Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 20, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-09120 | |
Entity Registrant Name | Public Service Enterprise Group Incorporated | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-2625848 | |
Entity Address, Address Line One | 80 Park Plaza | |
Entity Address, City or Town | Newark, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 430-7000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 505,479,706 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000788784 | |
Common Stock without par value [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock without par value | |
Trading Symbol | PEG | |
Security Exchange Name | NYSE | |
Public Service Electric and Gas Company [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 001-00973 | |
Entity Registrant Name | Public Service Electric and Gas Company | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-1212800 | |
Entity Address, Address Line One | 80 Park Plaza | |
Entity Address, City or Town | Newark, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 430-7000 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 132,450,344 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000081033 | |
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Nine Point Two Five Percent Series CC, Due Two Thousand Twenty One [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 9.25% First and Refunding Mortgage Bonds, Series CC, due 2021 | |
Trading Symbol | PEG21 | |
Security Exchange Name | NYSE | |
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Eight Percent, Due Two Thousand Thirty Seven [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.00% First and Refunding Mortgage Bonds, due 2037 | |
Trading Symbol | PEG37D | |
Security Exchange Name | NYSE | |
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Five Percent, Due Two Thousand Thirty Seven [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.00% First and Refunding Mortgage Bonds, due 2037 | |
Trading Symbol | PEG37J | |
Security Exchange Name | NYSE | |
PSEG Power [Member] | ||
Entity Information [Line Items] | ||
Entity File Number | 001-34232 | |
Entity Registrant Name | PSEG Power LLC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 22-3663480 | |
Entity Address, Address Line One | 80 Park Plaza | |
Entity Address, City or Town | Newark, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07102 | |
City Area Code | 973 | |
Local Phone Number | 430-7000 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001158659 | |
PSEG Power [Member] | Senior Notes Eight Point Six Two Five Percent due Two Thousand Thirty One [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 8.625% Senior Notes, due 2031 | |
Trading Symbol | PEG31 | |
Security Exchange Name | NYSE |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Revenues | $ 2,889 | $ 2,781 |
Operating Expenses [Abstract] | ||
Energy Costs | 1,029 | 906 |
Operation and Maintenance | 778 | 754 |
Depreciation and Amortization | 341 | 324 |
Total Operating Expenses | 2,148 | 1,984 |
OPERATING INCOME | 741 | 797 |
Income from Equity Method Investments | 3 | 3 |
Net Gains (Losses) on Trust Investments | 60 | (221) |
Other Income (Deductions) | 25 | 4 |
Non-Operating Pension and OPEB Credits (Costs) | 82 | 62 |
Interest Expense | (146) | (153) |
Income Before Income Taxes | 765 | 492 |
Income Tax Benefit (Expense) | (117) | (44) |
Net Income (Loss) | $ 648 | $ 448 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
BASIC (shares) | 504 | 504 |
DILUTED (shares) | 507 | 507 |
EARNINGS PER SHARE: | ||
BASIC (dollars per share) | $ 1.29 | $ 0.89 |
DILUTED (dollars per share) | $ 1.28 | $ 0.88 |
Public Service Electric and Gas Company [Member] | ||
Operating Revenues | $ 2,073 | $ 1,883 |
Operating Expenses [Abstract] | ||
Energy Costs | 849 | 708 |
Operation and Maintenance | 424 | 386 |
Depreciation and Amortization | 241 | 222 |
Total Operating Expenses | 1,514 | 1,316 |
OPERATING INCOME | 559 | 567 |
Net Gains (Losses) on Trust Investments | 1 | 0 |
Other Income (Deductions) | 28 | 27 |
Non-Operating Pension and OPEB Credits (Costs) | 66 | 51 |
Interest Expense | (98) | (96) |
Income Before Income Taxes | 556 | 549 |
Income Tax Benefit (Expense) | (79) | (109) |
Net Income (Loss) | 477 | 440 |
PSEG Power [Member] | ||
Operating Revenues | 1,167 | 1,220 |
Operating Expenses [Abstract] | ||
Energy Costs | 682 | 676 |
Operation and Maintenance | 222 | 241 |
Depreciation and Amortization | 92 | 94 |
Total Operating Expenses | 996 | 1,011 |
OPERATING INCOME | 171 | 209 |
Income from Equity Method Investments | 3 | 3 |
Net Gains (Losses) on Trust Investments | 58 | (220) |
Other Income (Deductions) | (4) | (23) |
Non-Operating Pension and OPEB Credits (Costs) | 12 | 8 |
Interest Expense | (27) | (34) |
Income Before Income Taxes | 213 | (57) |
Income Tax Benefit (Expense) | (52) | 70 |
Net Income (Loss) | $ 161 | $ 13 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net Income (Loss) | $ 648 | $ 448 |
Other Comprehensive Income (Loss), net of tax | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | (42) | 8 |
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit | 1 | (3) |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 3 | 3 |
Other Comprehensive Income (Loss), net of tax | (38) | 8 |
COMPREHENSIVE INCOME (LOSS) | 610 | 456 |
Public Service Electric and Gas Company [Member] | ||
Net Income (Loss) | 477 | 440 |
Other Comprehensive Income (Loss), net of tax | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | (3) | 0 |
Other Comprehensive Income (Loss), net of tax | (3) | 0 |
COMPREHENSIVE INCOME (LOSS) | 474 | 440 |
PSEG Power [Member] | ||
Net Income (Loss) | 161 | 13 |
Other Comprehensive Income (Loss), net of tax | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit | (32) | 7 |
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit | 2 | 2 |
Other Comprehensive Income (Loss), net of tax | (30) | 9 |
COMPREHENSIVE INCOME (LOSS) | $ 131 | $ 22 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ 26 | $ (6) |
Unrealized Gains (Losses) on Cash Flow Hedges, Tax | 0 | 1 |
Pension/OPEB adjustment, tax | (2) | (1) |
Public Service Electric and Gas Company [Member] | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 1 | 0 |
PSEG Power [Member] | ||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 22 | (4) |
Pension/OPEB adjustment, tax | $ (1) | $ (1) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
CURRENT ASSETS | |||
Cash and Cash Equivalents | $ 803 | $ 543 | |
Accounts Receivable, net of allowance | 1,476 | 1,410 | |
Tax Receivable | 7 | 63 | |
Unbilled Revenues, net of allowance | 187 | 229 | |
Fuel | 129 | 277 | |
Materials and Supplies, net | 609 | 601 | |
Prepayments | 76 | 51 | |
Derivative Contracts | 29 | 60 | |
Regulatory Assets | 249 | 369 | |
Other | 30 | 27 | |
Total Current Assets | 3,595 | 3,630 | |
PROPERTY, PLANT AND EQUIPMENT | 49,063 | 48,569 | |
Less: Accumulated Depreciation and Amortization | (11,277) | (10,984) | |
Net Property, Plant and Equipment | 37,786 | 37,585 | |
NONCURRENT ASSETS | |||
Regulatory Assets | 3,832 | 3,872 | |
Operating Lease, Right-of-Use Asset | 255 | 262 | |
Long-Term Investments | 512 | 536 | |
Nuclear Decommissioning Trust (NDT) Fund | 2,525 | 2,501 | |
Long-Term Tax Receivable | 43 | 0 | |
Long-Term Receivable of Variable Interest Entities (VIEs) | 950 | 945 | |
Rabbi Trust Fund | 238 | 266 | |
Other Intangibles | 163 | 158 | |
Derivative Contracts | 19 | 9 | |
Other | 288 | 286 | |
Total Noncurrent Assets | 8,825 | 8,835 | |
Total Assets | 50,206 | 50,050 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 1,429 | 1,684 | |
Commercial Paper and Loans | 665 | 1,063 | |
Accounts Payable | 984 | 1,332 | |
Derivative Contracts | 26 | 21 | |
Accrued Interest | 173 | 126 | |
Accrued Taxes | 160 | 124 | |
Clean Energy Program | 86 | 143 | |
Obligation to Return Cash Collateral | 94 | 98 | |
Regulatory Liabilities | 271 | 294 | |
Other | 658 | 637 | |
Total Current Liabilities | 4,546 | 5,522 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 6,630 | 6,502 | |
Regulatory Liabilities | 2,659 | 2,707 | |
Operating Leases | 244 | 252 | |
Asset Retirement Obligations | 1,224 | 1,212 | |
OPEB Costs | 727 | 730 | |
OPEB Costs of Servco | 706 | 699 | |
Accrued Pension Costs | 1,079 | 1,128 | |
Accrued Pension Costs of Servco | 223 | 226 | |
Environmental Costs | 245 | 286 | |
Derivative Contracts | 2 | 4 | |
Long-Term Accrued Taxes | 81 | 88 | |
Other | 217 | 214 | |
Total Noncurrent Liabilities | 14,037 | 14,048 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
LONG-TERM DEBT | |||
Total Long-Term Debt | 15,346 | 14,496 | |
STOCKHOLDER'S EQUITY | |||
Common Stock, Value, Issued | 5,013 | 5,031 | |
Treasury Stock, at cost | (902) | (861) | |
Retained Earnings | 12,708 | 12,318 | |
Accumulated Other Comprehensive Income (Loss) | (542) | (504) | |
Total Stockholder's Equity | 16,277 | 15,984 | |
Total Capitalization | 31,623 | 30,480 | |
TOTAL LIABILITIES AND CAPITALIZATION | 50,206 | 50,050 | |
Public Service Electric and Gas Company [Member] | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 631 | 204 | |
Accounts Receivable, net of allowance | 1,085 | 1,004 | |
Unbilled Revenues, net of allowance | 187 | 229 | |
Materials and Supplies, net | 220 | 217 | |
Prepayments | 22 | 14 | |
Regulatory Assets | 249 | 369 | |
Other | 17 | 13 | |
Total Current Assets | 2,411 | 2,050 | |
PROPERTY, PLANT AND EQUIPMENT | 36,771 | 36,300 | |
Less: Accumulated Depreciation and Amortization | (7,292) | (7,149) | |
Net Property, Plant and Equipment | 29,479 | 29,151 | |
NONCURRENT ASSETS | |||
Regulatory Assets | 3,832 | 3,872 | |
Operating Lease, Right-of-Use Asset | 96 | 99 | |
Long-Term Investments | 217 | 222 | |
Rabbi Trust Fund | 43 | 51 | |
Other | 139 | 136 | |
Total Noncurrent Assets | 4,327 | 4,380 | |
Total Assets | 36,217 | 35,581 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 134 | 434 | |
Commercial Paper and Loans | 0 | 100 | |
Accounts Payable | 417 | 671 | |
Accounts Payable-Affiliated Companies | 488 | 479 | |
Accrued Interest | 116 | 101 | |
Clean Energy Program | 86 | 143 | |
Obligation to Return Cash Collateral | 94 | 98 | |
Regulatory Liabilities | 271 | 294 | |
Other | 554 | 530 | |
Total Current Liabilities | 2,160 | 2,850 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 4,617 | 4,524 | |
Regulatory Liabilities | 2,659 | 2,707 | |
Operating Leases | 86 | 88 | |
Asset Retirement Obligations | 315 | 314 | |
OPEB Costs | 481 | 485 | |
Accrued Pension Costs | 579 | 612 | |
Environmental Costs | 195 | 236 | |
Long-Term Accrued Taxes | 1 | 7 | |
Other | 153 | 154 | |
Total Noncurrent Liabilities | 9,086 | 9,127 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
LONG-TERM DEBT | |||
Total Long-Term Debt | 11,368 | 10,475 | |
STOCKHOLDER'S EQUITY | |||
Common Stock, Value, Issued | 892 | 892 | |
Contributed Capital | 1,170 | 1,170 | |
Basis Adjustment | 986 | 986 | |
Retained Earnings | 10,555 | 10,078 | |
Accumulated Other Comprehensive Income (Loss) | 0 | 3 | |
Total Stockholder's Equity | 13,603 | 13,129 | |
Total Capitalization | 24,971 | 23,604 | |
TOTAL LIABILITIES AND CAPITALIZATION | 36,217 | 35,581 | |
PSEG Power [Member] | |||
CURRENT ASSETS | |||
Cash and Cash Equivalents | 27 | 27 | |
Accounts Receivable, net of allowance | 350 | 328 | |
Accounts Receivable-Affiliated Companies | 258 | 317 | |
Short-Term Loan to Affiliate | [1] | 403 | 161 |
Fuel | 129 | 277 | |
Materials and Supplies, net | 387 | 382 | |
Prepayments | 26 | 16 | |
Derivative Contracts | [2] | 29 | 60 |
Other | 1 | 2 | |
Total Current Assets | 1,610 | 1,570 | |
PROPERTY, PLANT AND EQUIPMENT | 11,882 | 11,872 | |
Less: Accumulated Depreciation and Amortization | (3,756) | (3,624) | |
Net Property, Plant and Equipment | 8,126 | 8,248 | |
NONCURRENT ASSETS | |||
Operating Lease, Right-of-Use Asset | 58 | 61 | |
Long-Term Investments | 66 | 64 | |
Nuclear Decommissioning Trust (NDT) Fund | 2,525 | 2,501 | |
Rabbi Trust Fund | 62 | 66 | |
Other Intangibles | 163 | 158 | |
Derivative Contracts | [2] | 19 | 9 |
Other | 25 | 27 | |
Total Noncurrent Assets | 2,918 | 2,886 | |
Total Assets | 12,654 | 12,704 | |
CURRENT LIABILITIES | |||
Long-Term Debt Due Within One Year | 995 | 950 | |
Accounts Payable | 417 | 459 | |
Accounts Payable-Affiliated Companies | 34 | 13 | |
Derivative Contracts | [2] | 26 | 21 |
Accrued Interest | 37 | 16 | |
Other | 102 | 101 | |
Total Current Liabilities | 1,611 | 1,560 | |
NONCURRENT LIABILITIES | |||
Deferred Income Taxes and Investment Tax Credits (ITC) | 1,926 | 1,936 | |
Operating Leases | 48 | 51 | |
Asset Retirement Obligations | 905 | 895 | |
OPEB Costs | 197 | 197 | |
Accrued Pension Costs | 311 | 321 | |
Derivative Contracts | [2] | 2 | 4 |
Long-Term Accrued Taxes | 57 | 57 | |
Other | 81 | 79 | |
Total Noncurrent Liabilities | 3,527 | 3,540 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
LONG-TERM DEBT | |||
Total Long-Term Debt | 1,348 | 1,392 | |
STOCKHOLDER'S EQUITY | |||
Contributed Capital | 2,310 | 2,310 | |
Basis Adjustment | (986) | (986) | |
Retained Earnings | 5,293 | 5,307 | |
Accumulated Other Comprehensive Income (Loss) | (449) | (419) | |
Total Stockholder's Equity | 6,168 | 6,212 | |
TOTAL LIABILITIES AND CAPITALIZATION | $ 12,654 | $ 12,704 | |
[1] | PSEG 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 PSEG 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, 2021 and December 31, 2020. |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable, allowance | $ 232 | $ 196 |
Unbilled Revenues, allowance | $ 7 | $ 10 |
Common Stock, authorized | 1,000 | 1,000 |
Common Stock, issued | 534 | 534 |
Treasury Stock, Shares | 30 | 30 |
Public Service Electric and Gas Company [Member] | ||
Accounts Receivable, allowance | $ 232 | $ 196 |
Unbilled Revenues, allowance | $ 7 | $ 10 |
Common Stock, authorized | 150 | 150 |
Common Stock, issued | 132 | 132 |
Common Stock, outstanding | 132 | 132 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 648 | $ 448 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 341 | 324 |
Amortization of Nuclear Fuel | 49 | 47 |
Emission Allowances and Renewable Energy Credit Compliance Accrual | 43 | 33 |
Provision for Deferred Income Taxes and ITC | 96 | 18 |
Non-Cash Employee Benefit Plan (Credits) Costs | (44) | (26) |
Leveraged Lease (Income), (Gains) and Losses, Adjusted for Rents Received and Deferred Taxes | 16 | 18 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 46 | (106) |
Cost of Removal | (27) | (24) |
Net Change in Regulatory Assets and Liabilities | (28) | (80) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (68) | 209 |
Net Change in Certain Current Assets and Liabilities: | ||
Tax Receivable | 66 | 16 |
Accrued Taxes | (44) | 71 |
Margin Deposit | (44) | 55 |
Other Current Assets and Liabilities | (30) | 120 |
Employee Benefit Plan Funding and Related Payments | (3) | 10 |
Other | 10 | 20 |
Net Cash Provided By (Used In) Operating Activities | 1,027 | 1,153 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (633) | (720) |
Purchase of Emissions Allowances and RECs | (12) | (29) |
Proceeds from Sale of Available-for-Sale Securities | 662 | 609 |
Investments in Available-for-Sale Securities | (660) | (619) |
Other | 19 | 35 |
Net Cash Provided By (Used In) Investing Activities | (624) | (724) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | (598) | (353) |
Proceeds from Short-Term Loan | 500 | 300 |
Repayments of Short-term Debt | (300) | 0 |
Proceeds from Issuance of Other Long-term Debt | 900 | 600 |
Redemption of Long-term Debt | (300) | 0 |
Cash Dividends Paid on Common Stock | (258) | (248) |
Other | (78) | (62) |
Net Cash Provided By (Used In) Financing Activities | (134) | 237 |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 269 | 666 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 572 | 176 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 841 | 842 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (25) | (14) |
Interest Paid, Net of Amounts Capitalized | 95 | 91 |
Accrued Property, Plant and Equipment Expenditures | 258 | 378 |
Public Service Electric and Gas Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 477 | 440 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 241 | 222 |
Provision for Deferred Income Taxes and ITC | 32 | 53 |
Non-Cash Employee Benefit Plan (Credits) Costs | (39) | (26) |
Cost of Removal | (27) | (24) |
Net Change in Regulatory Assets and Liabilities | (28) | (80) |
Net Change in Certain Current Assets and Liabilities: | ||
Accounts Receivable and Unbilled Revenues | (39) | 20 |
Fuel, Materials and Supplies | (3) | 0 |
Prepayments | (8) | 12 |
Accounts Payable | (99) | (45) |
Accounts Receivable/Payable-Affiliated Companies, net | 9 | 14 |
Other Current Assets and Liabilities | 35 | 48 |
Employee Benefit Plan Funding and Related Payments | 0 | 12 |
Other | (33) | (11) |
Net Cash Provided By (Used In) Operating Activities | 518 | 635 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (586) | (620) |
Proceeds from Sale of Available-for-Sale Securities | 16 | 10 |
Investments in Available-for-Sale Securities | (10) | (10) |
Solar Loan Investments | 2 | 2 |
Other | 4 | 2 |
Net Cash Provided By (Used In) Investing Activities | (574) | (616) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | (100) | (362) |
Proceeds from Issuance of Other Long-term Debt | 900 | 600 |
Redemption of Long-term Debt | (300) | 0 |
Cash Dividends Paid on Common Stock | 0 | (175) |
Other | (8) | (6) |
Net Cash Provided By (Used In) Financing Activities | 492 | 57 |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 436 | 76 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 233 | 50 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 669 | 126 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | 51 | 11 |
Interest Paid, Net of Amounts Capitalized | 81 | 74 |
Accrued Property, Plant and Equipment Expenditures | 218 | 262 |
PSEG Power [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 161 | 13 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 92 | 94 |
Amortization of Nuclear Fuel | 49 | 47 |
Emission Allowances and Renewable Energy Credit Compliance Accrual | 43 | 33 |
Provision for Deferred Income Taxes and ITC | 11 | (52) |
Non-Cash Employee Benefit Plan (Credits) Costs | (5) | 0 |
Interest Accretion on Asset Retirement Obligations | 11 | 10 |
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 46 | (106) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (68) | 209 |
Net Change in Certain Current Assets and Liabilities: | ||
Fuel, Materials and Supplies | 143 | 102 |
Margin Deposit | (44) | 55 |
Accounts Receivable | 3 | 20 |
Accounts Payable | (59) | (44) |
Accounts Receivable/Payable-Affiliated Companies, net | 83 | 68 |
Other Current Assets and Liabilities | 13 | 21 |
Employee Benefit Plan Funding and Related Payments | (2) | (1) |
Other | (2) | 15 |
Net Cash Provided By (Used In) Operating Activities | 475 | 484 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (46) | (97) |
Purchase of Emissions Allowances and RECs | (12) | (29) |
Proceeds from Sale of Available-for-Sale Securities | 610 | 569 |
Investments in Available-for-Sale Securities | (621) | (579) |
Short-Term Loan-Affiliated Company | 242 | 365 |
Other | 11 | 11 |
Net Cash Provided By (Used In) Investing Activities | (300) | (490) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash Dividends Paid on Common Stock | (175) | 0 |
Other | 0 | (1) |
Net Cash Provided By (Used In) Financing Activities | (175) | (1) |
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 0 | (7) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 27 | 21 |
Cash, Cash Equivalents and Restricted Cash at End of Period | 27 | 14 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | 11 | (16) |
Interest Paid, Net of Amounts Capitalized | 6 | 7 |
Accrued Property, Plant and Equipment Expenditures | $ 40 | $ 116 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | AOCI Attributable to Parent [Member] | Public Service Electric and Gas Company [Member] | Public Service Electric and Gas Company [Member]Cumulative Effect, Period of Adoption, Adjustment | Public Service Electric and Gas Company [Member]Common Stock [Member] | Public Service Electric and Gas Company [Member]Retained Earnings [Member] | Public Service Electric and Gas Company [Member]Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Public Service Electric and Gas Company [Member]AOCI Attributable to Parent [Member] | Public Service Electric and Gas Company [Member]Contributed Capital [Member] | Public Service Electric and Gas Company [Member]Basis Adjustment [Member] | PSEG Power [Member] | PSEG Power [Member]Retained Earnings [Member] | PSEG Power [Member]AOCI Attributable to Parent [Member] | PSEG Power [Member]Contributed Capital [Member] | PSEG Power [Member]Basis Adjustment [Member] |
Shares, Outstanding | 534 | (30) | ||||||||||||||||||
Total Stockholder's Equity | $ 15,089 | $ (2) | $ 5,003 | $ (831) | $ 11,406 | $ (2) | $ (489) | $ 11,903 | $ (2) | $ 892 | $ 8,928 | $ (2) | $ 2 | $ 1,095 | $ 986 | $ 5,890 | $ 5,063 | $ (401) | $ 2,214 | $ (986) |
Net Income | 448 | 448 | 440 | 440 | 13 | 13 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | 8 | 8 | 0 | 0 | 9 | 9 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 456 | 440 | 22 | |||||||||||||||||
Dividends, Common Stock, Cash | (248) | (248) | 0 | (175) | (175) | |||||||||||||||
Stockholders' Equity, Other | (46) | $ (9) | $ (37) | 0 | 0 | |||||||||||||||
Stockholders' Equity, Other Shares | 0 | 0 | ||||||||||||||||||
Shares, Outstanding | 534 | (30) | ||||||||||||||||||
Total Stockholder's Equity | 15,249 | $ 4,994 | $ (868) | 11,604 | (481) | 12,166 | 892 | 9,191 | 2 | 1,095 | 986 | 5,912 | 5,076 | (392) | 2,214 | (986) | ||||
Shares, Outstanding | 534 | (30) | ||||||||||||||||||
Total Stockholder's Equity | 15,984 | $ 5,031 | $ (861) | 12,318 | (504) | 13,129 | 892 | 10,078 | 3 | 1,170 | 986 | 6,212 | 5,307 | (419) | 2,310 | (986) | ||||
Net Income | 648 | 648 | 477 | 477 | 161 | 161 | ||||||||||||||
Other Comprehensive Income (Loss), Net of Tax | (38) | (38) | (3) | (3) | (30) | (30) | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 610 | 474 | 131 | |||||||||||||||||
Dividends, Common Stock, Cash | (258) | (258) | 0 | (175) | (175) | |||||||||||||||
Stockholders' Equity, Other | (59) | $ (18) | $ (41) | 0 | 0 | |||||||||||||||
Stockholders' Equity, Other Shares | 0 | 0 | ||||||||||||||||||
Shares, Outstanding | 534 | (30) | ||||||||||||||||||
Total Stockholder's Equity | $ 16,277 | $ 5,013 | $ (902) | $ 12,708 | $ (542) | $ 13,603 | $ 892 | $ 10,555 | $ 0 | $ 1,170 | $ 986 | $ 6,168 | $ 5,293 | $ (449) | $ 2,310 | $ (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, 2021 | Mar. 31, 2020 | |
Other Comprehensive Income (Loss), Tax | $ 24 | $ (6) |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.51 | $ 0.49 |
Public Service Electric and Gas Company [Member] | ||
Other Comprehensive Income (Loss), Tax | $ 1 | $ 0 |
PSEG Power [Member] | ||
Other Comprehensive Income (Loss), Tax | $ 21 | $ (5) |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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 (PSEG 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, PSEG Power owns and operates solar generation in various states. PSEG 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 Amended and Restated Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which earns it revenues from its portfolio of lease investments and holds our investment in offshore wind ventures; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. In December 2020, PSEG entered into a definitive agreement with Ørsted North America to acquire a 25% equity interest in Ørsted’s Ocean Wind project. Ocean Wind was selected by New Jersey to be the first offshore wind farm as part of the state’s intention to add 7,500 MW of offshore wind generating capacity by 2035. The Ocean Wind project could provide first power in late 2024. On March 31, 2021, the BPU approved PSEG’s investment in Ocean Wind and the acquisition was completed in April 2021. Additionally, PSEG and Ørsted each owns 50% of Garden State Offshore Energy LLC which holds rights to an offshore wind lease area. PSEG and Ørsted are exploring other offshore wind opportunities. Basis of Presentation The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2020. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2020) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power Other (A) Consolidated Millions As of December 31, 2020 Cash and Cash Equivalents $ 204 $ 27 $ 312 $ 543 Restricted Cash in Other Current Assets 7 — — 7 Restricted Cash in Other Noncurrent Assets 22 — — 22 Cash, Cash Equivalents and Restricted Cash $ 233 $ 27 $ 312 $ 572 As of March 31, 2021 Cash and Cash Equivalents $ 631 $ 27 $ 145 $ 803 Restricted Cash in Other Current Assets 14 — — 14 Restricted Cash in Other Noncurrent Assets 24 — — 24 Cash, Cash Equivalents and Restricted Cash $ 669 $ 27 $ 145 $ 841 (A) Includes amounts applicable to PSEG (parent company), Energy Holdings and Services. |
