 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 intakes 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 CWA Section 316(b) final rule, Power has proposed to 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 previously estimated useful life ending in 2025. Power is currently awaiting action by the CTDEEP to issue a draft and then a final permit. Power has entered into a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut and local community organizations. That CEBA provides that Power would retire BH3 early if all of its conditions precedent 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. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power may seek to operate BH3 through the previously estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. The Connecticut Siting Council issued an order to approve siting BH5. Operations are expected to begin in mid-2019. Power’s obligations under the CEBA are being monitored regularly and carried out as needed. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the 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 declared an emergency and an emergency response action was undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order, if feasible; and to restore the property. The regulatory agencies overseeing the emergency response, including the U.S. Coast Guard, the NJDEP and the Army Corps of Engineers, issued multiple notices, orders and directives to the various parties related to this matter and the parties may also be subject to the assessment of civil penalties related to the discharge and response. The U.S. Coast Guard transitioned control of the federal response to the EPA in May 2018. In August 2018, the EPA ended the federal response to the matter. The response has now transitioned to the NJDEP site remediation program. The impacted cable was repaired in late September 2017; however, small amounts of residual dielectric fluid believed to be contained within the marina sediment continue to appear on the surface and response actions related to the fluid discharge are ongoing, although at a significantly reduced scale. PSE&G remains concerned about future leaks and potential environmental impacts as a result of reintroduction of fluid back into these lines and has determined that retirement of the affected facilities is appropriate. PSE&G has been unable to reach an agreement with Con Edison and, as a result, in May 2018, PSE&G filed an action at FERC to resolve the matter. FERC dismissed PSE&G’s Complaint against Con Edison in September 2018 and PSE&G has challenged FERC’s decision. Also ongoing is the lawsuit in federal court to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC. In addition, Con Edison filed counter claims against PSE&G and NADC, including seeking injunctive relief and damages. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover these costs through regulatory proceedings. 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, 2019 is $281.78 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2019 of $287.76 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 2016 2017 2018 2019 36-Month Terms Ending May 2019 May 2020 May 2021 May 2022 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $96.38 $90.78 $91.77 $98.04 (A) Prices set in the 2019 BGS auction will become effective on June 1, 2019 when the 2016 BGS auction agreements expire. 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 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 20. 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 2020 and a significant portion through 2021 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 in New Jersey. Power also has various long-term fuel purchase commitments for coal through 2023 to support its fossil generation stations. As of March 31, 2019 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2023 Millions Nuclear Fuel Uranium $ 221 Enrichment $ 336 Fabrication $ 157 Natural Gas $ 1,121 Coal $ 380 Pending FERC Matters In June 2015, Hudson Power Transmission Developers, LLC (Hudson Power), formerly known as Transource LLC, a merchant transmission developer, filed a complaint against PJM claiming that PJM wrongfully refused to provide data and a transparent process for evaluating transmission network upgrade requests that the transmission developer had submitted to PJM. Although not named as a respondent, the complaint identifies PSE&G as one of the companies claimed to have been involved. In January 2018, a FERC administrative law judge (ALJ) issued an order generally finding that PJM and transmission owners, including PSE&G, did not engage in wrongful conduct. In addition, the developer’s assertion of an entitlement to monetary damages was expressly denied. However, in a determination disputed by PSE&G, the order found that the PJM process lacked transparency. The judge’s order has been briefed by all parties for additional determinations by FERC. We are unable to predict the outcome of these proceedings. PSE&G has also received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G has retained outside counsel to assist with an internal investigation. PSE&G is fully cooperating with FERC’s requests for information and the investigation. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, a wholly owned subsidiary of Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that Power withheld money owed to Durr and that Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. Power intends to vigorously defend against these allegations. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, Power cannot predict the outcome of this matter. Newark Customer Incident On the morning of July 5, 2018, PSE&G discontinued electricity to the home of a customer residing in Newark because of outstanding arrears on that customer’s account. Subsequent to the discontinuation of electricity, that customer died on the afternoon of July 5th. The family of the customer, who was on hospice care, raised allegations in the media regarding PSE&G’s conduct surrounding the discontinuation and restoration of electricity to the home of the customer, claiming that the discontinuation of electric service prevented the customer from using life sustaining medical equipment. The BPU initiated an investigation into the matter and that investigation is ongoing. In addition, PSE&G received a grand jury subpoena from the Essex County Prosecutor’s Office (ECPO) for records and correspondence between PSE&G and the customer. PSE&G is fully cooperating with the BPU and the ECPO in both proceedings. PSEG cannot predict the outcome of the pending proceedings regarding this incident at this time. The PSEG Board of Directors (PSEG Board) retained outside counsel to conduct an independent investigation of the facts surrounding this incident with the full support and cooperation of management. The independent investigation concluded that the disconnection itself was not improper; however, it did identify issues related to PSE&G’s response once it was notified of the disconnection. The PSEG Board reviewed and considered the findings and conclusions of the investigation and PSE&G’s proposed corrective actions. PSE&G’s progress on implementation of the corrective actions will continue to be overseen by the PSEG Board. Caithness Energy, L.L.C. (Caithness) In August 2018, Caithness, a Long Island power plant developer, filed a complaint in federal district court in the Eastern District of New York against PSEG and PSEG LI alleging violations of state and federal antitrust laws and a claim of intentional interference of prospective business relations. Caithness alleges that PSEG and PSEG LI interfered with LIPA’s consideration of the Caithness proposal for a 750 MW combined cycle generation project that was identified as a finalist for a Request For Proposal issued by LIPA. In addition, Caithness claims that PSEG and PSEG LI induced LIPA to agree to eliminate the proposed project as a potential competitor to other PSEG affiliates with power supply operations. The complaint alleges hundreds of millions of dollars of harm and seeks treble and punitive damages. PSEG intends to vigorously defend against these allegations. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, if any, estimable as of March 31, 2019 . Hudson Power In January 2019, Hudson Power filed a complaint against PJM, PSE&G and three other transmission owners in Pennsylvania state court. Hudson Power has sued the transmission owner defendants for fraud and intentional misrepresentation relating to information provided to PJM and FERC regarding the costs of upgrades for Hudson Power’s proposed project. These allegations appear to be based on alleged conduct that is the subject of the Hudson Power proceeding discussed under “Pending FERC Matters.” This action was removed to federal court in the Eastern District of Pennsylvania in February 2019. In light of the FERC proceeding, the federal court granted a motion to stay the federal proceeding until the conclusion of the FERC proceeding. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, |
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 as a form of collateral. 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. Power is subject to • counterparty collateral calls related to commodity contracts, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for 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 • the net position 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. 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 March 31, 2019 and December 31, 2018 . As of As of March 31, December 31, Millions Face Value of Outstanding Guarantees $ 1,854 $ 1,772 Exposure under Current Guarantees $ 150 $ 198 Letters of Credit Margin Posted $ 105 $ 115 Letters of Credit Margin Received $ 29 $ 26 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (1 ) $ (10 ) Net Broker Balance Deposited (Received) $ 204 $ 403 Additional Amounts Posted: Other Letters of Credit $ 51 $ 52 As part of determining credit exposure, Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 13. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power have posted letters of credit to support Power’s various other non-energy contractual and environmental obligations. See preceding table. 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) The U.S. Environmental Protection Agency (EPA) has determined that a 17 -mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA and a comprehensive study of the entire 17 miles of the lower Passaic River needed to be performed. 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, certain 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. The CPG has 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 7.6 percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately 1.9 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. The CPG’s draft FS set forth various alternatives for remediating the lower Passaic River with an estimated cost to remediate the lower 17 miles of the Passaic River ranging from approximately $518 million to $3.2 billion on an undiscounted basis. In March 2016, the EPA released its Record of Decision (ROD) for the EPA’s own Focused Feasibility Study (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 EPA estimated 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. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced performance of the remedial design required by the ROD Remedy, reserving its right of cost contribution from all other PRPs. In September 2017, the EPA concluded that an Agency-commenced allocation process for the Passaic River’s lower 8.3 miles should include only certain PRPs. The allocation is intended to lead to a consent decree in which certain of the PRPs agree to perform and pay for the remedial action under EPA oversight. The allocation process was delayed due to the partial federal government shutdown in late 2018 through early 2019, together with issues connected to OCC’s complaint in Federal District Court in Newark, and is now currently scheduled to continue into the summer of 2020. In October 2018, the EPA Region 2 issued a Directive to the CPG instructing the CPG to focus the ongoing RI/FS evaluation on various adaptive management scenarios for remediation of the upper 9 miles of the Passaic River, which approach has been agreed to in concept by the EPA and the CPG. The Directive does not contain estimates for anticipated costs. Adaptive management focuses on removing targeted “hot spots” of contaminated sediments rather than removing all of the Passaic River’s sediments as in a “bank to bank” approach. In a separate matter, two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), filed for Chapter 11 bankruptcy in Delaware Federal Bankruptcy Court. In June 2018, the trust representing the creditors in this proceeding filed a complaint asserting claims against the current and former parent entities of Tierra and Maxus, among other parties, for up to $14 billion . Any damages awarded may be used to fund, in part, the remediation costs of the lower 8.3 miles of the Passaic River. The creditor trust has reserved its right to file contribution claims against 28 PRPs, including PSEG. This matter is ongoing. In June 2018, OCC filed a complaint in Federal District Court in Newark against various defendants, including PSE&G, seeking cost recovery and contribution under CERCLA for the remediation of the lower 8.3 miles of the Passaic River. The complaint does not quantify damages sought. The Complaint alleges that “no single hazardous substance” is to blame for the contamination of the lower Passaic River and lists the eight Contaminants of Concern (COCs) identified by the EPA in the ROD. OCC alleges PSE&G is responsible for a portion of six of the eight COCs. PSE&G cannot predict the outcome of this matter. Based upon the estimated cost of the ROD Remedy and PSEG’s estimate of PSE&G’s and Power’s shares of that cost, as of March 31, 2019 , PSEG has accrued approximately $57 million . Of this amount, PSE&G has accrued $46 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. Power has accrued $11 million as an Other Noncurrent Liability with the corresponding O&M Expense recorded in prior years when the liability was accrued. 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 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. In December 2018, Power completed the sale of the site of the Hudson electric generating station. Power contractually transferred all land rights and structures on the site to a third party purchaser, along with the assumption of the environmental liabilities for the site. 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 $353 million and $404 million on an undiscounted basis through 2021, including its $46 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $353 million as of March 31, 2019 . Of this amount, $52 million was recorded in Other Current Liabilities and $301 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $353 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 to what extent 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. Clean Water Act (CWA) Permit Renewals Pursuant to the Federal Water Pollution Control Act, 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. In May 2014, the EPA issued a final cooling water intake rule that establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA has structured the rule so that each state Permitting Director will continue to consider renewal permits for existing power facilities on a case by case basis, based on studies related to impingement mortality and entrainment by the facilities seeking renewal permits. Several environmental organizations and certain energy industry groups have filed suit under the CWA and the Endangered Species Act. The cases were consolidated at the Second Circuit, and in July 2018 the Second Circuit upheld the EPA’s final cooling water intake rule. The Court’s decision allows Permitting Directors to continue to issue permits in accordance with the flexible, site-specific provisions of the final rule. In June 2016, the NJDEP issued a final NJPDES permit for Salem. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the CWA, it requires additional studies and the selection of technology to address impingement for the service water system. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP’s issuance of the final NJPDES renewal permit for Salem. NJDEP has granted the hearing request, but it has not yet been scheduled. 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 CWA. Potential cooling 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 intakes 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 CWA Section 316(b) final rule, Power has proposed to 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 previously estimated useful life ending in 2025. Power is currently awaiting action by the CTDEEP to issue a draft and then a final permit. Power has entered into a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut and local community organizations. That CEBA provides that Power would retire BH3 early if all of its conditions precedent 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. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power may seek to operate BH3 through the previously estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. The Connecticut Siting Council issued an order to approve siting BH5. Operations are expected to begin in mid-2019. Power’s obligations under the CEBA are being monitored regularly and carried out as needed. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the 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 declared an emergency and an emergency response action was undertaken to investigate, contain, remediate and stop the fluid discharge; to assess, repair and restore the cables to good working order, if feasible; and to restore the property. The regulatory agencies overseeing the emergency response, including the U.S. Coast Guard, the NJDEP and the Army Corps of Engineers, issued multiple notices, orders and directives to the various parties related to this matter and the parties may also be subject to the assessment of civil penalties related to the discharge and response. The U.S. Coast Guard transitioned control of the federal response to the EPA in May 2018. In August 2018, the EPA ended the federal response to the matter. The response has now transitioned to the NJDEP site remediation program. The impacted cable was repaired in late September 2017; however, small amounts of residual dielectric fluid believed to be contained within the marina sediment continue to appear on the surface and response actions related to the fluid discharge are ongoing, although at a significantly reduced scale. PSE&G remains concerned about future leaks and potential environmental impacts as a result of reintroduction of fluid back into these lines and has determined that retirement of the affected facilities is appropriate. PSE&G has been unable to reach an agreement with Con Edison and, as a result, in May 2018, PSE&G filed an action at FERC to resolve the matter. FERC dismissed PSE&G’s Complaint against Con Edison in September 2018 and PSE&G has challenged FERC’s decision. Also ongoing is the lawsuit in federal court to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC. In addition, Con Edison filed counter claims against PSE&G and NADC, including seeking injunctive relief and damages. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover these costs through regulatory proceedings. 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, 2019 is $281.78 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2019 of $287.76 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 2016 2017 2018 2019 36-Month Terms Ending May 2019 May 2020 May 2021 May 2022 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $96.38 $90.78 $91.77 $98.04 (A) Prices set in the 2019 BGS auction will become effective on June 1, 2019 when the 2016 BGS auction agreements expire. 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 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 20. 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 2020 and a significant portion through 2021 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 in New Jersey. Power also has various long-term fuel purchase commitments for coal through 2023 to support its fossil generation stations. As of March 31, 2019 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2023 Millions Nuclear Fuel Uranium $ 221 Enrichment $ 336 Fabrication $ 157 Natural Gas $ 1,121 Coal $ 380 Pending FERC Matters In June 2015, Hudson Power Transmission Developers, LLC (Hudson Power), formerly known as Transource LLC, a merchant transmission developer, filed a complaint against PJM claiming that PJM wrongfully refused to provide data and a transparent process for evaluating transmission network upgrade requests that the transmission developer had submitted to PJM. Although not named as a respondent, the complaint identifies PSE&G as one of the companies claimed to have been involved. In January 2018, a FERC administrative law judge (ALJ) issued an order generally finding that PJM and transmission owners, including PSE&G, did not engage in wrongful conduct. In addition, the developer’s assertion of an entitlement to monetary damages was expressly denied. However, in a determination disputed by PSE&G, the order found that the PJM process lacked transparency. The judge’s order has been briefed by all parties for additional determinations by FERC. We are unable to predict the outcome of these proceedings. PSE&G has also received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G has retained outside counsel to assist with an internal investigation. PSE&G is fully cooperating with FERC’s requests for information and the investigation. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, a wholly owned subsidiary of Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that Power withheld money owed to Durr and that Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. Power intends to vigorously defend against these allegations. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, Power cannot predict the outcome of this matter. Newark Customer Incident On the morning of July 5, 2018, PSE&G discontinued electricity to the home of a customer residing in Newark because of outstanding arrears on that customer’s account. Subsequent to the discontinuation of electricity, that customer died on the afternoon of July 5th. The family of the customer, who was on hospice care, raised allegations in the media regarding PSE&G’s conduct surrounding the discontinuation and restoration of electricity to the home of the customer, claiming that the discontinuation of electric service prevented the customer from using life sustaining medical equipment. The BPU initiated an investigation into the matter and that investigation is ongoing. In addition, PSE&G received a grand jury subpoena from the Essex County Prosecutor’s Office (ECPO) for records and correspondence between PSE&G and the customer. PSE&G is fully cooperating with the BPU and the ECPO in both proceedings. PSEG cannot predict the outcome of the pending proceedings regarding this incident at this time. The PSEG Board of Directors (PSEG Board) retained outside counsel to conduct an independent investigation of the facts surrounding this incident with the full support and cooperation of management. The independent investigation concluded that the disconnection itself was not improper; however, it did identify issues related to PSE&G’s response once it was notified of the disconnection. The PSEG Board reviewed and considered the findings and conclusions of the investigation and PSE&G’s proposed corrective actions. PSE&G’s progress on implementation of the corrective actions will continue to be overseen by the PSEG Board. Caithness Energy, L.L.C. (Caithness) In August 2018, Caithness, a Long Island power plant developer, filed a complaint in federal district court in the Eastern District of New York against PSEG and PSEG LI alleging violations of state and federal antitrust laws and a claim of intentional interference of prospective business relations. Caithness alleges that PSEG and PSEG LI interfered with LIPA’s consideration of the Caithness proposal for a 750 MW combined cycle generation project that was identified as a finalist for a Request For Proposal issued by LIPA. In addition, Caithness claims that PSEG and PSEG LI induced LIPA to agree to eliminate the proposed project as a potential competitor to other PSEG affiliates with power supply operations. The complaint alleges hundreds of millions of dollars of harm and seeks treble and punitive damages. PSEG intends to vigorously defend against these allegations. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, if any, estimable as of March 31, 2019 . Hudson Power In January 2019, Hudson Power filed a complaint against PJM, PSE&G and three other transmission owners in Pennsylvania state court. Hudson Power has sued the transmission owner defendants for fraud and intentional misrepresentation relating to information provided to PJM and FERC regarding the costs of upgrades for Hudson Power’s proposed project. These allegations appear to be based on alleged conduct that is the subject of the Hudson Power proceeding discussed under “Pending FERC Matters.” This action was removed to federal court in the Eastern District of Pennsylvania in February 2019. In light of the FERC proceeding, the federal court granted a motion to stay the federal proceeding until the conclusion of the FERC proceeding. Based upon the preliminary nature of this matter, a loss is not considered probable nor is the amount of loss, |
Debt and Credit Facilities
Debt and Credit Facilities | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the three months ended March 31, 2019 : PSEG PSEG repaid a $350 million term loan at an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019 . Power Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019 , has now been extended through March 2022 . 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2019 , the total available credit capacity was $2.9 billion . As of March 31, 2019 , no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2019 , total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of March 31, 2019 were as follows: As of March 31, 2019 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 802 $ 698 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 802 $ 698 PSE&G 5-year Credit Facility (B) $ 600 $ 380 $ 220 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 380 $ 220 Power 3-year Letter of Credit Facilities $ 200 $ 104 $ 96 Sept 2021 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2023 Funding/Letters of Credit Total Power $ 2,100 $ 143 $ 1,957 Total $ 4,200 $ 1,325 $ 2,875 (A) PSEG facilities will be reduced by $9 million in March 2022 . (B) PSE&G facility will be reduced by $4 million in March 2022 . (C) Power facilities will be reduced by $12 million in March 2022 . (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2019 , PSEG had $787 million outstanding at a weighted average interest rate of 2.92% . PSE&G had $364 million outstanding at a weighted average interest rate of 2.80% under its Commercial Paper Program as of March 31, 2019 . Except as otherwise noted in the table above, in March 2019 , PSEG, PSE&G and Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2022 to March 2023 . |
PSE And G [Member] | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the three months ended March 31, 2019 : PSEG PSEG repaid a $350 million term loan at an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019 . Power Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019 , has now been extended through March 2022 . 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2019 , the total available credit capacity was $2.9 billion . As of March 31, 2019 , no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2019 , total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of March 31, 2019 were as follows: As of March 31, 2019 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 802 $ 698 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 802 $ 698 PSE&G 5-year Credit Facility (B) $ 600 $ 380 $ 220 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 380 $ 220 Power 3-year Letter of Credit Facilities $ 200 $ 104 $ 96 Sept 2021 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2023 Funding/Letters of Credit Total Power $ 2,100 $ 143 $ 1,957 Total $ 4,200 $ 1,325 $ 2,875 (A) PSEG facilities will be reduced by $9 million in March 2022 . (B) PSE&G facility will be reduced by $4 million in March 2022 . (C) Power facilities will be reduced by $12 million in March 2022 . (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2019 , PSEG had $787 million outstanding at a weighted average interest rate of 2.92% . PSE&G had $364 million outstanding at a weighted average interest rate of 2.80% under its Commercial Paper Program as of March 31, 2019 . Except as otherwise noted in the table above, in March 2019 , PSEG, PSE&G and Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2022 to March 2023 . |
Power [Member] | |