Public Service Electric and Gas Company [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 (PSEG 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, PSEG Power owns and operates solar generation in various states. PSEG 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 Amended and Restated Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which earns it revenues from its portfolio of lease investments and holds our investment in offshore wind ventures; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. In December 2020, PSEG entered into a definitive agreement with Ørsted North America to acquire a 25% equity interest in Ørsted’s Ocean Wind project. Ocean Wind was selected by New Jersey to be the first offshore wind farm as part of the state’s intention to add 7,500 MW of offshore wind generating capacity by 2035. The Ocean Wind project could provide first power in late 2024. On March 31, 2021, the BPU approved PSEG’s investment in Ocean Wind and the acquisition was completed in April 2021. Additionally, PSEG and Ørsted each owns 50% of Garden State Offshore Energy LLC which holds rights to an offshore wind lease area. PSEG and Ørsted are exploring other offshore wind opportunities. Basis of Presentation The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2020. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2020) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power Other (A) Consolidated Millions As of December 31, 2020 Cash and Cash Equivalents $ 204 $ 27 $ 312 $ 543 Restricted Cash in Other Current Assets 7 — — 7 Restricted Cash in Other Noncurrent Assets 22 — — 22 Cash, Cash Equivalents and Restricted Cash $ 233 $ 27 $ 312 $ 572 As of March 31, 2021 Cash and Cash Equivalents $ 631 $ 27 $ 145 $ 803 Restricted Cash in Other Current Assets 14 — — 14 Restricted Cash in Other Noncurrent Assets 24 — — 24 Cash, Cash Equivalents and Restricted Cash $ 669 $ 27 $ 145 $ 841 (A) Includes amounts applicable to PSEG (parent company), Energy Holdings and Services. |
PSEG 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 (PSEG 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, PSEG Power owns and operates solar generation in various states. PSEG 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 Amended and Restated Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which earns it revenues from its portfolio of lease investments and holds our investment in offshore wind ventures; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. In December 2020, PSEG entered into a definitive agreement with Ørsted North America to acquire a 25% equity interest in Ørsted’s Ocean Wind project. Ocean Wind was selected by New Jersey to be the first offshore wind farm as part of the state’s intention to add 7,500 MW of offshore wind generating capacity by 2035. The Ocean Wind project could provide first power in late 2024. On March 31, 2021, the BPU approved PSEG’s investment in Ocean Wind and the acquisition was completed in April 2021. Additionally, PSEG and Ørsted each owns 50% of Garden State Offshore Energy LLC which holds rights to an offshore wind lease area. PSEG and Ørsted are exploring other offshore wind opportunities. Basis of Presentation The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2020. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2020) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power Other (A) Consolidated Millions As of December 31, 2020 Cash and Cash Equivalents $ 204 $ 27 $ 312 $ 543 Restricted Cash in Other Current Assets 7 — — 7 Restricted Cash in Other Noncurrent Assets 22 — — 22 Cash, Cash Equivalents and Restricted Cash $ 233 $ 27 $ 312 $ 572 As of March 31, 2021 Cash and Cash Equivalents $ 631 $ 27 $ 145 $ 803 Restricted Cash in Other Current Assets 14 — — 14 Restricted Cash in Other Noncurrent Assets 24 — — 24 Cash, Cash Equivalents and Restricted Cash $ 669 $ 27 $ 145 $ 841 (A) Includes amounts applicable to PSEG (parent company), Energy Holdings and Services. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Simplifying the Accounting for Income Taxes — Accounting Standards Update ( ASU) 2019-12 This accounting standard updates Accounting Standards Codification (ASC) 740 to simplify the accounting for income taxes, including the elimination of several exceptions and making other clarifications to the current guidance. Some of the more pertinent modifications include a change to the tax accounting related to franchise taxes that are partially based on income, an election to allocate the consolidated tax expense to a disregarded entity that is a member of a consolidated tax return filing group when those entities issue separate financial statements, and modifications and clarifications to interim tax reporting. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021. PSEG has elected to allocate the consolidated tax expense to all eligible entities that are included in a consolidated tax filing on a prospective basis. This election is consistent with PSEG’s Tax Sharing Agreements with its affiliated subsidiaries. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G, and PSEG Power. Clarifying the Interactions between Investments-Equity Securities, Investments-Equity Method and Joint Ventures, and Derivatives and Hedging — ASU 2020-01 This accounting standard clarifies that an entity should consider transaction prices for purposes of measuring the fair value of certain equity securities immediately before applying or upon discontinuing the equity method. This accounting standard also clarifies that when accounting for contracts entered into to purchase equity securities, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity — ASU 2020-06 This accounting standard simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the ASU eliminates certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. The ASU also revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding the ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021 on a modified retrospective basis. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Codification Improvements to Callable Debt Securities — ASU 2020-08 This accounting standard clarifies that an entity should reevaluate for each reporting period whether a purchased callable debt security that has multiple call dates is within the scope of certain guidance on nonrefundable fees and other costs related to receivables. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Codification Improvements — ASU 2020-10 This accounting standard conforms, clarifies, simplifies, and provides technical corrections to various codification topics. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Reference Rate Reform Scope Refinement — ASU 2021-01 This accounting standard clarifies certain guidance related to derivative instruments affected by the market-wide change in the interest rates even if those derivatives do not reference t he LIBOR o r another rate that is expected to be discontinued as a result of reference rate reform. The accounting standard also clarifies other aspects of the relief provided in the reference rate reform GAAP guidance. |
Public Service Electric and Gas Company [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Simplifying the Accounting for Income Taxes — Accounting Standards Update ( ASU) 2019-12 This accounting standard updates Accounting Standards Codification (ASC) 740 to simplify the accounting for income taxes, including the elimination of several exceptions and making other clarifications to the current guidance. Some of the more pertinent modifications include a change to the tax accounting related to franchise taxes that are partially based on income, an election to allocate the consolidated tax expense to a disregarded entity that is a member of a consolidated tax return filing group when those entities issue separate financial statements, and modifications and clarifications to interim tax reporting. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021. PSEG has elected to allocate the consolidated tax expense to all eligible entities that are included in a consolidated tax filing on a prospective basis. This election is consistent with PSEG’s Tax Sharing Agreements with its affiliated subsidiaries. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G, and PSEG Power. Clarifying the Interactions between Investments-Equity Securities, Investments-Equity Method and Joint Ventures, and Derivatives and Hedging — ASU 2020-01 This accounting standard clarifies that an entity should consider transaction prices for purposes of measuring the fair value of certain equity securities immediately before applying or upon discontinuing the equity method. This accounting standard also clarifies that when accounting for contracts entered into to purchase equity securities, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity — ASU 2020-06 This accounting standard simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the ASU eliminates certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. The ASU also revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding the ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021 on a modified retrospective basis. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Codification Improvements to Callable Debt Securities — ASU 2020-08 This accounting standard clarifies that an entity should reevaluate for each reporting period whether a purchased callable debt security that has multiple call dates is within the scope of certain guidance on nonrefundable fees and other costs related to receivables. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Codification Improvements — ASU 2020-10 This accounting standard conforms, clarifies, simplifies, and provides technical corrections to various codification topics. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Reference Rate Reform Scope Refinement — ASU 2021-01 This accounting standard clarifies certain guidance related to derivative instruments affected by the market-wide change in the interest rates even if those derivatives do not reference t he LIBOR o r another rate that is expected to be discontinued as a result of reference rate reform. The accounting standard also clarifies other aspects of the relief provided in the reference rate reform GAAP guidance. |
PSEG Power [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Simplifying the Accounting for Income Taxes — Accounting Standards Update ( ASU) 2019-12 This accounting standard updates Accounting Standards Codification (ASC) 740 to simplify the accounting for income taxes, including the elimination of several exceptions and making other clarifications to the current guidance. Some of the more pertinent modifications include a change to the tax accounting related to franchise taxes that are partially based on income, an election to allocate the consolidated tax expense to a disregarded entity that is a member of a consolidated tax return filing group when those entities issue separate financial statements, and modifications and clarifications to interim tax reporting. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021. PSEG has elected to allocate the consolidated tax expense to all eligible entities that are included in a consolidated tax filing on a prospective basis. This election is consistent with PSEG’s Tax Sharing Agreements with its affiliated subsidiaries. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G, and PSEG Power. Clarifying the Interactions between Investments-Equity Securities, Investments-Equity Method and Joint Ventures, and Derivatives and Hedging — ASU 2020-01 This accounting standard clarifies that an entity should consider transaction prices for purposes of measuring the fair value of certain equity securities immediately before applying or upon discontinuing the equity method. This accounting standard also clarifies that when accounting for contracts entered into to purchase equity securities, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity — ASU 2020-06 This accounting standard simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the ASU eliminates certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. The ASU also revises the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding the ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021 on a modified retrospective basis. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Codification Improvements to Callable Debt Securities — ASU 2020-08 This accounting standard clarifies that an entity should reevaluate for each reporting period whether a purchased callable debt security that has multiple call dates is within the scope of certain guidance on nonrefundable fees and other costs related to receivables. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard prospectively on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Codification Improvements — ASU 2020-10 This accounting standard conforms, clarifies, simplifies, and provides technical corrections to various codification topics. The standard is effective for fiscal years beginning after December 15, 2020. PSEG adopted this standard on January 1, 2021. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Reference Rate Reform Scope Refinement — ASU 2021-01 This accounting standard clarifies certain guidance related to derivative instruments affected by the market-wide change in the interest rates even if those derivatives do not reference t he LIBOR o r another rate that is expected to be discontinued as a result of reference rate reform. The accounting standard also clarifies other aspects of the relief provided in the reference rate reform GAAP guidance. |
Revenues Revenues
Revenues Revenues | 3 Months Ended |
Mar. 31, 2021 | |
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 PSEG 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 service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days 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. PSEG 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 PSEG 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. PSEG 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. PSEG 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. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG 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, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts —PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. 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, PSEG 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 PSEG 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. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG 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 PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2021 Revenues from Contracts with Customers Electric Distribution $ 707 $ — $ — $ — $ 707 Gas Distribution 896 — — (3) 893 Transmission 399 — — — 399 Electricity and Related Product Sales PJM Third-Party Sales — 471 — — 471 Sales to Affiliates — 88 — (88) — New York ISO — 48 — — 48 ISO New England — 51 — — 51 Gas Sales Third-Party Sales — 60 — — 60 Sales to Affiliates — 410 — (410) — Other Revenues from Contracts with Customers (A) 75 10 141 (1) 225 Total Revenues from Contracts with Customers 2,077 1,138 141 (502) 2,854 Revenues Unrelated to Contracts with Customers (B) (4) 29 10 — 35 Total Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 PSE&G PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2020 Revenues from Contracts with Customers Electric Distribution $ 649 $ — $ — $ — $ 649 Gas Distribution 731 — — (2) 729 Transmission 366 — — — 366 Electricity and Related Product Sales PJM Third-Party Sales — 368 — — 368 Sales to Affiliates — 121 — (121) — New York ISO — 25 — — 25 ISO New England — 48 — — 48 Gas Sales Third-Party Sales — 29 — — 29 Sales to Affiliates — 354 — (354) — Other Revenues from Contracts with Customers (A) 82 10 144 (1) 235 Total Revenues from Contracts with Customers 1,828 955 144 (478) 2,449 Revenues Unrelated to Contracts with Customers (B) 55 265 12 — 332 Total Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 (A) Includes primarily revenues from appliance repair services and the sale of solar renewable energy certificates (SRECs) at auction at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG 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, 2021 and December 31, 2020. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 14% of accounts receivable (including unbilled revenues) as of March 31, 2021 and December 31, 2020, respectively. Accounts Receivable — Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic (COVID-19) on the outstanding balances as of March 31, 2021. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. As of March 31, 2021, PSE&G deferred incremental gas bad debt expense for future regulatory recovery due to the impact of the ongoing pandemic. See Note 6. Rate Filings for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2021 and 2020: 2021 2020 Millions Balance at Beginning of Year $ 206 $ 68 (A) Utility Customer and Other Accounts Provision 44 32 Write-offs, net of Recoveries of $2 million in 2021 and 2020 (11) (20) Balance at End of Period $ 239 $ 80 (A) Includes an $8 million pre-tax increase upon adoption of ASU 2016-13. PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2021 and December 31, 2020. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of March 31, 2021 and December 31, 2020. Remaining Performance Obligations under Fixed Consideration Contracts PSEG 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: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions —The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction is expected to be held in the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations. Delivery Year $ per MW-Day MW Cleared June 2020 to May 2021 $167 7,600 June 2021 to May 2022 $166 7,800 Capacity Payments from the ISO New England Forward Capacity Market (FCM) —The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG 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, and the planned retirement of Bridgeport Harbor Station 3 in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2025 and the seven-year rate lock for BH5 through May 2026: Delivery Year $ per MW-Day (A) MW Cleared 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 $152 930 June 2024 to May 2025 $158 950 June 2025 to May 2026 $231 480 (A) Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above. Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $147 million. Other |
Public Service Electric and Gas Company [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 PSEG 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 service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days 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. PSEG 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 PSEG 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. PSEG 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. PSEG 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. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG 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, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts —PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. 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, PSEG 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 PSEG 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. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG 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 PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2021 Revenues from Contracts with Customers Electric Distribution $ 707 $ — $ — $ — $ 707 Gas Distribution 896 — — (3) 893 Transmission 399 — — — 399 Electricity and Related Product Sales PJM Third-Party Sales — 471 — — 471 Sales to Affiliates — 88 — (88) — New York ISO — 48 — — 48 ISO New England — 51 — — 51 Gas Sales Third-Party Sales — 60 — — 60 Sales to Affiliates — 410 — (410) — Other Revenues from Contracts with Customers (A) 75 10 141 (1) 225 Total Revenues from Contracts with Customers 2,077 1,138 141 (502) 2,854 Revenues Unrelated to Contracts with Customers (B) (4) 29 10 — 35 Total Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 PSE&G PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2020 Revenues from Contracts with Customers Electric Distribution $ 649 $ — $ — $ — $ 649 Gas Distribution 731 — — (2) 729 Transmission 366 — — — 366 Electricity and Related Product Sales PJM Third-Party Sales — 368 — — 368 Sales to Affiliates — 121 — (121) — New York ISO — 25 — — 25 ISO New England — 48 — — 48 Gas Sales Third-Party Sales — 29 — — 29 Sales to Affiliates — 354 — (354) — Other Revenues from Contracts with Customers (A) 82 10 144 (1) 235 Total Revenues from Contracts with Customers 1,828 955 144 (478) 2,449 Revenues Unrelated to Contracts with Customers (B) 55 265 12 — 332 Total Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 (A) Includes primarily revenues from appliance repair services and the sale of solar renewable energy certificates (SRECs) at auction at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG 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, 2021 and December 31, 2020. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 14% of accounts receivable (including unbilled revenues) as of March 31, 2021 and December 31, 2020, respectively. Accounts Receivable — Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic (COVID-19) on the outstanding balances as of March 31, 2021. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. As of March 31, 2021, PSE&G deferred incremental gas bad debt expense for future regulatory recovery due to the impact of the ongoing pandemic. See Note 6. Rate Filings for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2021 and 2020: 2021 2020 Millions Balance at Beginning of Year $ 206 $ 68 (A) Utility Customer and Other Accounts Provision 44 32 Write-offs, net of Recoveries of $2 million in 2021 and 2020 (11) (20) Balance at End of Period $ 239 $ 80 (A) Includes an $8 million pre-tax increase upon adoption of ASU 2016-13. PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2021 and December 31, 2020. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of March 31, 2021 and December 31, 2020. Remaining Performance Obligations under Fixed Consideration Contracts PSEG 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: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions —The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction is expected to be held in the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations. Delivery Year $ per MW-Day MW Cleared June 2020 to May 2021 $167 7,600 June 2021 to May 2022 $166 7,800 Capacity Payments from the ISO New England Forward Capacity Market (FCM) —The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG 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, and the planned retirement of Bridgeport Harbor Station 3 in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2025 and the seven-year rate lock for BH5 through May 2026: Delivery Year $ per MW-Day (A) MW Cleared 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 $152 930 June 2024 to May 2025 $158 950 June 2025 to May 2026 $231 480 (A) Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above. Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $147 million. Other |
PSEG 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 PSEG 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 service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days 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. PSEG 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 PSEG 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. PSEG 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. PSEG 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. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG 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, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts —PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. 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, PSEG 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 PSEG 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. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG 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 PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2021 Revenues from Contracts with Customers Electric Distribution $ 707 $ — $ — $ — $ 707 Gas Distribution 896 — — (3) 893 Transmission 399 — — — 399 Electricity and Related Product Sales PJM Third-Party Sales — 471 — — 471 Sales to Affiliates — 88 — (88) — New York ISO — 48 — — 48 ISO New England — 51 — — 51 Gas Sales Third-Party Sales — 60 — — 60 Sales to Affiliates — 410 — (410) — Other Revenues from Contracts with Customers (A) 75 10 141 (1) 225 Total Revenues from Contracts with Customers 2,077 1,138 141 (502) 2,854 Revenues Unrelated to Contracts with Customers (B) (4) 29 10 — 35 Total Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 PSE&G PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2020 Revenues from Contracts with Customers Electric Distribution $ 649 $ — $ — $ — $ 649 Gas Distribution 731 — — (2) 729 Transmission 366 — — — 366 Electricity and Related Product Sales PJM Third-Party Sales — 368 — — 368 Sales to Affiliates — 121 — (121) — New York ISO — 25 — — 25 ISO New England — 48 — — 48 Gas Sales Third-Party Sales — 29 — — 29 Sales to Affiliates — 354 — (354) — Other Revenues from Contracts with Customers (A) 82 10 144 (1) 235 Total Revenues from Contracts with Customers 1,828 955 144 (478) 2,449 Revenues Unrelated to Contracts with Customers (B) 55 265 12 — 332 Total Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 (A) Includes primarily revenues from appliance repair services and the sale of solar renewable energy certificates (SRECs) at auction at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG 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, 2021 and December 31, 2020. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 14% of accounts receivable (including unbilled revenues) as of March 31, 2021 and December 31, 2020, respectively. Accounts Receivable — Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic (COVID-19) on the outstanding balances as of March 31, 2021. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. As of March 31, 2021, PSE&G deferred incremental gas bad debt expense for future regulatory recovery due to the impact of the ongoing pandemic. See Note 6. Rate Filings for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2021 and 2020: 2021 2020 Millions Balance at Beginning of Year $ 206 $ 68 (A) Utility Customer and Other Accounts Provision 44 32 Write-offs, net of Recoveries of $2 million in 2021 and 2020 (11) (20) Balance at End of Period $ 239 $ 80 (A) Includes an $8 million pre-tax increase upon adoption of ASU 2016-13. PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2021 and December 31, 2020. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of March 31, 2021 and December 31, 2020. Remaining Performance Obligations under Fixed Consideration Contracts PSEG 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: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions —The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction is expected to be held in the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations. Delivery Year $ per MW-Day MW Cleared June 2020 to May 2021 $167 7,600 June 2021 to May 2022 $166 7,800 Capacity Payments from the ISO New England Forward Capacity Market (FCM) —The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG 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, and the planned retirement of Bridgeport Harbor Station 3 in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2025 and the seven-year rate lock for BH5 through May 2026: Delivery Year $ per MW-Day (A) MW Cleared 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 $152 930 June 2024 to May 2025 $158 950 June 2025 to May 2026 $231 480 (A) Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above. Bilateral capacity contracts —Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $147 million. Other |
Early Plant Retirements_Asset D
Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions | 3 Months Ended |
Mar. 31, 2021 | |
Early Plant Retirements/Asset Dispositions [Line Items] | |
Early Plant Retirements/Asset Dispositions | Early Plant Retirements/Asset Dispositions Nuclear In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs by the BPU. Pursuant to a process established by the BPU, ZECs are purchased from selected nuclear plants and recovered through a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour (KWh) used (which is equivalent to approximately $10 per megawatt hour (MWh) generated in payments to selected nuclear plants (ZEC payment)). Each nuclear plant is expected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022 at the same approximate $10 per MWh received during the current ZEC period through May 2022 referenced above. As a result, each nuclear plant is expected to receive ZEC revenue for approximately three years starting June 2022. The terms and conditions of this April 2021 ZEC award are generally similar to the current ZEC period as discussed above. The award of ZECs attaches certain obligations, including an obligation to repay the ZECs in the event that a plant ceases operations during the approximate three-year period that it was awarded ZECs, subject to certain exceptions specified in the ZEC legislation. PSEG Power has and will continue to recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. Further, the ZEC payment may be adjusted by the BPU at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source. For instance, the New Jersey Division of Rate Counsel (New Jersey Rate Counsel), in written comments filed with the BPU, has advocated for the BPU to offset market benefits resulting from New Jersey’s rejoining the Regional Greenhouse Gas Initiative from the ZEC payment. PSEG intends to vigorously defend against these arguments. Due to its preliminary nature, PSEG cannot predict the outcome of this matter. The BPU’s April 2019 decision awarding ZECs through May 2022 has been appealed by the New Jersey Rate Counsel. In March 2021, the New Jersey Appellate Division affirmed the BPU’s April 2019 decision granting ZECs for the first eligibility period. In April 2021, New Jersey Rate Counsel has petitioned to the New Jersey Supreme Court for further appellate review. PSEG cannot predict the outcome of this matter. In the event that (i) the ZEC program is overturned or is otherwise materially adversely modified through legal process; or (ii) any of the Salem 1, Salem 2 and Hope Creek plants is not sufficiently valued for its environmental, fuel diversity or resilience attributes in future periods and does not otherwise experience a material financial change that would remove the need for such attributes to be sufficiently valued, PSEG Power will take all necessary steps to cease to operate all of these plants. Alternatively, even with sufficient valuation of these attributes, if the financial condition of the plants is materially adversely impacted by changes in commodity prices, FERC’s changes to the capacity market construct (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC-authorized capacity mechanism), or, 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 (CWA) and related state regulations, or other factors, PSEG Power will take all necessary steps to cease to operate all of these plants. Ceasing operations of these plants would result in a material adverse impact on PSEG’s and PSEG Power’s results of operations. Non-Nuclear In July 2020, PSEG announced that it is exploring strategic alternatives for PSEG Power’s non-nuclear generating fleet, which includes more than 6,750 MW of fossil generation located in New Jersey, Connecticut, New York and Maryland as well as the 467 MW Solar Source portfolio located in various states. PSEG intends to retain ownership of PSEG Power’s existing nuclear fleet. The marketing of a potential transaction in one or a series of steps launched in the fourth quarter of 2020, and any potential transaction is expected to be completed sometime in 2021. As a result of the strategic review of PSEG Power’s non-nuclear generating assets, and the launch in the fourth quarter of 2020 of an associated marketing process for their potential disposition, PSEG Power has performed an impairment assessment of its PJM, NYISO and ISO-NE asset groupings, as well as for its solar assets, as of each quarter end. The assessments included probability weightings assigned to undiscounted cash flow scenarios of retaining the assets through the end of their estimated useful lives and a successful disposition of the non-nuclear assets in 2021. Estimates of cash flows associated with a sale scenario were based on management’s expectations of the fair value of such assets. The probability weighted aggregation of undiscounted cash flows for each of the asset groupings expected to result from the use and potential disposition of the asset groups exceeded their carrying value at the assessment dates. As such, it demonstrated that no impairment exists for any of the asset groupings and they continue to remain classified as held-for-use as of March 31, 2021. However, certain assumptions are subject to change as the potential sales and marketing process progresses. The net book value of the fossil generation and of the solar Property, Plant and Equipment (net of eligible investment tax credits) was approximately $4.5 billion and $550 million, respectively, as of March 31, 2021. In May 2021, PSEG Power Ventures LLC (Power Ventures), a direct wholly owned subsidiary of PSEG Power, entered into a purchase agreement with Quattro Solar, LLC, an affiliate of LS Power, relating to the sale by Power Ventures of 100% of its ownership interest in PSEG Solar Source LLC (Solar Source) including its related assets and liabilities. The transaction is expected to close during the second or third quarter of 2021, subject to certain closing conditions, adjustments and regulatory approvals. As a result, the assets and liabilities of Solar Source will be classified as Assets Held for Sale beginning in the second quarter of 2021. The net carrying value of the assets and liabilities to be sold is approximately $500 million as of March 31, 2021. There is no assurance that the strategic review will result in a sale or other disposition of all or any portion of the fossil generation assets on terms that are favorable to us, or at all. Any transaction would be subject to market conditions and customary closing conditions, including the receipt of all required regulatory approvals. Management expects that a change in the probability of a successful disposition based upon further progression in the marketing process, but prior to meeting all necessary held-for-sale classification criteria, would result in an impairment of the ISO-NE asset grouping, which would be material. Furthermore, a change to a held-for-sale classification from a held-for-use classification would result in an impairment of the PJM, NYISO and ISO-NE asset groupings, which would be material. |
PSEG Power [Member] | |
Early Plant Retirements/Asset Dispositions [Line Items] | |
Early Plant Retirements/Asset Dispositions | Early Plant Retirements/Asset Dispositions Nuclear In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs by the BPU. Pursuant to a process established by the BPU, ZECs are purchased from selected nuclear plants and recovered through a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour (KWh) used (which is equivalent to approximately $10 per megawatt hour (MWh) generated in payments to selected nuclear plants (ZEC payment)). Each nuclear plant is expected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022 at the same approximate $10 per MWh received during the current ZEC period through May 2022 referenced above. As a result, each nuclear plant is expected to receive ZEC revenue for approximately three years starting June 2022. The terms and conditions of this April 2021 ZEC award are generally similar to the current ZEC period as discussed above. The award of ZECs attaches certain obligations, including an obligation to repay the ZECs in the event that a plant ceases operations during the approximate three-year period that it was awarded ZECs, subject to certain exceptions specified in the ZEC legislation. PSEG Power has and will continue to recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. Further, the ZEC payment may be adjusted by the BPU at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source. For instance, the New Jersey Division of Rate Counsel (New Jersey Rate Counsel), in written comments filed with the BPU, has advocated for the BPU to offset market benefits resulting from New Jersey’s rejoining the Regional Greenhouse Gas Initiative from the ZEC payment. PSEG intends to vigorously defend against these arguments. Due to its preliminary nature, PSEG cannot predict the outcome of this matter. The BPU’s April 2019 decision awarding ZECs through May 2022 has been appealed by the New Jersey Rate Counsel. In March 2021, the New Jersey Appellate Division affirmed the BPU’s April 2019 decision granting ZECs for the first eligibility period. In April 2021, New Jersey Rate Counsel has petitioned to the New Jersey Supreme Court for further appellate review. PSEG cannot predict the outcome of this matter. In the event that (i) the ZEC program is overturned or is otherwise materially adversely modified through legal process; or (ii) any of the Salem 1, Salem 2 and Hope Creek plants is not sufficiently valued for its environmental, fuel diversity or resilience attributes in future periods and does not otherwise experience a material financial change that would remove the need for such attributes to be sufficiently valued, PSEG Power will take all necessary steps to cease to operate all of these plants. Alternatively, even with sufficient valuation of these attributes, if the financial condition of the plants is materially adversely impacted by changes in commodity prices, FERC’s changes to the capacity market construct (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC-authorized capacity mechanism), or, 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 (CWA) and related state regulations, or other factors, PSEG Power will take all necessary steps to cease to operate all of these plants. Ceasing operations of these plants would result in a material adverse impact on PSEG’s and PSEG Power’s results of operations. Non-Nuclear In July 2020, PSEG announced that it is exploring strategic alternatives for PSEG Power’s non-nuclear generating fleet, which includes more than 6,750 MW of fossil generation located in New Jersey, Connecticut, New York and Maryland as well as the 467 MW Solar Source portfolio located in various states. PSEG intends to retain ownership of PSEG Power’s existing nuclear fleet. The marketing of a potential transaction in one or a series of steps launched in the fourth quarter of 2020, and any potential transaction is expected to be completed sometime in 2021. As a result of the strategic review of PSEG Power’s non-nuclear generating assets, and the launch in the fourth quarter of 2020 of an associated marketing process for their potential disposition, PSEG Power has performed an impairment assessment of its PJM, NYISO and ISO-NE asset groupings, as well as for its solar assets, as of each quarter end. The assessments included probability weightings assigned to undiscounted cash flow scenarios of retaining the assets through the end of their estimated useful lives and a successful disposition of the non-nuclear assets in 2021. Estimates of cash flows associated with a sale scenario were based on management’s expectations of the fair value of such assets. The probability weighted aggregation of undiscounted cash flows for each of the asset groupings expected to result from the use and potential disposition of the asset groups exceeded their carrying value at the assessment dates. As such, it demonstrated that no impairment exists for any of the asset groupings and they continue to remain classified as held-for-use as of March 31, 2021. However, certain assumptions are subject to change as the potential sales and marketing process progresses. The net book value of the fossil generation and of the solar Property, Plant and Equipment (net of eligible investment tax credits) was approximately $4.5 billion and $550 million, respectively, as of March 31, 2021. In May 2021, PSEG Power Ventures LLC (Power Ventures), a direct wholly owned subsidiary of PSEG Power, entered into a purchase agreement with Quattro Solar, LLC, an affiliate of LS Power, relating to the sale by Power Ventures of 100% of its ownership interest in PSEG Solar Source LLC (Solar Source) including its related assets and liabilities. The transaction is expected to close during the second or third quarter of 2021, subject to certain closing conditions, adjustments and regulatory approvals. As a result, the assets and liabilities of Solar Source will be classified as Assets Held for Sale beginning in the second quarter of 2021. The net carrying value of the assets and liabilities to be sold is approximately $500 million as of March 31, 2021. There is no assurance that the strategic review will result in a sale or other disposition of all or any portion of the fossil generation assets on terms that are favorable to us, or at all. Any transaction would be subject to market conditions and customary closing conditions, including the receipt of all required regulatory approvals. Management expects that a change in the probability of a successful disposition based upon further progression in the marketing process, but prior to meeting all necessary held-for-sale classification criteria, would result in an impairment of the ISO-NE asset grouping, which would be material. Furthermore, a change to a held-for-sale classification from a held-for-use classification would result in an impairment of the PJM, NYISO and ISO-NE asset groupings, which would be material. |
Variable Interest Entities (VIE
Variable Interest Entities (VIEs) | 3 Months Ended |
Mar. 31, 2021 | |
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 paid entirely by LIPA, and therefore, PSEG LI’s risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to payment of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual 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 Operation and Maintenance (O&M) Expense, respectively. Servco recorded $123 million and $127 million for the three months ended March 31, 2021 and 2020, 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, 2021 | |
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, 2020. 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 are as follows: BGSS— In March 2021, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of 32 cents per therm which had been provisionally approved effective October 1, 2020. COVID-19 Deferral— PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of March 31, 2021 of approximately $60 million for net incremental costs, including $35 million for incremental gas bad debt expense associated with customer accounts receivable, which PSE&G expects are probable of recovery under the BPU order. Energy Strong II— In April 2021, the BPU approved PSE&G’s filing for a $13 million revenue increase under this investment program, effective May, 2021. GSMP II— In March 2021, PSE&G updated its petition previously filed in December 2020 seeking BPU approval to recover in gas base rates an annual revenue increase of approximately $21 million effective June 1, 2021 representing the return on and of GSMP II investments placed in service through February 2021. |
Public Service Electric and Gas Company [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, 2020. 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 are as follows: BGSS— In March 2021, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of 32 cents per therm which had been provisionally approved effective October 1, 2020. COVID-19 Deferral— PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of March 31, 2021 of approximately $60 million for net incremental costs, including $35 million for incremental gas bad debt expense associated with customer accounts receivable, which PSE&G expects are probable of recovery under the BPU order. Energy Strong II— In April 2021, the BPU approved PSE&G’s filing for a $13 million revenue increase under this investment program, effective May, 2021. GSMP II— In March 2021, PSE&G updated its petition previously filed in December 2020 seeking BPU approval to recover in gas base rates an annual revenue increase of approximately $21 million effective June 1, 2021 representing the return on and of GSMP II investments placed in service through February 2021. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities . Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020: PSEG Power Energy Holdings Total Millions Operating Lease Income Three Months Ended March 31, 2021 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 Three Months Ended March 31, 2020 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities . Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020: PSEG Power Energy Holdings Total Millions Operating Lease Income Three Months Ended March 31, 2021 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 Three Months Ended March 31, 2020 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 |
Public Service Electric and Gas Company [Member] | |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities . Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020: PSEG Power Energy Holdings Total Millions Operating Lease Income Three Months Ended March 31, 2021 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 Three Months Ended March 31, 2020 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities . Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020: PSEG Power Energy Holdings Total Millions Operating Lease Income Three Months Ended March 31, 2021 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 Three Months Ended March 31, 2020 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 |
PSEG Power [Member] | |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities . Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020: PSEG Power Energy Holdings Total Millions Operating Lease Income Three Months Ended March 31, 2021 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 Three Months Ended March 31, 2020 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities . Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG 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. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three months ended March 31, 2021 and 2020: PSEG Power Energy Holdings Total Millions Operating Lease Income Three Months Ended March 31, 2021 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 Three Months Ended March 31, 2020 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 |
Financing Receivables
Financing Receivables | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Financial Receivables [Line Items] | |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of March 31, 2021, none of the solar loans were impaired; however, in the event of a loan default or if a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. As of March 31, 2021, none of the solar loans were delinquent and no loans are currently expected to become delinquent in light of the payment mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. 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.” As of Outstanding Loans by Class of Customers March 31, December 31, Millions Commercial/Industrial $ 144 $ 145 Residential 6 6 Total 150 151 Current Portion (included in Accounts Receivable) (29) (29) Noncurrent Portion (included in Long-Term Investments) $ 121 $ 122 The solar loans originated under three Solar Loan Programs are comprised as follows: Programs Balance as of March 31, 2021 Funding Provided Residential Loan Term Non-Residential Loan Term Millions Solar Loan I $ 19 prior to 2013 10 years 15 years Solar Loan II 69 prior to 2015 10 years 15 years Solar Loan III 62 largely funded as of March 31, 2021 10 years 10 years Total $ 150 The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2021 and have an average remaining life of approximately four years. Energy Holdings Energy Holdings, through several of its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s 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. Leveraged leases outstanding as of March 31, 2021 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2021 and December 31, 2020. As of As of March 31, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 274 $ 299 Estimated Residual Value of Leased Assets 55 55 Total Investment in Rental Receivables 329 354 Unearned and Deferred Income (100) (104) Gross Investments in Leases 229 250 Deferred Tax Liabilities (60) (64) Net Investments in Leases $ 169 $ 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 Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2021 As of March 31, 2021 Millions AA $ 8 A- 51 BBB+ to BBB 178 BB+ 37 Total $ 274 The “BB+” rating in the preceding table represents a lease receivable related to Merrill Creek Reservoir. Metropolitan Edison Company (a subsidiary of First Energy) is the lease counterparty. As of March 31, 2021, the gross investment in this lease was $23 million ($18 million, net of deferred taxes). |
Public Service Electric and Gas Company [Member] | |
Schedule of Financial Receivables [Line Items] | |
Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of March 31, 2021, none of the solar loans were impaired; however, in the event of a loan default or if a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. As of March 31, 2021, none of the solar loans were delinquent and no loans are currently expected to become delinquent in light of the payment mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. 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.” As of Outstanding Loans by Class of Customers March 31, December 31, Millions Commercial/Industrial $ 144 $ 145 Residential 6 6 Total 150 151 Current Portion (included in Accounts Receivable) (29) (29) Noncurrent Portion (included in Long-Term Investments) $ 121 $ 122 The solar loans originated under three Solar Loan Programs are comprised as follows: Programs Balance as of March 31, 2021 Funding Provided Residential Loan Term Non-Residential Loan Term Millions Solar Loan I $ 19 prior to 2013 10 years 15 years Solar Loan II 69 prior to 2015 10 years 15 years Solar Loan III 62 largely funded as of March 31, 2021 10 years 10 years Total $ 150 The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2021 and have an average remaining life of approximately four years. Energy Holdings Energy Holdings, through several of its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s 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. Leveraged leases outstanding as of March 31, 2021 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2021 and December 31, 2020. As of As of March 31, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 274 $ 299 Estimated Residual Value of Leased Assets 55 55 Total Investment in Rental Receivables 329 354 Unearned and Deferred Income (100) (104) Gross Investments in Leases 229 250 Deferred Tax Liabilities (60) (64) Net Investments in Leases $ 169 $ 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 Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2021 As of March 31, 2021 Millions AA $ 8 A- 51 BBB+ to BBB 178 BB+ 37 Total $ 274 The “BB+” rating in the preceding table represents a lease receivable related to Merrill Creek Reservoir. Metropolitan Edison Company (a subsidiary of First Energy) is the lease counterparty. As of March 31, 2021, the gross investment in this lease was $23 million ($18 million, net of deferred taxes). |
Trust Investments
Trust Investments | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities 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 PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of March 31, 2021 Cost Gross Gross Fair Millions Equity Securities Domestic $ 482 $ 308 $ (1) $ 789 International 365 140 (8) 497 Total Equity Securities 847 448 (9) 1,286 Available-for-Sale Debt Securities Government 636 13 (12) 637 Corporate 587 21 (8) 600 Total Available-for-Sale Debt Securities 1,223 34 (20) 1,237 Total NDT Fund Investments (A) $ 2,070 $ 482 $ (29) $ 2,523 (A) The NDT Fund Investments table excludes cash of $1 million and foreign currency of $1 million as of March 31, 2021, which are part of the NDT Fund. As of December 31, 2020 Cost Gross Gross Fair Millions Equity Securities Domestic $ 519 $ 305 $ (3) $ 821 International 388 152 (9) 531 Total Equity Securities 907 457 (12) 1,352 Available-for-Sale Debt Securities Government 555 27 (1) 581 Corporate 528 39 (1) 566 Total Available-for-Sale Debt Securities 1,083 66 (2) 1,147 Total NDT Fund Investments (A) $ 1,990 $ 523 $ (14) $ 2,499 (A) The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2020, which is part of the NDT Fund. Net unrealized gains (losses) on debt securities of $8 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of March 31, 2021. The portion of net unrealized gains related to equity securities still held as of March 31, 2021 recognized during the first three months of 2021 was $24 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 $ 15 $ 11 Accounts Payable $ 22 $ 12 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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Equity Securities (A) Domestic $ 56 $ (1) $ 2 $ — $ 23 $ (2) $ 6 $ (1) International 42 (4) 20 (4) 26 (2) 27 (7) Total Equity Securities 98 (5) 22 (4) 49 (4) 33 (8) Available-for-Sale Debt Securities Government (B) 299 (12) 1 — 72 (1) — — Corporate (C) 203 (8) 9 — 31 (1) 7 — Total Available-for-Sale Debt Securities 502 (20) 10 — 103 (2) 7 — NDT Trust Investments $ 600 $ (25) $ 32 $ (4) $ 152 $ (6) $ 40 $ (8) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for these corporate bonds because they are primarily investment grade securities. The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended March 31, 2021 2020 Millions Proceeds from NDT Fund Sales (A) $ 597 $ 555 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 79 $ 38 Gross Realized Losses (15) (34) Net Realized Gains (Losses) on NDT Fund (B) 64 4 Unrealized Gains (Losses) on Equity Securities (7) (221) Impairment of Available-for-Sale Debt Securities (C) — (3) Net Gains (Losses) on NDT Fund Investments $ 57 $ (220) (A) Includes activity in accounts related to the liquidation of funds being transitioned within the trust. (B) The cost of these securities was determined on the basis of specific identification. (C) PSEG Power recognized an impairment of available-for-sale debt securities in 2020. PSEG Power’s policy is to sell all securities that are rated below investment grade. The NDT Fund debt securities held as of March 31, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ 18 1 - 5 years 329 6 - 10 years 238 11 - 15 years 79 16 - 20 years 92 Over 20 years 481 Total NDT Available-for-Sale Debt Securities $ 1,237 PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of March 31, 2021 Cost Gross Gross Fair Millions Domestic Equity Securities $ 18 $ 10 $ — $ 28 Available-for-Sale Debt Securities Government 100 2 (4) 98 Corporate 109 5 (2) 112 Total Available-for-Sale Debt Securities 209 7 (6) 210 Total Rabbi Trust Investments $ 227 $ 17 $ (6) $ 238 As of December 31, 2020 Cost Gross Gross Fair Millions Domestic Equity Securities $ 21 $ 10 $ — $ 31 Available-for-Sale Debt Securities Government 94 6 — 100 Corporate 123 12 — 135 Total Available-for-Sale Debt Securities 217 18 — 235 Total Rabbi Trust Investments $ 238 $ 28 $ — $ 266 Net unrealized gains (losses) on debt securities included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet were immaterial as of March 31, 2021. The portion of net unrealized losses recognized during the first three months of 2021 related to equity securities still held as of March 31, 2021 was immaterial. 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 $ 1 $ 1 Accounts Payable $ 2 $ 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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Available-for-Sale Debt Securities Government (A) $ 61 $ (4) $ — $ — $ 19 $ — $ — $ — Corporate (B) 44 (2) 1 — 2 — 1 — Total Available-for-Sale Debt Securities 105 (6) 1 — 21 — 1 — Rabbi Trust Investments $ 105 $ (6) $ 1 $ — $ 21 $ — $ 1 $ — (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for these corporate bonds because they are primarily investment grade. The proceeds from the sales of and the net gains on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2021 2020 Millions Proceeds from Rabbi Trust Sales $ 65 $ 54 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 5 $ 5 Gross Realized Losses (2) (1) Net Realized Gains (Losses) on Rabbi Trust (A) 3 4 Unrealized Gains (Losses) on Equity Securities — (5) Net Gains (Losses) on Rabbi Trust Investments $ 3 $ (1) (A) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of March 31, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 42 6 - 10 years 25 11 - 15 years 10 16 - 20 years 27 Over 20 years 106 Total Rabbi Trust Available-for-Sale Debt Securities $ 210 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSE&G, PSEG Power and PSEG’s other subsidiaries is detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 43 $ 51 PSEG Power 62 66 Other 133 149 Total Rabbi Trust Investments $ 238 $ 266 |
Public Service Electric and Gas Company [Member] | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities 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 PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of March 31, 2021 Cost Gross Gross Fair Millions Equity Securities Domestic $ 482 $ 308 $ (1) $ 789 International 365 140 (8) 497 Total Equity Securities 847 448 (9) 1,286 Available-for-Sale Debt Securities Government 636 13 (12) 637 Corporate 587 21 (8) 600 Total Available-for-Sale Debt Securities 1,223 34 (20) 1,237 Total NDT Fund Investments (A) $ 2,070 $ 482 $ (29) $ 2,523 (A) The NDT Fund Investments table excludes cash of $1 million and foreign currency of $1 million as of March 31, 2021, which are part of the NDT Fund. As of December 31, 2020 Cost Gross Gross Fair Millions Equity Securities Domestic $ 519 $ 305 $ (3) $ 821 International 388 152 (9) 531 Total Equity Securities 907 457 (12) 1,352 Available-for-Sale Debt Securities Government 555 27 (1) 581 Corporate 528 39 (1) 566 Total Available-for-Sale Debt Securities 1,083 66 (2) 1,147 Total NDT Fund Investments (A) $ 1,990 $ 523 $ (14) $ 2,499 (A) The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2020, which is part of the NDT Fund. Net unrealized gains (losses) on debt securities of $8 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of March 31, 2021. The portion of net unrealized gains related to equity securities still held as of March 31, 2021 recognized during the first three months of 2021 was $24 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 $ 15 $ 11 Accounts Payable $ 22 $ 12 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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Equity Securities (A) Domestic $ 56 $ (1) $ 2 $ — $ 23 $ (2) $ 6 $ (1) International 42 (4) 20 (4) 26 (2) 27 (7) Total Equity Securities 98 (5) 22 (4) 49 (4) 33 (8) Available-for-Sale Debt Securities Government (B) 299 (12) 1 — 72 (1) — — Corporate (C) 203 (8) 9 — 31 (1) 7 — Total Available-for-Sale Debt Securities 502 (20) 10 — 103 (2) 7 — NDT Trust Investments $ 600 $ (25) $ 32 $ (4) $ 152 $ (6) $ 40 $ (8) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for these corporate bonds because they are primarily investment grade securities. The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended March 31, 2021 2020 Millions Proceeds from NDT Fund Sales (A) $ 597 $ 555 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 79 $ 38 Gross Realized Losses (15) (34) Net Realized Gains (Losses) on NDT Fund (B) 64 4 Unrealized Gains (Losses) on Equity Securities (7) (221) Impairment of Available-for-Sale Debt Securities (C) — (3) Net Gains (Losses) on NDT Fund Investments $ 57 $ (220) (A) Includes activity in accounts related to the liquidation of funds being transitioned within the trust. (B) The cost of these securities was determined on the basis of specific identification. (C) PSEG Power recognized an impairment of available-for-sale debt securities in 2020. PSEG Power’s policy is to sell all securities that are rated below investment grade. The NDT Fund debt securities held as of March 31, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ 18 1 - 5 years 329 6 - 10 years 238 11 - 15 years 79 16 - 20 years 92 Over 20 years 481 Total NDT Available-for-Sale Debt Securities $ 1,237 PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of March 31, 2021 Cost Gross Gross Fair Millions Domestic Equity Securities $ 18 $ 10 $ — $ 28 Available-for-Sale Debt Securities Government 100 2 (4) 98 Corporate 109 5 (2) 112 Total Available-for-Sale Debt Securities 209 7 (6) 210 Total Rabbi Trust Investments $ 227 $ 17 $ (6) $ 238 As of December 31, 2020 Cost Gross Gross Fair Millions Domestic Equity Securities $ 21 $ 10 $ — $ 31 Available-for-Sale Debt Securities Government 94 6 — 100 Corporate 123 12 — 135 Total Available-for-Sale Debt Securities 217 18 — 235 Total Rabbi Trust Investments $ 238 $ 28 $ — $ 266 Net unrealized gains (losses) on debt securities included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet were immaterial as of March 31, 2021. The portion of net unrealized losses recognized during the first three months of 2021 related to equity securities still held as of March 31, 2021 was immaterial. 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 $ 1 $ 1 Accounts Payable $ 2 $ 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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Available-for-Sale Debt Securities Government (A) $ 61 $ (4) $ — $ — $ 19 $ — $ — $ — Corporate (B) 44 (2) 1 — 2 — 1 — Total Available-for-Sale Debt Securities 105 (6) 1 — 21 — 1 — Rabbi Trust Investments $ 105 $ (6) $ 1 $ — $ 21 $ — $ 1 $ — (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for these corporate bonds because they are primarily investment grade. The proceeds from the sales of and the net gains on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2021 2020 Millions Proceeds from Rabbi Trust Sales $ 65 $ 54 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 5 $ 5 Gross Realized Losses (2) (1) Net Realized Gains (Losses) on Rabbi Trust (A) 3 4 Unrealized Gains (Losses) on Equity Securities — (5) Net Gains (Losses) on Rabbi Trust Investments $ 3 $ (1) (A) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of March 31, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 42 6 - 10 years 25 11 - 15 years 10 16 - 20 years 27 Over 20 years 106 Total Rabbi Trust Available-for-Sale Debt Securities $ 210 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSE&G, PSEG Power and PSEG’s other subsidiaries is detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 43 $ 51 PSEG Power 62 66 Other 133 149 Total Rabbi Trust Investments $ 238 $ 266 |
PSEG Power [Member] | |
Schedule of Trust Investments [Line Items] | |
Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities 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 PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund. As of March 31, 2021 Cost Gross Gross Fair Millions Equity Securities Domestic $ 482 $ 308 $ (1) $ 789 International 365 140 (8) 497 Total Equity Securities 847 448 (9) 1,286 Available-for-Sale Debt Securities Government 636 13 (12) 637 Corporate 587 21 (8) 600 Total Available-for-Sale Debt Securities 1,223 34 (20) 1,237 Total NDT Fund Investments (A) $ 2,070 $ 482 $ (29) $ 2,523 (A) The NDT Fund Investments table excludes cash of $1 million and foreign currency of $1 million as of March 31, 2021, which are part of the NDT Fund. As of December 31, 2020 Cost Gross Gross Fair Millions Equity Securities Domestic $ 519 $ 305 $ (3) $ 821 International 388 152 (9) 531 Total Equity Securities 907 457 (12) 1,352 Available-for-Sale Debt Securities Government 555 27 (1) 581 Corporate 528 39 (1) 566 Total Available-for-Sale Debt Securities 1,083 66 (2) 1,147 Total NDT Fund Investments (A) $ 1,990 $ 523 $ (14) $ 2,499 (A) The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2020, which is part of the NDT Fund. Net unrealized gains (losses) on debt securities of $8 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of March 31, 2021. The portion of net unrealized gains related to equity securities still held as of March 31, 2021 recognized during the first three months of 2021 was $24 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 $ 15 $ 11 Accounts Payable $ 22 $ 12 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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Equity Securities (A) Domestic $ 56 $ (1) $ 2 $ — $ 23 $ (2) $ 6 $ (1) International 42 (4) 20 (4) 26 (2) 27 (7) Total Equity Securities 98 (5) 22 (4) 49 (4) 33 (8) Available-for-Sale Debt Securities Government (B) 299 (12) 1 — 72 (1) — — Corporate (C) 203 (8) 9 — 31 (1) 7 — Total Available-for-Sale Debt Securities 502 (20) 10 — 103 (2) 7 — NDT Trust Investments $ 600 $ (25) $ 32 $ (4) $ 152 $ (6) $ 40 $ (8) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for these corporate bonds because they are primarily investment grade securities. The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were: Three Months Ended March 31, 2021 2020 Millions Proceeds from NDT Fund Sales (A) $ 597 $ 555 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 79 $ 38 Gross Realized Losses (15) (34) Net Realized Gains (Losses) on NDT Fund (B) 64 4 Unrealized Gains (Losses) on Equity Securities (7) (221) Impairment of Available-for-Sale Debt Securities (C) — (3) Net Gains (Losses) on NDT Fund Investments $ 57 $ (220) (A) Includes activity in accounts related to the liquidation of funds being transitioned within the trust. (B) The cost of these securities was determined on the basis of specific identification. (C) PSEG Power recognized an impairment of available-for-sale debt securities in 2020. PSEG Power’s policy is to sell all securities that are rated below investment grade. The NDT Fund debt securities held as of March 31, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ 18 1 - 5 years 329 6 - 10 years 238 11 - 15 years 79 16 - 20 years 92 Over 20 years 481 Total NDT Available-for-Sale Debt Securities $ 1,237 PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust. As of March 31, 2021 Cost Gross Gross Fair Millions Domestic Equity Securities $ 18 $ 10 $ — $ 28 Available-for-Sale Debt Securities Government 100 2 (4) 98 Corporate 109 5 (2) 112 Total Available-for-Sale Debt Securities 209 7 (6) 210 Total Rabbi Trust Investments $ 227 $ 17 $ (6) $ 238 As of December 31, 2020 Cost Gross Gross Fair Millions Domestic Equity Securities $ 21 $ 10 $ — $ 31 Available-for-Sale Debt Securities Government 94 6 — 100 Corporate 123 12 — 135 Total Available-for-Sale Debt Securities 217 18 — 235 Total Rabbi Trust Investments $ 238 $ 28 $ — $ 266 Net unrealized gains (losses) on debt securities included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet were immaterial as of March 31, 2021. The portion of net unrealized losses recognized during the first three months of 2021 related to equity securities still held as of March 31, 2021 was immaterial. 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 $ 1 $ 1 Accounts Payable $ 2 $ 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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Available-for-Sale Debt Securities Government (A) $ 61 $ (4) $ — $ — $ 19 $ — $ — $ — Corporate (B) 44 (2) 1 — 2 — 1 — Total Available-for-Sale Debt Securities 105 (6) 1 — 21 — 1 — Rabbi Trust Investments $ 105 $ (6) $ 1 $ — $ 21 $ — $ 1 $ — (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for these corporate bonds because they are primarily investment grade. The proceeds from the sales of and the net gains on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2021 2020 Millions Proceeds from Rabbi Trust Sales $ 65 $ 54 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 5 $ 5 Gross Realized Losses (2) (1) Net Realized Gains (Losses) on Rabbi Trust (A) 3 4 Unrealized Gains (Losses) on Equity Securities — (5) Net Gains (Losses) on Rabbi Trust Investments $ 3 $ (1) (A) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of March 31, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 42 6 - 10 years 25 11 - 15 years 10 16 - 20 years 27 Over 20 years 106 Total Rabbi Trust Available-for-Sale Debt Securities $ 210 PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSE&G, PSEG Power and PSEG’s other subsidiaries is detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 43 $ 51 PSEG Power 62 66 Other 133 149 Total Rabbi Trust Investments $ 238 $ 266 |
Pension and OPEB
Pension and OPEB | 3 Months Ended |
Mar. 31, 2021 | |
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. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs 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, 2021 2020 2021 2020 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 38 $ 35 $ 2 $ 2 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 35 48 5 9 Expected Return on Plan Assets (119) (111) (10) (10) Amortization of Net Prior Service Credit — (2) (32) (32) Actuarial Loss 26 23 11 12 Non-Service Components of Pension and OPEB (Credits) Costs (58) (42) (26) (21) Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) Pension and OPEB (credits) costs for PSE&G, PSEG 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, 2021 2020 2021 2020 Millions PSE&G $ (16) $ (7) $ (23) $ (19) PSEG Power (4) (1) (1) — Other — 1 — — Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) PSEG does not plan to contribute to its pension and OPEB plans in 2021. 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 $37 million into its pension plan during 2021. |
Public Service Electric and Gas Company [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. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs 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, 2021 2020 2021 2020 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 38 $ 35 $ 2 $ 2 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 35 48 5 9 Expected Return on Plan Assets (119) (111) (10) (10) Amortization of Net Prior Service Credit — (2) (32) (32) Actuarial Loss 26 23 11 12 Non-Service Components of Pension and OPEB (Credits) Costs (58) (42) (26) (21) Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) Pension and OPEB (credits) costs for PSE&G, PSEG 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, 2021 2020 2021 2020 Millions PSE&G $ (16) $ (7) $ (23) $ (19) PSEG Power (4) (1) (1) — Other — 1 — — Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) PSEG does not plan to contribute to its pension and OPEB plans in 2021. 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 $37 million into its pension plan during 2021. |
PSEG 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. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. The following table provides the components of net periodic benefit costs 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, 2021 2020 2021 2020 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 38 $ 35 $ 2 $ 2 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 35 48 5 9 Expected Return on Plan Assets (119) (111) (10) (10) Amortization of Net Prior Service Credit — (2) (32) (32) Actuarial Loss 26 23 11 12 Non-Service Components of Pension and OPEB (Credits) Costs (58) (42) (26) (21) Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) Pension and OPEB (credits) costs for PSE&G, PSEG 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, 2021 2020 2021 2020 Millions PSE&G $ (16) $ (7) $ (23) $ (19) PSEG Power (4) (1) (1) — Other — 1 — — Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) PSEG does not plan to contribute to its pension and OPEB plans in 2021. 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 $37 million into its pension plan during 2021. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Loss Contingencies [Line Items] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to • support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and • obtain credit. PSEG Power is subject to • counterparty collateral calls related to commodity contracts of its subsidiaries, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for PSEG Power to incur a liability for the face value of the outstanding guarantees, • its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and • the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties). PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2021 and December 31, 2020. As of As of March 31, 2021 December 31, 2020 Millions Face Value of Outstanding Guarantees $ 1,788 $ 1,792 Exposure under Current Guarantees $ 113 $ 128 Letters of Credit Margin Posted $ 112 $ 128 Letters of Credit Margin Received $ 51 $ 45 Cash Deposited and Received Counterparty Cash Collateral Deposited $ — $ — Counterparty Cash Collateral Received $ (4) $ (5) Net Broker Balance Deposited (Received) $ 102 $ 59 Additional Amounts Posted Other Letters of Credit $ 42 $ 42 As part of determining credit exposure, PSEG 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 PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. Certain Potentially Responsible Parties (PRPs), including PSE&G and PSEG Power, formed a Cooperating Parties Group (CPG) and agreed to conduct a Remedial Investigation and Feasibility Study of the LPRSA. The CPG allocated, on an interim basis, the associated costs among its members. The interim allocation is subject to change. In June 2019, the EPA conditionally approved the CPG’s Remedial Investigation. In December 2020, the EPA conditionally approved the CPG’s Feasibility Study (FS), which evaluated various adaptive management scenarios for the remediation of only the upper 9 miles of the LPRSA. In April 2021, the EPA announced the tentative selection of its preferred adaptive management scenario for the upper 9 miles from the options presented in the FS. This tentative selection is subject to public review and comment prior to the EPA’s announcement of a final selection, which is expected in 2021. Separately, the EPA has released a Record of Decision (ROD) for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (ROD Remedy). An EPA-commenced process to allocate the associated costs is underway and PSEG cannot predict the outcome. The allocation does not address certain costs incurred by the EPA for which they may be entitled to reimbursement and which may be material. Occidental Chemical Corporation, one of the PRPs, has commenced the design of the ROD Remedy, but declined to participate in the allocation process. Instead, it filed suit against PSE&G and others seeking cost recovery and contribution under CERCLA but has not quantified alleged damages. The litigation is ongoing and PSEG cannot predict the outcome. Two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), have filed for Chapter 11 bankruptcy. The trust representing the creditors in this proceeding has filed a complaint asserting claims against Tierra’s and Maxus’ current and former parent entities, among others. Any damages awarded may be used to fund the remediation of the LPRSA. As of March 31, 2021, PSEG has approximately $65 million accrued for this matter. Of this amount, PSE&G has an Environmental Costs Liability of $52 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Other Noncurrent Liability of $13 million. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 11 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Natural Resource Damage Claims New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $300 million and $338 million on an undiscounted basis, including its $52 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 $300 million as of March 31, 2021. Of this amount, $110 million was recorded in Other Current Liabilities and $190 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $300 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. PSE&G completed sampling in the Passaic River to delineate coal tar from certain 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. CWA Section 316(b) Rule The EPA’s CWA Section 316(b) rule 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 requires that National Pollutant Discharge Elimination System permits be renewed every five years and that each state Permitting Director manage renewal permits for its respective power generation facilities on a case by case basis. 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 June 2016, the NJDEP issued a final NJPDES permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. The NJDEP granted the hearing request but no hearing date has been established. 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. The impacted cable was repaired in September 2017. A federal response was initially led by the U.S. Coast Guard. The U.S. Coast Guard transitioned control of the federal response to the EPA, and the EPA ended the federal response to the matter in 2018. The investigation of small amounts of residual dielectric fluid believed to be contained with the marina sediment is ongoing as part of the NJDEP site remediation program. In August 2020, PSE&G finalized a settlement with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties of an immaterial amount. A lawsuit in federal court is pending 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 its costs, other than civil penalties, through regulatory proceedings. Basic Generation Service (BGS), BGSS and ZECs Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category, 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 Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions have been 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. Beginning with the 2021 BGS auction, transmission will become the responsibility of the New Jersey EDCs, and will no longer be a component of the BGS auction product for either the RSCP or CIEP auctions. BGS suppliers serving load from the 2018, 2019 and 2020 BGS auctions had the option to transfer the transmission obligation to the New Jersey EDCs as of February 2021. Suppliers that did so will have their total BGS payment from the EDCs reduced to reflect the transfer of the transmission obligation to the EDCs. 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, 2021 is $351.06 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2021 of $359.98 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 2018 2019 2020 2021 36-Month Terms Ending May 2021 May 2022 May 2023 May 2024 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $91.77 $98.04 $102.16 $64.80 (A) Prices set in the 2021 BGS auction will become effective on June 1, 2021 when the 2018 BGS auction agreements expire. PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for PSEG Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 20. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The legislation also requires nuclear plants to reapply for any subsequent three-year periods and allows the BPU to adjust prospective ZEC payments. Minimum Fuel Purchase Requirements PSEG Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. PSEG Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2021 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, PSEG Power can use the gas to supply its fossil generating stations in New Jersey. As of March 31, 2021, the total minimum purchase requirements included in these commitments were as follows: Fuel Type PSEG Power’s Share of Commitments through 2025 Millions Nuclear Fuel Uranium $ 192 Enrichment $ 345 Fabrication $ 177 Natural Gas $ 1,259 Pending FERC Matter PSE&G has received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G 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. Pending Tropical Storm Matter Following the effects of Tropical Storm Isaias, the New York Attorney General initiated an inquiry into PSEG LI’s preparation and response to the storm. In addition, the Department of Public Service (DPS) within the New York State Public Service Commission launched an investigation of state electric service providers, including PSEG LI, and other state telephone, cable and internet providers into their preparation and restoration efforts following Tropical Storm Isaias. Although the inquiry by the New York Attorney General remains pending, the DPS issued an interim storm investigation report. With respect to PSEG LI, the DPS’ report found that PSEG LI violated its Emergency Response Plan and DPS Regulations, and recommended that LIPA consider taking various actions, including terminating or renegotiating the OSA. LIPA also initiated its own review of PSEG LI’s performance and issued a report with recommendations for improvements to PSEG LI’s structure and processes, including a timeline for implementing those recommendations. That report also recommended that LIPA either renegotiate or terminate the OSA . PSEG LI agreed with LIPA that it would fund approximately $6.5 million in claims by customers for food and medication spoilage costs incurred as a result of being without electric service during the storm. In December 2020, LIPA filed a complaint against PSEG LI in New York State court alleging multiple breaches of the OSA in connection with PSEG LI’s preparation for and response to Tropical Storm Isaias seeking specific performance and $70 million in damages. Pursuant to recommendations by the New York State DPS, LIPA has initiated a series of actions to allow its board to determine whether to seek to terminate the OSA or instead continue with PSEG LI as its Service Provider. PSEG LI is fully cooperating with the inquiries by the New York Attorney General and the DPS, and we cannot predict their outcome. PSEG LI also continues to work closely with LIPA to address the recommendations in LIPA’s report. PSEG LI intends to vigorously defend itself with regard to the allegations in LIPA’s complaint alleging breaches of the OSA; however, a decision in this proceeding requiring specific performance or the payment of damages by PSEG LI or resulting in the termination of the OSA could have a material adverse effect on PSEG’s results of operations and financial condition. Pending BPU Audit of PSE&G In September 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. Phase 1 of the planned audit will review affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 will be a comprehensive management audit, which will address, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. 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 PSEG 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 PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and PSEG Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or PSEG Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or PSEG Power’s results of operations or liquidity for any particular reporting period. Ongoing Coronavirus Pandemic |
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Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to • support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and • obtain credit. PSEG Power is subject to • counterparty collateral calls related to commodity contracts of its subsidiaries, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for PSEG Power to incur a liability for the face value of the outstanding guarantees, • its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and • the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties). PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2021 and December 31, 2020. As of As of March 31, 2021 December 31, 2020 Millions Face Value of Outstanding Guarantees $ 1,788 $ 1,792 Exposure under Current Guarantees $ 113 $ 128 Letters of Credit Margin Posted $ 112 $ 128 Letters of Credit Margin Received $ 51 $ 45 Cash Deposited and Received Counterparty Cash Collateral Deposited $ — $ — Counterparty Cash Collateral Received $ (4) $ (5) Net Broker Balance Deposited (Received) $ 102 $ 59 Additional Amounts Posted Other Letters of Credit $ 42 $ 42 As part of determining credit exposure, PSEG 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 PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. Certain Potentially Responsible Parties (PRPs), including PSE&G and PSEG Power, formed a Cooperating Parties Group (CPG) and agreed to conduct a Remedial Investigation and Feasibility Study of the LPRSA. The CPG allocated, on an interim basis, the associated costs among its members. The interim allocation is subject to change. In June 2019, the EPA conditionally approved the CPG’s Remedial Investigation. In December 2020, the EPA conditionally approved the CPG’s Feasibility Study (FS), which evaluated various adaptive management scenarios for the remediation of only the upper 9 miles of the LPRSA. In April 2021, the EPA announced the tentative selection of its preferred adaptive management scenario for the upper 9 miles from the options presented in the FS. This tentative selection is subject to public review and comment prior to the EPA’s announcement of a final selection, which is expected in 2021. Separately, the EPA has released a Record of Decision (ROD) for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (ROD Remedy). An EPA-commenced process to allocate the associated costs is underway and PSEG cannot predict the outcome. The allocation does not address certain costs incurred by the EPA for which they may be entitled to reimbursement and which may be material. Occidental Chemical Corporation, one of the PRPs, has commenced the design of the ROD Remedy, but declined to participate in the allocation process. Instead, it filed suit against PSE&G and others seeking cost recovery and contribution under CERCLA but has not quantified alleged damages. The litigation is ongoing and PSEG cannot predict the outcome. Two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), have filed for Chapter 11 bankruptcy. The trust representing the creditors in this proceeding has filed a complaint asserting claims against Tierra’s and Maxus’ current and former parent entities, among others. Any damages awarded may be used to fund the remediation of the LPRSA. As of March 31, 2021, PSEG has approximately $65 million accrued for this matter. Of this amount, PSE&G has an Environmental Costs Liability of $52 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Other Noncurrent Liability of $13 million. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 11 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Natural Resource Damage Claims New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $300 million and $338 million on an undiscounted basis, including its $52 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 $300 million as of March 31, 2021. Of this amount, $110 million was recorded in Other Current Liabilities and $190 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $300 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. PSE&G completed sampling in the Passaic River to delineate coal tar from certain 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. CWA Section 316(b) Rule The EPA’s CWA Section 316(b) rule 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 requires that National Pollutant Discharge Elimination System permits be renewed every five years and that each state Permitting Director manage renewal permits for its respective power generation facilities on a case by case basis. 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 June 2016, the NJDEP issued a final NJPDES permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. The NJDEP granted the hearing request but no hearing date has been established. 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. The impacted cable was repaired in September 2017. A federal response was initially led by the U.S. Coast Guard. The U.S. Coast Guard transitioned control of the federal response to the EPA, and the EPA ended the federal response to the matter in 2018. The investigation of small amounts of residual dielectric fluid believed to be contained with the marina sediment is ongoing as part of the NJDEP site remediation program. In August 2020, PSE&G finalized a settlement with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties of an immaterial amount. A lawsuit in federal court is pending 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 its costs, other than civil penalties, through regulatory proceedings. Basic Generation Service (BGS), BGSS and ZECs Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category, 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 Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions have been 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. Beginning with the 2021 BGS auction, transmission will become the responsibility of the New Jersey EDCs, and will no longer be a component of the BGS auction product for either the RSCP or CIEP auctions. BGS suppliers serving load from the 2018, 2019 and 2020 BGS auctions had the option to transfer the transmission obligation to the New Jersey EDCs as of February 2021. Suppliers that did so will have their total BGS payment from the EDCs reduced to reflect the transfer of the transmission obligation to the EDCs. 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, 2021 is $351.06 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2021 of $359.98 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 2018 2019 2020 2021 36-Month Terms Ending May 2021 May 2022 May 2023 May 2024 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $91.77 $98.04 $102.16 $64.80 (A) Prices set in the 2021 BGS auction will become effective on June 1, 2021 when the 2018 BGS auction agreements expire. PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for PSEG Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 20. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The legislation also requires nuclear plants to reapply for any subsequent three-year periods and allows the BPU to adjust prospective ZEC payments. Minimum Fuel Purchase Requirements PSEG Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. PSEG Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2021 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, PSEG Power can use the gas to supply its fossil generating stations in New Jersey. As of March 31, 2021, the total minimum purchase requirements included in these commitments were as follows: Fuel Type PSEG Power’s Share of Commitments through 2025 Millions Nuclear Fuel Uranium $ 192 Enrichment $ 345 Fabrication $ 177 Natural Gas $ 1,259 Pending FERC Matter PSE&G has received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G 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. Pending Tropical Storm Matter Following the effects of Tropical Storm Isaias, the New York Attorney General initiated an inquiry into PSEG LI’s preparation and response to the storm. In addition, the Department of Public Service (DPS) within the New York State Public Service Commission launched an investigation of state electric service providers, including PSEG LI, and other state telephone, cable and internet providers into their preparation and restoration efforts following Tropical Storm Isaias. Although the inquiry by the New York Attorney General remains pending, the DPS issued an interim storm investigation report. With respect to PSEG LI, the DPS’ report found that PSEG LI violated its Emergency Response Plan and DPS Regulations, and recommended that LIPA consider taking various actions, including terminating or renegotiating the OSA. LIPA also initiated its own review of PSEG LI’s performance and issued a report with recommendations for improvements to PSEG LI’s structure and processes, including a timeline for implementing those recommendations. That report also recommended that LIPA either renegotiate or terminate the OSA . PSEG LI agreed with LIPA that it would fund approximately $6.5 million in claims by customers for food and medication spoilage costs incurred as a result of being without electric service during the storm. In December 2020, LIPA filed a complaint against PSEG LI in New York State court alleging multiple breaches of the OSA in connection with PSEG LI’s preparation for and response to Tropical Storm Isaias seeking specific performance and $70 million in damages. Pursuant to recommendations by the New York State DPS, LIPA has initiated a series of actions to allow its board to determine whether to seek to terminate the OSA or instead continue with PSEG LI as its Service Provider. PSEG LI is fully cooperating with the inquiries by the New York Attorney General and the DPS, and we cannot predict their outcome. PSEG LI also continues to work closely with LIPA to address the recommendations in LIPA’s report. PSEG LI intends to vigorously defend itself with regard to the allegations in LIPA’s complaint alleging breaches of the OSA; however, a decision in this proceeding requiring specific performance or the payment of damages by PSEG LI or resulting in the termination of the OSA could have a material adverse effect on PSEG’s results of operations and financial condition. Pending BPU Audit of PSE&G In September 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. Phase 1 of the planned audit will review affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 will be a comprehensive management audit, which will address, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. 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 PSEG 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 PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and PSEG Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or PSEG Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or PSEG Power’s results of operations or liquidity for any particular reporting period. Ongoing Coronavirus Pandemic |
PSEG Power [Member] | |
Loss Contingencies [Line Items] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to • support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and • obtain credit. PSEG Power is subject to • counterparty collateral calls related to commodity contracts of its subsidiaries, and • certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for PSEG Power to incur a liability for the face value of the outstanding guarantees, • its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and • the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties). PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2021 and December 31, 2020. As of As of March 31, 2021 December 31, 2020 Millions Face Value of Outstanding Guarantees $ 1,788 $ 1,792 Exposure under Current Guarantees $ 113 $ 128 Letters of Credit Margin Posted $ 112 $ 128 Letters of Credit Margin Received $ 51 $ 45 Cash Deposited and Received Counterparty Cash Collateral Deposited $ — $ — Counterparty Cash Collateral Received $ (4) $ (5) Net Broker Balance Deposited (Received) $ 102 $ 59 Additional Amounts Posted Other Letters of Credit $ 42 $ 42 As part of determining credit exposure, PSEG 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 PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. Certain Potentially Responsible Parties (PRPs), including PSE&G and PSEG Power, formed a Cooperating Parties Group (CPG) and agreed to conduct a Remedial Investigation and Feasibility Study of the LPRSA. The CPG allocated, on an interim basis, the associated costs among its members. The interim allocation is subject to change. In June 2019, the EPA conditionally approved the CPG’s Remedial Investigation. In December 2020, the EPA conditionally approved the CPG’s Feasibility Study (FS), which evaluated various adaptive management scenarios for the remediation of only the upper 9 miles of the LPRSA. In April 2021, the EPA announced the tentative selection of its preferred adaptive management scenario for the upper 9 miles from the options presented in the FS. This tentative selection is subject to public review and comment prior to the EPA’s announcement of a final selection, which is expected in 2021. Separately, the EPA has released a Record of Decision (ROD) for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (ROD Remedy). An EPA-commenced process to allocate the associated costs is underway and PSEG cannot predict the outcome. The allocation does not address certain costs incurred by the EPA for which they may be entitled to reimbursement and which may be material. Occidental Chemical Corporation, one of the PRPs, has commenced the design of the ROD Remedy, but declined to participate in the allocation process. Instead, it filed suit against PSE&G and others seeking cost recovery and contribution under CERCLA but has not quantified alleged damages. The litigation is ongoing and PSEG cannot predict the outcome. Two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), have filed for Chapter 11 bankruptcy. The trust representing the creditors in this proceeding has filed a complaint asserting claims against Tierra’s and Maxus’ current and former parent entities, among others. Any damages awarded may be used to fund the remediation of the LPRSA. As of March 31, 2021, PSEG has approximately $65 million accrued for this matter. Of this amount, PSE&G has an Environmental Costs Liability of $52 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Other Noncurrent Liability of $13 million. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 11 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Natural Resource Damage Claims New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $300 million and $338 million on an undiscounted basis, including its $52 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 $300 million as of March 31, 2021. Of this amount, $110 million was recorded in Other Current Liabilities and $190 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $300 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. PSE&G completed sampling in the Passaic River to delineate coal tar from certain 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. CWA Section 316(b) Rule The EPA’s CWA Section 316(b) rule 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 requires that National Pollutant Discharge Elimination System permits be renewed every five years and that each state Permitting Director manage renewal permits for its respective power generation facilities on a case by case basis. 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 June 2016, the NJDEP issued a final NJPDES permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. The NJDEP granted the hearing request but no hearing date has been established. 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. The impacted cable was repaired in September 2017. A federal response was initially led by the U.S. Coast Guard. The U.S. Coast Guard transitioned control of the federal response to the EPA, and the EPA ended the federal response to the matter in 2018. The investigation of small amounts of residual dielectric fluid believed to be contained with the marina sediment is ongoing as part of the NJDEP site remediation program. In August 2020, PSE&G finalized a settlement with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties of an immaterial amount. A lawsuit in federal court is pending 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 its costs, other than civil penalties, through regulatory proceedings. Basic Generation Service (BGS), BGSS and ZECs Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category, 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 Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions have been 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. Beginning with the 2021 BGS auction, transmission will become the responsibility of the New Jersey EDCs, and will no longer be a component of the BGS auction product for either the RSCP or CIEP auctions. BGS suppliers serving load from the 2018, 2019 and 2020 BGS auctions had the option to transfer the transmission obligation to the New Jersey EDCs as of February 2021. Suppliers that did so will have their total BGS payment from the EDCs reduced to reflect the transfer of the transmission obligation to the EDCs. 