Debt Instrument [Line Items] | |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the three months ended March 31, 2019 : PSEG PSEG repaid a $350 million term loan at an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019 . Power Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019 , has now been extended through March 2022 . 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2019 , the total available credit capacity was $2.9 billion . As of March 31, 2019 , no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2019 , total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of March 31, 2019 were as follows: As of March 31, 2019 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 802 $ 698 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 802 $ 698 PSE&G 5-year Credit Facility (B) $ 600 $ 380 $ 220 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 380 $ 220 Power 3-year Letter of Credit Facilities $ 200 $ 104 $ 96 Sept 2021 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2023 Funding/Letters of Credit Total Power $ 2,100 $ 143 $ 1,957 Total $ 4,200 $ 1,325 $ 2,875 (A) PSEG facilities will be reduced by $9 million in March 2022 . (B) PSE&G facility will be reduced by $4 million in March 2022 . (C) Power facilities will be reduced by $12 million in March 2022 . (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2019 , PSEG had $787 million outstanding at a weighted average interest rate of 2.92% . PSE&G had $364 million outstanding at a weighted average interest rate of 2.80% under its Commercial Paper Program as of March 31, 2019 . Except as otherwise noted in the table above, in March 2019 , PSEG, PSE&G and Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2022 to March 2023 . |
Financial Risk Management Activ
Financial Risk Management Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Financial Risk Management Activities | Financial Risk Management Activities Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG, 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. PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow or fair value hedges. Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to commodity 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, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities . Changes in the fair market value of these derivative contracts are recorded in earnings. 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 changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding interest rate swaps as of March 31, 2019 or December 31, 2018 . 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 March 31, 2019 , PSEG had interest rate hedges outstanding totaling $900 million that were executed during the first quarter of 2019. PSEG executed interest rate swaps of $700 million that converted PSEG’s $700 million variable rate term loan due November 2020 into a fixed rate loan and $200 million of forward starting swaps that hedge a portion of PSEG’s anticipated issuances. The fair value of these hedges was $(5) million as of March 31, 2019 and there were no outstanding interest rate hedges as of December 31, 2018 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $(5) million and $(1) million as of March 31, 2019 and December 31, 2018 , respectively. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are immaterial . Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of Power and PSEG. For additional information see Note 14. Fair Value Measurements . The following tabular disclosure does not include the offsetting of trade receivables and payables. As of March 31, 2019 Power (A) PSEG (A) Consolidated Not Designated Cash Flow Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 346 $ (327 ) $ 19 $ 1 $ 20 Noncurrent Assets 180 (176 ) 4 — 4 Total Mark-to-Market Derivative Assets $ 526 $ (503 ) $ 23 $ 1 $ 24 Derivative Contracts Current Liabilities $ (396 ) $ 383 $ (13 ) $ — $ (13 ) Noncurrent Liabilities (169 ) 168 (1 ) (6 ) (7 ) Total Mark-to-Market Derivative (Liabilities) $ (565 ) $ 551 $ (14 ) $ (6 ) $ (20 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (39 ) $ 48 $ 9 $ (5 ) $ 4 As of December 31, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 426 $ (415 ) $ 11 $ 11 Noncurrent Assets 137 (136 ) 1 1 Total Mark-to-Market Derivative Assets $ 563 $ (551 ) $ 12 $ 12 Derivative Contracts Current Liabilities $ (521 ) $ 510 $ (11 ) $ (11 ) Noncurrent Liabilities (198 ) 194 (4 ) (4 ) Total Mark-to-Market Derivative (Liabilities) $ (719 ) $ 704 $ (15 ) $ (15 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (156 ) $ 153 $ (3 ) $ (3 ) (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 March 31, 2019 and December 31, 2018 . (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 March 31, 2019 and December 31, 2018 , Power had net cash collateral/margin payments to counterparties of $203 million and $393 million , respectively. Of these net cash/collateral margin payments, $48 million as of March 31, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. Of the $48 million as of March 31, 2019 , $(9) million was netted against noncurrent assets and $57 million was netted against current liabilities. Of the $153 million as of December 31, 2018 , $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities. 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 by S&P or Moody’s, 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 or 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) was $16 million and $22 million as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 and December 31, 2018 , Power had the contractual right of offset of $4 million and $7 million , respectively, related to derivative instruments that are assets with the same counterparty under master 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 $12 million and $15 million as of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Millions PSEG Interest Rate Swaps $ (5 ) $ — Interest Expense $ — $ — Total PSEG $ (5 ) $ — $ — $ — The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months ended March 31, 2019 and 2018 , the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was immaterial. The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income (Loss) Pre-Tax After-Tax Millions Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of December 31, 2018 $ (2 ) $ (1 ) Loss Recognized in AOCI (5 ) (4 ) Less: Loss Reclassified into Income — — Balance as of March 31, 2019 $ (7 ) $ (5 ) The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2019 and 2018 , respectively. Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2019 2018 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 139 $ 40 Energy-Related Contracts Energy Costs (13 ) (8 ) Total PSEG and Power $ 126 $ 32 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2019 and December 31, 2018 . Type Notional Total PSEG Power PSE&G Millions As of March 31, 2019 Natural Gas Dekatherm (Dth) 353 — 353 — Electricity MWh (61 ) — (61 ) — Financial Transmission Rights (FTRs) MWh 10 — 10 — Interest Rate Swaps U.S. Dollars 900 900 — — As of December 31, 2018 Natural Gas Dth 358 — 358 — Electricity MWh (74 ) — (74 ) — FTRs MWh 18 — 18 — Credit Risk Credit risk relates to the risk of loss that Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2019 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of March 31, 2019 , 99% of the net credit exposure for Power’s wholesale 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 255 $ 15 $ 240 1 $ 166 (A) Non-Investment Grade 2 1 1 — — Total $ 257 $ 16 $ 241 1 $ 166 (A) Represents net exposure of $166 million with PSE&G. As of March 31, 2019 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $15 million in letters of credit. As of March 31, 2019 , Power had 145 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 March 31, 2019 , 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 BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2019 , 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 Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG, 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. PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow or fair value hedges. Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to commodity 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, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities . Changes in the fair market value of these derivative contracts are recorded in earnings. 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 changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding interest rate swaps as of March 31, 2019 or December 31, 2018 . 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 March 31, 2019 , PSEG had interest rate hedges outstanding totaling $900 million that were executed during the first quarter of 2019. PSEG executed interest rate swaps of $700 million that converted PSEG’s $700 million variable rate term loan due November 2020 into a fixed rate loan and $200 million of forward starting swaps that hedge a portion of PSEG’s anticipated issuances. The fair value of these hedges was $(5) million as of March 31, 2019 and there were no outstanding interest rate hedges as of December 31, 2018 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $(5) million and $(1) million as of March 31, 2019 and December 31, 2018 , respectively. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are immaterial . Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of Power and PSEG. For additional information see Note 14. Fair Value Measurements . The following tabular disclosure does not include the offsetting of trade receivables and payables. As of March 31, 2019 Power (A) PSEG (A) Consolidated Not Designated Cash Flow Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 346 $ (327 ) $ 19 $ 1 $ 20 Noncurrent Assets 180 (176 ) 4 — 4 Total Mark-to-Market Derivative Assets $ 526 $ (503 ) $ 23 $ 1 $ 24 Derivative Contracts Current Liabilities $ (396 ) $ 383 $ (13 ) $ — $ (13 ) Noncurrent Liabilities (169 ) 168 (1 ) (6 ) (7 ) Total Mark-to-Market Derivative (Liabilities) $ (565 ) $ 551 $ (14 ) $ (6 ) $ (20 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (39 ) $ 48 $ 9 $ (5 ) $ 4 As of December 31, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 426 $ (415 ) $ 11 $ 11 Noncurrent Assets 137 (136 ) 1 1 Total Mark-to-Market Derivative Assets $ 563 $ (551 ) $ 12 $ 12 Derivative Contracts Current Liabilities $ (521 ) $ 510 $ (11 ) $ (11 ) Noncurrent Liabilities (198 ) 194 (4 ) (4 ) Total Mark-to-Market Derivative (Liabilities) $ (719 ) $ 704 $ (15 ) $ (15 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (156 ) $ 153 $ (3 ) $ (3 ) (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 March 31, 2019 and December 31, 2018 . (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 March 31, 2019 and December 31, 2018 , Power had net cash collateral/margin payments to counterparties of $203 million and $393 million , respectively. Of these net cash/collateral margin payments, $48 million as of March 31, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. Of the $48 million as of March 31, 2019 , $(9) million was netted against noncurrent assets and $57 million was netted against current liabilities. Of the $153 million as of December 31, 2018 , $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities. 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 by S&P or Moody’s, 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 or 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) was $16 million and $22 million as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 and December 31, 2018 , Power had the contractual right of offset of $4 million and $7 million , respectively, related to derivative instruments that are assets with the same counterparty under master 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 $12 million and $15 million as of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Millions PSEG Interest Rate Swaps $ (5 ) $ — Interest Expense $ — $ — Total PSEG $ (5 ) $ — $ — $ — The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months ended March 31, 2019 and 2018 , the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was immaterial. The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income (Loss) Pre-Tax After-Tax Millions Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of December 31, 2018 $ (2 ) $ (1 ) Loss Recognized in AOCI (5 ) (4 ) Less: Loss Reclassified into Income — — Balance as of March 31, 2019 $ (7 ) $ (5 ) The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2019 and 2018 , respectively. Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2019 2018 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 139 $ 40 Energy-Related Contracts Energy Costs (13 ) (8 ) Total PSEG and Power $ 126 $ 32 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2019 and December 31, 2018 . Type Notional Total PSEG Power PSE&G Millions As of March 31, 2019 Natural Gas Dekatherm (Dth) 353 — 353 — Electricity MWh (61 ) — (61 ) — Financial Transmission Rights (FTRs) MWh 10 — 10 — Interest Rate Swaps U.S. Dollars 900 900 — — As of December 31, 2018 Natural Gas Dth 358 — 358 — Electricity MWh (74 ) — (74 ) — FTRs MWh 18 — 18 — Credit Risk Credit risk relates to the risk of loss that Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2019 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of March 31, 2019 , 99% of the net credit exposure for Power’s wholesale 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 255 $ 15 $ 240 1 $ 166 (A) Non-Investment Grade 2 1 1 — — Total $ 257 $ 16 $ 241 1 $ 166 (A) Represents net exposure of $166 million with PSE&G. As of March 31, 2019 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $15 million in letters of credit. As of March 31, 2019 , Power had 145 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 March 31, 2019 , 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 BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2019 , 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 Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG, 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. PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow or fair value hedges. Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to commodity 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, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of Power’s expected generation. Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities . Changes in the fair market value of these derivative contracts are recorded in earnings. 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 changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding interest rate swaps as of March 31, 2019 or December 31, 2018 . 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 March 31, 2019 , PSEG had interest rate hedges outstanding totaling $900 million that were executed during the first quarter of 2019. PSEG executed interest rate swaps of $700 million that converted PSEG’s $700 million variable rate term loan due November 2020 into a fixed rate loan and $200 million of forward starting swaps that hedge a portion of PSEG’s anticipated issuances. The fair value of these hedges was $(5) million as of March 31, 2019 and there were no outstanding interest rate hedges as of December 31, 2018 . The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $(5) million and $(1) million as of March 31, 2019 and December 31, 2018 , respectively. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are immaterial . Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of Power and PSEG. For additional information see Note 14. Fair Value Measurements . The following tabular disclosure does not include the offsetting of trade receivables and payables. As of March 31, 2019 Power (A) PSEG (A) Consolidated Not Designated Cash Flow Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 346 $ (327 ) $ 19 $ 1 $ 20 Noncurrent Assets 180 (176 ) 4 — 4 Total Mark-to-Market Derivative Assets $ 526 $ (503 ) $ 23 $ 1 $ 24 Derivative Contracts Current Liabilities $ (396 ) $ 383 $ (13 ) $ — $ (13 ) Noncurrent Liabilities (169 ) 168 (1 ) (6 ) (7 ) Total Mark-to-Market Derivative (Liabilities) $ (565 ) $ 551 $ (14 ) $ (6 ) $ (20 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (39 ) $ 48 $ 9 $ (5 ) $ 4 As of December 31, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 426 $ (415 ) $ 11 $ 11 Noncurrent Assets 137 (136 ) 1 1 Total Mark-to-Market Derivative Assets $ 563 $ (551 ) $ 12 $ 12 Derivative Contracts Current Liabilities $ (521 ) $ 510 $ (11 ) $ (11 ) Noncurrent Liabilities (198 ) 194 (4 ) (4 ) Total Mark-to-Market Derivative (Liabilities) $ (719 ) $ 704 $ (15 ) $ (15 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (156 ) $ 153 $ (3 ) $ (3 ) (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 March 31, 2019 and December 31, 2018 . (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 March 31, 2019 and December 31, 2018 , Power had net cash collateral/margin payments to counterparties of $203 million and $393 million , respectively. Of these net cash/collateral margin payments, $48 million as of March 31, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. Of the $48 million as of March 31, 2019 , $(9) million was netted against noncurrent assets and $57 million was netted against current liabilities. Of the $153 million as of December 31, 2018 , $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities. 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 by S&P or Moody’s, 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 or 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) was $16 million and $22 million as of March 31, 2019 and December 31, 2018 , respectively. As of March 31, 2019 and December 31, 2018 , Power had the contractual right of offset of $4 million and $7 million , respectively, related to derivative instruments that are assets with the same counterparty under master 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 $12 million and $15 million as of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Millions PSEG Interest Rate Swaps $ (5 ) $ — Interest Expense $ — $ — Total PSEG $ (5 ) $ — $ — $ — The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months ended March 31, 2019 and 2018 , the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was immaterial. The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income (Loss) Pre-Tax After-Tax Millions Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of December 31, 2018 $ (2 ) $ (1 ) Loss Recognized in AOCI (5 ) (4 ) Less: Loss Reclassified into Income — — Balance as of March 31, 2019 $ (7 ) $ (5 ) The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2019 and 2018 , respectively. Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2019 2018 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 139 $ 40 Energy-Related Contracts Energy Costs (13 ) (8 ) Total PSEG and Power $ 126 $ 32 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2019 and December 31, 2018 . Type Notional Total PSEG Power PSE&G Millions As of March 31, 2019 Natural Gas Dekatherm (Dth) 353 — 353 — Electricity MWh (61 ) — (61 ) — Financial Transmission Rights (FTRs) MWh 10 — 10 — Interest Rate Swaps U.S. Dollars 900 900 — — As of December 31, 2018 Natural Gas Dth 358 — 358 — Electricity MWh (74 ) — (74 ) — FTRs MWh 18 — 18 — Credit Risk Credit risk relates to the risk of loss that Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2019 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of March 31, 2019 , 99% of the net credit exposure for Power’s wholesale 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 255 $ 15 $ 240 1 $ 166 (A) Non-Investment Grade 2 1 1 — — Total $ 257 $ 16 $ 241 1 $ 166 (A) Represents net exposure of $166 million with PSE&G. As of March 31, 2019 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $15 million in letters of credit. As of March 31, 2019 , Power had 145 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 March 31, 2019 , 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 BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2019 , 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 | 3 Months Ended |
Mar. 31, 2019 | |
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, as well as natural gas futures contracts executed on NYMEX. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 Interest Rate Swaps (B) $ 1 $ — $ — $ 1 $ — NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 25 $ — $ 25 $ — $ — Debt Securities—U.S. Treasury $ 68 $ — $ — $ 68 $ — Debt Securities—Govt Other $ 42 $ — $ — $ 42 $ — Debt Securities—Corporate $ 98 $ — $ — $ 98 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Interest Rate Swaps (B) $ (6 ) $ — $ — $ (6 ) $ — PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 11 $ — $ — $ 11 $ — Debt Securities—Corporate $ 25 $ — $ — $ 25 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (E) $ 100 $ — $ 100 $ — $ — Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 23 $ — $ 23 $ — $ — Debt Securities—U.S. Treasury $ 69 $ — $ — $ 69 $ — Debt Securities—Govt Other $ 40 $ — $ — $ 40 $ — Debt Securities—Corporate $ 92 $ — $ — $ 92 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 18 $ — $ — $ 18 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 23 $ — $ — $ 23 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) (A) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (B) 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. (C) The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value (NAV) is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. (E) Represents money market mutual funds. 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 (RMC) approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The RMC reports to the Corporate Governance and Audit Committees of the PSEG Board 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. 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 fair value of Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these physical gas contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of March 31, 2019 and December 31, 2018 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position March 31, 2019 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 15% Total Power $ 1 $ (3 ) Total PSEG $ 1 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (5 ) Discounted Cash flow Historic Load Variability 0% to 15% Gas Gas Physical Contracts 5 (1 ) Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (6 ) Total PSEG $ 7 $ (6 ) 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 energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months ended March 31, 2019 and March 31, 2018 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2019 Three Months Ended March 31, 2019 Description Balance as of January 1, 2019 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2019 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 1 $ 1 $ — $ (4 ) $ — $ (2 ) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2018 Three Months Ended March 31, 2018 Description Balance as of January 1, 2018 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2018 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 7 $ (1 ) $ — $ 1 $ — $ 7 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and Power Operating Revenues $ 6 $ — $ 8 $ 8 Energy Costs (5 ) (3 ) (9 ) (9 ) Total $ 1 $ (3 ) $ (1 ) $ (1 ) (B) Represents settlements of $(4) million and $1 million for the three months ended March 31, 2019 and 2018 . (C) There were no transfers into or out of Level 3 during the three months ended March 31, 2019 and 2018 . As of March 31, 2019 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $2 million of net liabilities was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of March 31, 2018 , PSEG carried $2.4 billion of net assets that are measured at fair value on a recurring basis, of which $7 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 March 31, 2019 and December 31, 2018 . As of As of March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,094 $ 2,082 $ 2,443 $ 2,397 PSE&G (B) 9,186 9,780 9,184 9,374 Power (B) 2,836 3,069 2,835 2,996 Total Long-Term Debt $ 14,116 $ 14,931 $ 14,462 $ 14,767 (A) As of March 31, 2019 and December 31, 2018 , includes floating rate term loans of $700 million and $1,050 million , respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. |
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, as well as natural gas futures contracts executed on NYMEX. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 Interest Rate Swaps (B) $ 1 $ — $ — $ 1 $ — NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 25 $ — $ 25 $ — $ — Debt Securities—U.S. Treasury $ 68 $ — $ — $ 68 $ — Debt Securities—Govt Other $ 42 $ — $ — $ 42 $ — Debt Securities—Corporate $ 98 $ — $ — $ 98 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Interest Rate Swaps (B) $ (6 ) $ — $ — $ (6 ) $ — PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 11 $ — $ — $ 11 $ — Debt Securities—Corporate $ 25 $ — $ — $ 25 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (E) $ 100 $ — $ 100 $ — $ — Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 23 $ — $ 23 $ — $ — Debt Securities—U.S. Treasury $ 69 $ — $ — $ 69 $ — Debt Securities—Govt Other $ 40 $ — $ — $ 40 $ — Debt Securities—Corporate $ 92 $ — $ — $ 92 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 18 $ — $ — $ 18 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 23 $ — $ — $ 23 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) (A) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (B) 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. (C) The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value (NAV) is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. (E) Represents money market mutual funds. 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 (RMC) approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The RMC reports to the Corporate Governance and Audit Committees of the PSEG Board 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. 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 fair value of Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these physical gas contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of March 31, 2019 and December 31, 2018 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position March 31, 2019 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 15% Total Power $ 1 $ (3 ) Total PSEG $ 1 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (5 ) Discounted Cash flow Historic Load Variability 0% to 15% Gas Gas Physical Contracts 5 (1 ) Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (6 ) Total PSEG $ 7 $ (6 ) 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 energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months ended March 31, 2019 and March 31, 2018 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2019 Three Months Ended March 31, 2019 Description Balance as of January 1, 2019 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2019 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 1 $ 1 $ — $ (4 ) $ — $ (2 ) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2018 Three Months Ended March 31, 2018 Description Balance as of January 1, 2018 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2018 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 7 $ (1 ) $ — $ 1 $ — $ 7 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and Power Operating Revenues $ 6 $ — $ 8 $ 8 Energy Costs (5 ) (3 ) (9 ) (9 ) Total $ 1 $ (3 ) $ (1 ) $ (1 ) (B) Represents settlements of $(4) million and $1 million for the three months ended March 31, 2019 and 2018 . (C) There were no transfers into or out of Level 3 during the three months ended March 31, 2019 and 2018 . As of March 31, 2019 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $2 million of net liabilities was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of March 31, 2018 , PSEG carried $2.4 billion of net assets that are measured at fair value on a recurring basis, of which $7 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 March 31, 2019 and December 31, 2018 . As of As of March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,094 $ 2,082 $ 2,443 $ 2,397 PSE&G (B) 9,186 9,780 9,184 9,374 Power (B) 2,836 3,069 2,835 2,996 Total Long-Term Debt $ 14,116 $ 14,931 $ 14,462 $ 14,767 (A) As of March 31, 2019 and December 31, 2018 , includes floating rate term loans of $700 million and $1,050 million , respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. |