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, 2021 is $351.06 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2021 of $359.98 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 2018 2019 2020 2021 36-Month Terms Ending May 2021 May 2022 May 2023 May 2024 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $91.77 $98.04 $102.16 $64.80 (A) Prices set in the 2021 BGS auction will become effective on June 1, 2021 when the 2018 BGS auction agreements expire. PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for PSEG Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 20. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The legislation also requires nuclear plants to reapply for any subsequent three-year periods and allows the BPU to adjust prospective ZEC payments. Minimum Fuel Purchase Requirements PSEG Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. PSEG Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2021 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G’s customers, PSEG Power can use the gas to supply its fossil generating stations in New Jersey. As of March 31, 2021, the total minimum purchase requirements included in these commitments were as follows: Fuel Type PSEG Power’s Share of Commitments through 2025 Millions Nuclear Fuel Uranium $ 192 Enrichment $ 345 Fabrication $ 177 Natural Gas $ 1,259 Pending FERC Matter PSE&G has received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G 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. Pending Tropical Storm Matter Following the effects of Tropical Storm Isaias, the New York Attorney General initiated an inquiry into PSEG LI’s preparation and response to the storm. In addition, the Department of Public Service (DPS) within the New York State Public Service Commission launched an investigation of state electric service providers, including PSEG LI, and other state telephone, cable and internet providers into their preparation and restoration efforts following Tropical Storm Isaias. Although the inquiry by the New York Attorney General remains pending, the DPS issued an interim storm investigation report. With respect to PSEG LI, the DPS’ report found that PSEG LI violated its Emergency Response Plan and DPS Regulations, and recommended that LIPA consider taking various actions, including terminating or renegotiating the OSA. LIPA also initiated its own review of PSEG LI’s performance and issued a report with recommendations for improvements to PSEG LI’s structure and processes, including a timeline for implementing those recommendations. That report also recommended that LIPA either renegotiate or terminate the OSA . PSEG LI agreed with LIPA that it would fund approximately $6.5 million in claims by customers for food and medication spoilage costs incurred as a result of being without electric service during the storm. In December 2020, LIPA filed a complaint against PSEG LI in New York State court alleging multiple breaches of the OSA in connection with PSEG LI’s preparation for and response to Tropical Storm Isaias seeking specific performance and $70 million in damages. Pursuant to recommendations by the New York State DPS, LIPA has initiated a series of actions to allow its board to determine whether to seek to terminate the OSA or instead continue with PSEG LI as its Service Provider. PSEG LI is fully cooperating with the inquiries by the New York Attorney General and the DPS, and we cannot predict their outcome. PSEG LI also continues to work closely with LIPA to address the recommendations in LIPA’s report. PSEG LI intends to vigorously defend itself with regard to the allegations in LIPA’s complaint alleging breaches of the OSA; however, a decision in this proceeding requiring specific performance or the payment of damages by PSEG LI or resulting in the termination of the OSA could have a material adverse effect on PSEG’s results of operations and financial condition. Pending BPU Audit of PSE&G In September 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. Phase 1 of the planned audit will review affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 will be a comprehensive management audit, which will address, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. 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 PSEG 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 PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and PSEG Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or PSEG Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or PSEG Power’s results of operations or liquidity for any particular reporting period. Ongoing Coronavirus Pandemic |
Debt and Credit Facilities
Debt and Credit Facilities | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021: PSE&G • issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026, • issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, and • retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity. Debt Covenants PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2021, the total available credit capacity was $3.9 billion. As of March 31, 2021, no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to meet redemptions. 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, 2021 were as follows: As of March 31, 2021 Company/Facility Total Usage (D) Available Expiration Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 167 $ 1,333 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 167 $ 1,333 PSE&G 5-year Credit Facility (B) $ 600 $ 18 $ 582 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 18 $ 582 PSEG Power 3-year Letter of Credit Facility $ 100 $ 32 $ 68 Sept 2021 Letters of Credit 3-year Letter of Credit Facility 100 81 19 Sept 2022 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2024 Funding/Letters of Credit Total PSEG Power $ 2,100 $ 152 $ 1,948 Total $ 4,200 $ 337 $ 3,863 (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) PSEG 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, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021. Short-Term Loans PSEG In March 2021, PSEG entered into a $500 million, 364-day variable rate term loan agreement. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021. |
Public Service Electric and Gas Company [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, 2021: PSE&G • issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026, • issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, and • retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity. Debt Covenants PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2021, the total available credit capacity was $3.9 billion. As of March 31, 2021, no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to meet redemptions. 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, 2021 were as follows: As of March 31, 2021 Company/Facility Total Usage (D) Available Expiration Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 167 $ 1,333 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 167 $ 1,333 PSE&G 5-year Credit Facility (B) $ 600 $ 18 $ 582 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 18 $ 582 PSEG Power 3-year Letter of Credit Facility $ 100 $ 32 $ 68 Sept 2021 Letters of Credit 3-year Letter of Credit Facility 100 81 19 Sept 2022 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2024 Funding/Letters of Credit Total PSEG Power $ 2,100 $ 152 $ 1,948 Total $ 4,200 $ 337 $ 3,863 (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) PSEG 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, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021. Short-Term Loans PSEG In March 2021, PSEG entered into a $500 million, 364-day variable rate term loan agreement. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021. |
PSEG 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, 2021: PSE&G • issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026, • issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, and • retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity. Debt Covenants PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2021, the total available credit capacity was $3.9 billion. As of March 31, 2021, no single institution represented more than 9% of the total commitments in the credit facilities. As of March 31, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to meet redemptions. 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, 2021 were as follows: As of March 31, 2021 Company/Facility Total Usage (D) Available Expiration Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 167 $ 1,333 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 167 $ 1,333 PSE&G 5-year Credit Facility (B) $ 600 $ 18 $ 582 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 18 $ 582 PSEG Power 3-year Letter of Credit Facility $ 100 $ 32 $ 68 Sept 2021 Letters of Credit 3-year Letter of Credit Facility 100 81 19 Sept 2022 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2024 Funding/Letters of Credit Total PSEG Power $ 2,100 $ 152 $ 1,948 Total $ 4,200 $ 337 $ 3,863 (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) PSEG 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, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021. Short-Term Loans PSEG In March 2021, PSEG entered into a $500 million, 364-day variable rate term loan agreement. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021. |
Financial Risk Management Activ
Financial Risk Management Activities | 3 Months Ended |
Mar. 31, 2021 | |
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, 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 qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed to commodity price risk primarily relating to changes in the market price of electricity, 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. PSEG 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 PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, 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. 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. The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(8) million and $(9) million as of March 31, 2021 and December 31, 2020, respectively. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are $(3) million. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG 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, 2021 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 397 $ (368) $ 29 $ 29 Noncurrent Assets 232 (213) 19 19 Total Mark-to-Market Derivative Assets $ 629 $ (581) $ 48 $ 48 Derivative Contracts Current Liabilities $ (436) $ 410 $ (26) $ (26) Noncurrent Liabilities (204) 202 (2) (2) Total Mark-to-Market Derivative (Liabilities) $ (640) $ 612 $ (28) $ (28) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (11) $ 31 $ 20 $ 20 As of December 31, 2020 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 464 $ (404) $ 60 $ 60 Noncurrent Assets 93 (84) 9 9 Total Mark-to-Market Derivative Assets $ 557 $ (488) $ 69 $ 69 Derivative Contracts Current Liabilities $ (412) $ 391 $ (21) $ (21) Noncurrent Liabilities (109) 105 (4) (4) Total Mark-to-Market Derivative (Liabilities) $ (521) $ 496 $ (25) $ (25) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 36 $ 8 $ 44 $ 44 (A) Substantially all of PSEG 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, 2021 and December 31, 2020. (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) 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, 2021 and December 31, 2020, PSEG Power had net cash collateral (receipts) payments to counterparties of $98 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $31 million and $8 million as of March 31, 2021 and December 31, 2020, respectively, were netted against the corresponding net derivative contract positions. Of the $31 million as of March 31, 2021, $(2) million was netted against current assets, $(12) million was netted against noncurrent assets, $44 million was netted against current liabilities and $1 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 million was netted against noncurrent liabilities. Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a three level downgrade from its current Moody’s rating and a two level downgrade from its current S&P rating. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power 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 $28 million as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, PSEG Power had the contractual right of offset of $2 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $26 million and $25 million as of March 31, 2021 and December 31, 2020, 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, 2021 and 2020: Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Millions Millions PSEG Interest Rate Swaps $ — $ (6) Interest Expense $ (1) $ (2) Total PSEG $ — $ (6) $ (1) $ (2) 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, 2021 and 2020, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(1) million after-tax. 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, 2019 $ (21) $ (15) Loss Recognized in AOCI (6) (4) Less: Loss Reclassified into Income 14 10 Balance as of December 31, 2020 $ (13) $ (9) Loss Recognized in AOCI — — Less: Loss Reclassified into Income 1 1 Balance as of March 31, 2021 $ (12) $ (8) 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, 2021 and 2020, respectively. PSEG 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 PSEG 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 Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Millions PSEG and PSEG Power Energy-Related Contracts Operating Revenues $ (46) $ 231 Energy-Related Contracts Energy Costs 6 (68) Total PSEG and PSEG Power $ (40) $ 163 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2021 and December 31, 2020. Type Notional Total PSEG PSEG Power PSE&G Millions As of March 31, 2021 Natural Gas Dekatherm (Dth) 308 — 308 — Electricity MWh (66) — (66) — Financial Transmission Rights (FTRs) MWh 11 — 11 — As of December 31, 2020 Natural Gas Dth 321 — 321 — Electricity MWh (66) — (66) — FTRs MWh 20 — 20 — Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2021. 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 PSEG Power’s credit risk by credit rating of the counterparties. As of March 31, 2021, 91% of the net credit exposure for PSEG 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 Securities Held as Collateral Net Number of Net Exposure of Millions Millions Investment Grade $ 234 $ 18 $ 216 1 $ 121 (A) Non-Investment Grade 41 19 22 — — Total $ 275 $ 37 $ 238 1 $ 121 (A) Represents net exposure of $121 million with PSE&G. As of March 31, 2021, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $34 million in letters of credit. As of March 31, 2021, PSEG Power had 131 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, 2021, 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, 2021, PSE&G had no net credit exposure with suppliers, including PSEG 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. |
Public Service Electric and Gas Company [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, 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 qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed to commodity price risk primarily relating to changes in the market price of electricity, 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. PSEG 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 PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, 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. 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. The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(8) million and $(9) million as of March 31, 2021 and December 31, 2020, respectively. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are $(3) million. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG 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, 2021 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 397 $ (368) $ 29 $ 29 Noncurrent Assets 232 (213) 19 19 Total Mark-to-Market Derivative Assets $ 629 $ (581) $ 48 $ 48 Derivative Contracts Current Liabilities $ (436) $ 410 $ (26) $ (26) Noncurrent Liabilities (204) 202 (2) (2) Total Mark-to-Market Derivative (Liabilities) $ (640) $ 612 $ (28) $ (28) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (11) $ 31 $ 20 $ 20 As of December 31, 2020 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 464 $ (404) $ 60 $ 60 Noncurrent Assets 93 (84) 9 9 Total Mark-to-Market Derivative Assets $ 557 $ (488) $ 69 $ 69 Derivative Contracts Current Liabilities $ (412) $ 391 $ (21) $ (21) Noncurrent Liabilities (109) 105 (4) (4) Total Mark-to-Market Derivative (Liabilities) $ (521) $ 496 $ (25) $ (25) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 36 $ 8 $ 44 $ 44 (A) Substantially all of PSEG 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, 2021 and December 31, 2020. (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) 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, 2021 and December 31, 2020, PSEG Power had net cash collateral (receipts) payments to counterparties of $98 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $31 million and $8 million as of March 31, 2021 and December 31, 2020, respectively, were netted against the corresponding net derivative contract positions. Of the $31 million as of March 31, 2021, $(2) million was netted against current assets, $(12) million was netted against noncurrent assets, $44 million was netted against current liabilities and $1 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 million was netted against noncurrent liabilities. Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a three level downgrade from its current Moody’s rating and a two level downgrade from its current S&P rating. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power 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 $28 million as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, PSEG Power had the contractual right of offset of $2 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $26 million and $25 million as of March 31, 2021 and December 31, 2020, 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, 2021 and 2020: Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Millions Millions PSEG Interest Rate Swaps $ — $ (6) Interest Expense $ (1) $ (2) Total PSEG $ — $ (6) $ (1) $ (2) 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, 2021 and 2020, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(1) million after-tax. 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, 2019 $ (21) $ (15) Loss Recognized in AOCI (6) (4) Less: Loss Reclassified into Income 14 10 Balance as of December 31, 2020 $ (13) $ (9) Loss Recognized in AOCI — — Less: Loss Reclassified into Income 1 1 Balance as of March 31, 2021 $ (12) $ (8) 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, 2021 and 2020, respectively. PSEG 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 PSEG 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 Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Millions PSEG and PSEG Power Energy-Related Contracts Operating Revenues $ (46) $ 231 Energy-Related Contracts Energy Costs 6 (68) Total PSEG and PSEG Power $ (40) $ 163 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2021 and December 31, 2020. Type Notional Total PSEG PSEG Power PSE&G Millions As of March 31, 2021 Natural Gas Dekatherm (Dth) 308 — 308 — Electricity MWh (66) — (66) — Financial Transmission Rights (FTRs) MWh 11 — 11 — As of December 31, 2020 Natural Gas Dth 321 — 321 — Electricity MWh (66) — (66) — FTRs MWh 20 — 20 — Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2021. 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 PSEG Power’s credit risk by credit rating of the counterparties. As of March 31, 2021, 91% of the net credit exposure for PSEG 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 Securities Held as Collateral Net Number of Net Exposure of Millions Millions Investment Grade $ 234 $ 18 $ 216 1 $ 121 (A) Non-Investment Grade 41 19 22 — — Total $ 275 $ 37 $ 238 1 $ 121 (A) Represents net exposure of $121 million with PSE&G. As of March 31, 2021, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $34 million in letters of credit. As of March 31, 2021, PSEG Power had 131 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, 2021, 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, 2021, PSE&G had no net credit exposure with suppliers, including PSEG 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. |
PSEG 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, 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 qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed to commodity price risk primarily relating to changes in the market price of electricity, 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. PSEG 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 PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, 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. 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. The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(8) million and $(9) million as of March 31, 2021 and December 31, 2020, respectively. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are $(3) million. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG 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, 2021 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 397 $ (368) $ 29 $ 29 Noncurrent Assets 232 (213) 19 19 Total Mark-to-Market Derivative Assets $ 629 $ (581) $ 48 $ 48 Derivative Contracts Current Liabilities $ (436) $ 410 $ (26) $ (26) Noncurrent Liabilities (204) 202 (2) (2) Total Mark-to-Market Derivative (Liabilities) $ (640) $ 612 $ (28) $ (28) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (11) $ 31 $ 20 $ 20 As of December 31, 2020 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 464 $ (404) $ 60 $ 60 Noncurrent Assets 93 (84) 9 9 Total Mark-to-Market Derivative Assets $ 557 $ (488) $ 69 $ 69 Derivative Contracts Current Liabilities $ (412) $ 391 $ (21) $ (21) Noncurrent Liabilities (109) 105 (4) (4) Total Mark-to-Market Derivative (Liabilities) $ (521) $ 496 $ (25) $ (25) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 36 $ 8 $ 44 $ 44 (A) Substantially all of PSEG 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, 2021 and December 31, 2020. (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) 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, 2021 and December 31, 2020, PSEG Power had net cash collateral (receipts) payments to counterparties of $98 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $31 million and $8 million as of March 31, 2021 and December 31, 2020, respectively, were netted against the corresponding net derivative contract positions. Of the $31 million as of March 31, 2021, $(2) million was netted against current assets, $(12) million was netted against noncurrent assets, $44 million was netted against current liabilities and $1 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 million was netted against noncurrent liabilities. Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a three level downgrade from its current Moody’s rating and a two level downgrade from its current S&P rating. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power 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 $28 million as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, PSEG Power had the contractual right of offset of $2 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $26 million and $25 million as of March 31, 2021 and December 31, 2020, 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, 2021 and 2020: Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Millions Millions PSEG Interest Rate Swaps $ — $ (6) Interest Expense $ (1) $ (2) Total PSEG $ — $ (6) $ (1) $ (2) 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, 2021 and 2020, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(1) million after-tax. 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, 2019 $ (21) $ (15) Loss Recognized in AOCI (6) (4) Less: Loss Reclassified into Income 14 10 Balance as of December 31, 2020 $ (13) $ (9) Loss Recognized in AOCI — — Less: Loss Reclassified into Income 1 1 Balance as of March 31, 2021 $ (12) $ (8) 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, 2021 and 2020, respectively. PSEG 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 PSEG 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 Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Millions PSEG and PSEG Power Energy-Related Contracts Operating Revenues $ (46) $ 231 Energy-Related Contracts Energy Costs 6 (68) Total PSEG and PSEG Power $ (40) $ 163 The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2021 and December 31, 2020. Type Notional Total PSEG PSEG Power PSE&G Millions As of March 31, 2021 Natural Gas Dekatherm (Dth) 308 — 308 — Electricity MWh (66) — (66) — Financial Transmission Rights (FTRs) MWh 11 — 11 — As of December 31, 2020 Natural Gas Dth 321 — 321 — Electricity MWh (66) — (66) — FTRs MWh 20 — 20 — Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2021. 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 PSEG Power’s credit risk by credit rating of the counterparties. As of March 31, 2021, 91% of the net credit exposure for PSEG 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 Securities Held as Collateral Net Number of Net Exposure of Millions Millions Investment Grade $ 234 $ 18 $ 216 1 $ 121 (A) Non-Investment Grade 41 19 22 — — Total $ 275 $ 37 $ 238 1 $ 121 (A) Represents net exposure of $121 million with PSE&G. As of March 31, 2021, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $34 million in letters of credit. As of March 31, 2021, PSEG Power had 131 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, 2021, 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, 2021, PSE&G had no net credit exposure with suppliers, including PSEG 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, 2021 | |
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 PSEG 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 PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 PSEG Power. Recurring Fair Value Measurements as of March 31, 2021 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 625 $ — $ 625 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 28 $ — $ 28 $ — $ — Debt Securities—U.S. Treasury $ 65 $ — $ — $ 65 $ — Debt Securities—Govt Other $ 33 $ — $ — $ 33 $ — Debt Securities—Corporate $ 112 $ — $ — $ 112 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) PSE&G Assets: Cash Equivalents (A) $ 525 $ — $ 525 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 6 $ — $ — $ 6 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 7 $ — $ 7 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 29 $ — $ — $ 29 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) Recurring Fair Value Measurements as of December 31, 2020 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 312 $ — $ 312 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 31 $ — $ 31 $ — $ — Debt Securities—U.S. Treasury $ 59 $ — $ — $ 59 $ — Debt Securities—Govt Other $ 41 $ — $ — $ 41 $ — Debt Securities—Corporate $ 135 $ — $ — $ 135 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) PSE&G Assets: Cash Equivalents (A) $ 50 $ — $ 50 $ — $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 11 $ — $ — $ 11 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 26 $ — $ — $ 26 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 8 $ — $ 8 $ — $ — Debt Securities—U.S. Treasury $ 15 $ — $ — $ 15 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 33 $ — $ — $ 33 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) (A) Represents money market mutual funds. (B) 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. (C) The fair value measurement table excludes cash of $1 million and foreign currency of $1 million in the NDT Fund as of March 31, 2021 and foreign currency of $2 million as of December 31, 2020. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG considers credit and non-performance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. The fair value of PSEG 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 PSEG 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, 2021 and December 31, 2020. Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position March 31, 2021 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 3 $ (1) Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (1) Discounted Cash Flow Historical Basis Adjustment -2% to -30% -10% Electricity Other (A) — (2) Total PSEG Power $ 3 $ (4) Total PSEG $ 3 $ (4) Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position December 31, 2020 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (2) Discounted Cash Flow Historical Basis Adjustment -60% to -30% -43% Electricity Other (A) — (3) Total PSEG Power $ 12 $ (5) Total PSEG $ 12 $ (5) (A) Other is comprised of a heat rate call option and capacity swaps. As of March 31, 2021, 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 PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG 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, 2021 and March 31, 2020, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 Description Balance as of December 31, 2020 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2021 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ (4) $ — $ (4) $ — $ (1) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2020 Three Months Ended March 31, 2020 Description Balance as of December 31, 2019 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2020 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ 13 $ — $ (1) $ — $ 19 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and PSEG Power Operating Revenues $ (5) $ (9) $ 18 $ 11 Energy Costs 1 1 (5) 1 Total $ (4) $ (8) $ 13 $ 12 (B) Includes settlements of $(4) million for the three months ended March 31, 2021 and $(1) million for the three months ended March 31, 2020, respectively. (C) There were no transfers into or out of Level 3 during the three months and three months ended March 31, 2021 and 2020. As of March 31, 2021, PSEG carried $3.4 billion of net assets that are measured at fair value on a recurring basis, of which $(1) million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy were immaterial. As of March 31, 2020, PSEG carried $2.7 billion of net assets that are measured at fair value on a recurring basis, of which $19 million of net assets was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of March 31, 2021 and December 31, 2020 are included in the following table and accompanying notes. As of As of March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Millions Long-Term Debt: PSEG (A) $ 2,930 $ 3,013 $ 2,929 $ 3,092 PSE&G (A) 11,502 12,695 10,909 13,372 PSEG Power (A) 2,343 2,623 2,342 2,679 Total Long-Term Debt $ 16,775 $ 18,331 $ 16,180 $ 19,143 |
Public Service Electric and Gas Company [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 PSEG 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 PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 PSEG Power. Recurring Fair Value Measurements as of March 31, 2021 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 625 $ — $ 625 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 28 $ — $ 28 $ — $ — Debt Securities—U.S. Treasury $ 65 $ — $ — $ 65 $ — Debt Securities—Govt Other $ 33 $ — $ — $ 33 $ — Debt Securities—Corporate $ 112 $ — $ — $ 112 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) PSE&G Assets: Cash Equivalents (A) $ 525 $ — $ 525 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 6 $ — $ — $ 6 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 7 $ — $ 7 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 29 $ — $ — $ 29 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) Recurring Fair Value Measurements as of December 31, 2020 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 312 $ — $ 312 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 31 $ — $ 31 $ — $ — Debt Securities—U.S. Treasury $ 59 $ — $ — $ 59 $ — Debt Securities—Govt Other $ 41 $ — $ — $ 41 $ — Debt Securities—Corporate $ 135 $ — $ — $ 135 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) PSE&G Assets: Cash Equivalents (A) $ 50 $ — $ 50 $ — $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 11 $ — $ — $ 11 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 26 $ — $ — $ 26 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 8 $ — $ 8 $ — $ — Debt Securities—U.S. Treasury $ 15 $ — $ — $ 15 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 33 $ — $ — $ 33 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) (A) Represents money market mutual funds. (B) 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. (C) The fair value measurement table excludes cash of $1 million and foreign currency of $1 million in the NDT Fund as of March 31, 2021 and foreign currency of $2 million as of December 31, 2020. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG considers credit and non-performance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. The fair value of PSEG 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 PSEG 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, 2021 and December 31, 2020. Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position March 31, 2021 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 3 $ (1) Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (1) Discounted Cash Flow Historical Basis Adjustment -2% to -30% -10% Electricity Other (A) — (2) Total PSEG Power $ 3 $ (4) Total PSEG $ 3 $ (4) Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position December 31, 2020 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (2) Discounted Cash Flow Historical Basis Adjustment -60% to -30% -43% Electricity Other (A) — (3) Total PSEG Power $ 12 $ (5) Total PSEG $ 12 $ (5) (A) Other is comprised of a heat rate call option and capacity swaps. As of March 31, 2021, 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 PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG 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, 2021 and March 31, 2020, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 Description Balance as of December 31, 2020 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2021 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ (4) $ — $ (4) $ — $ (1) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2020 Three Months Ended March 31, 2020 Description Balance as of December 31, 2019 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2020 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ 13 $ — $ (1) $ — $ 19 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and PSEG Power Operating Revenues $ (5) $ (9) $ 18 $ 11 Energy Costs 1 1 (5) 1 Total $ (4) $ (8) $ 13 $ 12 (B) Includes settlements of $(4) million for the three months ended March 31, 2021 and $(1) million for the three months ended March 31, 2020, respectively. (C) There were no transfers into or out of Level 3 during the three months and three months ended March 31, 2021 and 2020. As of March 31, 2021, PSEG carried $3.4 billion of net assets that are measured at fair value on a recurring basis, of which $(1) million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy were immaterial. As of March 31, 2020, PSEG carried $2.7 billion of net assets that are measured at fair value on a recurring basis, of which $19 million of net assets was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of March 31, 2021 and December 31, 2020 are included in the following table and accompanying notes. As of As of March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Millions Long-Term Debt: PSEG (A) $ 2,930 $ 3,013 $ 2,929 $ 3,092 PSE&G (A) 11,502 12,695 10,909 13,372 PSEG Power (A) 2,343 2,623 2,342 2,679 Total Long-Term Debt $ 16,775 $ 18,331 $ 16,180 $ 19,143 |
PSEG 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 PSEG 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 PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 PSEG Power. Recurring Fair Value Measurements as of March 31, 2021 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 625 $ — $ 625 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 28 $ — $ 28 $ — $ — Debt Securities—U.S. Treasury $ 65 $ — $ — $ 65 $ — Debt Securities—Govt Other $ 33 $ — $ — $ 33 $ — Debt Securities—Corporate $ 112 $ — $ — $ 112 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) PSE&G Assets: Cash Equivalents (A) $ 525 $ — $ 525 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 6 $ — $ — $ 6 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 7 $ — $ 7 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 29 $ — $ — $ 29 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) Recurring Fair Value Measurements as of December 31, 2020 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 312 $ — $ 312 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 31 $ — $ 31 $ — $ — Debt Securities—U.S. Treasury $ 59 $ — $ — $ 59 $ — Debt Securities—Govt Other $ 41 $ — $ — $ 41 $ — Debt Securities—Corporate $ 135 $ — $ — $ 135 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) PSE&G Assets: Cash Equivalents (A) $ 50 $ — $ 50 $ — $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 11 $ — $ — $ 11 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 26 $ — $ — $ 26 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 8 $ — $ 8 $ — $ — Debt Securities—U.S. Treasury $ 15 $ — $ — $ 15 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 33 $ — $ — $ 33 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) (A) Represents money market mutual funds. (B) 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. (C) The fair value measurement table excludes cash of $1 million and foreign currency of $1 million in the NDT Fund as of March 31, 2021 and foreign currency of $2 million as of December 31, 2020. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG considers credit and non-performance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements. The fair value of PSEG 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 PSEG 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, 2021 and December 31, 2020. Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position March 31, 2021 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 3 $ (1) Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (1) Discounted Cash Flow Historical Basis Adjustment -2% to -30% -10% Electricity Other (A) — (2) Total PSEG Power $ 3 $ (4) Total PSEG $ 3 $ (4) Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position December 31, 2020 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (2) Discounted Cash Flow Historical Basis Adjustment -60% to -30% -43% Electricity Other (A) — (3) Total PSEG Power $ 12 $ (5) Total PSEG $ 12 $ (5) (A) Other is comprised of a heat rate call option and capacity swaps. As of March 31, 2021, 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 PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG 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, 2021 and March 31, 2020, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 Description Balance as of December 31, 2020 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2021 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ (4) $ — $ (4) $ — $ (1) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2020 Three Months Ended March 31, 2020 Description Balance as of December 31, 2019 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2020 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ 13 $ — $ (1) $ — $ 19 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and PSEG Power Operating Revenues $ (5) $ (9) $ 18 $ 11 Energy Costs 1 1 (5) 1 Total $ (4) $ (8) $ 13 $ 12 (B) Includes settlements of $(4) million for the three months ended March 31, 2021 and $(1) million for the three months ended March 31, 2020, respectively. (C) There were no transfers into or out of Level 3 during the three months and three months ended March 31, 2021 and 2020. As of March 31, 2021, PSEG carried $3.4 billion of net assets that are measured at fair value on a recurring basis, of which $(1) million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy were immaterial. As of March 31, 2020, PSEG carried $2.7 billion of net assets that are measured at fair value on a recurring basis, of which $19 million of net assets was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of March 31, 2021 and December 31, 2020 are included in the following table and accompanying notes. As of As of March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Millions Long-Term Debt: PSEG (A) $ 2,930 $ 3,013 $ 2,929 $ 3,092 PSE&G (A) 11,502 12,695 10,909 13,372 PSEG Power (A) 2,343 2,623 2,342 2,679 Total Long-Term Debt $ 16,775 $ 18,331 $ 16,180 $ 19,143 |
Other Income (Deductions)
Other Income (Deductions) | 3 Months Ended |
Mar. 31, 2021 | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G PSEG Power Other (A) Consolidated Millions Three Months Ended March 31, 2021 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 23 — — 23 Solar Loan Interest 3 — — 3 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (16) — (16) Other 2 (1) 1 2 Total Other Income (Deductions) $ 28 $ (4) $ 1 $ 25 Three Months Ended March 31, 2020 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 21 — — 21 Solar Loan Interest 4 — — 4 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (35) — (35) Other 2 (1) — 1 Total Other Income (Deductions) $ 27 $ (23) $ — $ 4 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Public Service Electric and Gas Company [Member] | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G PSEG Power Other (A) Consolidated Millions Three Months Ended March 31, 2021 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 23 — — 23 Solar Loan Interest 3 — — 3 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (16) — (16) Other 2 (1) 1 2 Total Other Income (Deductions) $ 28 $ (4) $ 1 $ 25 Three Months Ended March 31, 2020 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 21 — — 21 Solar Loan Interest 4 — — 4 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (35) — (35) Other 2 (1) — 1 Total Other Income (Deductions) $ 27 $ (23) $ — $ 4 (A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
PSEG Power [Member] | |
Component of Other Income (Deductions) [Line Items] | |
Other Income (Deductions) | Other Income (Deductions) PSE&G PSEG Power Other (A) Consolidated Millions Three Months Ended March 31, 2021 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 23 — — 23 Solar Loan Interest 3 — — 3 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (16) — (16) Other 2 (1) 1 2 Total Other Income (Deductions) $ 28 $ (4) $ 1 $ 25 Three Months Ended March 31, 2020 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 21 — — 21 Solar Loan Interest 4 — — 4 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (35) — (35) Other 2 (1) — 1 Total Other Income (Deductions) $ 27 $ (23) $ — $ 4 (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, 2021 | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 PSEG 15.3% 8.9% PSE&G 14.2% 19.9% PSEG Power 24.4% 122.8% For the three months ended March 31, 2021, the difference in PSEG’s effective tax rate as compared to the same period in the prior year was due primarily to the impact of the additional trust tax on the NDT qualified fund net gains in 2021 and net losses in 2020 and a decrease in the benefit due to lower purchases of net operating losses (NOLs) under the New Jersey Technology Tax Benefit Transfer Program, offset by an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments. The difference in PSEG’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments and the benefit of purchasing 2020 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2021. For the three months ended March 31, 2021, the difference in PSE&G’s effective tax rate as compared to the same period in the prior year was due to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments offset by an increase in bad debt flow-through. The difference in PSE&G’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments. For the three months ended March 31, 2021, the difference in PSEG Power’s effective tax rate as compared to the same period in the prior year was due primarily to the impact the additional trust tax on the NDT qualified fund net gains and the benefit of purchasing NOLs under the New Jersey Technology Tax Benefit Transfer Program had on PSEG Power’s 2021 pre-tax income compared to the impact the additional trust tax benefit on the NDT qualified fund net losses and the benefit of purchasing more NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2020 had on PSEG Power’s 2020 pre-tax loss. The difference in PSEG Power’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to the benefit of purchasing 2020 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2021 offset by the impact of the additional trust tax on NDT qualified fund net gains. In March 2020, the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted. Among other provisions, the CARES Act allows a five-year carryback of any NOL generated in a taxable year beginning after December 31, 2017, and before January 1, 2021. In April 2020, the Internal Revenue Service (IRS) issued a Private Letter Ruling to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC and the BPU approved PSE&G’s requests to refund these unprotected excess deferred income taxes to customers. FERC approved the refund of these unprotected excess deferred income taxes within the 2019 true-up filing. The BPU approved the refund of these unprotected excess deferred income taxes within the next five years beginning in July 2020. In July 2020, the IRS issued final and proposed regulations addressing the limitation on deductible business interest expense contained in the Tax Cuts and Jobs Act of 2017 (Tax Act). These regulations retroactively allow depreciation to be added back in computing the 30% adjusted taxable income (ATI) cap, increasing the amount of interest that can be deducted by unregulated businesses in years before 2022. For 2022 and after, the regulations continue to disallow the addback of depreciation in the computation of ATI, effectively lowering the cap on the amount of deductible business interest and contain special rules in allocating interest between regulated and non-regulated businesses. The portion of PSEG’s and PSEG Power’s business interest expense that was disallowed in 2018 and 2019 under the previously issued proposed regulations will now be deductible in those respective years. These regulations remain uncertain in some respects. In late December 2020, the Consolidated Appropriations Act (CAA), 2021 was enacted. PSEG does not believe the CAA will have a material impact on the financial condition and cash flows of PSEG, PSE&G and PSEG Power. PSEG expects that a prolonged coronavirus pandemic and economic recovery may result in additional federal or state tax legislation that can have a material impact on PSEG’s, PSE&G’s and PSEG Power’s tax expense and cash tax position. Amounts recorded under the Tax Act, CARES Act and CAA, including depreciation and interest disallowance regulations, are subject to change based on several factors, including, among other things, whether the IRS or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and PSEG Power’s financial statements. As of March 31, 2021, PSE&G had a $14 million New Jersey Corporate Business Tax NOL that is expected to be fully realized in the future. There are no other material tax carryforwards in other jurisdictions. New Jersey State Tax Reform In September 2020, New Jersey enacted its State Fiscal Year 2021 Budget, which amended the temporary surtax originally enacted into law in 2018, from 1.5% to 2.5% for 2020 and 2021 and extended the 2.5% surtax to 2023. PSE&G continues to be exempt and this amendment will not have a material impact on PSEG’s and PSEG Power’s financial statements. |