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, as well as natural gas futures contracts executed on NYMEX. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s, PSE&G’s and Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 Interest Rate Swaps (B) $ 1 $ — $ — $ 1 $ — NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 25 $ — $ 25 $ — $ — Debt Securities—U.S. Treasury $ 68 $ — $ — $ 68 $ — Debt Securities—Govt Other $ 42 $ — $ — $ 42 $ — Debt Securities—Corporate $ 98 $ — $ — $ 98 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Interest Rate Swaps (B) $ (6 ) $ — $ — $ (6 ) $ — PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 11 $ — $ — $ 11 $ — Debt Securities—Corporate $ 25 $ — $ — $ 25 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (E) $ 100 $ — $ 100 $ — $ — Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 23 $ — $ 23 $ — $ — Debt Securities—U.S. Treasury $ 69 $ — $ — $ 69 $ — Debt Securities—Govt Other $ 40 $ — $ — $ 40 $ — Debt Securities—Corporate $ 92 $ — $ — $ 92 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 18 $ — $ — $ 18 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 23 $ — $ — $ 23 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) (A) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (B) 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. (C) The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value (NAV) is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. (E) Represents money market mutual funds. 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 (RMC) approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The RMC reports to the Corporate Governance and Audit Committees of the PSEG Board 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. 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 fair value of Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these physical gas contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of March 31, 2019 and December 31, 2018 . Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position March 31, 2019 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 15% Total Power $ 1 $ (3 ) Total PSEG $ 1 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (5 ) Discounted Cash flow Historic Load Variability 0% to 15% Gas Gas Physical Contracts 5 (1 ) Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (6 ) Total PSEG $ 7 $ (6 ) 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 energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months ended March 31, 2019 and March 31, 2018 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2019 Three Months Ended March 31, 2019 Description Balance as of January 1, 2019 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2019 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 1 $ 1 $ — $ (4 ) $ — $ (2 ) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2018 Three Months Ended March 31, 2018 Description Balance as of January 1, 2018 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2018 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 7 $ (1 ) $ — $ 1 $ — $ 7 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and Power Operating Revenues $ 6 $ — $ 8 $ 8 Energy Costs (5 ) (3 ) (9 ) (9 ) Total $ 1 $ (3 ) $ (1 ) $ (1 ) (B) Represents settlements of $(4) million and $1 million for the three months ended March 31, 2019 and 2018 . (C) There were no transfers into or out of Level 3 during the three months ended March 31, 2019 and 2018 . As of March 31, 2019 , PSEG carried $2.3 billion of net assets that are measured at fair value on a recurring basis, of which $2 million of net liabilities was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of March 31, 2018 , PSEG carried $2.4 billion of net assets that are measured at fair value on a recurring basis, of which $7 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 March 31, 2019 and December 31, 2018 . As of As of March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,094 $ 2,082 $ 2,443 $ 2,397 PSE&G (B) 9,186 9,780 9,184 9,374 Power (B) 2,836 3,069 2,835 2,996 Total Long-Term Debt $ 14,116 $ 14,931 $ 14,462 $ 14,767 (A) As of March 31, 2019 and December 31, 2018 , includes floating rate term loans of $700 million and $1,050 million , respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. |
Other Income (Deductions)
Other Income (Deductions) | 3 Months Ended |
Mar. 31, 2019 | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G Power Other (A) Consolidated Millions Three Months Ended March 31, 2019 NDT Fund Interest and Dividends $ — $ 14 $ — $ 14 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 19 $ 13 $ 1 $ 33 Three Months Ended March 31, 2018 NDT Fund Interest and Dividends $ — $ 12 $ — $ 12 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 20 $ 11 $ 1 $ 32 (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 (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G Power Other (A) Consolidated Millions Three Months Ended March 31, 2019 NDT Fund Interest and Dividends $ — $ 14 $ — $ 14 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 19 $ 13 $ 1 $ 33 Three Months Ended March 31, 2018 NDT Fund Interest and Dividends $ — $ 12 $ — $ 12 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 20 $ 11 $ 1 $ 32 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Power [Member] | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G Power Other (A) Consolidated Millions Three Months Ended March 31, 2019 NDT Fund Interest and Dividends $ — $ 14 $ — $ 14 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 19 $ 13 $ 1 $ 33 Three Months Ended March 31, 2018 NDT Fund Interest and Dividends $ — $ 12 $ — $ 12 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 20 $ 11 $ 1 $ 32 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power’s effective tax rates for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 PSEG 17.6% 26.6% PSE&G 5.8% 26.8% Power 29.5% 26.2% For the three months ended March 31, 2019 , the difference in PSEG’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to the flow-back of PSE&G’s excess deferred income tax liabilities as a result of the Tax Act and tax repair-related accumulated deferred income taxes as a result of PSE&G’s 2018 settled distribution base rate case and the FERC approved Section 205 filing, where applicable. For the three months ended March 31, 2019 , the difference in PSE&G’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to the flow-back of PSE&G’s excess deferred income tax liabilities as a result of the Tax Act and tax repair-related accumulated deferred income taxes as a result of PSE&G’s 2018 settled distribution base rate case and the FERC approved Section 205 filing, where applicable. For the three months ended March 31, 2019 , the difference in Power’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to higher pre-tax income from the NDT qualified fund in 2019, which is subject to an additional trust tax. Tax Act Effective January 1, 2018, the U.S. federal corporate tax rate was reduced from a maximum of 35% to 21% resulting in a decrease in PSEG’s, PSE&G’s and Power’s effective income tax rates. To the extent allowed under the Tax Act, Power’s operating cash flows reflect the full expensing of capital investments for income tax purposes. The Tax Act has led to lower customer rates due to lower income tax expense recoveries and the BPU and FERC have approved PSEG’s proposals to refund excess deferred income tax Regulatory Liabilities. The impact of the lower federal income tax rate on PSE&G was reflected in PSE&G’s distribution base rate proceeding and its 2018 transmission formula rate filings. The Tax Act is generally expected to result in lower operating cash flows for PSE&G resulting from the elimination of bonus depreciation, partially offset by higher revenues due to the higher rate base. In August 2018, the IRS issued a Notice of Proposed Rulemaking (Notice) regarding the application of tax depreciation rules as amended by the Tax Act. While the Notice provides some guidance as to the application of the changes made by the Tax Act to the bonus depreciation rules, certain aspects still remain unclear. Further, in November 2018 the IRS issued Proposed Regulations addressing the interest disallowance rules contained in the Tax Act. For non-regulated businesses, these rules set a cap on the amount of interest that can be deducted in a given year. Any amount that is disallowed can be carried forward indefinitely. For 2019, PSEG and Power expect that a portion of the interest will be disallowed in the current period but realized in future periods. However, certain aspects of the proposed regulations are unclear. Therefore, PSEG recorded taxes based on its interpretation of the relevant statutes. Depreciation amounts recorded in 2019 were based on PSEG’s interpretation of the Tax Act and the depreciation rules contained in the Notice. Such amounts are subject to change based on several factors, including but not limited to, the IRS and state taxing authorities issuing final guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and Power’s financial statements. New Jersey State Tax Reform In 2018, the State of New Jersey made significant changes to its income tax laws, including imposing a temporary surtax of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. At this time, PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. In 2019, the State of New Jersey issued further guidance regarding the temporary surtax and clarified that New Jersey net operating loss carryovers can be deducted in computing a taxpayer’s entire net income. |
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 ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 PSEG 17.6% 26.6% PSE&G 5.8% 26.8% Power 29.5% 26.2% For the three months ended March 31, 2019 , the difference in PSEG’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to the flow-back of PSE&G’s excess deferred income tax liabilities as a result of the Tax Act and tax repair-related accumulated deferred income taxes as a result of PSE&G’s 2018 settled distribution base rate case and the FERC approved Section 205 filing, where applicable. For the three months ended March 31, 2019 , the difference in PSE&G’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to the flow-back of PSE&G’s excess deferred income tax liabilities as a result of the Tax Act and tax repair-related accumulated deferred income taxes as a result of PSE&G’s 2018 settled distribution base rate case and the FERC approved Section 205 filing, where applicable. For the three months ended March 31, 2019 , the difference in Power’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to higher pre-tax income from the NDT qualified fund in 2019, which is subject to an additional trust tax. Tax Act Effective January 1, 2018, the U.S. federal corporate tax rate was reduced from a maximum of 35% to 21% resulting in a decrease in PSEG’s, PSE&G’s and Power’s effective income tax rates. To the extent allowed under the Tax Act, Power’s operating cash flows reflect the full expensing of capital investments for income tax purposes. The Tax Act has led to lower customer rates due to lower income tax expense recoveries and the BPU and FERC have approved PSEG’s proposals to refund excess deferred income tax Regulatory Liabilities. The impact of the lower federal income tax rate on PSE&G was reflected in PSE&G’s distribution base rate proceeding and its 2018 transmission formula rate filings. The Tax Act is generally expected to result in lower operating cash flows for PSE&G resulting from the elimination of bonus depreciation, partially offset by higher revenues due to the higher rate base. In August 2018, the IRS issued a Notice of Proposed Rulemaking (Notice) regarding the application of tax depreciation rules as amended by the Tax Act. While the Notice provides some guidance as to the application of the changes made by the Tax Act to the bonus depreciation rules, certain aspects still remain unclear. Further, in November 2018 the IRS issued Proposed Regulations addressing the interest disallowance rules contained in the Tax Act. For non-regulated businesses, these rules set a cap on the amount of interest that can be deducted in a given year. Any amount that is disallowed can be carried forward indefinitely. For 2019, PSEG and Power expect that a portion of the interest will be disallowed in the current period but realized in future periods. However, certain aspects of the proposed regulations are unclear. Therefore, PSEG recorded taxes based on its interpretation of the relevant statutes. Depreciation amounts recorded in 2019 were based on PSEG’s interpretation of the Tax Act and the depreciation rules contained in the Notice. Such amounts are subject to change based on several factors, including but not limited to, the IRS and state taxing authorities issuing final guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and Power’s financial statements. New Jersey State Tax Reform In 2018, the State of New Jersey made significant changes to its income tax laws, including imposing a temporary surtax of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. At this time, PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. In 2019, the State of New Jersey issued further guidance regarding the temporary surtax and clarified that New Jersey net operating loss carryovers can be deducted in computing a taxpayer’s entire net income. |
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 ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 PSEG 17.6% 26.6% PSE&G 5.8% 26.8% Power 29.5% 26.2% For the three months ended March 31, 2019 , the difference in PSEG’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to the flow-back of PSE&G’s excess deferred income tax liabilities as a result of the Tax Act and tax repair-related accumulated deferred income taxes as a result of PSE&G’s 2018 settled distribution base rate case and the FERC approved Section 205 filing, where applicable. For the three months ended March 31, 2019 , the difference in PSE&G’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to the flow-back of PSE&G’s excess deferred income tax liabilities as a result of the Tax Act and tax repair-related accumulated deferred income taxes as a result of PSE&G’s 2018 settled distribution base rate case and the FERC approved Section 205 filing, where applicable. For the three months ended March 31, 2019 , the difference in Power’s effective tax rate as compared to the same period in the prior year and the statutory tax rate of 28.11% was due primarily to higher pre-tax income from the NDT qualified fund in 2019, which is subject to an additional trust tax. Tax Act Effective January 1, 2018, the U.S. federal corporate tax rate was reduced from a maximum of 35% to 21% resulting in a decrease in PSEG’s, PSE&G’s and Power’s effective income tax rates. To the extent allowed under the Tax Act, Power’s operating cash flows reflect the full expensing of capital investments for income tax purposes. The Tax Act has led to lower customer rates due to lower income tax expense recoveries and the BPU and FERC have approved PSEG’s proposals to refund excess deferred income tax Regulatory Liabilities. The impact of the lower federal income tax rate on PSE&G was reflected in PSE&G’s distribution base rate proceeding and its 2018 transmission formula rate filings. The Tax Act is generally expected to result in lower operating cash flows for PSE&G resulting from the elimination of bonus depreciation, partially offset by higher revenues due to the higher rate base. In August 2018, the IRS issued a Notice of Proposed Rulemaking (Notice) regarding the application of tax depreciation rules as amended by the Tax Act. While the Notice provides some guidance as to the application of the changes made by the Tax Act to the bonus depreciation rules, certain aspects still remain unclear. Further, in November 2018 the IRS issued Proposed Regulations addressing the interest disallowance rules contained in the Tax Act. For non-regulated businesses, these rules set a cap on the amount of interest that can be deducted in a given year. Any amount that is disallowed can be carried forward indefinitely. For 2019, PSEG and Power expect that a portion of the interest will be disallowed in the current period but realized in future periods. However, certain aspects of the proposed regulations are unclear. Therefore, PSEG recorded taxes based on its interpretation of the relevant statutes. Depreciation amounts recorded in 2019 were based on PSEG’s interpretation of the Tax Act and the depreciation rules contained in the Notice. Such amounts are subject to change based on several factors, including but not limited to, the IRS and state taxing authorities issuing final guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and Power’s financial statements. New Jersey State Tax Reform In 2018, the State of New Jersey made significant changes to its income tax laws, including imposing a temporary surtax of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. At this time, PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. In 2019, the State of New Jersey issued further guidance regarding the temporary surtax and clarified that New Jersey net operating loss carryovers can be deducted in computing a taxpayer’s entire net income. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2018 $ (1 ) $ (360 ) $ (16 ) $ (377 ) Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings — (81 ) — (81 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications (4 ) (3 ) 20 13 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 3 1 4 Net Current Period Other Comprehensive Income (Loss) (4 ) — 21 17 Net Change in Accumulated Other Comprehensive Income (Loss) (4 ) (81 ) 21 (64 ) Balance as of March 31, 2019 $ (5 ) $ (441 ) $ 5 $ (441 ) PSEG Other Comprehensive Income (Loss) Three Months Ended March 31, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (406 ) $ 177 $ (229 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (176 ) (176 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (16 ) (16 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 8 2 10 Net Current Period Other Comprehensive Income (Loss) — 8 (14 ) (6 ) Net Change in Accumulated Other Comprehensive Income (Loss) — 8 (190 ) (182 ) Balance as of March 31, 2018 $ — $ (398 ) $ (13 ) $ (411 ) Power Other Comprehensive Income (Loss) Three Months Ended March 31, 2019 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2018 $ — $ (306 ) $ (13 ) $ (319 ) Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings — (69 ) — (69 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — (3 ) 15 12 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 3 1 4 Net Current Period Other Comprehensive Income (Loss) — — 16 16 Net Change in Accumulated Other Comprehensive Income (Loss) — (69 ) 16 (53 ) Balance as of March 31, 2019 $ — $ (375 ) $ 3 $ (372 ) Power Other Comprehensive Income (Loss) Three Months Ended March 31, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (347 ) $ 175 $ (172 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (175 ) (175 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (13 ) (13 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 2 8 Net Current Period Other Comprehensive Income (Loss) — 6 (11 ) (5 ) Net Change in Accumulated Other Comprehensive Income (Loss) — 6 (186 ) (180 ) Balance as of March 31, 2018 $ — $ (341 ) $ (11 ) $ (352 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2019 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 7 $ (2 ) $ 5 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 4 (8 ) Total Pension and OPEB Plans (5 ) 2 (3 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (1 ) — (1 ) Total Available-for-Sale Debt Securities (1 ) — (1 ) Total $ (6 ) $ 2 $ (4 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 3 (9 ) Total Pension and OPEB Plans (11 ) 3 (8 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (4 ) 2 (2 ) Total Available-for-Sale Debt Securities (4 ) 2 (2 ) Total $ (15 ) $ 5 $ (10 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2019 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 6 $ (2 ) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 3 (7 ) Total Pension and OPEB Plans (4 ) 1 (3 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (1 ) — (1 ) Total Available-for-Sale Debt Securities (1 ) — (1 ) Total $ (5 ) $ 1 $ (4 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 3 (7 ) Total Pension and OPEB Plans (9 ) 3 (6 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (4 ) 2 (2 ) Total Available-for-Sale Debt Securities (4 ) 2 (2 ) Total $ (13 ) $ 5 $ (8 ) |
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 March 31, 2019 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2018 $ (1 ) $ (360 ) $ (16 ) $ (377 ) Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings — (81 ) — (81 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications (4 ) (3 ) 20 13 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 3 1 4 Net Current Period Other Comprehensive Income (Loss) (4 ) — 21 17 Net Change in Accumulated Other Comprehensive Income (Loss) (4 ) (81 ) 21 (64 ) Balance as of March 31, 2019 $ (5 ) $ (441 ) $ 5 $ (441 ) PSEG Other Comprehensive Income (Loss) Three Months Ended March 31, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (406 ) $ 177 $ (229 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (176 ) (176 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (16 ) (16 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 8 2 10 Net Current Period Other Comprehensive Income (Loss) — 8 (14 ) (6 ) Net Change in Accumulated Other Comprehensive Income (Loss) — 8 (190 ) (182 ) Balance as of March 31, 2018 $ — $ (398 ) $ (13 ) $ (411 ) Power Other Comprehensive Income (Loss) Three Months Ended March 31, 2019 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2018 $ — $ (306 ) $ (13 ) $ (319 ) Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings — (69 ) — (69 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — (3 ) 15 12 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 3 1 4 Net Current Period Other Comprehensive Income (Loss) — — 16 16 Net Change in Accumulated Other Comprehensive Income (Loss) — (69 ) 16 (53 ) Balance as of March 31, 2019 $ — $ (375 ) $ 3 $ (372 ) Power Other Comprehensive Income (Loss) Three Months Ended March 31, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (347 ) $ 175 $ (172 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (175 ) (175 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (13 ) (13 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 2 8 Net Current Period Other Comprehensive Income (Loss) — 6 (11 ) (5 ) Net Change in Accumulated Other Comprehensive Income (Loss) — 6 (186 ) (180 ) Balance as of March 31, 2018 $ — $ (341 ) $ (11 ) $ (352 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2019 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 7 $ (2 ) $ 5 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 4 (8 ) Total Pension and OPEB Plans (5 ) 2 (3 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (1 ) — (1 ) Total Available-for-Sale Debt Securities (1 ) — (1 ) Total $ (6 ) $ 2 $ (4 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 3 (9 ) Total Pension and OPEB Plans (11 ) 3 (8 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (4 ) 2 (2 ) Total Available-for-Sale Debt Securities (4 ) 2 (2 ) Total $ (15 ) $ 5 $ (10 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2019 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 6 $ (2 ) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 3 (7 ) Total Pension and OPEB Plans (4 ) 1 (3 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (1 ) — (1 ) Total Available-for-Sale Debt Securities (1 ) — (1 ) Total $ (5 ) $ 1 $ (4 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 3 (7 ) Total Pension and OPEB Plans (9 ) 3 (6 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (4 ) 2 (2 ) Total Available-for-Sale Debt Securities (4 ) 2 (2 ) Total $ (13 ) $ 5 $ (8 ) |
Earnings Per Share (EPS) and Di
Earnings Per Share (EPS) and Dividends | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) and Dividends | Earnings Per Share (EPS) and Dividends EPS 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 March 31, 2019 2018 Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 700 $ 700 $ 558 $ 558 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 504 504 504 504 Effect of Stock Based Compensation Awards — 3 — 3 Total Shares 504 507 504 507 EPS Net Income $ 1.39 $ 1.38 $ 1.11 $ 1.10 Dividends Three Months Ended March 31, Dividend Payments on Common Stock 2019 2018 Per Share $ 0.47 $ 0.45 In Millions $ 238 $ 227 On April 16, 2019 , the PSEG Board approved a $0.47 per share common stock dividend for the second quarter of 2019. |
Financial Information By Busine
Financial Information By Business Segments | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended March 31, 2019 Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 Net Income (Loss) 403 296 1 — 700 Gross Additions to Long-Lived Assets 625 167 3 — 795 Three Months Ended March 31, 2018 Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 Net Income (Loss) 319 234 5 — 558 Gross Additions to Long-Lived Assets 750 299 4 — 1,053 As of March 31, 2019 Total Assets $ 31,500 $ 12,671 $ 2,333 $ (748 ) $ 45,756 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 As of December 31, 2018 Total Assets $ 31,109 $ 12,594 $ 2,604 $ (981 ) $ 45,326 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 (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. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 20. 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 Total Millions Three Months Ended March 31, 2019 Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 Net Income (Loss) 403 296 1 — 700 Gross Additions to Long-Lived Assets 625 167 3 — 795 Three Months Ended March 31, 2018 Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 Net Income (Loss) 319 234 5 — 558 Gross Additions to Long-Lived Assets 750 299 4 — 1,053 As of March 31, 2019 Total Assets $ 31,500 $ 12,671 $ 2,333 $ (748 ) $ 45,756 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 As of December 31, 2018 Total Assets $ 31,109 $ 12,594 $ 2,604 $ (981 ) $ 45,326 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 (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. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 20. 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 Total Millions Three Months Ended March 31, 2019 Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 Net Income (Loss) 403 296 1 — 700 Gross Additions to Long-Lived Assets 625 167 3 — 795 Three Months Ended March 31, 2018 Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 Net Income (Loss) 319 234 5 — 558 Gross Additions to Long-Lived Assets 750 299 4 — 1,053 As of March 31, 2019 Total Assets $ 31,500 $ 12,671 $ 2,333 $ (748 ) $ 45,756 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 As of December 31, 2018 Total Assets $ 31,109 $ 12,594 $ 2,604 $ (981 ) $ 45,326 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 (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. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 20. Related-Party Transactions . |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transaction [Line Items] | |
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 633 $ 578 Administrative Billings from Services (B) 75 83 Total Billings from Affiliates $ 708 $ 661 As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivables from PSEG (C) $ — $ 123 Payable to Power (A) $ 207 $ 245 Payable to Services (B) 62 76 Payables to PSEG (C) 5 — Accounts Payable—Affiliated Companies $ 274 $ 321 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 69 $ 69 Power The financial statements for Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 633 $ 578 Billings from Affiliates: Administrative Billings from Services (B) $ 45 $ 43 As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivable from PSE&G (A) $ 207 $ 245 Receivables from PSEG (C) 77 29 Accounts Receivable—Affiliated Companies $ 284 $ 274 Payable to Services (B) $ 21 $ 16 Accounts Payable—Affiliated Companies $ 21 $ 16 Short-Term Loan to (from) Affiliate (E) $ 87 $ (193 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 82 $ 76 (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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G 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 presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 633 $ 578 Administrative Billings from Services (B) 75 83 Total Billings from Affiliates $ 708 $ 661 As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivables from PSEG (C) $ — $ 123 Payable to Power (A) $ 207 $ 245 Payable to Services (B) 62 76 Payables to PSEG (C) 5 — Accounts Payable—Affiliated Companies $ 274 $ 321 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 69 $ 69 Power The financial statements for Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 633 $ 578 Billings from Affiliates: Administrative Billings from Services (B) $ 45 $ 43 As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivable from PSE&G (A) $ 207 $ 245 Receivables from PSEG (C) 77 29 Accounts Receivable—Affiliated Companies $ 284 $ 274 Payable to Services (B) $ 21 $ 16 Accounts Payable—Affiliated Companies $ 21 $ 16 Short-Term Loan to (from) Affiliate (E) $ 87 $ (193 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 82 $ 76 (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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G 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 presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 633 $ 578 Administrative Billings from Services (B) 75 83 Total Billings from Affiliates $ 708 $ 661 As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivables from PSEG (C) $ — $ 123 Payable to Power (A) $ 207 $ 245 Payable to Services (B) 62 76 Payables to PSEG (C) 5 — Accounts Payable—Affiliated Companies $ 274 $ 321 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 69 $ 69 Power The financial statements for Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 633 $ 578 Billings from Affiliates: Administrative Billings from Services (B) $ 45 $ 43 As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivable from PSE&G (A) $ 207 $ 245 Receivables from PSEG (C) 77 29 Accounts Receivable—Affiliated Companies $ 284 $ 274 Payable to Services (B) $ 21 $ 16 Accounts Payable—Affiliated Companies $ 21 $ 16 Short-Term Loan to (from) Affiliate (E) $ 87 $ (193 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 82 $ 76 (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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G 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 | 3 Months Ended |
Mar. 31, 2019 | |
Debt Instrument [Line Items] | |
Guarantees of Debt | Guarantees of Debt Power’s Senior Notes 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 March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended March 31, 2019 Operating Revenues $ — $ 1,401 $ 56 $ (41 ) $ 1,416 Operating Expenses 1 1,094 61 (41 ) 1,115 Operating Income (Loss) (1 ) 307 (5 ) — 301 Equity Earnings (Losses) of Subsidiaries 309 (8 ) 2 (301 ) 2 Net Gains (Losses) on Trust Investments 1 125 — — 126 Other Income (Deductions) 47 55 — (89 ) 13 Non-Operating Pension and OPEB Credits (Costs) — 3 — — 3 Interest Expense (75 ) (31 ) (8 ) 89 (25 ) Income Tax Benefit (Expense) 15 (144 ) 5 — (124 ) Net Income (Loss) $ 296 $ 307 $ (6 ) $ (301 ) $ 296 Comprehensive Income (Loss) $ 312 $ 322 $ (6 ) $ (316 ) $ 312 Three Months Ended March 31, 2019 Net Cash Provided By (Used In) Operating Activities $ (22 ) $ 799 $ 43 $ (94 ) $ 726 Net Cash Provided By (Used In) Investing Activities $ (167 ) $ (713 ) $ (124 ) $ 728 $ (276 ) Net Cash Provided By (Used In) Financing Activities $ 189 $ (86 ) $ 87 $ (634 ) $ (444 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended March 31, 2018 Operating Revenues $ — $ 1,386 $ 51 $ (34 ) $ 1,403 Operating Expenses — 1,056 52 (34 ) 1,074 Operating Income (Loss) — 330 (1 ) — 329 Equity Earnings (Losses) of Subsidiaries 234 (3 ) 2 (231 ) 2 Net Gains (Losses) on Trust Investments — (22 ) — — (22 ) Other Income (Deductions) 35 33 — (57 ) 11 Non-Operating Pension and OPEB Credits (Costs) — 4 — — 4 Interest Expense (42 ) (17 ) (5 ) 57 (7 ) Income Tax Benefit (Expense) 7 (92 ) 2 — (83 ) Net Income (Loss) $ 234 $ 233 $ (2 ) $ (231 ) $ 234 Comprehensive Income (Loss) $ 229 $ 223 $ (2 ) $ (221 ) $ 229 Three Months Ended March 31, 2018 Net Cash Provided By (Used In) Operating Activities $ (5 ) $ 525 $ (49 ) $ 71 $ 542 Net Cash Provided By (Used In) Investing Activities $ (215 ) $ (625 ) $ (82 ) $ 605 $ (317 ) Net Cash Provided By (Used In) Financing Activities $ 220 $ 100 $ 111 $ (677 ) $ (246 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of March 31, 2019 Current Assets $ 4,518 $ 1,693 $ 318 $ (5,217 ) $ 1,312 Property, Plant and Equipment, net 48 4,915 3,913 — 8,876 Investment in Subsidiaries 5,309 1,099 — (6,408 ) — Noncurrent Assets 278 2,277 137 (209 ) 2,483 Total Assets $ 10,153 $ 9,984 $ 4,368 $ (11,834 ) $ 12,671 Current Liabilities $ 776 $ 2,966 $ 2,113 $ (5,217 ) $ 638 Noncurrent Liabilities 519 2,072 793 (209 ) 3,175 Long-Term Debt 2,836 — — — 2,836 Member’s Equity 6,022 4,946 1,462 (6,408 ) 6,022 Total Liabilities and Member’s Equity $ 10,153 $ 9,984 $ 4,368 $ (11,834 ) $ 12,671 As of December 31, 2018 Current Assets $ 4,317 $ 1,479 $ 304 $ (4,593 ) $ 1,507 Property, Plant and Equipment, net 49 4,971 3,822 — 8,842 Investment in Subsidiaries 5,062 1,107 — (6,169 ) — Noncurrent Assets 273 2,109 101 (238 ) 2,245 Total Assets $ 9,701 $ 9,666 $ 4,227 $ (11,000 ) $ 12,594 Current Liabilities $ 437 $ 2,971 $ 2,027 $ (4,593 ) $ 842 Noncurrent Liabilities 513 1,996 730 (238 ) 3,001 Long-Term Debt 2,791 — — — 2,791 Member’s Equity 5,960 4,699 1,470 (6,169 ) 5,960 Total Liabilities and Member’s Equity $ 9,701 $ 9,666 $ 4,227 $ (11,000 ) $ 12,594 |
Power [Member] | |
Debt Instrument [Line Items] | |
Guarantees of Debt | Guarantees of Debt Power’s Senior Notes 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 March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended March 31, 2019 Operating Revenues $ — $ 1,401 $ 56 $ (41 ) $ 1,416 Operating Expenses 1 1,094 61 (41 ) 1,115 Operating Income (Loss) (1 ) 307 (5 ) — 301 Equity Earnings (Losses) of Subsidiaries 309 (8 ) 2 (301 ) 2 Net Gains (Losses) on Trust Investments 1 125 — — 126 Other Income (Deductions) 47 55 — (89 ) 13 Non-Operating Pension and OPEB Credits (Costs) — 3 — — 3 Interest Expense (75 ) (31 ) (8 ) 89 (25 ) Income Tax Benefit (Expense) 15 (144 ) 5 — (124 ) Net Income (Loss) $ 296 $ 307 $ (6 ) $ (301 ) $ 296 Comprehensive Income (Loss) $ 312 $ 322 $ (6 ) $ (316 ) $ 312 Three Months Ended March 31, 2019 Net Cash Provided By (Used In) Operating Activities $ (22 ) $ 799 $ 43 $ (94 ) $ 726 Net Cash Provided By (Used In) Investing Activities $ (167 ) $ (713 ) $ (124 ) $ 728 $ (276 ) Net Cash Provided By (Used In) Financing Activities $ 189 $ (86 ) $ 87 $ (634 ) $ (444 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended March 31, 2018 Operating Revenues $ — $ 1,386 $ 51 $ (34 ) $ 1,403 Operating Expenses — 1,056 52 (34 ) 1,074 Operating Income (Loss) — 330 (1 ) — 329 Equity Earnings (Losses) of Subsidiaries 234 (3 ) 2 (231 ) 2 Net Gains (Losses) on Trust Investments — (22 ) — — (22 ) Other Income (Deductions) 35 33 — (57 ) 11 Non-Operating Pension and OPEB Credits (Costs) — 4 — — 4 Interest Expense (42 ) (17 ) (5 ) 57 (7 ) Income Tax Benefit (Expense) 7 (92 ) 2 — (83 ) Net Income (Loss) $ 234 $ 233 $ (2 ) $ (231 ) $ 234 Comprehensive Income (Loss) $ 229 $ 223 $ (2 ) $ (221 ) $ 229 Three Months Ended March 31, 2018 Net Cash Provided By (Used In) Operating Activities $ (5 ) $ 525 $ (49 ) $ 71 $ 542 Net Cash Provided By (Used In) Investing Activities $ (215 ) $ (625 ) $ (82 ) $ 605 $ (317 ) Net Cash Provided By (Used In) Financing Activities $ 220 $ 100 $ 111 $ (677 ) $ (246 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of March 31, 2019 Current Assets $ 4,518 $ 1,693 $ 318 $ (5,217 ) $ 1,312 Property, Plant and Equipment, net 48 4,915 3,913 — 8,876 Investment in Subsidiaries 5,309 1,099 — (6,408 ) — Noncurrent Assets 278 2,277 137 (209 ) 2,483 Total Assets $ 10,153 $ 9,984 $ 4,368 $ (11,834 ) $ 12,671 Current Liabilities $ 776 $ 2,966 $ 2,113 $ (5,217 ) $ 638 Noncurrent Liabilities 519 2,072 793 (209 ) 3,175 Long-Term Debt 2,836 — — — 2,836 Member’s Equity 6,022 4,946 1,462 (6,408 ) 6,022 Total Liabilities and Member’s Equity $ 10,153 $ 9,984 $ 4,368 $ (11,834 ) $ 12,671 As of December 31, 2018 Current Assets $ 4,317 $ 1,479 $ 304 $ (4,593 ) $ 1,507 Property, Plant and Equipment, net 49 4,971 3,822 — 8,842 Investment in Subsidiaries 5,062 1,107 — (6,169 ) — Noncurrent Assets 273 2,109 101 (238 ) 2,245 Total Assets $ 9,701 $ 9,666 $ 4,227 $ (11,000 ) $ 12,594 Current Liabilities $ 437 $ 2,971 $ 2,027 $ (4,593 ) $ 842 Noncurrent Liabilities 513 1,996 730 (238 ) 3,001 Long-Term Debt 2,791 — — — 2,791 Member’s Equity 5,960 4,699 1,470 (6,169 ) 5,960 Total Liabilities and Member’s Equity $ 9,701 $ 9,666 $ 4,227 $ (11,000 ) $ 12,594 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2018 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2018 Cash and Cash Equivalents $ 39 $ 22 $ 116 $ 177 Restricted Cash in Other Current Assets 8 — — 8 Restricted Cash in Other Noncurrent Assets 14 — — 14 Cash, Cash Equivalents and Restricted Cash $ 61 $ 22 $ 116 $ 199 As of March 31, 2019 Cash and Cash Equivalents $ 15 $ 28 $ 22 $ 65 Restricted Cash in Other Current Assets 15 — — 15 Restricted Cash in Other Noncurrent Assets 16 — — 16 Cash, Cash Equivalents and Restricted Cash $ 46 $ 28 $ 22 $ 96 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
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, 2018 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2018 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2018 Cash and Cash Equivalents $ 39 $ 22 $ 116 $ 177 Restricted Cash in Other Current Assets 8 — — 8 Restricted Cash in Other Noncurrent Assets 14 — — 14 Cash, Cash Equivalents and Restricted Cash $ 61 $ 22 $ 116 $ 199 As of March 31, 2019 Cash and Cash Equivalents $ 15 $ 28 $ 22 $ 65 Restricted Cash in Other Current Assets 15 — — 15 Restricted Cash in Other Noncurrent Assets 16 — — 16 Cash, Cash Equivalents and Restricted Cash $ 46 $ 28 $ 22 $ 96 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
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, 2018 . The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 . |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short-term, highly liquid investments with original maturities of three months or less. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2018 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2018 Cash and Cash Equivalents $ 39 $ 22 $ 116 $ 177 Restricted Cash in Other Current Assets 8 — — 8 Restricted Cash in Other Noncurrent Assets 14 — — 14 Cash, Cash Equivalents and Restricted Cash $ 61 $ 22 $ 116 $ 199 As of March 31, 2019 Cash and Cash Equivalents $ 15 $ 28 $ 22 $ 65 Restricted Cash in Other Current Assets 15 — — 15 Restricted Cash in Other Noncurrent Assets 16 — — 16 Cash, Cash Equivalents and Restricted Cash $ 46 $ 28 $ 22 $ 96 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Recent Accounting Standards (Po
Recent Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Standards | New Standards Issued and Adopted Leases — Accounting Standards Update (ASU) 2016-02, updated by ASUs 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 This accounting standard, and related updates, replace existing lease accounting guidance and require lessees to recognize 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 and a lessor will classify its leases as operating leases, direct financing leases, or as sales-type leases. The standard requires additional disclosure of key information. Existing guidance related to leveraged leases does not change. PSEG adopted the optional transition method on January 1, 2019. There was no cumulative effect adjustment required to be recorded to Retained Earnings at adoption. The optional transition method requires disclosure under Accounting Standards Codification (ASC) 840—Leases, the previously existing lease guidance for prior periods. PSEG elected various practical expedients allowed by the standard, including the package of three practical expedients related to not reassessing existing or expired contracts and initial direct costs; and excluding evaluation of land easements that exist or expired before adoption that were not previously accounted for as leases. The impact of adoption on PSEG’s Consolidated Balance Sheet was to record Operating Lease Right of Use Assets of $261 million and Operating Lease Liabilities of $282 million . As part of that impact, PSEG reclassified deferred rent incentives and deferred rent liabilities of approximately $21 million , which were previously classified as Other Noncurrent Liabilities, to Operating Lease Right-of-Use Assets in accordance with this standard. PSE&G’s assets and liabilities each increased by $91 million and Power’s assets and liabilities each increased by $46 million . PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. See Note 7. Leases for additional information. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12, updated by ASU 2018-16 This accounting standard’s amendments more closely align hedge accounting with companies’ risk management activities in the financial statements and ease the operational burden of applying hedge accounting. PSEG adopted this standard on January 1, 2019. The standard requires using a modified retrospective method upon adoption. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard did not have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. PSEG adopted this standard on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment directly to Retained Earnings as of the beginning of 2019. Adoption of this standard did not have a material impact on PSEG’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard affects any entity that is required to apply the provisions of the ASC topic, “Income Statement-Reporting Comprehensive Income,” and has items of Other Comprehensive Income for which the related tax effects are presented in Other Comprehensive Income as required by GAAP. Specifically, this standard allows entities to record a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for stranded tax effects resulting from the recent decrease in the federal corporate income tax rate. PSEG adopted this standard on January 1, 2019. The impact of adoption on PSEG’s Consolidated Balance Sheet was to increase Retained Earnings and Accumulated Other Comprehensive Loss by approximately $81 million . Power’s Retained Earnings and Accumulated Other Comprehensive Loss increased by approximately $69 million . The impact on PSE&G’s Consolidated Balance Sheet was immaterial. PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. New Standards Issued But Not Yet Adopted Measurement of Credit Losses on Financial Instruments — ASU 2016-13, updated by ASU 2018-19 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. Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements will be eliminated. The standard will also add certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. Certain amendments in the standard should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments of the standard should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in ASC 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. This standard should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. PSEG is currently analyzing the impact of this standard on its financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE) - ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans — ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. An entity should apply the amendments in this standard on a retrospective basis to all periods presented. 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 Accounting Standards | New Standards Issued and Adopted Leases — Accounting Standards Update (ASU) 2016-02, updated by ASUs 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 This accounting standard, and related updates, replace existing lease accounting guidance and require lessees to recognize 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 and a lessor will classify its leases as operating leases, direct financing leases, or as sales-type leases. The standard requires additional disclosure of key information. Existing guidance related to leveraged leases does not change. PSEG adopted the optional transition method on January 1, 2019. There was no cumulative effect adjustment required to be recorded to Retained Earnings at adoption. The optional transition method requires disclosure under Accounting Standards Codification (ASC) 840—Leases, the previously existing lease guidance for prior periods. PSEG elected various practical expedients allowed by the standard, including the package of three practical expedients related to not reassessing existing or expired contracts and initial direct costs; and excluding evaluation of land easements that exist or expired before adoption that were not previously accounted for as leases. The impact of adoption on PSEG’s Consolidated Balance Sheet was to record Operating Lease Right of Use Assets of $261 million and Operating Lease Liabilities of $282 million . As part of that impact, PSEG reclassified deferred rent incentives and deferred rent liabilities of approximately $21 million , which were previously classified as Other Noncurrent Liabilities, to Operating Lease Right-of-Use Assets in accordance with this standard. PSE&G’s assets and liabilities each increased by $91 million and Power’s assets and liabilities each increased by $46 million . PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. See Note 7. Leases for additional information. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12, updated by ASU 2018-16 This accounting standard’s amendments more closely align hedge accounting with companies’ risk management activities in the financial statements and ease the operational burden of applying hedge accounting. PSEG adopted this standard on January 1, 2019. The standard requires using a modified retrospective method upon adoption. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard did not have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. PSEG adopted this standard on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment directly to Retained Earnings as of the beginning of 2019. Adoption of this standard did not have a material impact on PSEG’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard affects any entity that is required to apply the provisions of the ASC topic, “Income Statement-Reporting Comprehensive Income,” and has items of Other Comprehensive Income for which the related tax effects are presented in Other Comprehensive Income as required by GAAP. Specifically, this standard allows entities to record a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for stranded tax effects resulting from the recent decrease in the federal corporate income tax rate. PSEG adopted this standard on January 1, 2019. The impact of adoption on PSEG’s Consolidated Balance Sheet was to increase Retained Earnings and Accumulated Other Comprehensive Loss by approximately $81 million . Power’s Retained Earnings and Accumulated Other Comprehensive Loss increased by approximately $69 million . The impact on PSE&G’s Consolidated Balance Sheet was immaterial. PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. New Standards Issued But Not Yet Adopted Measurement of Credit Losses on Financial Instruments — ASU 2016-13, updated by ASU 2018-19 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. Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements will be eliminated. The standard will also add certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. Certain amendments in the standard should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments of the standard should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in ASC 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. This standard should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. PSEG is currently analyzing the impact of this standard on its financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE) - ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans — ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. An entity should apply the amendments in this standard on a retrospective basis to all periods presented. 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 Accounting Standards | New Standards Issued and Adopted Leases — Accounting Standards Update (ASU) 2016-02, updated by ASUs 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01 This accounting standard, and related updates, replace existing lease accounting guidance and require lessees to recognize 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 and a lessor will classify its leases as operating leases, direct financing leases, or as sales-type leases. The standard requires additional disclosure of key information. Existing guidance related to leveraged leases does not change. PSEG adopted the optional transition method on January 1, 2019. There was no cumulative effect adjustment required to be recorded to Retained Earnings at adoption. The optional transition method requires disclosure under Accounting Standards Codification (ASC) 840—Leases, the previously existing lease guidance for prior periods. PSEG elected various practical expedients allowed by the standard, including the package of three practical expedients related to not reassessing existing or expired contracts and initial direct costs; and excluding evaluation of land easements that exist or expired before adoption that were not previously accounted for as leases. The impact of adoption on PSEG’s Consolidated Balance Sheet was to record Operating Lease Right of Use Assets of $261 million and Operating Lease Liabilities of $282 million . As part of that impact, PSEG reclassified deferred rent incentives and deferred rent liabilities of approximately $21 million , which were previously classified as Other Noncurrent Liabilities, to Operating Lease Right-of-Use Assets in accordance with this standard. PSE&G’s assets and liabilities each increased by $91 million and Power’s assets and liabilities each increased by $46 million . PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. See Note 7. Leases for additional information. Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities—ASU 2017-12, updated by ASU 2018-16 This accounting standard’s amendments more closely align hedge accounting with companies’ risk management activities in the financial statements and ease the operational burden of applying hedge accounting. PSEG adopted this standard on January 1, 2019. The standard requires using a modified retrospective method upon adoption. PSEG analyzed the impact of this standard on its consolidated financial statements and has determined that the standard could enable PSEG to enter into certain transactions that can be deemed hedges that previously would not have qualified. Adoption of this standard did not have a material impact on PSEG’s financial statements. Premium Amortization on Purchased Callable Debt Securities—ASU 2017-08 This accounting standard was issued to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the standard requires the premium to be amortized to the earliest call date. PSEG adopted this standard on January 1, 2019 on a modified retrospective basis through a cumulative effect adjustment directly to Retained Earnings as of the beginning of 2019. Adoption of this standard did not have a material impact on PSEG’s financial statements. Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—ASU 2018-02 This accounting standard affects any entity that is required to apply the provisions of the ASC topic, “Income Statement-Reporting Comprehensive Income,” and has items of Other Comprehensive Income for which the related tax effects are presented in Other Comprehensive Income as required by GAAP. Specifically, this standard allows entities to record a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for stranded tax effects resulting from the recent decrease in the federal corporate income tax rate. PSEG adopted this standard on January 1, 2019. The impact of adoption on PSEG’s Consolidated Balance Sheet was to increase Retained Earnings and Accumulated Other Comprehensive Loss by approximately $81 million . Power’s Retained Earnings and Accumulated Other Comprehensive Loss increased by approximately $69 million . The impact on PSE&G’s Consolidated Balance Sheet was immaterial. PSEG’s adoption of this standard did not have a material impact on the Consolidated Statements of Operations or Consolidated Statements of Cash Flows of PSEG, PSE&G and Power. New Standards Issued But Not Yet Adopted Measurement of Credit Losses on Financial Instruments — ASU 2016-13, updated by ASU 2018-19 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. Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement — ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements will be eliminated. The standard will also add certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. Certain amendments in the standard should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments of the standard should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract — ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in ASC 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. This standard should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. PSEG is currently analyzing the impact of this standard on its financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE) - ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. Early adoption is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Simplifying the Test for Goodwill Impairment — ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity should apply this standard on a prospective basis and will be required to disclose the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. PSEG does not expect adoption of this standard to have a material impact on its financial statements. Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans — ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. An entity should apply the amendments in this standard on a retrospective basis to all periods presented. PSEG is currently analyzing the impact of this standard on its financial statements. |
Revenues Revenues (Policies)
Revenues Revenues (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues —PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until cancellation by the customer. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate FERC tariff. The performance obligation of transmission service is satisfied over time as it is provided to and consumed by the customer. Revenue is recognized upon delivery of the transmission service. PSE&G’s revenues from the transmission of electricity are recorded based on a FERC-approved annual formula rate mechanism. This mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. Power Revenues from Contracts with Customers Electricity and Related Products —Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. Gas Contracts —Power sells wholesale natural gas, primarily through an index based full requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. |
Organization and Basis of Pre_3
Organization and Basis of Presentation Organization and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, Cash Equivalents and Restricted Cash [Table Text Block] | The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning ( December 31, 2018 ) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 . PSE&G Power Other (A) Consolidated Millions As of December 31, 2018 Cash and Cash Equivalents $ 39 $ 22 $ 116 $ 177 Restricted Cash in Other Current Assets 8 — — 8 Restricted Cash in Other Noncurrent Assets 14 — — 14 Cash, Cash Equivalents and Restricted Cash $ 61 $ 22 $ 116 $ 199 As of March 31, 2019 Cash and Cash Equivalents $ 15 $ 28 $ 22 $ 65 Restricted Cash in Other Current Assets 15 — — 15 Restricted Cash in Other Noncurrent Assets 16 — — 16 Cash, Cash Equivalents and Restricted Cash $ 46 $ 28 $ 22 $ 96 (A) Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2019 Revenues from Contracts with Customers Electric Distribution $ 742 $ — $ — $ — $ 742 Gas Distribution 931 — — (3 ) 928 Transmission 288 — — — 288 Electricity and Related Product Sales PJM Third Party Sales — 515 — — 515 Sales to Affiliates — 126 — (126 ) — New York ISO — 41 — — 41 ISO New England — 21 — — 21 Gas Sales Third Party Sales — 47 — — 47 Sales to Affiliates — 479 — (479 ) — Other Revenues from Contracts with Customers (A) 64 10 131 (1 ) 204 Total Revenues from Contracts with Customers 2,025 1,239 131 (609 ) 2,786 Revenues Unrelated to Contracts with Customers (B) 7 177 10 — 194 Total Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 PSE&G Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2018 Revenues from Contracts with Customers Electric Distribution $ 690 $ — $ — $ — $ 690 Gas Distribution 759 — — (3 ) 756 Transmission 312 — — — 312 Electricity and Related Product Sales PJM Third Party Sales — 498 — — 498 Sales to Affiliates — 176 — (176 ) — New York ISO — 59 — — 59 ISO New England — 47 — — 47 Gas Sales Third Party Sales — 64 — — 64 Sales to Affiliates — 397 — (397 ) — Other Revenues from Contracts with Customers (A) 72 10 137 (1 ) 218 Total Revenues from Contracts with Customers 1,833 1,251 137 (577 ) 2,644 Revenues Unrelated to Contracts with Customers (B) 12 152 10 — 174 Total Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 (A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. |
Revenue, Capacity Auction Obligations [Table Text Block] | Capacity Payments from the PJM Reliability Pricing Model (RPM) Annual Base Residual and Incremental Auctions —The Base Residual Auction is conducted annually three years in advance of the operating period. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the base and incremental auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $205 9,200 June 2019 to May 2020 $115 9,000 June 2020 to May 2021 $170 8,100 June 2021 to May 2022 $178 7,700 Capacity Payments from the New England ISO Forward Capacity Market —The Forward Capacity Market (FCM) Auction is conducted annually three years in advance of the operating period. The table below includes Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231 /MW-day for seven years, with escalations based on the Handy-Whitman Index and the planned retirement of Bridgeport Harbor Station 3 in 2021. Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed: Delivery Year $ per MW-Day MW Cleared June 2018 to May 2019 $314 820 June 2019 to May 2020 $231 1,330 June 2020 to May 2021 $195 1,330 June 2021 to May 2022 $192 950 June 2022 to May 2023 $179 950 June 2023 to May 2024 $231 480 June 2024 to May 2025 $231 480 June 2025 to May 2026 $231 480 |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following amounts relate to total Operating Lease costs, including both amounts recognized in the Condensed Consolidated Statements of Operations during the three months ended March 31, 2019 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions. PSE&G Power Other Total Millions Three Months Ended March 31, 2019 Operating Lease Costs Long-term Lease Costs $ 4 $ 2 $ 4 $ 10 Short-term Lease Costs 5 2 — 7 Variable Lease Costs — — 3 3 Total Operating Lease Costs $ 9 $ 4 $ 7 $ 20 Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities $ 4 $ 2 $ 4 $ 10 Weighted Average Remaining Lease Term in Years 13 20 11 13 Weighted Average Discount Rate 3.7 % 5.0 % 4.2 % 4.2 % |
Lessee, Operating Lease, Liability, Maturity | The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Condensed Consolidated Balance Sheets: As of March 31, 2019 PSE&G Power Other Total Millions Undiscounted Cash Flows $ 115 $ 70 $ 179 $ 364 Reconciling Amount due to Discount Rate (25 ) (27 ) (37 ) (89 ) Total Discounted Operating Lease Liabilities $ 90 $ 43 $ 142 $ 275 Operating Lease Liabilities as of March 31, 2019 had the following maturities: PSE&G Power Other Total Millions 2019 $ 11 $ 5 $ 12 $ 28 2020 11 4 16 31 2021 10 4 16 30 2022 8 5 16 29 2023 8 3 15 26 2024 7 3 14 24 Thereafter 60 46 90 196 Total Minimum Lease Payments $ 115 $ 70 $ 179 $ 364 |
Schedule of Future Minimum Rental Payments for Operating Leases | Operating Lease commitments as of December 31, 2018 had the following maturities: PSE&G Power Other Total Millions 2019 $ 15 $ 11 $ 15 $ 41 2020 11 13 16 40 2021 10 13 16 39 2022 8 14 16 38 2023 8 8 15 31 Thereafter 66 51 105 222 Total Minimum Lease Payments $ 118 $ 110 $ 183 $ 411 |
Operating Lease, Lease Income | The following is the Operating Lease Income for Power and Energy Holdings for the three months ended March 31, 2019 : Power Energy Holdings Total Millions Operating Lease Income Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 4 — 4 Total Operating Lease Income $ 4 $ 5 $ 9 |
Lessor, Operating Lease, Payments to be Received, Maturity | Operating Leases had the following minimum future fixed lease receipts as of March 31, 2019 : Millions 2019 $ 19 2020 20 2021 18 2022 17 2023 17 2024 16 Thereafter 165 Total Minimum Future Lease Receipts $ 272 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
PSE And G [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Credit Risk Profile Based On Payment Activity | Outstanding Loans by Class of Customer As of As of Consumer Loans March 31, December 31, Millions Commercial/Industrial $ 169 $ 164 Residential 9 9 Total $ 178 $ 173 Current Portion (included in Other Current Assets) (22 ) (24 ) Noncurrent Portion (included in Long-Term Investments) $ 156 $ 149 |
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 March 31, 2019 and December 31, 2018 . As of As of March 31, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 502 $ 504 Estimated Residual Value of Leased Assets 326 326 Total Investment in Rental Receivables 828 830 Unearned and Deferred Income (285 ) (290 ) Gross Investments in Leases 543 540 Deferred Tax Liabilities (356 ) (354 ) Net Investments in Leases $ 187 $ 186 |
Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating | The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings. Lease Receivables, Net of Non-Recourse Debt Counterparties’ Credit Rating Standard & Poor’s (S&P) as of March 31, 2019 As of March 31, 2019 Millions AA $ 13 A- 58 BBB+ — BBB- 258 BB 133 NR 40 Total $ 502 |
Schedule Of Assets Under Lease Receivables | A more detailed description of such assets under lease 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 $ 133 64 % 1,538 Coal BB NRG Energy, Inc. Joliet Station Units 7 and 8 IL $ 85 64 % 1,036 Gas BB NRG Energy, Inc. Shawville Station Units 1, 2, 3 and 4 PA $ 77 100 % 596 Gas NR REMA |
Trust Investments (Tables)
Trust Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Trust Investments [Line Items] | |
Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund | The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 423 $ 183 $ (6 ) $ 600 International 388 68 (16 ) 440 Total Equity Securities 811 251 (22 ) 1,040 Available-for Sale Debt Securities Government 509 6 (3 ) 512 Corporate 495 6 (4 ) 497 Total Available-for-Sale Debt Securities 1,004 12 (7 ) 1,009 Total NDT Fund Investments $ 1,815 $ 263 $ (29 ) $ 2,049 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Equity Securities Domestic $ 447 $ 153 $ (29 ) $ 571 International 323 36 (30 ) 329 Total Equity Securities 770 189 (59 ) 900 Available-for Sale Debt Securities Government 498 2 (9 ) 491 Corporate 501 1 (15 ) 487 Total Available-for-Sale Debt Securities 999 3 (24 ) 978 Total NDT Fund Investments $ 1,769 $ 192 $ (83 ) $ 1,878 |
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 March 31, December 31, Millions Accounts Receivable $ 16 $ 17 Accounts Payable $ 14 $ 5 |
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 March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Equity Securities (A) Domestic $ 45 $ (5 ) $ 4 $ (1 ) $ 147 $ (26 ) $ 5 $ (3 ) International 76 (10 ) 20 (6 ) 131 (28 ) 5 (2 ) Total Equity Securities 121 (15 ) 24 (7 ) 278 (54 ) 10 (5 ) Available-for Sale Debt Securities Government (B) 23 — 225 (3 ) 51 — 317 (9 ) Corporate (C) 20 — 190 (4 ) 150 (5 ) 222 (10 ) Total Available-for-Sale Debt Securities 43 — 415 (7 ) 201 (5 ) 539 (19 ) NDT Trust Investments $ 164 $ (15 ) $ 439 $ (14 ) $ 479 $ (59 ) $ 549 $ (24 ) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 |
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from NDT Fund Sales (A) $ 453 $ 372 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 45 $ 24 Gross Realized Losses (19 ) (12 ) Net Realized Gains (Losses) on NDT Fund (B) $ 26 $ 12 Unrealized Gains (Losses) on Equity Securities in NDT Fund 99 (34 ) Net Gains (Losses) on NDT Fund Investments $ 125 $ (22 ) (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The NDT Fund debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ 13 1 - 5 years 257 6 - 10 years 215 11 - 15 years 44 16 - 20 years 71 Over 20 years 409 Total NDT Available-for-Sale Debt Securities $ 1,009 |
Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months. As of March 31, 2019 As of December 31, 2018 Less Than 12 Months Greater Than 12 Months Less Than 12 Months Greater Than 12 Months Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Millions Available-for-Sale Debt Securities Government (A) $ — $ — $ 27 $ — $ 18 $ — $ 59 $ (2 ) Corporate (B) 6 — 30 (1 ) 50 (3 ) 29 (1 ) Total Available-for-Sale Debt Securities 6 — 57 (1 ) 68 (3 ) 88 (3 ) Rabbi Trust Investments $ 6 $ — $ 57 $ (1 ) $ 68 $ (3 ) $ 88 $ (3 ) (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019 . (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019 . |
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 March 31, 2019 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 3 $ — $ 25 Available-for-Sale Debt Securities Government 108 2 — 110 Corporate 97 2 (1 ) 98 Total Available-for-Sale Debt Securities 205 4 (1 ) 208 Total Rabbi Trust Investments $ 227 $ 7 $ (1 ) $ 233 As of December 31, 2018 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Millions Domestic Equity Securities $ 22 $ 1 $ — $ 23 Available-for-Sale Debt Securities Government 110 1 (2 ) 109 Corporate 96 — (4 ) 92 Total Available-for-Sale Debt Securities 206 1 (6 ) 201 Total Rabbi Trust Investments $ 228 $ 2 $ (6 ) $ 224 |
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 March 31, December 31, Millions Accounts Receivable $ 2 $ 2 Accounts Payable $ 1 $ — |
Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2019 2018 Millions Proceeds from Rabbi Trust Sales (A) $ 44 $ 25 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 1 $ 2 Gross Realized Losses (1 ) (2 ) Net Realized Gains (Losses) on Rabbi Trust (B) — — Unrealized Gains (Losses) on Equity Securities in Rabbi Trust 3 — Net Gains (Losses) on Rabbi Trust Investments $ 3 $ — (A) Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B) The cost of these securities was determined on the basis of specific identification. |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The Rabbi Trust debt securities held as of March 31, 2019 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 33 6 - 10 years 30 11 - 15 years 10 16 - 20 years 25 Over 20 years 110 Total Rabbi Trust Available-for-Sale Debt Securities $ 208 |
Fair Value Of The Rabbi Trusts | The fair value of the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 46 $ 45 Power 59 56 Other 128 123 Total Rabbi Trust Investments $ 233 $ 224 |
Pension and OPEB (Tables)
Pension and OPEB (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Benefit Cost | 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, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable. Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 29 $ 32 $ 2 $ 4 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 58 52 11 16 Expected Return on Plan Assets (97 ) (110 ) (9 ) (10 ) Amortization of Net Prior Service Cost (5 ) (4 ) (32 ) — Actuarial Loss 27 21 13 16 Non-Service Components of Pension and OPEB (Credits) Costs (17 ) (41 ) (17 ) 22 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 |
Schedule Of Pension And OPEB Costs | Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows: Pension Benefits OPEB Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions PSE&G $ 7 $ (8 ) $ (16 ) $ 17 Power 3 (2 ) 1 8 Other 2 1 — 1 Total Benefit (Credits) Costs $ 12 $ (9 ) $ (15 ) $ 26 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 . As of As of March 31, December 31, Millions Face Value of Outstanding Guarantees $ 1,854 $ 1,772 Exposure under Current Guarantees $ 150 $ 198 Letters of Credit Margin Posted $ 105 $ 115 Letters of Credit Margin Received $ 29 $ 26 Cash Deposited and Received: Counterparty Cash Margin Deposited $ — $ — Counterparty Cash Margin Received $ (1 ) $ (10 ) Net Broker Balance Deposited (Received) $ 204 $ 403 Additional Amounts Posted: Other Letters of Credit $ 51 $ 52 |
Total Minimum Purchase Commitments | As of March 31, 2019 , the total minimum purchase requirements included in these commitments were as follows: Fuel Type Power's Share of Commitments through 2023 Millions Nuclear Fuel Uranium $ 221 Enrichment $ 336 Fabrication $ 157 Natural Gas $ 1,121 Coal $ 380 |
PSE And G [Member] | |
Loss Contingencies [Line Items] | |
Contract For Anticipated BGS-Fixed Price Eligible Load | The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows: Auction Year 2016 2017 2018 2019 36-Month Terms Ending May 2019 May 2020 May 2021 May 2022 (A) Load (MW) 2,800 2,800 2,900 2,800 $ per MWh $96.38 $90.78 $91.77 $98.04 (A) Prices set in the 2019 BGS auction will become effective on June 1, 2019 when the 2016 BGS auction agreements expire. |
Debt and Credit Facilities Debt
Debt and Credit Facilities Debt and Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt and Credit Facilities [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of March 31, 2019 were as follows: As of March 31, 2019 Company/Facility Total Facility Usage (D) Available Liquidity Expiration Date Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 802 $ 698 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 802 $ 698 PSE&G 5-year Credit Facility (B) $ 600 $ 380 $ 220 Mar 2023 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 380 $ 220 Power 3-year Letter of Credit Facilities $ 200 $ 104 $ 96 Sept 2021 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2023 Funding/Letters of Credit Total Power $ 2,100 $ 143 $ 1,957 Total $ 4,200 $ 1,325 $ 2,875 (A) PSEG facilities will be reduced by $9 million in March 2022 . (B) PSE&G facility will be reduced by $4 million in March 2022 . (C) Power facilities will be reduced by $12 million in March 2022 . (D) The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2019 , PSEG had $787 million outstanding at a weighted average interest rate of 2.92% . PSE&G had $364 million outstanding at a weighted average interest rate of 2.80% under its Commercial Paper Program as of March 31, 2019 . Except as otherwise noted in the table above, in March 2019 , PSEG, PSE&G and Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2022 to March 2023 . |
Financial Risk Management Act_2
Financial Risk Management Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Derivative Instruments Fair Value In Balance Sheets | As of March 31, 2019 Power (A) PSEG (A) Consolidated Not Designated Cash Flow Hedges Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Interest Rate Swaps Total Derivatives Millions Derivative Contracts Current Assets $ 346 $ (327 ) $ 19 $ 1 $ 20 Noncurrent Assets 180 (176 ) 4 — 4 Total Mark-to-Market Derivative Assets $ 526 $ (503 ) $ 23 $ 1 $ 24 Derivative Contracts Current Liabilities $ (396 ) $ 383 $ (13 ) $ — $ (13 ) Noncurrent Liabilities (169 ) 168 (1 ) (6 ) (7 ) Total Mark-to-Market Derivative (Liabilities) $ (565 ) $ 551 $ (14 ) $ (6 ) $ (20 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (39 ) $ 48 $ 9 $ (5 ) $ 4 As of December 31, 2018 Power (A) Consolidated Not Designated Balance Sheet Location Energy- Related Contracts Netting (B) Total Power Total Derivatives Millions Derivative Contracts Current Assets $ 426 $ (415 ) $ 11 $ 11 Noncurrent Assets 137 (136 ) 1 1 Total Mark-to-Market Derivative Assets $ 563 $ (551 ) $ 12 $ 12 Derivative Contracts Current Liabilities $ (521 ) $ 510 $ (11 ) $ (11 ) Noncurrent Liabilities (198 ) 194 (4 ) (4 ) Total Mark-to-Market Derivative (Liabilities) $ (719 ) $ 704 $ (15 ) $ (15 ) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (156 ) $ 153 $ (3 ) $ (3 ) (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 March 31, 2019 and December 31, 2018 . (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 March 31, 2019 and December 31, 2018 , Power had net cash collateral/margin payments to counterparties of $203 million and $393 million , respectively. Of these net cash/collateral margin payments, $48 million as of March 31, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. Of the $48 million as of March 31, 2019 , $(9) million was netted against noncurrent assets and $57 million was netted against current liabilities. Of the $153 million as of December 31, 2018 , $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2019 and 2018 : Derivatives in Cash Flow Hedging Relationships Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income Three Months Ended Three Months Ended March 31, March 31, 2019 2018 2019 2018 Millions Millions PSEG Interest Rate Swaps $ (5 ) $ — Interest Expense $ — $ — Total PSEG $ (5 ) $ — $ — $ — The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months ended March 31, 2019 and 2018 , the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was immaterial. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis. Accumulated Other Comprehensive Income (Loss) Pre-Tax After-Tax Millions Balance as of December 31, 2017 $ — $ — Loss Recognized in AOCI (2 ) (1 ) Less: Loss Reclassified into Income — — Balance as of December 31, 2018 $ (2 ) $ (1 ) Loss Recognized in AOCI (5 ) (4 ) Less: Loss Reclassified into Income — — Balance as of March 31, 2019 $ (7 ) $ (5 ) |
Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations | The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2019 and 2018 , respectively. Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load. Derivatives Not Designated as Hedges Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2019 2018 Millions PSEG and Power Energy-Related Contracts Operating Revenues $ 139 $ 40 Energy-Related Contracts Energy Costs (13 ) (8 ) Total PSEG and Power $ 126 $ 32 |
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2019 and December 31, 2018 . Type Notional Total PSEG Power PSE&G Millions As of March 31, 2019 Natural Gas Dekatherm (Dth) 353 — 353 — Electricity MWh (61 ) — (61 ) — Financial Transmission Rights (FTRs) MWh 10 — 10 — Interest Rate Swaps U.S. Dollars 900 900 — — As of December 31, 2018 Natural Gas Dth 358 — 358 — Electricity MWh (74 ) — (74 ) — FTRs MWh 18 — 18 — |
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 wholesale counterparties, net of collateral, as of March 31, 2019 . It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it 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. As of March 31, 2019 , 99% of the net credit exposure for Power’s wholesale 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, NPNS and non-derivatives). Rating Current Exposure Securities held as Collateral Net Exposure Number of Counterparties >10% Net Exposure of Counterparties >10% Millions Millions Investment Grade $ 255 $ 15 $ 240 1 $ 166 (A) Non-Investment Grade 2 1 1 — — Total $ 257 $ 16 $ 241 1 $ 166 (A) Represents net exposure of $166 million with PSE&G. As of March 31, 2019 , collateral held from counterparties where Power had credit exposure included $1 million in cash collateral and $15 million in letters of credit. As of March 31, 2019 , Power had 145 active counterparties. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and December 31, 2018 , 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 March 31, 2019 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 Interest Rate Swaps (B) $ 1 $ — $ — $ 1 $ — NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 25 $ — $ 25 $ — $ — Debt Securities—U.S. Treasury $ 68 $ — $ — $ 68 $ — Debt Securities—Govt Other $ 42 $ — $ — $ 42 $ — Debt Securities—Corporate $ 98 $ — $ — $ 98 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Interest Rate Swaps (B) $ (6 ) $ — $ — $ (6 ) $ — PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 13 $ — $ — $ 13 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 23 $ (503 ) $ 11 $ 514 $ 1 NDT Fund (C) Equity Securities $ 1,040 $ — $ 1,039 $ 1 $ — Debt Securities—U.S. Treasury $ 182 $ — $ — $ 182 $ — Debt Securities—Govt Other $ 330 $ — $ — $ 330 $ — Debt Securities—Corporate $ 497 $ — $ — $ 497 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 11 $ — $ — $ 11 $ — Debt Securities—Corporate $ 25 $ — $ — $ 25 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (14 ) $ 551 $ (6 ) $ (556 ) $ (3 ) Recurring Fair Value Measurements as of December 31, 2018 Description Total Netting (D) Quoted Market Prices for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (E) $ 100 $ — $ 100 $ — $ — Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 23 $ — $ 23 $ — $ — Debt Securities—U.S. Treasury $ 69 $ — $ — $ 69 $ — Debt Securities—Govt Other $ 40 $ — $ — $ 40 $ — Debt Securities—Corporate $ 92 $ — $ — $ 92 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) PSE&G Assets: Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 14 $ — $ — $ 14 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 18 $ — $ — $ 18 $ — Power Assets: Derivative Contracts: Energy-Related Contracts (A) $ 12 $ (551 ) $ 29 $ 527 $ 7 NDT Fund (C) Equity Securities $ 900 $ — $ 898 $ 2 $ — Debt Securities—U.S. Treasury $ 171 $ — $ — $ 171 $ — Debt Securities—Govt Other $ 320 $ — $ — $ 320 $ — Debt Securities—Corporate $ 487 $ — $ — $ 487 $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 23 $ — $ — $ 23 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (A) $ (15 ) $ 704 $ (36 ) $ (677 ) $ (6 ) (A) Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. (B) 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. (C) The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value (NAV) is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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. (D) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. (E) Represents money market mutual funds. |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position March 31, 2019 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 1 $ (3 ) Discounted Cash flow Historic Load Variability 0% to 15% Total Power $ 1 $ (3 ) Total PSEG $ 1 $ (3 ) Quantitative Information About Level 3 Fair Value Measurements Significant Fair Value as of Valuation Unobservable Commodity Level 3 Position December 31, 2018 Technique(s) Input Range Assets (Liabilities) Millions Power Electricity Electric Load Contracts $ 2 $ (5 ) Discounted Cash flow Historic Load Variability 0% to 15% Gas Gas Physical Contracts 5 (1 ) Discounted Cash flow Average Historical Basis -40% to 0% Total Power $ 7 $ (6 ) Total PSEG $ 7 $ (6 ) 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 energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where Power is a buyer, an increase in the average historical basis would increase 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 ended March 31, 2019 and March 31, 2018 , respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2019 Three Months Ended March 31, 2019 Description Balance as of January 1, 2019 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2019 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 1 $ 1 $ — $ (4 ) $ — $ (2 ) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2018 Three Months Ended March 31, 2018 Description Balance as of January 1, 2018 Total Gains or (Losses) Realized/Unrealized Included in Income (A) Purchases (Sales) Issuances/ Settlements (B) Transfers In/Out (C) Balance as of March 31, 2018 Millions PSEG and Power Net Derivative Assets (Liabilities) $ 7 $ (1 ) $ — $ 1 $ — $ 7 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and Power Operating Revenues $ 6 $ — $ 8 $ 8 Energy Costs (5 ) (3 ) (9 ) (9 ) Total $ 1 $ (3 ) $ (1 ) $ (1 ) (B) Represents settlements of $(4) million and $1 million for the three months ended March 31, 2019 and 2018 . (C) There were no transfers into or out of Level 3 during the three months ended March 31, 2019 and 2018 . |
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 March 31, 2019 and December 31, 2018 . As of As of March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Millions Long-Term Debt: PSEG (A) (B) $ 2,094 $ 2,082 $ 2,443 $ 2,397 PSE&G (B) 9,186 9,780 9,184 9,374 Power (B) 2,836 3,069 2,835 2,996 Total Long-Term Debt $ 14,116 $ 14,931 $ 14,462 $ 14,767 (A) As of March 31, 2019 and December 31, 2018 , includes floating rate term loans of $700 million and $1,050 million , respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. (B) Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2019 and 2018 . Three Months Ended March 31, 2019 2018 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and Power Operating Revenues $ 6 $ — $ 8 $ 8 Energy Costs (5 ) (3 ) (9 ) (9 ) Total $ 1 $ (3 ) $ (1 ) $ (1 ) |
Other Income (Deductions) (Tabl
Other Income (Deductions) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule Of Other Income (Deductions) | PSE&G Power Other (A) Consolidated Millions Three Months Ended March 31, 2019 NDT Fund Interest and Dividends $ — $ 14 $ — $ 14 Allowance for Funds Used During Construction 13 — — 13 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 19 $ 13 $ 1 $ 33 Three Months Ended March 31, 2018 NDT Fund Interest and Dividends $ — $ 12 $ — $ 12 Allowance for Funds Used During Construction 14 — — 14 Solar Loan Interest 4 — — 4 Other 2 (1 ) 1 2 Total Other Income (Deductions) $ 20 $ 11 $ 1 $ 32 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Tax Rates | PSEG’s, PSE&G’s and Power’s effective tax rates for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 PSEG 17.6% 26.6% PSE&G 5.8% 26.8% Power 29.5% 26.2% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2018 $ (1 ) $ (360 ) $ (16 ) $ (377 ) Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings — (81 ) — (81 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications (4 ) (3 ) 20 13 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 3 1 4 Net Current Period Other Comprehensive Income (Loss) (4 ) — 21 17 Net Change in Accumulated Other Comprehensive Income (Loss) (4 ) (81 ) 21 (64 ) Balance as of March 31, 2019 $ (5 ) $ (441 ) $ 5 $ (441 ) PSEG Other Comprehensive Income (Loss) Three Months Ended March 31, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (406 ) $ 177 $ (229 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (176 ) (176 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (16 ) (16 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 8 2 10 Net Current Period Other Comprehensive Income (Loss) — 8 (14 ) (6 ) Net Change in Accumulated Other Comprehensive Income (Loss) — 8 (190 ) (182 ) Balance as of March 31, 2018 $ — $ (398 ) $ (13 ) $ (411 ) Power Other Comprehensive Income (Loss) Three Months Ended March 31, 2019 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2018 $ — $ (306 ) $ (13 ) $ (319 ) Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate to Retained Earnings — (69 ) — (69 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — (3 ) 15 12 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 3 1 4 Net Current Period Other Comprehensive Income (Loss) — — 16 16 Net Change in Accumulated Other Comprehensive Income (Loss) — (69 ) 16 (53 ) Balance as of March 31, 2019 $ — $ (375 ) $ 3 $ (372 ) Power Other Comprehensive Income (Loss) Three Months Ended March 31, 2018 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2017 $ — $ (347 ) $ 175 $ (172 ) Cumulative Effect Adjustment to Reclassify Unrealized Net Gains on Equity Investments to Retained Earnings — — (175 ) (175 ) Current Period Other Comprehensive Income (Loss) Other Comprehensive Income before Reclassifications — — (13 ) (13 ) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 6 2 8 Net Current Period Other Comprehensive Income (Loss) — 6 (11 ) (5 ) Net Change in Accumulated Other Comprehensive Income (Loss) — 6 (186 ) (180 ) Balance as of March 31, 2018 $ — $ (341 ) $ (11 ) $ (352 ) |
Reclassifications out of Accumulated Other Comprehensive Income | PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2019 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 7 $ (2 ) $ 5 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 4 (8 ) Total Pension and OPEB Plans (5 ) 2 (3 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (1 ) — (1 ) Total Available-for-Sale Debt Securities (1 ) — (1 ) Total $ (6 ) $ 2 $ (4 ) PSEG Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (12 ) 3 (9 ) Total Pension and OPEB Plans (11 ) 3 (8 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (4 ) 2 (2 ) Total Available-for-Sale Debt Securities (4 ) 2 (2 ) Total $ (15 ) $ 5 $ (10 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2019 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 6 $ (2 ) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 3 (7 ) Total Pension and OPEB Plans (4 ) 1 (3 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (1 ) — (1 ) Total Available-for-Sale Debt Securities (1 ) — (1 ) Total $ (5 ) $ 1 $ (4 ) Power Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement Three Months Ended Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) Location of Pre-Tax Amount In Statement of Operations March 31, 2018 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) $ 1 $ — $ 1 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10 ) 3 (7 ) Total Pension and OPEB Plans (9 ) 3 (6 ) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments (4 ) 2 (2 ) Total Available-for-Sale Debt Securities (4 ) 2 (2 ) Total $ (13 ) $ 5 $ (8 ) |
Earnings Per Share (EPS) and _2
Earnings Per Share (EPS) and Dividends (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 2018 Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 700 $ 700 $ 558 $ 558 EPS Denominator (Millions): Weighted Average Common Shares Outstanding 504 504 504 504 Effect of Stock Based Compensation Awards — 3 — 3 Total Shares 504 507 504 507 EPS Net Income $ 1.39 $ 1.38 $ 1.11 $ 1.10 |
Dividend Payments On Common Stock | Dividends Three Months Ended March 31, Dividend Payments on Common Stock 2019 2018 Per Share $ 0.47 $ 0.45 In Millions $ 238 $ 227 On April 16, 2019 , the PSEG Board approved a $0.47 per share common stock dividend for the second quarter of 2019. |
Financial Information By Busi_2
Financial Information By Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Information By Business Segments | PSE&G Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended March 31, 2019 Operating Revenues $ 2,032 $ 1,416 $ 141 $ (609 ) $ 2,980 Net Income (Loss) 403 296 1 — 700 Gross Additions to Long-Lived Assets 625 167 3 — 795 Three Months Ended March 31, 2018 Operating Revenues $ 1,845 $ 1,403 $ 147 $ (577 ) $ 2,818 Net Income (Loss) 319 234 5 — 558 Gross Additions to Long-Lived Assets 750 299 4 — 1,053 As of March 31, 2019 Total Assets $ 31,500 $ 12,671 $ 2,333 $ (748 ) $ 45,756 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 As of December 31, 2018 Total Assets $ 31,109 $ 12,594 $ 2,604 $ (981 ) $ 45,326 Investments in Equity Method Subsidiaries $ — $ 86 $ — $ — $ 86 (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. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 20. Related-Party Transactions . |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
PSE And G [Member] | |
Related Party Transaction [Line Items] | |
Schedule Of Related Party Transactions, Revenue | PSE&G The financial statements for PSE&G include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings from Affiliates: Net Billings from Power primarily through BGS and BGSS (A) $ 633 $ 578 Administrative Billings from Services (B) 75 83 Total Billings from Affiliates $ 708 $ 661 |
Schedule Of Related Party Transactions, Payables | As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivables from PSEG (C) $ — $ 123 Payable to Power (A) $ 207 $ 245 Payable to Services (B) 62 76 Payables to PSEG (C) 5 — Accounts Payable—Affiliated Companies $ 274 $ 321 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 69 $ 69 |
Power [Member] | |
Related Party Transaction [Line Items] | |
Schedule Of Related Party Transactions, Revenue | The financial statements for Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2019 2018 Millions Billings to Affiliates: Net Billings to PSE&G primarily through BGS and BGSS (A) $ 633 $ 578 Billings from Affiliates: Administrative Billings from Services (B) $ 45 $ 43 |
Schedule Of Related Party Transactions, Receivables | As of As of Related-Party Transactions March 31, 2019 December 31, 2018 Millions Receivable from PSE&G (A) $ 207 $ 245 Receivables from PSEG (C) 77 29 Accounts Receivable—Affiliated Companies $ 284 $ 274 Payable to Services (B) $ 21 $ 16 Accounts Payable—Affiliated Companies $ 21 $ 16 Short-Term Loan to (from) Affiliate (E) $ 87 $ (193 ) Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 82 $ 76 |
Guarantees of Debt (Tables)
Guarantees of Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Power [Member] | |
Debt Instrument [Line Items] | |
Schedule Of Financial Statements Of Guarantors | The following tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of March 31, 2019 and December 31, 2018 and for the three months ended March 31, 2019 and 2018 . Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended March 31, 2019 Operating Revenues $ — $ 1,401 $ 56 $ (41 ) $ 1,416 Operating Expenses 1 1,094 61 (41 ) 1,115 Operating Income (Loss) (1 ) 307 (5 ) — 301 Equity Earnings (Losses) of Subsidiaries 309 (8 ) 2 (301 ) 2 Net Gains (Losses) on Trust Investments 1 125 — — 126 Other Income (Deductions) 47 55 — (89 ) 13 Non-Operating Pension and OPEB Credits (Costs) — 3 — — 3 Interest Expense (75 ) (31 ) (8 ) 89 (25 ) Income Tax Benefit (Expense) 15 (144 ) 5 — (124 ) Net Income (Loss) $ 296 $ 307 $ (6 ) $ (301 ) $ 296 Comprehensive Income (Loss) $ 312 $ 322 $ (6 ) $ (316 ) $ 312 Three Months Ended March 31, 2019 Net Cash Provided By (Used In) Operating Activities $ (22 ) $ 799 $ 43 $ (94 ) $ 726 Net Cash Provided By (Used In) Investing Activities $ (167 ) $ (713 ) $ (124 ) $ 728 $ (276 ) Net Cash Provided By (Used In) Financing Activities $ 189 $ (86 ) $ 87 $ (634 ) $ (444 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions Three Months Ended March 31, 2018 Operating Revenues $ — $ 1,386 $ 51 $ (34 ) $ 1,403 Operating Expenses — 1,056 52 (34 ) 1,074 Operating Income (Loss) — 330 (1 ) — 329 Equity Earnings (Losses) of Subsidiaries 234 (3 ) 2 (231 ) 2 Net Gains (Losses) on Trust Investments — (22 ) — — (22 ) Other Income (Deductions) 35 33 — (57 ) 11 Non-Operating Pension and OPEB Credits (Costs) — 4 — — 4 Interest Expense (42 ) (17 ) (5 ) 57 (7 ) Income Tax Benefit (Expense) 7 (92 ) 2 — (83 ) Net Income (Loss) $ 234 $ 233 $ (2 ) $ (231 ) $ 234 Comprehensive Income (Loss) $ 229 $ 223 $ (2 ) $ (221 ) $ 229 Three Months Ended March 31, 2018 Net Cash Provided By (Used In) Operating Activities $ (5 ) $ 525 $ (49 ) $ 71 $ 542 Net Cash Provided By (Used In) Investing Activities $ (215 ) $ (625 ) $ (82 ) $ 605 $ (317 ) Net Cash Provided By (Used In) Financing Activities $ 220 $ 100 $ 111 $ (677 ) $ (246 ) Power Guarantor Subsidiaries Other Subsidiaries Consolidating Adjustments Total Millions As of March 31, 2019 Current Assets $ 4,518 $ 1,693 $ 318 $ (5,217 ) $ 1,312 Property, Plant and Equipment, net 48 4,915 3,913 — 8,876 Investment in Subsidiaries 5,309 1,099 — (6,408 ) — Noncurrent Assets 278 2,277 137 (209 ) 2,483 Total Assets $ 10,153 $ 9,984 $ 4,368 $ (11,834 ) $ 12,671 Current Liabilities $ 776 $ 2,966 $ 2,113 $ (5,217 ) $ 638 Noncurrent Liabilities 519 2,072 793 (209 ) 3,175 Long-Term Debt 2,836 — — — 2,836 Member’s Equity 6,022 4,946 1,462 (6,408 ) 6,022 Total Liabilities and Member’s Equity $ 10,153 $ 9,984 $ 4,368 $ (11,834 ) $ 12,671 As of December 31, 2018 Current Assets $ 4,317 $ 1,479 $ 304 $ (4,593 ) $ 1,507 Property, Plant and Equipment, net 49 4,971 3,822 — 8,842 Investment in Subsidiaries 5,062 1,107 — (6,169 ) — Noncurrent Assets 273 2,109 101 (238 ) 2,245 Total Assets $ 9,701 $ 9,666 $ 4,227 $ (11,000 ) $ 12,594 Current Liabilities $ 437 $ 2,971 $ 2,027 $ (4,593 ) $ 842 Noncurrent Liabilities 513 1,996 730 (238 ) 3,001 Long-Term Debt 2,791 — — — 2,791 Member’s Equity 5,960 4,699 1,470 (6,169 ) 5,960 Total Liabilities and Member’s Equity $ 9,701 $ 9,666 $ 4,227 $ (11,000 ) $ 12,594 |
Organization and Basis of Pre_4
Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Cash and Cash Equivalents | $ 65 | $ 177 | |||
Cash, Cash Equivalents and Restricted Cash | 96 | 199 | $ 134 | $ 315 | |
PSE And G [Member] | |||||
Cash and Cash Equivalents | 15 | 39 | |||
Restricted Cash in Other Current Assets | 15 | 8 | |||
Restricted Cash in Other Noncurrent Assets | 16 | 14 | |||
Cash, Cash Equivalents and Restricted Cash | 46 | 61 | 64 | 244 | |
Power [Member] | |||||
Cash and Cash Equivalents | 28 | 22 | |||
Restricted Cash in Other Current Assets | 0 | 0 | |||
Restricted Cash in Other Noncurrent Assets | 0 | 0 | |||
Cash, Cash Equivalents and Restricted Cash | 28 | 22 | $ 11 | $ 32 | |
Other Entities [Member] | |||||
Cash and Cash Equivalents | [1] | 22 | 116 | ||
Restricted Cash in Other Current Assets | [1] | 0 | 0 | ||
Restricted Cash in Other Noncurrent Assets | [1] | 0 | 0 | ||
Cash, Cash Equivalents and Restricted Cash | [1] | 22 | 116 | ||
Other Current Assets [Member] | |||||
Restricted Cash in Other Current Assets | 15 | 8 | |||
Other Noncurrent Assets [Member] | |||||
Restricted Cash in Other Noncurrent Assets | $ 16 | $ 14 | |||
[1] | Includes amounts applicable to PSEG (parent corporation), Energy Holdings and Services. |
Recent Accounting Standards Rec
Recent Accounting Standards Recent Accounting Standards (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Reclassification of deferred rent liabilities and incentives | $ 21 |
Accounting Standards Update 2018-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 81 |
PSE And G [Member] | Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 91 |
Power [Member] | Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 46 |
Power [Member] | Accounting Standards Update 2018-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 69 |
Operating Lease Right of Use Assets [Member] | Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 261 |
Operating Lease Liabilities [Member] | Accounting Standards Update 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 282 |
Revenues Revenues (Details)
Revenues Revenues (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019USD ($)$ / mwdMW | Mar. 31, 2018USD ($) | Dec. 31, 2018 | ||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | $ 2,786 | $ 2,644 | ||
Revenues Unrelated to Contracts with Customers | [1] | 194 | 174 | |
Total Operating Revenues | 2,980 | 2,818 | ||
Electric Distribution Contracts [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 742 | 690 | ||
Gas Distribution [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 928 | 756 | ||
Electric Transmission [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 288 | 312 | ||
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 515 | 498 | ||
Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Electricity and Related Products [Member] | NY ISO [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 41 | 59 | ||
Electricity and Related Products [Member] | ISO New England [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 21 | 47 | ||
Gas Sales [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 47 | 64 | ||
Gas Sales [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other Revenues from Contracts with Customers [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | [2] | $ 204 | 218 | |
PSE And G [Member] | ||||
Revenues [Line Items] | ||||
Allowances percentage of accounts receivable | 6.00% | 7.00% | ||
Revenue from Contract with Customers | $ 2,025 | 1,833 | ||
Revenues Unrelated to Contracts with Customers | [1] | 7 | 12 | |
Total Operating Revenues | 2,032 | 1,845 | ||
PSE And G [Member] | Electric Distribution Contracts [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 742 | 690 | ||
PSE And G [Member] | Gas Distribution [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 931 | 759 | ||
PSE And G [Member] | Electric Transmission [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 288 | 312 | ||
PSE And G [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
PSE And G [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
PSE And G [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
PSE And G [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
PSE And G [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
PSE And G [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
PSE And G [Member] | Other Revenues from Contracts with Customers [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | [2] | 64 | 72 | |
Power [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 1,239 | 1,251 | ||
Revenues Unrelated to Contracts with Customers | [1] | 177 | 152 | |
Total Operating Revenues | 1,416 | 1,403 | ||
Anticipated Contract Revenues | $ 177 | |||
Power [Member] | PJM [Member] | June 2018 to May 2019 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 205 | |||
Load (MW) | MW | 9,200 | |||
Power [Member] | PJM [Member] | June 2019 to May 2020 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 115 | |||
Load (MW) | MW | 9,000 | |||
Power [Member] | PJM [Member] | June 2020 to May 2021 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 170 | |||
Load (MW) | MW | 8,100 | |||
Power [Member] | PJM [Member] | June 2021 to May 2022 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 178 | |||
Load (MW) | MW | 7,700 | |||
Power [Member] | ISO New England [Member] | June 2018 to May 2019 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 314 | |||
Load (MW) | MW | 820 | |||
Power [Member] | ISO New England [Member] | June 2019 to May 2020 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 231 | |||
Load (MW) | MW | 1,330 | |||
Power [Member] | ISO New England [Member] | June 2020 to May 2021 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 195 | |||
Load (MW) | MW | 1,330 | |||
Power [Member] | ISO New England [Member] | June 2021 to May 2022 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 192 | |||
Load (MW) | MW | 950 | |||
Power [Member] | ISO New England [Member] | June 2022 to May 2023 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 179 | |||
Load (MW) | MW | 950 | |||
Power [Member] | ISO New England [Member] | June 2023 to May 2024 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 231 | |||
Load (MW) | MW | 480 | |||
Power [Member] | ISO New England [Member] | June 2024 to May 2025 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 231 | |||
Load (MW) | MW | 480 | |||
Power [Member] | ISO New England [Member] | June 2025 to May 2026 [Member] | ||||
Revenues [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 231 | |||
Load (MW) | MW | 480 | |||
Power [Member] | Electric Distribution Contracts [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | $ 0 | 0 | ||
Power [Member] | Gas Distribution [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Power [Member] | Electric Transmission [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 515 | 498 | ||
Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 126 | 176 | ||
Power [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 41 | 59 | ||
Power [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 21 | 47 | ||
Power [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 47 | 64 | ||
Power [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 479 | 397 | ||
Power [Member] | Other Revenues from Contracts with Customers [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | [2] | 10 | 10 | |
Other [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 131 | 137 | ||
Revenues Unrelated to Contracts with Customers | [1] | 10 | 10 | |
Total Operating Revenues | 141 | 147 | ||
Other [Member] | LIPA OSA contract fixed component [Member] | ||||
Revenues [Line Items] | ||||
Anticipated Contract Revenues | 65 | |||
Other [Member] | Electric Distribution Contracts [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Gas Distribution [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Electric Transmission [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Other [Member] | Other Revenues from Contracts with Customers [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | [2] | 131 | 137 | |
Other [Member] | LIPA OSA contract incentive component [Member] | ||||
Revenues [Line Items] | ||||
Anticipated Contract Revenues | 10 | |||
Eliminations [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | (609) | (577) | ||
Revenues Unrelated to Contracts with Customers | [1] | 0 | 0 | |
Total Operating Revenues | (609) | (577) | ||
Eliminations [Member] | Electric Distribution Contracts [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Eliminations [Member] | Gas Distribution [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | (3) | (3) | ||
Eliminations [Member] | Electric Transmission [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Eliminations [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Eliminations [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | (126) | (176) | ||
Eliminations [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Eliminations [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Eliminations [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | 0 | 0 | ||
Eliminations [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | (479) | (397) | ||
Eliminations [Member] | Other Revenues from Contracts with Customers [Member] | ||||
Revenues [Line Items] | ||||
Revenue from Contract with Customers | [2] | $ (1) | $ (1) | |
[1] | Includes primarily alternative revenues at PSE&G, derivative contracts at Power, and lease contracts in Other. | |||
[2] | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at Power, and PSEG LI’s OSA with LIPA in Other. |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Variable Interest Entity [Line Items] | ||
Operating Revenues | $ 2,980 | $ 2,818 |
Operation and Maintenance | 756 | 754 |
Long Island ServCo [Member] | ||
Variable Interest Entity [Line Items] | ||
Operating Revenues | 115 | 120 |
Operation and Maintenance | $ 115 | $ 120 |
Rate Filings (Details)
Rate Filings (Details) - PSE And G [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 30, 2019 | Mar. 31, 2019 | |
Gas Weather Normalization Deferral [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 14 | |
2016 to 2017 [Member] | Gas Weather Normalization Deferral [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Public Utilities, Approved Rate Increase (Decrease), Amount | 23 | |
2017 to 2018 [Member] | Gas Weather Normalization Deferral [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ (9) | |
Subsequent Event [Member] | Gas System Modernization Program [Member] | ||
Regulatory Assets And Liabilities [Line Items] | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 12 |
Leases Leases (Details)
Leases Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)renewals | |
Lessee, Lease, Description [Line Items] | |
Lease not yet commenced | $ 35 |
Lessor leases carrying value | 272 |
Pse And G | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Liability, Current | $ 11 |
Pse And G | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 1 year |
Pse And G | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 5 years |
Power | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Liability, Current | $ 4 |
Lease renewal term | 5 years |
Number of lease renewal terms | renewals | 1 |
Lessor leases carrying value | $ 331 |
Power | Minimum | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 15 years |
Power | Maximum | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 20 years |
PSEG | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Liability, Current | $ 25 |
Services | Subsidiaries | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 5 years |
Number of lease renewal terms | renewals | 2 |
Energy Holdings | Subsidiaries | |
Lessee, Lease, Description [Line Items] | |
Lease renewal term | 5 years |
Number of lease renewal terms | renewals | 8 |
Lessor leases carrying value | $ 24 |
Leases Operating Lease Costs (D
Leases Operating Lease Costs (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease Costs | |
Long-term Lease Costs | $ 10 |
Short-term Lease Costs | 7 |
Variable Lease Costs | 3 |
Total Operating Lease Costs | 20 |
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ 10 |
Weighted Average Remaining Lease Term in Years | 13 years |
Weighted Average Discount Rate | 4.20% |
Pse And G | |
Operating Lease Costs | |
Long-term Lease Costs | $ 4 |
Short-term Lease Costs | 5 |
Variable Lease Costs | 0 |
Total Operating Lease Costs | 9 |
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ 4 |
Weighted Average Remaining Lease Term in Years | 13 years |
Weighted Average Discount Rate | 3.70% |
Power | |
Operating Lease Costs | |
Long-term Lease Costs | $ 2 |
Short-term Lease Costs | 2 |
Variable Lease Costs | 0 |
Total Operating Lease Costs | 4 |
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ 2 |
Weighted Average Remaining Lease Term in Years | 20 years |
Weighted Average Discount Rate | 5.00% |
Other | |
Operating Lease Costs | |
Long-term Lease Costs | $ 4 |
Short-term Lease Costs | 0 |
Variable Lease Costs | 3 |
Total Operating Lease Costs | 7 |
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities | $ 4 |
Weighted Average Remaining Lease Term in Years | 11 years |
Weighted Average Discount Rate | 4.20% |
Leases Operating Lease Liabilit
Leases Operating Lease Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 | $ 28 |
2020 | 31 |
2021 | 30 |
2022 | 29 |
2023 | 26 |
2024 | 24 |
Thereafter | 196 |
Total Minimum Lease Payments | 364 |
Pse And G | |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 | 11 |
2020 | 11 |
2021 | 10 |
2022 | 8 |
2023 | 8 |
2024 | 7 |
Thereafter | 60 |
Total Minimum Lease Payments | 115 |
Power | |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 | 5 |
2020 | 4 |
2021 | 4 |
2022 | 5 |
2023 | 3 |
2024 | 3 |
Thereafter | 46 |
Total Minimum Lease Payments | 70 |
Other | |
Operating Lease Liabilities, Payments Due [Abstract] | |
2019 | 12 |
2020 | 16 |
2021 | 16 |
2022 | 16 |
2023 | 15 |
2024 | 14 |
Thereafter | 90 |
Total Minimum Lease Payments | $ 179 |
Leases Operating Lease Commitme
Leases Operating Lease Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | $ 41 |
2020 | 40 |
2021 | 39 |
2022 | 38 |
2023 | 31 |
Thereafter | 222 |
Total Minimum Lease Payments | 411 |
Pse And G | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | 15 |
2020 | 11 |
2021 | 10 |
2022 | 8 |
2023 | 8 |
Thereafter | 66 |
Total Minimum Lease Payments | 118 |
Power | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | 11 |
2020 | 13 |
2021 | 13 |
2022 | 14 |
2023 | 8 |
Thereafter | 51 |
Total Minimum Lease Payments | 110 |
Other | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2019 | 15 |
2020 | 16 |
2021 | 16 |
2022 | 16 |
2023 | 15 |
Thereafter | 105 |
Total Minimum Lease Payments | $ 183 |
Leases Reconciliation of Undisc
Leases Reconciliation of Undiscounted Cash Flows (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Total Minimum Lease Payments | $ 364 |
Reconciling Amount due to Discount Rate | (89) |
Total Discounted Operating Lease Liabilities | 275 |
Pse And G | |
Lessee, Lease, Description [Line Items] | |
Total Minimum Lease Payments | 115 |
Reconciling Amount due to Discount Rate | (25) |
Total Discounted Operating Lease Liabilities | 90 |
Power | |
Lessee, Lease, Description [Line Items] | |
Total Minimum Lease Payments | 70 |
Reconciling Amount due to Discount Rate | (27) |
Total Discounted Operating Lease Liabilities | 43 |
Other | |
Lessee, Lease, Description [Line Items] | |
Total Minimum Lease Payments | 179 |
Reconciling Amount due to Discount Rate | (37) |
Total Discounted Operating Lease Liabilities | $ 142 |
Leases Operating Lease Income (
Leases Operating Lease Income (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease Income | |
Fixed Lease Income | $ 5 |
Variable Lease Income | 4 |
Total Operating Lease Income | 9 |
Power | |
Operating Lease Income | |
Fixed Lease Income | 0 |
Variable Lease Income | 4 |
Total Operating Lease Income | 4 |
Energy Holdings | Subsidiaries | |
Operating Lease Income | |
Fixed Lease Income | 5 |
Variable Lease Income | 0 |
Total Operating Lease Income | $ 5 |
Leases Operating Lease Right-Of
Leases Operating Lease Right-Of-Use Assets (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2019 | $ 19 |
2020 | 20 |
2021 | 18 |
2022 | 17 |
2023 | 17 |
2024 | 16 |
Thereafter | 165 |
Total Minimum Future Lease Receipts | $ 272 |
Financing Receivables (Outstand
Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - PSE And G [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 178 | $ 173 |
Current Portion of Outstanding Loans | 22 | 24 |
Noncurrent Portion of Outstanding Loans | 156 | 149 |
Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | 169 | 164 |
Residential [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 9 | $ 9 |
Financing Receivables (Gross An
Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 502 | $ 504 |
Estimated Residual Value of Leased Assets | 326 | 326 |
Total Investment in Rental Receivables | 828 | 830 |
Unearned and Deferred Income | (285) | (290) |
Gross Investments in Leases | 543 | 540 |
Deferred Tax Liabilities | (356) | (354) |
Net Investments in Leases | $ 187 | $ 186 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 502 | $ 504 |
Standard & Poor's, AA Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 13 | |
Standard & Poor's, A- Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 58 | |
Standard & Poor's, BBB plus - BBB - Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 258 | |
Standard & Poor's, BB Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 133 | |
Not Rated [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 40 |
Financing Receivables (Narrativ
Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule of Financial Receivables [Line Items] | ||
Lease investment with non-investment grade counterparties, gross | $ 295 | |
Lease investment with non-investment grade counterparties, net of deferred taxes | 7 | |
Expected claim proceeds | 31.5 | |
REMA Funded credit support | $ 36 | |
Powerton Station [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Counterparties’ S&P Credit Ratings | BB | |
Subsequent Event [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Expected tax payment for REMA restructuring | $ 120 |
Financing Receivables (Schedu_2
Financing Receivables (Schedule Of Assets Under Lease Receivables) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)MW | |
Powerton Station Units 5 And 6 [Member] | |
Schedule of Financial Receivables [Line Items] | |
Location | IL |
Gross Investment | $ | $ 133 |
% 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 | $ | $ 85 |
% Owned | 64.00% |
Total MW | MW | 1,036 |
Fuel Type | Gas |
Counterparties’ S&P Credit Ratings | BB |
Counterparty | NRG Energy, Inc. |
Shawville Station Units 1, 2, 3 And 4 [Member] | |
Schedule of Financial Receivables [Line Items] | |
Location | PA |
Gross Investment | $ | $ 77 |
% Owned | 100.00% |
Total MW | MW | 596 |
Fuel Type | Gas |
Counterparties’ S&P Credit Ratings | NR |
Counterparty | REMA |
Trust Investments (Fair Values
Trust Investments (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Trust Investments, Cost | $ 1,815 | $ 1,769 |
Gross Unrealized Gains | 263 | 192 |
Gross Unrealized Losses | (29) | (83) |
Trust Investments, Fair Value | 2,049 | 1,878 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Trust Investments, Cost | 227 | 228 |
Gross Unrealized Gains | 7 | 2 |
Gross Unrealized Losses | (1) | (6) |
Trust Investments, Fair Value | 233 | 224 |
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,004 | 999 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 12 | 3 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 7 | 24 |
Debt Securities, Available-for-Sale, Fair Value | 1,009 | 978 |
Total Debt Securities [Member] | Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 205 | 206 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | 1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1 | 6 |
Debt Securities, Available-for-Sale, Fair Value | 208 | 201 |
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Equity Securities, Cost | 811 | 770 |
Equity Securities, Accumulated Gross Unrealized Gain | 251 | 189 |
Equity Securities, Accumulated Gross Unrealized Loss | 22 | 59 |
Equity Securities, Fair Value | 1,040 | 900 |
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 495 | 501 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6 | 1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 4 | 15 |
Debt Securities, Available-for-Sale, Fair Value | 497 | 487 |
Corporate Debt Obligations [Member] | Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 97 | 96 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 1 | 4 |
Debt Securities, Available-for-Sale, Fair Value | 98 | 92 |
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 509 | 498 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6 | 2 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3 | 9 |
Debt Securities, Available-for-Sale, Fair Value | 512 | 491 |
Government Debt Securities [Member] | Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 108 | 110 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 1 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 2 |
Debt Securities, Available-for-Sale, Fair Value | 110 | 109 |
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Equity Securities, Cost | 388 | 323 |
Equity Securities, Accumulated Gross Unrealized Gain | 68 | 36 |
Equity Securities, Accumulated Gross Unrealized Loss | 16 | 30 |
Equity Securities, Fair Value | 440 | 329 |
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Equity Securities, Cost | 423 | 447 |
Equity Securities, Accumulated Gross Unrealized Gain | 183 | 153 |
Equity Securities, Accumulated Gross Unrealized Loss | 6 | 29 |
Equity Securities, Fair Value | 600 | 571 |
Domestic Equity Securities [Member] | Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Equity Securities, Cost | 22 | 22 |
Equity Securities, Accumulated Gross Unrealized Gain | 3 | 1 |
Equity Securities, Accumulated Gross Unrealized Loss | 0 | 0 |
Equity Securities, Fair Value | $ 25 | $ 23 |
Trust Investments (Schedule Of
Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | $ 16 | $ 17 |
Accounts Payable | 14 | 5 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | 2 | 2 |
Accounts Payable | $ 1 | $ 0 |
Trust Investments (Value Of Sec
Trust Investments (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 164 | $ 479 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | (15) | (59) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 439 | 549 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (14) | (24) | |
Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 6 | 68 | |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | 0 | (3) | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 57 | 88 | |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (1) | (3) | |
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 121 | 278 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (15) | (54) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 24 | 10 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | (7) | (5) |
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 43 | 201 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 5 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 415 | 539 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7 | 19 | |
Total Debt Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (1) | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 6 | 68 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 3 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 57 | 88 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3 | ||
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [2] | 20 | 150 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [2] | 0 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [2] | 190 | 222 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [2] | 4 | 10 |
Corporate Debt Obligations [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [3] | 6 | 50 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [3] | 0 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [3] | 30 | 29 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [3] | 1 | 1 |
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [4] | 23 | 51 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [4] | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [4] | 225 | 317 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [4] | 3 | 9 |
Government Debt Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [5] | 0 | 18 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [5] | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [5] | 27 | 59 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [5] | 0 | 2 |
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 76 | 131 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (10) | (28) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 20 | 5 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | (6) | (2) |
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 45 | 147 |
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (5) | (26) |
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 4 | 5 |
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | $ (1) | $ (3) |
[1] | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. | ||
[2] | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019. | ||
[3] | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). 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 March 31, 2019. | ||
[4] | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. Power also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019. | ||
[5] | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. These investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG also has investments in municipal bonds that are primarily in investment grade securities. It is not expected that these securities will 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 March 31, 2019. |
Trust Investments (Proceeds Fro
Trust Investments (Proceeds From The Sales Of And The Net Realized Gains On Securities in the NDT and Rabbi Trusts) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Schedule of Trust Investments [Line Items] | |||
Net Gains (Losses) on Trust Investments | $ 128 | $ (22) | |
Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Proceeds from Sales | [1] | 44 | 25 |
Gross Realized Gains | 1 | 2 | |
Gross Realized Losses | (1) | (2) | |
Net Realized Gains (Losses) | [2] | 0 | 0 |
Unrealized Gain (Loss) on Securities | 3 | 0 | |
Net Gains (Losses) on Trust Investments | 3 | 0 | |
Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Net Gains (Losses) on Trust Investments | 126 | (22) | |
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Proceeds from Sales | [3] | 453 | 372 |
Gross Realized Gains | 45 | 24 | |
Gross Realized Losses | (19) | (12) | |
Net Realized Gains (Losses) | [4] | 26 | 12 |
Unrealized Gain (Loss) on Securities | 99 | (34) | |
Net Gains (Losses) on Trust Investments | $ 125 | $ (22) | |
[1] | Includes activity in accounts related to the liquidation of funds being transitioned to new managers. | ||
[2] | The cost of these securities was determined on the basis of specific identification. | ||
[3] | Includes activity in accounts related to the liquidation of funds being transitioned to new managers. | ||
[4] | The cost of these securities was determined on the basis of specific identification. |
Trust Investments (Amount Of Av
Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | $ 0 |
1 - 5 years | 33 |
6 - 10 years | 30 |
11 - 15 years | 10 |
16 - 20 years | 25 |
Over 20 years | 110 |
Total Available-for-Sale Debt Securities | 208 |
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | 13 |
1 - 5 years | 257 |
6 - 10 years | 215 |
11 - 15 years | 44 |
16 - 20 years | 71 |
Over 20 years | 409 |
Total Available-for-Sale Debt Securities | $ 1,009 |
Trust Investments (Fair Value O
Trust Investments (Fair Value Of Rabbi Trust) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | $ 233 | $ 224 |
Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 59 | 56 |
PSE And G [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 46 | 45 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 233 | 224 |
Rabbi Trust [Member] | Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 59 | 56 |
Rabbi Trust [Member] | PSE And G [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 46 | 45 |
Rabbi Trust [Member] | Other Entity [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | $ 128 | $ 123 |
Trust Investments (Narrative) (
Trust Investments (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)Facility | |
Power [Member] | |
Schedule of Trust Investments [Line Items] | |
Number of Nuclear Facilities | Facility | 5 |
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |
Schedule of Trust Investments [Line Items] | |
After tax amount of net unrealized gains recognized in AOCI | $ 3 |
Debt Securities [Member] | Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
After tax amount of net unrealized gains recognized in AOCI | 2 |
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |
Schedule of Trust Investments [Line Items] | |
Unrealized Gains (Losses) on Equity Securities still held | 88 |
Equity Securities [Member] | Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Unrealized Gains (Losses) on Equity Securities still held | $ 3 |
Pension And OPEB (Components Of
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Non-Operating Pension and OPEB (Credits) Costs | $ (33) | $ (19) |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 29 | 32 |
Interest Cost | 58 | 52 |
Expected Return on Plan Assets | (97) | (110) |
Amortization of Prior Service Cost | (5) | (4) |
Amortization of Actuarial Loss | 27 | 21 |
Non-Operating Pension and OPEB (Credits) Costs | (17) | (41) |
Total Benefit Costs | 12 | (9) |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 2 | 4 |
Interest Cost | 11 | 16 |
Expected Return on Plan Assets | (9) | (10) |
Amortization of Prior Service Cost | (32) | 0 |
Amortization of Actuarial Loss | 13 | 16 |
Non-Operating Pension and OPEB (Credits) Costs | (17) | 22 |
Total Benefit Costs | $ (15) | $ 26 |
Pension And OPEB (Schedule Of P
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | $ 12 | $ (9) |
Pension Benefits [Member] | PSE And G [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | 7 | (8) |
Pension Benefits [Member] | Power [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | 3 | (2) |
Pension Benefits [Member] | Other Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | 2 | 1 |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | (15) | 26 |
OPEB [Member] | PSE And G [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | (16) | 17 |
OPEB [Member] | Power [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | 1 | 8 |
OPEB [Member] | Other Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | $ 0 | $ 1 |
Pension And OPEB (Narrative) (D
Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | $ 12 | $ (9) |
Postretirement Healthcare Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (559) | |
Employer contributions | 10 | |
Total Benefit Costs | (15) | 26 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Employer contributions | 28 | |
Total Benefit Costs | 7 | 10 |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | $ 1 | $ 1 |
Commitments And Contingent Li_3
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - Power [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Face Value of Outstanding Guarantees | $ 1,854 | $ 1,772 |
Exposure under Current Guarantees | 150 | 198 |
Letters of Credit Margin Posted | 105 | 115 |
Letters of Credit Margin Received | 29 | 26 |
Counterparty Cash Margin Deposited | 0 | 0 |
Counterparty Cash Margin Received | (1) | (10) |
Net Broker Balance Deposited (Received) | 204 | 403 |
Other Letters of Credit | $ 51 | $ 52 |
Commitments And Contingent Li_4
Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions | Mar. 31, 2019USD ($)Potentially_Responsible_PartyentitysiteStationPlantmi |
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 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 |
PSE And G [Member] | |
Site Contingency [Line Items] | |
Percentage of cost attributable to potentially responsible party | 7.60% |
Pse G S Former Mgp Sites [Member] | Power [Member] | |
Site Contingency [Line Items] | |
Percentage of cost attributable to potentially responsible party | 1.90% |
Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Estimated Cleanup Costs EPA Preferred Method | $ 2,300 |
Accrual for Environmental Loss Contingencies | $ 57 |
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 |
Estimated cost of interim natural resource injury restoration | $ 950 |
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 | $ 46 |
Passaic River Site Contingency [Member] | Power [Member] | |
Site Contingency [Line Items] | |
Accrual for Environmental Loss Contingencies | 11 |
Mgp Remediation Site Contingency [Member] | PSE And G [Member] | |
Site Contingency [Line Items] | |
Remediation Liability Recorded As Other Current Liabilities | 52 |
Remediation Liability Recorded As Other Noncurrent Liabilities | 301 |
Regulatory Assets | 353 |
Minimum [Member] | Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 518 |
Minimum [Member] | Mgp Remediation Site Contingency [Member] | PSE And G [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 353 |
Accrual for Environmental Loss Contingencies | 353 |
Maximum [Member] | Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 3,200 |
Claim against Tierra and Maxus amount | 14,000 |
Maximum [Member] | Mgp Remediation Site Contingency [Member] | PSE And G [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 404 |
Commitments And Contingent Li_5
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions | 3 Months Ended | |
Mar. 31, 2019cf$ / mwd$ / mwhMW | ||
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 2016 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | May 31, 2019 | |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 96.38 | |
PSE And G [Member] | Auction Year 2017 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
36-Month Terms Ending | May 31, 2020 | |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 90.78 | |
PSE And G [Member] | Auction Year 2018 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 287.76 | |
36-Month Terms Ending | May 31, 2021 | |
Load (MW) | MW | 2,900 | |
Dollars Per Megawatt Hour | $ / mwh | 91.77 | |
PSE And G [Member] | Auction Year 2019 [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Dollars Per Megawatt-Day | $ / mwd | 281.78 | |
36-Month Terms Ending | May 31, 2022 | [1] |
Load (MW) | MW | 2,800 | |
Dollars Per Megawatt Hour | $ / mwh | 98.04 | |
[1] | Prices set in the 2019 BGS auction will become effective on June 1, 2019 when the 2016 BGS auction agreements expire. |
Commitments And Contingent Li_6
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - Power [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements | 100.00% |
Nuclear Fuel Uranium [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 221 |
Nuclear Fuel Enrichment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 336 |
Nuclear Fuel Fabrication [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 157 |
Natural Gas [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 1,121 |
Coal [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 380 |
Commitments And Contingent Li_7
Commitments And Contingent Liabilities (Litigation) (Detail) $ in Millions | Mar. 31, 2019USD ($) |
Sewaren 7 Litigation [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Sewaren 7 Construction complaint amount | $ 93 |
Debt and Credit Facilities (Cha
Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Term Loan maturing in 2019 [Member] | PSEG [Member] | |
Debt Instrument [Line Items] | |
Repayments of Long-term Debt | $ 350 |
Pollution Control Notes Floating Rate Due On Two Thousand Fourteen [Member] | Power [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Gross | $ 44 |
Debt and Credit Facilities De_2
Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Commercial Paper | $ 1,151 | $ 1,016 | |
Commitments of Single Institution as Percentage of Total Commitments | 9.00% | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 2,875 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 4,200 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 1,325 | ||
PSE And G [Member] | |||
Commercial Paper | 364 | $ 272 | |
Line of Credit Facility, Remaining Borrowing Capacity | 220 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 380 | |
Power [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | 1,957 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 2,100 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 143 | ||
Five Year Credit Facility Maturing March 2022 [Member] | PSE And G [Member] | |||
Credit Facility Reduction in March 2022 | 4 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 220 | ||
Debt Instrument, Maturity Date, Description | Mar 2023 | ||
Line of Credit Facility, Maximum Borrowing Capacity | [2] | $ 600 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 380 | ||
Five Year Credit Facility Maturing March 2022 [Member] | Power [Member] | |||
Credit Facility Reduction in March 2022 | 12 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,861 | ||
Debt Instrument, Maturity Date, Description | Mar 2023 | ||
Line of Credit Facility, Maximum Borrowing Capacity | [3] | $ 1,900 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 39 | ||
Three Year Credit Facilities Maturing September 2021 [Member] | Power [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 96 | ||
Debt Instrument, Maturity Date, Description | Sept 2021 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 104 | ||
Five Year Credit Facility Maturing March 2022 [Member] | PSE And G [Member] | |||
Commercial Paper | $ 364 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.80% | ||
PSEG [Member] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 698 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 802 | |
PSEG [Member] | Five Year Credit Facility Maturing March 2022 [Member] | |||
Credit Facility Reduction in March 2022 | 9 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 698 | ||
Debt Instrument, Maturity Date, Description | Mar 2023 | ||
Line of Credit Facility, Maximum Borrowing Capacity | [4] | $ 1,500 | |
Line of Credit Facility, Fair Value of Amount Outstanding | 802 | ||
PSEG [Member] | Five Year Credit Facility Maturing March 2022 [Member] | |||
Commercial Paper | $ 787 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.92% | ||
[1] | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2019, PSEG had $787 million outstanding at a weighted average interest rate of 2.92%. PSE&G had $364 million outstanding at a weighted average interest rate of 2.80% under its Commercial Paper Program as of March 31, 2019. | ||
[2] | PSE&G facility will be reduced by $4 million in March 2022. | ||
[3] | Power facilities will be reduced by $12 million in March 2022. | ||
[4] | PSEG facilities will be reduced by $9 million in March 2022. |
Financial Risk Management Act_3
Financial Risk Management Activities (Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ (5) | $ 0 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (5) | 0 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 0 | $ 0 |
Financial Risk Management Act_4
Financial Risk Management Activities (Narrative) (Detail) $ / Derivative in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2019USD ($)$ / Derivative | Dec. 31, 2018USD ($) | ||
Derivatives, Fair Value [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (5) | $ (1) | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 48 | 153 | |
Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Securities held as Collateral | 16 | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 48 | [1],[2] | 153 |
Fair Value of Derivatives with credit-risk related contingent features | 16 | 22 | |
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 4 | 7 | |
Additional collateral aggregate fair value | $ 12 | $ 15 | |
Interest Rate Swaps [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Hedge outstanding | $ / Derivative | 900 | ||
Interest Rate Swaps [Member] | PSEG [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Hedge outstanding | $ / Derivative | 900 | ||
Interest Rate Swaps [Member] | Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Hedge outstanding | $ / Derivative | 0 | ||
Interest Rate Swaps [Member] | PSE And G [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Hedge outstanding | $ / Derivative | 0 | ||
Term Loan maturing in 2020 [Member] | Interest Rate Swaps [Member] | PSEG [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Hedge outstanding | $ / Derivative | 700 | ||
Anticipated Issuances [Member] | Interest Rate Swaps [Member] | PSEG [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Interest Rate Hedge outstanding | $ / Derivative | 200 | ||
[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 March 31, 2019 and December 31, 2018, Power had net cash collateral/margin payments to counterparties of $203 million and $393 million, respectively. Of these net cash/collateral margin payments, $48 million as of March 31, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. Of the $48 million as of March 31, 2019, $(9) million was netted against noncurrent assets and $57 million was netted against current liabilities. Of the $153 million as of December 31, 2018, $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities. | ||
[2] | Substantially all of Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of March 31, 2019 and December 31, 2018. |
Financial Risk Management Act_5
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | ||
Derivatives, Fair Value [Line Items] | ||||
Collateral Already Posted, Aggregate Fair Value | $ 203 | $ 393 | ||
Derivative Contracts, Current Assets | 20 | 11 | ||
Derivative Contracts, Noncurrent Assets | 4 | 1 | ||
Total Mark-to-Market Derivative Assets | 24 | 12 | ||
Derivative Contracts, Current Liabilities | (13) | (11) | ||
Derivative Contracts, Noncurrent Liabilities | (7) | (4) | ||
Total Mark-to-Market Derivative (Liabilities) | (20) | (15) | ||
Net Mark-to-Market Derivative Assets (Liabilities) | 4 | (3) | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 48 | 153 | ||
Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Contracts, Current Assets | [1] | 19 | 11 | |
Derivative Contracts, Noncurrent Assets | [1] | 4 | 1 | |
Total Mark-to-Market Derivative Assets | 23 | 12 | ||
Derivative Contracts, Current Liabilities | [1] | (13) | (11) | |
Derivative Contracts, Noncurrent Liabilities | [1] | (1) | (4) | |
Total Mark-to-Market Derivative (Liabilities) | (14) | (15) | ||
Net Mark-to-Market Derivative Assets (Liabilities) | 9 | [1] | (3) | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 48 | [1],[2] | 153 | |
Other Noncurrent Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 62 | |||
Other Current Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (2) | |||
Other Noncurrent Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (9) | |||
Other Current Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 57 | 96 | ||
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member] | Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Contracts, Current Assets | [1] | 346 | 426 | |
Derivative Contracts, Noncurrent Assets | [1] | 180 | 137 | |
Total Mark-to-Market Derivative Assets | 526 | 563 | ||
Derivative Contracts, Current Liabilities | [1] | (396) | (521) | |
Derivative Contracts, Noncurrent Liabilities | [1] | (169) | (198) | |
Total Mark-to-Market Derivative (Liabilities) | (565) | (719) | ||
Net Mark-to-Market Derivative Assets (Liabilities) | (39) | [1] | (156) | |
Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member] | Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 168 | 194 | |
Energy-Related Contracts [Member] | Other Current Assets [Member] | Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (327) | (415) | |
Energy-Related Contracts [Member] | Other Noncurrent Assets [Member] | Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (176) | (136) | |
Energy-Related Contracts [Member] | Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | (503) | (551) | |
Energy-Related Contracts [Member] | Assets [Member] | Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | (503) | (551) | |
Energy-Related Contracts [Member] | Other Current Liabilities [Member] | Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 383 | 510 | |
Energy-Related Contracts [Member] | Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | 551 | 704 | |
Energy-Related Contracts [Member] | Other Liabilities [Member] | Power [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | 551 | $ 704 | |
Interest Rate Swap [Member] | PSEG [Member] | Fair Value Hedging [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Contracts, Current Assets | [1] | 1 | ||
Derivative Contracts, Noncurrent Assets | [1] | 0 | ||
Total Mark-to-Market Derivative Assets | 1 | |||
Derivative Contracts, Current Liabilities | [1] | 0 | ||
Derivative Contracts, Noncurrent Liabilities | [1] | (6) | ||
Total Mark-to-Market Derivative (Liabilities) | (6) | |||
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | (5) | ||
Interest Rate Swap [Member] | Assets [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | 0 | ||
Interest Rate Swap [Member] | Other Liabilities [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | $ 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 March 31, 2019 and December 31, 2018. | |||
[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 March 31, 2019 and December 31, 2018, Power had net cash collateral/margin payments to counterparties of $203 million and $393 million, respectively. Of these net cash/collateral margin payments, $48 million as of March 31, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. Of the $48 million as of March 31, 2019, $(9) million was netted against noncurrent assets and $57 million was netted against current liabilities. Of the $153 million as of December 31, 2018, $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities. | |||
[3] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. |
Financial Risk Management Act_6
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain (Loss) in AOCI | $ 13 | $ (16) | |
(Gain) Loss into Income | 4 | 10 | |
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 | (5) | (2) | |
(Gain) Loss into Income | 0 | 0 | |
Pre-Tax Balance at End of Period | (7) | (2) | |
After-Tax Balance at Beginning of Period | (1) | 0 | 0 |
Gain (Loss) in AOCI | (4) | 0 | (1) |
(Gain) Loss into Income | 0 | $ 0 | 0 |
After-Tax Balance at End of Period | $ (5) | $ (1) |
Financial Risk Management Act_7
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) - Energy-Related Contracts [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ 126 | $ 32 |
Operating Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | 139 | 40 |
Energy Costs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ (13) | $ (8) |
Financial Risk Management Act_8
Financial Risk Management Activities (Schedule Of Gross Volume, On Absolute Basis For Derivative Contracts) (Detail) $ / mwh in Millions, $ / DTH in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019$ / mwh$ / DTH | Dec. 31, 2018$ / mwh$ / DTH | |
Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 353 | 358 |
Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | (61) | (74) |
FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 10 | 18 |
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 |
Power [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 353 | 358 |
Power [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 61 | 74 |
Power [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 10 | 18 |
PSE And G [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 0 | 0 |
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 |
Financial Risk Management Act_9
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) - Power [Member] $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)Counterparty | ||
Derivative [Line Items] | ||
Current Exposure | $ 257 | |
Securities held as Collateral | 16 | |
Net exposure | 241 | |
Number of Counterparties greater than 10% | $ 1 | |
Number Of Active Counterparties On Credit Risk Derivatives | Counterparty | 145 | |
Investment Grade - External Rating [Member] | ||
Derivative [Line Items] | ||
Percentage Of Credit Exposure | 99.00% | |
Investment Grade [Member] | ||
Derivative [Line Items] | ||
Current Exposure | $ 255 | |
Securities held as Collateral | 15 | |
Net exposure | 240 | |
Number of Counterparties greater than 10% | 1 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 166 | [1] |
External Credit Rating, Non Investment Grade [Member] | ||
Derivative [Line Items] | ||
Current Exposure | 2 | |
Securities held as Collateral | 1 | |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |
Non-Investment Grade [Member] | ||
Derivative [Line Items] | ||
Net exposure | 1 | |
Number of Counterparties greater than 10% | 0 | |
Cash [Member] | ||
Derivative [Line Items] | ||
Securities held as Collateral | 1 | |
Letter of Credit [Member] | ||
Derivative [Line Items] | ||
Securities held as Collateral | $ 15 | |
[1] | Represents net exposure of $166 million with PSE&G. |
Fair Value Measurements (PSEG's
Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral Already Posted, Aggregate Fair Value | $ 203 | $ 393 | ||
Total Mark-to-Market Derivative Assets | 24 | 12 | ||
Total Mark-to-Market Derivative (Liabilities) | (20) | (15) | ||
Collateral netted against assets and liabilities | 48 | 153 | ||
Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Mark-to-Market Derivative Assets | 23 | 12 | ||
Total Mark-to-Market Derivative (Liabilities) | (14) | (15) | ||
Collateral netted against assets and liabilities | 48 | [1],[2] | 153 | |
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 | [3] | 100 | ||
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 | [3] | 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 | [3] | 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 | [3] | 100 | ||
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 | [4] | 11 | 29 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (6) | (36) | |
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 | [4] | 11 | 29 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (6) | (36) | |
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 | [4] | 514 | 527 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (556) | (677) | |
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 | [4] | 514 | 527 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (556) | 677 | |
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 | [4] | 1 | 7 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (3) | (6) | |
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 | [4] | 1 | 7 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (3) | (6) | |
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 | [4] | 23 | 12 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (14) | (15) | |
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 | [4] | 23 | 12 | |
Total Mark-to-Market Derivative (Liabilities) | [4] | (14) | (15) | |
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 | [5] | 0 | ||
Total Mark-to-Market Derivative (Liabilities) | [5] | 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 | [5] | 1 | ||
Total Mark-to-Market Derivative (Liabilities) | [5] | (6) | ||
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 | [5] | 0 | ||
Total Mark-to-Market Derivative (Liabilities) | [5] | 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 | [5] | 1 | ||
Total Mark-to-Market Derivative (Liabilities) | [5] | (6) | ||
Cash and Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 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 | [6] | (503) | (551) | |
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 | [6] | (503) | (551) | |
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 | [6] | 0 | ||
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 | [6] | 551 | 704 | |
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 | [6] | 551 | 704 | |
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 | [6] | 0 | ||
Equity Securities [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 1,040 | 900 | |
Equity Securities [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 1,040 | 900 | |
US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 182 | 171 | |
US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 182 | 171 | |
Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 330 | 320 | |
Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 330 | 320 | |
Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 497 | 487 | |
Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 497 | 487 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 25 | 23 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 6 | 6 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 5 | 5 | |
Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 68 | 69 | |
Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 17 | 17 | |
Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 13 | 14 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 42 | 40 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 11 | 10 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 8 | 8 | |
Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 98 | 92 | |
Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 25 | 23 | |
Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 20 | 18 | |
Rabbi Trusts Debt Securities Other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Debt Securities Other [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Debt Securities Other [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Debt Securities Other [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Other [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Other [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 98 | 92 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 25 | 23 | |
Rabbi Trusts Debt Securities Other [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 20 | 18 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Debt Securities Government Obligations [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Debt Securities Government Obligations [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Debt Securities Government Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | ||
Rabbi Trusts Debt Securities Government Obligations [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 42 | 69 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 11 | 17 | |
Rabbi Trusts Debt Securities Government Obligations [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 8 | 14 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | ||
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | |||
Rabbi Trusts US Treasury Obligations [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts US Treasury Obligations [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts US Treasury Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 68 | 40 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 17 | 10 | |
Rabbi Trusts US Treasury Obligations [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 13 | 8 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Equity Securities Mutual Funds [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Equity Securities Mutual Funds [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Rabbi Trusts Equity Securities Mutual Funds [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 25 | 23 | |
Rabbi Trusts Equity Securities Mutual Funds [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 6 | 6 | |
Rabbi Trusts Equity Securities Mutual Funds [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 5 | 5 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Corporate Debt Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Corporate Debt Obligations [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Corporate Debt Obligations [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 497 | 487 | |
Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 497 | 487 | |
Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Government Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Government Debt Securities [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Government Debt Securities [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 330 | ||
Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 330 | 171 | |
Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
US Treasury Securities [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | |||
US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
US Treasury Securities [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | ||
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 182 | ||
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 182 | 320 | |
US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Equity Securities [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Collateral netted against assets and liabilities | 0 | 0 | ||
Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 1,039 | 898 | |
Equity Securities [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] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 1,039 | 898 | |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 1 | 2 | |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 1 | 2 | |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measured on Recurring Basis, Investments | [7] | $ 0 | $ 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 on the Condensed Consolidated Balance Sheets. As of March 31, 2019 and December 31, 2018, Power had net cash collateral/margin payments to counterparties of $203 million and $393 million, respectively. Of these net cash/collateral margin payments, $48 million as of March 31, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. Of the $48 million as of March 31, 2019, $(9) million was netted against noncurrent assets and $57 million was netted against current liabilities. Of the $153 million as of December 31, 2018, $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities. | |||
[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 March 31, 2019 and December 31, 2018. | |||
[3] | Represents money market mutual funds. | |||
[4] | Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs. | |||
[5] | 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. | |||
[6] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. | |||
[7] | The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value (NAV) is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction.Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Quantitative Information About Level 3 Fair Value Measurements) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | $ 1 | $ 7 | |
Liabilities, Fair Value | (3) | (6) | |
Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | 1 | 7 | |
Liabilities, Fair Value | (3) | (6) | |
Various [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | 5 | ||
Liabilities, Fair Value | (1) | ||
Electric Load Contracts [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | 1 | 2 | |
Liabilities, Fair Value | $ (3) | $ (5) | |
Valuation Technique used | 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 | 0.00% | 0.00% | |
Electric Load Contracts [Member] | Maximum [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Historic Load Variability | 15.00% | 15.00% | |
Gas Physical Contract [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Valuation Technique used | Discounted Cash flow | ||
Significant Unobservable Inputs | Average Historical Basis | ||
Gas Physical Contract [Member] | Minimum [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Average Historical Basis | (40.00%) | ||
Gas Physical Contract [Member] | Maximum [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Average Historical Basis | 0.00% |
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 | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Included in Income | $ 1 | $ (1) | |||
Settlements | (4) | 1 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (3) | (1) | |||
Net Derivative Assets (Liabilities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 1 | $ 7 | |||
Included in Income | [1] | 1 | (1) | ||
Purchases, (Sales) | 0 | 0 | |||
Issuances (Settlements) | [2] | (4) | 1 | ||
Transfers In (Out) | [3] | 0 | 0 | ||
Closing Balance | (2) | 7 | |||
Operating Revenues [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Included in Income | 6 | 8 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 0 | 8 | |||
Energy Costs [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Included in Income | (5) | (9) | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (3) | $ (9) | |||
[1] | Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2019 and 2018. Three Months Ended March 31, 2019 2018 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and Power Operating Revenues $6 $— $8 $8 Energy Costs (5) (3) (9) (9) Total $1 $(3) $(1) $(1) | ||||
[2] | Represents settlements of $(4) million and $1 million for the three months ended March 31, 2019 and 2018. | ||||
[3] | There were no transfers into or out of Level 3 during the three months ended March 31, 2019 and 2018. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net assets measured at fair value on a recurring basis | $ 2,300 | $ 2,400 |
Net assets measured at fair value on a recurring basis measured using unobservable input and as Level 3 | $ (2) | $ 7 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | $ 14,116 | $ 14,462 | |
Long-Term Debt, Fair Value | 14,931 | 14,767 | |
Power - Recourse Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 2,836 | 2,835 |
Long-Term Debt, Fair Value | [1] | 3,069 | 2,996 |
PSE And G [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1] | 9,186 | 9,184 |
Long-Term Debt, Fair Value | [1] | 9,780 | 9,374 |
PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-Term Debt, Carrying Amount | [1],[2] | 2,094 | 2,443 |
Long-Term Debt, Fair Value | [1],[2] | 2,082 | 2,397 |
Variable Rate [Domain] | PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Floating Rate Term Loan | $ 700 | $ 1,050 | |
[1] | Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements. | ||
[2] | As of March 31, 2019 and December 31, 2018, includes floating rate term loans of $700 million and $1,050 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time. |
Other Income (Deductions) (Sche
Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Component of Other Income (Deductions) [Line Items] | |||
NDT Fund Interest and Dividends | $ 14 | $ 12 | |
Allowance for Funds Used During Construction | 13 | 14 | |
Solar Loan Interest | 4 | 4 | |
Other | 2 | 2 | |
Other Income (Deductions) | 33 | 32 | |
PSE And G [Member] | |||
Component of Other Income (Deductions) [Line Items] | |||
NDT Fund Interest and Dividends | 0 | 0 | |
Allowance for Funds Used During Construction | 13 | 14 | |
Solar Loan Interest | 4 | 4 | |
Other | 2 | 2 | |
Other Income (Deductions) | 19 | 20 | |
Power [Member] | |||
Component of Other Income (Deductions) [Line Items] | |||
NDT Fund Interest and Dividends | 14 | 12 | |
Allowance for Funds Used During Construction | 0 | 0 | |
Solar Loan Interest | 0 | 0 | |
Other | (1) | (1) | |
Other Income (Deductions) | 13 | 11 | |
Other Entities [Member] | |||
Component of Other Income (Deductions) [Line Items] | |||
NDT Fund Interest and Dividends | [1] | 0 | 0 |
Allowance for Funds Used During Construction | [1] | 0 | 0 |
Solar Loan Interest | [1] | 0 | 0 |
Other | [1] | 1 | 1 |
Other Income (Deductions) | [1] | $ 1 | $ 1 |
[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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Line Items] | ||
Effective tax rate | 17.60% | 26.60% |
PSE And G [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 5.80% | 26.80% |
Power [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 29.50% | 26.20% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||
Effective Income Tax Rate, Federal and State Statutory Income Tax Rate, Percent | 28.11% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% |
NJ surcharge tax percent for 2018 to 2019 | 2.50% | |
NJ tax surcharge percent for 2020 to 2021 | 1.50% | |
PSE And G [Member] | ||
Income Taxes [Line Items] | ||
Effective Income Tax Rate, Federal and State Statutory Income Tax Rate, Percent | 28.11% | |
Power [Member] | ||
Income Taxes [Line Items] | ||
Effective Income Tax Rate, Federal and State Statutory Income Tax Rate, Percent | 28.11% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (81) | $ (176) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (377) | $ (229) | $ (229) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 13 | (16) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 4 | 10 | |||
Other Comprehensive Income (Loss), net of tax | 17 | (6) | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (441) | (411) | (377) | ||
Net Change in Accumulated Other Comprehensive Income | (64) | (182) | |||
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (1) | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (4) | 0 | (1) | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), net of tax | (4) | 0 | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (5) | 0 | (1) | ||
Net Change in Accumulated Other Comprehensive Income | (4) | 0 | |||
Pension and OPEB Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (81) | 0 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (360) | (406) | (406) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 0 | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 8 | |||
Other Comprehensive Income (Loss), net of tax | 0 | 8 | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (441) | (398) | (360) | ||
Net Change in Accumulated Other Comprehensive Income | (81) | 8 | |||
Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | (176) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (16) | 177 | 177 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 20 | (16) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | 2 | |||
Other Comprehensive Income (Loss), net of tax | 21 | (14) | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 5 | (13) | (16) | ||
Net Change in Accumulated Other Comprehensive Income | 21 | (190) | |||
Power [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (69) | (175) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (319) | (172) | (172) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 12 | (13) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 4 | 8 | |||
Other Comprehensive Income (Loss), net of tax | 16 | (5) | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (372) | (352) | (319) | ||
Net Change in Accumulated Other Comprehensive Income | (53) | (180) | |||
Power [Member] | Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | |||
Other Comprehensive Income (Loss), net of tax | 0 | 0 | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 0 | 0 | 0 | ||
Net Change in Accumulated Other Comprehensive Income | 0 | 0 | |||
Power [Member] | Pension and OPEB Plans [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (69) | 0 | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (306) | (347) | (347) | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (3) | 0 | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 6 | |||
Other Comprehensive Income (Loss), net of tax | 0 | 6 | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (375) | (341) | (306) | ||
Net Change in Accumulated Other Comprehensive Income | (69) | 6 | |||
Power [Member] | Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | $ (175) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (13) | 175 | 175 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 15 | (13) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | 2 | |||
Other Comprehensive Income (Loss), net of tax | 16 | (11) | |||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 3 | (11) | $ (13) | ||
Net Change in Accumulated Other Comprehensive Income | $ 16 | $ (186) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (6) | $ (15) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 2 | 5 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (4) | (10) | |
Cash Flow Hedges [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | $ 0 |
Pension and OPEB Plans [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (5) | (11) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 2 | 3 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (3) | (8) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | (8) | |
Available-for-Sale Securities [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for Available for Sale Securities, Pre-Tax | (1) | (4) | |
Reclassification for Available for Sale Securities, Tax | 0 | 2 | |
Reclassification for Available for Sale Securities, After-Tax | (1) | (2) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | (2) | |
Power [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (5) | (13) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 1 | 5 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (4) | (8) | |
Power [Member] | Cash Flow Hedges [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | |
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 | (4) | (9) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 1 | 3 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (3) | (6) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | (6) | |
Power [Member] | Available-for-Sale Securities [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for Available for Sale Securities, Pre-Tax | (1) | (4) | |
Reclassification for Available for Sale Securities, Tax | 0 | 2 | |
Reclassification for Available for Sale Securities, After-Tax | (1) | (2) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | (2) | |
Non-Operating Pension and OPEB Credits (Costs) [Member] | Pension and OPEB Plans [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 7 | 1 | |
Amortization of Prior Service (Cost) Credit, Tax | (2) | 0 | |
Amortization of Prior Service (Cost) Credit, After-Tax | 5 | 1 | |
Amortization of Actuarial Loss, Pre-Tax | (12) | (12) | |
Amortization of Actuarial Loss, Tax | 4 | 3 | |
Amortization of Actuarial Loss, After-Tax | (8) | (9) | |
Non-Operating Pension and OPEB Credits (Costs) [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 | 6 | 1 | |
Amortization of Prior Service (Cost) Credit, Tax | (2) | 0 | |
Amortization of Prior Service (Cost) Credit, After-Tax | 4 | 1 | |
Amortization of Actuarial Loss, Pre-Tax | (10) | (10) | |
Amortization of Actuarial Loss, Tax | 3 | 3 | |
Amortization of Actuarial Loss, After-Tax | (7) | (7) | |
Net Gains (Losses) on Trust Investments [Member] | Available-for-Sale Securities [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for Available for Sale Securities, Pre-Tax | (1) | (4) | |
Reclassification for Available for Sale Securities, Tax | 0 | 2 | |
Reclassification for Available for Sale Securities, After-Tax | (1) | (2) | |
Net Gains (Losses) on Trust Investments [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 | (1) | (4) | |
Reclassification for Available for Sale Securities, Tax | 0 | 2 | |
Reclassification for Available for Sale Securities, After-Tax | $ (1) | $ (2) |
Earnings Per Share (EPS) And _3
Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Income | $ 700 | $ 558 |
Weighted Average Common Shares Outstanding, Basic (shares) | 504 | 504 |
Effect of Stock Based Compensation Awards, Basic (shares) | 0 | 0 |
Total Shares, Basic (shares) | 504 | 504 |
Net Income, Basic (dollars per share) | $ 1.39 | $ 1.11 |
Weighted Average Common Shares Outstanding, Diluted (shares) | 504 | 504 |
Effect of Stock Based Compensation Awards, Diluted (shares) | 3 | 3 |
Total Shares, Diluted (shares) | 507 | 507 |
Net Income, Diluted (dollars per share) | $ 1.38 | $ 1.10 |
Earnings Per Share (EPS) And _4
Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.47 | $ 0.45 | |
Dividend Payments on Common Stock | $ 238 | $ 227 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.47 |
Financial Information By Busi_3
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $ 2,980 | $ 2,818 | ||
Net Income | 700 | 558 | ||
Property, Plant and Equipment, Additions | 795 | 1,053 | ||
Total Assets | 45,756 | $ 45,326 | ||
Investments in Equity Method Subsidiaries | 86 | 86 | ||
PSE And G [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 2,032 | 1,845 | ||
Power [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 1,416 | 1,403 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 141 | 147 | ||
Operating Segments [Member] | PSE And G [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 2,032 | 1,845 | ||
Net Income | 403 | 319 | ||
Property, Plant and Equipment, Additions | 625 | 750 | ||
Total Assets | 31,500 | 31,109 | ||
Investments in Equity Method Subsidiaries | 0 | 0 | ||
Operating Segments [Member] | Power [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 1,416 | 1,403 | ||
Net Income | 296 | 234 | ||
Property, Plant and Equipment, Additions | 167 | 299 | ||
Total Assets | 12,671 | 12,594 | ||
Investments in Equity Method Subsidiaries | 86 | 86 | ||
Operating Segments [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | [1] | 141 | 147 | |
Net Income | [1] | 1 | 5 | |
Property, Plant and Equipment, Additions | [1] | 3 | 4 | |
Total Assets | [1] | 2,333 | 2,604 | |
Investments in Equity Method Subsidiaries | [1] | 0 | 0 | |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | [2] | (609) | (577) | |
Net Income | [2] | 0 | ||
Property, Plant and Equipment, Additions | [2] | 0 | $ 0 | |
Total Assets | [2] | (748) | (981) | |
Investments in Equity Method Subsidiaries | [2] | $ 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. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 20. Related-Party Transactions. |
Related-Party Transactions (Sch
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
PSE And G [Member] | |||
Related Party Transaction [Line Items] | |||
Net Billings from Power primarily through BGS and BGSS | [1] | $ 633 | $ 578 |
Administrative Billings from Services | [2] | 75 | 83 |
Total Billings from Affiliates | 708 | 661 | |
Power [Member] | |||
Related Party Transaction [Line Items] | |||
Net Billings to PSE&G primarily through BGS and BGSS | [1] | 633 | 578 |
Administrative Billings from Services | [2] | $ 45 | $ 43 |
[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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. | ||
[2] | Services provides and bills administrative services to PSE&G 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 (S_2
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - PSE And G [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Receivable From PSEG | [1] | $ 0 | $ 123 |
Payable To Power | [2] | 207 | 245 |
Payable To Services | [3] | 62 | 76 |
Payable to PSEG | [1] | 5 | 0 |
Accounts Payable - Affiliated Companies | 274 | 321 | |
Working Capital Advances to Services | [4] | 33 | 33 |
Long-Term Accrued Taxes Payable | $ 69 | $ 69 | |
[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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost 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 (S_3
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) - Power [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |||
Related Party Transaction [Line Items] | |||||
Receivable From PSEG | [1] | $ 77 | $ 29 | ||
Receivable from PSE&G | [2] | 207 | 245 | ||
Accounts Receivable - Affiliated Companies | 284 | 274 | |||
Payable To Services | [3] | 21 | 16 | ||
Accounts Payable - Affiliated Companies | 21 | 16 | |||
Short-Term Loan to Affiliate | 87 | [4] | 0 | ||
Short-Term Loan (from) Affiliate | 0 | (193) | [4] | ||
Working Capital Advances to Services | [5] | 17 | 17 | ||
Long-Term Accrued Taxes Payable | $ 82 | $ 76 | |||
[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. The rates in the BGS and BGSS contracts are prescribed by the BPU. In addition, Power and PSE&G provide certain technical services for each other generally at cost 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] | 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 | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Operating Revenues | $ 2,980 | $ 2,818 | ||
Operating Expenses | 2,194 | 1,986 | ||
Operating Income (Loss) | 786 | 832 | ||
Equity Earnings (Losses) of Subsidiaries | 2 | 2 | ||
Net Gains (Losses) on Trust Investments | 128 | (22) | ||
Other Income (Deductions) | 33 | 32 | ||
Non-Operating Pension and OPEB Credits (Costs) | 33 | 19 | ||
Interest Expense | (133) | (103) | ||
Income Tax Benefit (Expense) | (149) | (202) | ||
Net Income | 700 | 558 | ||
Net Cash Provided By (Used In) Operating Activities | 1,218 | 1,140 | ||
Net Cash Provided By (Used In) Investing Activities | (816) | (1,073) | ||
Net Cash Provided By (Used In) Financing Activities | (505) | (248) | ||
Current Assets | 3,027 | $ 3,507 | ||
Property, Plant and Equipment, net | 34,787 | 34,363 | ||
Noncurrent Assets | 7,942 | 7,456 | ||
Total Assets | 45,756 | 45,326 | ||
Current Liabilities | 4,473 | 4,935 | ||
Noncurrent Liabilities | 13,253 | 12,846 | ||
Long-Term Debt | 13,216 | 13,168 | ||
Member's Equity | 14,814 | 14,104 | 14,377 | $ 13,847 |
TOTAL LIABILITIES AND CAPITALIZATION | 45,756 | 45,326 | ||
Power [Member] | ||||
Debt Instrument [Line Items] | ||||
Operating Revenues | 1,416 | 1,403 | ||
Operating Expenses | 1,115 | 1,074 | ||
Operating Income (Loss) | 301 | 329 | ||
Equity Earnings (Losses) of Subsidiaries | 2 | 2 | ||
Net Gains (Losses) on Trust Investments | 126 | (22) | ||
Other Income (Deductions) | 13 | 11 | ||
Non-Operating Pension and OPEB Credits (Costs) | 3 | 4 | ||
Interest Expense | (25) | (7) | ||
Income Tax Benefit (Expense) | (124) | (83) | ||
Net Income | 296 | 234 | ||
Net Cash Provided By (Used In) Operating Activities | 726 | 542 | ||
Net Cash Provided By (Used In) Investing Activities | (276) | (317) | ||
Net Cash Provided By (Used In) Financing Activities | (444) | (246) | ||
Current Assets | 1,312 | 1,507 | ||
Property, Plant and Equipment, net | 8,876 | 8,842 | ||
Noncurrent Assets | 2,483 | 2,245 | ||
Total Assets | 12,671 | 12,594 | ||
Current Liabilities | 638 | 842 | ||
Noncurrent Liabilities | 3,175 | 3,001 | ||
Long-Term Debt | 2,836 | 2,791 | ||
Member's Equity | 6,022 | 6,196 | 5,960 | $ 5,967 |
TOTAL LIABILITIES AND CAPITALIZATION | 12,671 | 12,594 | ||
Power Senior Notes [Member] | Consolidating Adjustments [Member] | ||||
Debt Instrument [Line Items] | ||||
Operating Revenues | (41) | (34) | ||
Operating Expenses | (41) | (34) | ||
Operating Income (Loss) | 0 | 0 | ||
Equity Earnings (Losses) of Subsidiaries | (301) | (231) | ||
Net Gains (Losses) on Trust Investments | 0 | 0 | ||
Other Income (Deductions) | (89) | (57) | ||
Non-Operating Pension and OPEB Credits (Costs) | 0 | 0 | ||
Interest Expense | 89 | 57 | ||
Income Tax Benefit (Expense) | 0 | 0 | ||
Net Income | (301) | (231) | ||
Comprehensive Income (Loss) | (316) | (221) | ||
Net Cash Provided By (Used In) Operating Activities | (94) | 71 | ||
Net Cash Provided By (Used In) Investing Activities | 728 | 605 | ||
Net Cash Provided By (Used In) Financing Activities | (634) | (677) | ||
Current Assets | (5,217) | (4,593) | ||
Property, Plant and Equipment, net | 0 | 0 | ||
Investment in Subsidiaries | (6,408) | (6,169) | ||
Noncurrent Assets | (209) | (238) | ||
Total Assets | (11,834) | (11,000) | ||
Current Liabilities | (5,217) | (4,593) | ||
Noncurrent Liabilities | (209) | (238) | ||
Long-Term Debt | 0 | 0 | ||
Member's Equity | (6,408) | (6,169) | ||
TOTAL LIABILITIES AND CAPITALIZATION | (11,834) | (11,000) | ||
Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Operating Revenues | 1,401 | 1,386 | ||
Operating Expenses | 1,094 | 1,056 | ||
Operating Income (Loss) | 307 | 330 | ||
Equity Earnings (Losses) of Subsidiaries | (8) | (3) | ||
Net Gains (Losses) on Trust Investments | 125 | (22) | ||
Other Income (Deductions) | 55 | 33 | ||
Non-Operating Pension and OPEB Credits (Costs) | 3 | 4 | ||
Interest Expense | (31) | (17) | ||
Income Tax Benefit (Expense) | (144) | (92) | ||
Net Income | 307 | 233 | ||
Comprehensive Income (Loss) | 322 | 223 | ||
Net Cash Provided By (Used In) Operating Activities | 799 | 525 | ||
Net Cash Provided By (Used In) Investing Activities | (713) | (625) | ||
Net Cash Provided By (Used In) Financing Activities | (86) | 100 | ||
Current Assets | 1,693 | 1,479 | ||
Property, Plant and Equipment, net | 4,915 | 4,971 | ||
Investment in Subsidiaries | 1,099 | 1,107 | ||
Noncurrent Assets | 2,277 | 2,109 | ||
Total Assets | 9,984 | 9,666 | ||
Current Liabilities | 2,966 | 2,971 | ||
Noncurrent Liabilities | 2,072 | 1,996 | ||
Long-Term Debt | 0 | 0 | ||
Member's Equity | 4,946 | 4,699 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 9,984 | 9,666 | ||
Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Operating Revenues | 56 | 51 | ||
Operating Expenses | 61 | 52 | ||
Operating Income (Loss) | (5) | (1) | ||
Equity Earnings (Losses) of Subsidiaries | 2 | 2 | ||
Net Gains (Losses) on Trust Investments | 0 | 0 | ||
Other Income (Deductions) | 0 | 0 | ||
Non-Operating Pension and OPEB Credits (Costs) | 0 | 0 | ||
Interest Expense | (8) | (5) | ||
Income Tax Benefit (Expense) | 5 | 2 | ||
Net Income | (6) | (2) | ||
Comprehensive Income (Loss) | (6) | (2) | ||
Net Cash Provided By (Used In) Operating Activities | 43 | (49) | ||
Net Cash Provided By (Used In) Investing Activities | (124) | (82) | ||
Net Cash Provided By (Used In) Financing Activities | 87 | 111 | ||
Current Assets | 318 | 304 | ||
Property, Plant and Equipment, net | 3,913 | 3,822 | ||
Investment in Subsidiaries | 0 | 0 | ||
Noncurrent Assets | 137 | 101 | ||
Total Assets | 4,368 | 4,227 | ||
Current Liabilities | 2,113 | 2,027 | ||
Noncurrent Liabilities | 793 | 730 | ||
Long-Term Debt | 0 | 0 | ||
Member's Equity | 1,462 | 1,470 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 4,368 | 4,227 | ||
Power Senior Notes [Member] | Power Parent [Member] | ||||
Debt Instrument [Line Items] | ||||
Operating Revenues | 0 | 0 | ||
Operating Expenses | 1 | 0 | ||
Operating Income (Loss) | (1) | 0 | ||
Equity Earnings (Losses) of Subsidiaries | 309 | 234 | ||
Net Gains (Losses) on Trust Investments | 1 | 0 | ||
Other Income (Deductions) | 47 | 35 | ||
Non-Operating Pension and OPEB Credits (Costs) | 0 | 0 | ||
Interest Expense | (75) | (42) | ||
Income Tax Benefit (Expense) | 15 | 7 | ||
Net Income | 296 | 234 | ||
Comprehensive Income (Loss) | 312 | 229 | ||
Net Cash Provided By (Used In) Operating Activities | (22) | (5) | ||
Net Cash Provided By (Used In) Investing Activities | (167) | (215) | ||
Net Cash Provided By (Used In) Financing Activities | 189 | 220 | ||
Current Assets | 4,518 | 4,317 | ||
Property, Plant and Equipment, net | 48 | 49 | ||
Investment in Subsidiaries | 5,309 | 5,062 | ||
Noncurrent Assets | 278 | 273 | ||
Total Assets | 10,153 | 9,701 | ||
Current Liabilities | 776 | 437 | ||
Noncurrent Liabilities | 519 | 513 | ||
Long-Term Debt | 2,836 | 2,791 | ||
Member's Equity | 6,022 | 5,960 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 10,153 | 9,701 | ||
Power Senior Notes [Member] | Power [Member] | ||||
Debt Instrument [Line Items] | ||||
Operating Revenues | 1,416 | 1,403 | ||
Operating Expenses | 1,115 | 1,074 | ||
Operating Income (Loss) | 301 | 329 | ||
Equity Earnings (Losses) of Subsidiaries | 2 | 2 | ||
Net Gains (Losses) on Trust Investments | 126 | (22) | ||
Other Income (Deductions) | 13 | 11 | ||
Non-Operating Pension and OPEB Credits (Costs) | 3 | 4 | ||
Interest Expense | (25) | (7) | ||
Income Tax Benefit (Expense) | (124) | (83) | ||
Net Income | 296 | 234 | ||
Comprehensive Income (Loss) | 312 | 229 | ||
Net Cash Provided By (Used In) Operating Activities | 726 | 542 | ||
Net Cash Provided By (Used In) Investing Activities | (276) | (317) | ||
Net Cash Provided By (Used In) Financing Activities | (444) | $ (246) | ||
Current Assets | 1,312 | 1,507 | ||
Property, Plant and Equipment, net | 8,876 | 8,842 | ||
Investment in Subsidiaries | 0 | 0 | ||
Noncurrent Assets | 2,483 | 2,245 | ||
Total Assets | 12,671 | 12,594 | ||
Current Liabilities | 638 | 842 | ||
Noncurrent Liabilities | 3,175 | 3,001 | ||
Long-Term Debt | 2,836 | 2,791 | ||
Member's Equity | 6,022 | 5,960 | ||
TOTAL LIABILITIES AND CAPITALIZATION | $ 12,671 | $ 12,594 |