Public Service Electric and Gas Company [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 PSEG 15.3% 8.9% PSE&G 14.2% 19.9% PSEG Power 24.4% 122.8% For the three months ended March 31, 2021, the difference in PSEG’s effective tax rate as compared to the same period in the prior year was due primarily to the impact of the additional trust tax on the NDT qualified fund net gains in 2021 and net losses in 2020 and a decrease in the benefit due to lower purchases of net operating losses (NOLs) under the New Jersey Technology Tax Benefit Transfer Program, offset by an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments. The difference in PSEG’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments and the benefit of purchasing 2020 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2021. For the three months ended March 31, 2021, the difference in PSE&G’s effective tax rate as compared to the same period in the prior year was due to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments offset by an increase in bad debt flow-through. The difference in PSE&G’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments. For the three months ended March 31, 2021, the difference in PSEG Power’s effective tax rate as compared to the same period in the prior year was due primarily to the impact the additional trust tax on the NDT qualified fund net gains and the benefit of purchasing NOLs under the New Jersey Technology Tax Benefit Transfer Program had on PSEG Power’s 2021 pre-tax income compared to the impact the additional trust tax benefit on the NDT qualified fund net losses and the benefit of purchasing more NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2020 had on PSEG Power’s 2020 pre-tax loss. The difference in PSEG Power’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to the benefit of purchasing 2020 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2021 offset by the impact of the additional trust tax on NDT qualified fund net gains. In March 2020, the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted. Among other provisions, the CARES Act allows a five-year carryback of any NOL generated in a taxable year beginning after December 31, 2017, and before January 1, 2021. In April 2020, the Internal Revenue Service (IRS) issued a Private Letter Ruling to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC and the BPU approved PSE&G’s requests to refund these unprotected excess deferred income taxes to customers. FERC approved the refund of these unprotected excess deferred income taxes within the 2019 true-up filing. The BPU approved the refund of these unprotected excess deferred income taxes within the next five years beginning in July 2020. In July 2020, the IRS issued final and proposed regulations addressing the limitation on deductible business interest expense contained in the Tax Cuts and Jobs Act of 2017 (Tax Act). These regulations retroactively allow depreciation to be added back in computing the 30% adjusted taxable income (ATI) cap, increasing the amount of interest that can be deducted by unregulated businesses in years before 2022. For 2022 and after, the regulations continue to disallow the addback of depreciation in the computation of ATI, effectively lowering the cap on the amount of deductible business interest and contain special rules in allocating interest between regulated and non-regulated businesses. The portion of PSEG’s and PSEG Power’s business interest expense that was disallowed in 2018 and 2019 under the previously issued proposed regulations will now be deductible in those respective years. These regulations remain uncertain in some respects. In late December 2020, the Consolidated Appropriations Act (CAA), 2021 was enacted. PSEG does not believe the CAA will have a material impact on the financial condition and cash flows of PSEG, PSE&G and PSEG Power. PSEG expects that a prolonged coronavirus pandemic and economic recovery may result in additional federal or state tax legislation that can have a material impact on PSEG’s, PSE&G’s and PSEG Power’s tax expense and cash tax position. Amounts recorded under the Tax Act, CARES Act and CAA, including depreciation and interest disallowance regulations, are subject to change based on several factors, including, among other things, whether the IRS or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and PSEG Power’s financial statements. As of March 31, 2021, PSE&G had a $14 million New Jersey Corporate Business Tax NOL that is expected to be fully realized in the future. There are no other material tax carryforwards in other jurisdictions. New Jersey State Tax Reform In September 2020, New Jersey enacted its State Fiscal Year 2021 Budget, which amended the temporary surtax originally enacted into law in 2018, from 1.5% to 2.5% for 2020 and 2021 and extended the 2.5% surtax to 2023. PSE&G continues to be exempt and this amendment will not have a material impact on PSEG’s and PSEG Power’s financial statements. |
PSEG Power [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Income Taxes PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 PSEG 15.3% 8.9% PSE&G 14.2% 19.9% PSEG Power 24.4% 122.8% For the three months ended March 31, 2021, the difference in PSEG’s effective tax rate as compared to the same period in the prior year was due primarily to the impact of the additional trust tax on the NDT qualified fund net gains in 2021 and net losses in 2020 and a decrease in the benefit due to lower purchases of net operating losses (NOLs) under the New Jersey Technology Tax Benefit Transfer Program, offset by an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments. The difference in PSEG’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments and the benefit of purchasing 2020 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2021. For the three months ended March 31, 2021, the difference in PSE&G’s effective tax rate as compared to the same period in the prior year was due to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments offset by an increase in bad debt flow-through. The difference in PSE&G’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to an increase in the 2021 flowback of PSE&G’s excess deferred income tax liabilities and Clean Energy Future program investments. For the three months ended March 31, 2021, the difference in PSEG Power’s effective tax rate as compared to the same period in the prior year was due primarily to the impact the additional trust tax on the NDT qualified fund net gains and the benefit of purchasing NOLs under the New Jersey Technology Tax Benefit Transfer Program had on PSEG Power’s 2021 pre-tax income compared to the impact the additional trust tax benefit on the NDT qualified fund net losses and the benefit of purchasing more NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2020 had on PSEG Power’s 2020 pre-tax loss. The difference in PSEG Power’s effective tax rate as compared to the statutory tax rate of 28.11% was due primarily to the benefit of purchasing 2020 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2021 offset by the impact of the additional trust tax on NDT qualified fund net gains. In March 2020, the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted. Among other provisions, the CARES Act allows a five-year carryback of any NOL generated in a taxable year beginning after December 31, 2017, and before January 1, 2021. In April 2020, the Internal Revenue Service (IRS) issued a Private Letter Ruling to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC and the BPU approved PSE&G’s requests to refund these unprotected excess deferred income taxes to customers. FERC approved the refund of these unprotected excess deferred income taxes within the 2019 true-up filing. The BPU approved the refund of these unprotected excess deferred income taxes within the next five years beginning in July 2020. In July 2020, the IRS issued final and proposed regulations addressing the limitation on deductible business interest expense contained in the Tax Cuts and Jobs Act of 2017 (Tax Act). These regulations retroactively allow depreciation to be added back in computing the 30% adjusted taxable income (ATI) cap, increasing the amount of interest that can be deducted by unregulated businesses in years before 2022. For 2022 and after, the regulations continue to disallow the addback of depreciation in the computation of ATI, effectively lowering the cap on the amount of deductible business interest and contain special rules in allocating interest between regulated and non-regulated businesses. The portion of PSEG’s and PSEG Power’s business interest expense that was disallowed in 2018 and 2019 under the previously issued proposed regulations will now be deductible in those respective years. These regulations remain uncertain in some respects. In late December 2020, the Consolidated Appropriations Act (CAA), 2021 was enacted. PSEG does not believe the CAA will have a material impact on the financial condition and cash flows of PSEG, PSE&G and PSEG Power. PSEG expects that a prolonged coronavirus pandemic and economic recovery may result in additional federal or state tax legislation that can have a material impact on PSEG’s, PSE&G’s and PSEG Power’s tax expense and cash tax position. Amounts recorded under the Tax Act, CARES Act and CAA, including depreciation and interest disallowance regulations, are subject to change based on several factors, including, among other things, whether the IRS or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s, PSE&G’s and PSEG Power’s financial statements. As of March 31, 2021, PSE&G had a $14 million New Jersey Corporate Business Tax NOL that is expected to be fully realized in the future. There are no other material tax carryforwards in other jurisdictions. New Jersey State Tax Reform In September 2020, New Jersey enacted its State Fiscal Year 2021 Budget, which amended the temporary surtax originally enacted into law in 2018, from 1.5% to 2.5% for 2020 and 2021 and extended the 2.5% surtax to 2023. PSE&G continues to be exempt and this amendment will not have a material impact on PSEG’s and PSEG Power’s financial statements. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax PSEG Three Months Ended March 31, 2021 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2020 $ (9) $ (545) $ 50 $ (504) Other Comprehensive Income (Loss) before Reclassifications — — (40) (40) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 3 (2) 2 Net Current Period Other Comprehensive Income (Loss) 1 3 (42) (38) Balance as of March 31, 2021 $ (8) $ (542) $ 8 $ (542) PSEG Three Months Ended March 31, 2020 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2019 $ (15) $ (499) $ 25 $ (489) Other Comprehensive Income (Loss) before Reclassifications (4) — 14 10 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 3 (6) (2) Net Current Period Other Comprehensive Income (Loss) (3) 3 8 8 Balance as of March 31, 2020 $ (18) $ (496) $ 33 $ (481) PSEG Power Three Months Ended March 31, 2021 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2020 $ — $ (459) $ 40 $ (419) Other Comprehensive Income (Loss) before Reclassifications — — (31) (31) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 (1) 1 Net Current Period Other Comprehensive Income (Loss) — 2 (32) (30) Balance as of March 31, 2021 $ — $ (457) $ 8 $ (449) PSEG Power Three Months Ended March 31, 2020 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2019 $ — $ (420) $ 19 $ (401) Other Comprehensive Income (Loss) before Reclassifications — — 11 11 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 (4) (2) Net Current Period Other Comprehensive Income (Loss) — 2 7 9 Balance as of March 31, 2020 $ — $ (418) $ 26 $ (392) 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, 2021 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Swaps Interest Expense $ (1) $ — $ (1) Total Cash Flow Hedges (1) — (1) Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) 5 (1) 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10) 3 (7) Total Pension and OPEB Plans (5) 2 (3) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments 3 (1) 2 Total Available-for-Sale Debt Securities 3 (1) 2 Total $ (3) $ 1 $ (2) 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, 2020 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Swaps Interest Expense $ (2) $ 1 $ (1) Total Cash Flow Hedges (2) 1 (1) 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) and Impairments Net Gains (Losses) on Trust Investments 9 (3) 6 Total Available-for-Sale Debt Securities 9 (3) 6 Total $ 3 $ (1) $ 2 PSEG 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, 2021 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) $ 5 $ (1) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (8) 2 (6) Total Pension and OPEB Plans (3) 1 (2) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments 2 (1) 1 Total Available-for-Sale Debt Securities 2 (1) 1 Total $ (1) $ — $ (1) PSEG 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, 2020 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) $ 5 $ (1) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (8) 2 (6) Total Pension and OPEB Plans (3) 1 (2) Available-for-Sale Debt Securities Realized Gains (Losses) and Impairments Net Gains (Losses) on Trust Investments 7 (3) 4 Total Available-for-Sale Debt Securities 7 (3) 4 Total $ 4 $ (2) $ 2 |
PSEG 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 Three Months Ended March 31, 2021 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2020 $ (9) $ (545) $ 50 $ (504) Other Comprehensive Income (Loss) before Reclassifications — — (40) (40) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 3 (2) 2 Net Current Period Other Comprehensive Income (Loss) 1 3 (42) (38) Balance as of March 31, 2021 $ (8) $ (542) $ 8 $ (542) PSEG Three Months Ended March 31, 2020 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2019 $ (15) $ (499) $ 25 $ (489) Other Comprehensive Income (Loss) before Reclassifications (4) — 14 10 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 3 (6) (2) Net Current Period Other Comprehensive Income (Loss) (3) 3 8 8 Balance as of March 31, 2020 $ (18) $ (496) $ 33 $ (481) PSEG Power Three Months Ended March 31, 2021 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2020 $ — $ (459) $ 40 $ (419) Other Comprehensive Income (Loss) before Reclassifications — — (31) (31) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 (1) 1 Net Current Period Other Comprehensive Income (Loss) — 2 (32) (30) Balance as of March 31, 2021 $ — $ (457) $ 8 $ (449) PSEG Power Three Months Ended March 31, 2020 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2019 $ — $ (420) $ 19 $ (401) Other Comprehensive Income (Loss) before Reclassifications — — 11 11 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 (4) (2) Net Current Period Other Comprehensive Income (Loss) — 2 7 9 Balance as of March 31, 2020 $ — $ (418) $ 26 $ (392) 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, 2021 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Swaps Interest Expense $ (1) $ — $ (1) Total Cash Flow Hedges (1) — (1) Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) 5 (1) 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10) 3 (7) Total Pension and OPEB Plans (5) 2 (3) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments 3 (1) 2 Total Available-for-Sale Debt Securities 3 (1) 2 Total $ (3) $ 1 $ (2) 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, 2020 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Swaps Interest Expense $ (2) $ 1 $ (1) Total Cash Flow Hedges (2) 1 (1) 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) and Impairments Net Gains (Losses) on Trust Investments 9 (3) 6 Total Available-for-Sale Debt Securities 9 (3) 6 Total $ 3 $ (1) $ 2 PSEG 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, 2021 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) $ 5 $ (1) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (8) 2 (6) Total Pension and OPEB Plans (3) 1 (2) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments 2 (1) 1 Total Available-for-Sale Debt Securities 2 (1) 1 Total $ (1) $ — $ (1) PSEG 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, 2020 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) $ 5 $ (1) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (8) 2 (6) Total Pension and OPEB Plans (3) 1 (2) Available-for-Sale Debt Securities Realized Gains (Losses) and Impairments Net Gains (Losses) on Trust Investments 7 (3) 4 Total Available-for-Sale Debt Securities 7 (3) 4 Total $ 4 $ (2) $ 2 |
Earnings Per Share (EPS) and Di
Earnings Per Share (EPS) and Dividends | 3 Months Ended |
Mar. 31, 2021 | |
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 share units or restricted stock units. The following table shows the effect of these stock options, performance share units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS: Three Months Ended March 31, 2021 2020 Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 648 $ 648 $ 448 $ 448 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 $ 1.29 $ 1.28 $ 0.89 $ 0.88 Dividends Three Months Ended March 31, Dividend Payments on Common Stock 2021 2020 Per Share $ 0.51 $ 0.49 In Millions $ 258 $ 248 On April 20, 2021, the PSEG Board of Directors approved a $0.51 per share common stock dividend for the second quarter of 2021. |
Financial Information By Busine
Financial Information By Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G PSEG Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended March 31, 2021 Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 Net Income 477 161 10 — 648 Gross Additions to Long-Lived Assets 586 46 1 — 633 Three Months Ended March 31, 2020 Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 Net Income (Loss) 440 13 (5) — 448 Gross Additions to Long-Lived Assets 620 97 3 — 720 As of March 31, 2021 Total Assets $ 36,217 $ 12,654 $ 2,444 $ (1,109) $ 50,206 Investments in Equity Method Subsidiaries $ — $ 66 $ — $ — $ 66 As of December 31, 2020 Total Assets $ 35,581 $ 12,704 $ 2,692 $ (927) $ 50,050 Investments in Equity Method Subsidiaries $ — $ 64 $ — $ — $ 64 (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 company) and Services. |
Public Service Electric and Gas Company [Member] | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G PSEG Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended March 31, 2021 Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 Net Income 477 161 10 — 648 Gross Additions to Long-Lived Assets 586 46 1 — 633 Three Months Ended March 31, 2020 Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 Net Income (Loss) 440 13 (5) — 448 Gross Additions to Long-Lived Assets 620 97 3 — 720 As of March 31, 2021 Total Assets $ 36,217 $ 12,654 $ 2,444 $ (1,109) $ 50,206 Investments in Equity Method Subsidiaries $ — $ 66 $ — $ — $ 66 As of December 31, 2020 Total Assets $ 35,581 $ 12,704 $ 2,692 $ (927) $ 50,050 Investments in Equity Method Subsidiaries $ — $ 64 $ — $ — $ 64 (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 company) and Services. |
PSEG Power [Member] | |
Segment Reporting Information [Line Items] | |
Financial Information By Business Segments | Financial Information by Business Segment PSE&G PSEG Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended March 31, 2021 Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 Net Income 477 161 10 — 648 Gross Additions to Long-Lived Assets 586 46 1 — 633 Three Months Ended March 31, 2020 Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 Net Income (Loss) 440 13 (5) — 448 Gross Additions to Long-Lived Assets 620 97 3 — 720 As of March 31, 2021 Total Assets $ 36,217 $ 12,654 $ 2,444 $ (1,109) $ 50,206 Investments in Equity Method Subsidiaries $ — $ 66 $ — $ — $ 66 As of December 31, 2020 Total Assets $ 35,581 $ 12,704 $ 2,692 $ (927) $ 50,050 Investments in Equity Method Subsidiaries $ — $ 64 $ — $ — $ 64 (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 company) and Services. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 Millions Billings from Affiliates: Net Billings from PSEG Power (A) $ 495 $ 490 Administrative Billings from Services (B) 87 78 Total Billings from Affiliates $ 582 $ 568 As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Payable to PSEG Power (A) $ 258 $ 273 Payable to Services (B) 83 95 Payable to PSEG (C) 147 111 Accounts Payable—Affiliated Companies $ 488 $ 479 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 1 $ 7 PSEG Power The financial statements for PSEG Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2021 2020 Millions Billings to Affiliates: Net Billings to PSE&G (A) $ 495 $ 490 Billings from Affiliates: Administrative Billings from Services (B) $ 43 $ 45 As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Receivable from PSE&G (A) $ 258 $ 273 Receivable from PSEG (C) — 44 Accounts Receivable—Affiliated Companies $ 258 $ 317 Payable to Services (B) $ 22 $ 13 Payable to PSEG (C) 12 — Accounts Payable—Affiliated Companies $ 34 $ 13 Short-Term Loan to (from) Affiliate (E) $ 403 $ 161 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 57 $ 57 (A) PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common 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 NOLs and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. (D) PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets. (E) PSEG 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. |
Public Service Electric and Gas Company [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 2021 2020 Millions Billings from Affiliates: Net Billings from PSEG Power (A) $ 495 $ 490 Administrative Billings from Services (B) 87 78 Total Billings from Affiliates $ 582 $ 568 As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Payable to PSEG Power (A) $ 258 $ 273 Payable to Services (B) 83 95 Payable to PSEG (C) 147 111 Accounts Payable—Affiliated Companies $ 488 $ 479 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 1 $ 7 PSEG Power The financial statements for PSEG Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2021 2020 Millions Billings to Affiliates: Net Billings to PSE&G (A) $ 495 $ 490 Billings from Affiliates: Administrative Billings from Services (B) $ 43 $ 45 As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Receivable from PSE&G (A) $ 258 $ 273 Receivable from PSEG (C) — 44 Accounts Receivable—Affiliated Companies $ 258 $ 317 Payable to Services (B) $ 22 $ 13 Payable to PSEG (C) 12 — Accounts Payable—Affiliated Companies $ 34 $ 13 Short-Term Loan to (from) Affiliate (E) $ 403 $ 161 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 57 $ 57 (A) PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common 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 NOLs and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. (D) PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets. (E) PSEG 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. |
PSEG 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 2021 2020 Millions Billings from Affiliates: Net Billings from PSEG Power (A) $ 495 $ 490 Administrative Billings from Services (B) 87 78 Total Billings from Affiliates $ 582 $ 568 As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Payable to PSEG Power (A) $ 258 $ 273 Payable to Services (B) 83 95 Payable to PSEG (C) 147 111 Accounts Payable—Affiliated Companies $ 488 $ 479 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 1 $ 7 PSEG Power The financial statements for PSEG Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2021 2020 Millions Billings to Affiliates: Net Billings to PSE&G (A) $ 495 $ 490 Billings from Affiliates: Administrative Billings from Services (B) $ 43 $ 45 As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Receivable from PSE&G (A) $ 258 $ 273 Receivable from PSEG (C) — 44 Accounts Receivable—Affiliated Companies $ 258 $ 317 Payable to Services (B) $ 22 $ 13 Payable to PSEG (C) 12 — Accounts Payable—Affiliated Companies $ 34 $ 13 Short-Term Loan to (from) Affiliate (E) $ 403 $ 161 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 57 $ 57 (A) PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules. (B) Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common 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 NOLs and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. (D) PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets. (E) PSEG 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. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation | Basis of Presentation The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2020. |
Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2020) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power Other (A) Consolidated Millions As of December 31, 2020 Cash and Cash Equivalents $ 204 $ 27 $ 312 $ 543 Restricted Cash in Other Current Assets 7 — — 7 Restricted Cash in Other Noncurrent Assets 22 — — 22 Cash, Cash Equivalents and Restricted Cash $ 233 $ 27 $ 312 $ 572 As of March 31, 2021 Cash and Cash Equivalents $ 631 $ 27 $ 145 $ 803 Restricted Cash in Other Current Assets 14 — — 14 Restricted Cash in Other Noncurrent Assets 24 — — 24 Cash, Cash Equivalents and Restricted Cash $ 669 $ 27 $ 145 $ 841 (A) Includes amounts applicable to PSEG (parent company), Energy Holdings and Services. |
Revenues Revenues (Policies)
Revenues Revenues (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [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 service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days 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. PSEG 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 PSEG 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. PSEG 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. PSEG 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. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG 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, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts —PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. 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, PSEG 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 PSEG 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. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG 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, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash, Cash Equivalents and Restricted Cash [Table Text Block] | Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2020) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G. PSE&G PSEG Power Other (A) Consolidated Millions As of December 31, 2020 Cash and Cash Equivalents $ 204 $ 27 $ 312 $ 543 Restricted Cash in Other Current Assets 7 — — 7 Restricted Cash in Other Noncurrent Assets 22 — — 22 Cash, Cash Equivalents and Restricted Cash $ 233 $ 27 $ 312 $ 572 As of March 31, 2021 Cash and Cash Equivalents $ 631 $ 27 $ 145 $ 803 Restricted Cash in Other Current Assets 14 — — 14 Restricted Cash in Other Noncurrent Assets 24 — — 24 Cash, Cash Equivalents and Restricted Cash $ 669 $ 27 $ 145 $ 841 (A) Includes amounts applicable to PSEG (parent company), Energy Holdings and Services. |
Revenues Revenues (Tables)
Revenues Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues PSE&G PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2021 Revenues from Contracts with Customers Electric Distribution $ 707 $ — $ — $ — $ 707 Gas Distribution 896 — — (3) 893 Transmission 399 — — — 399 Electricity and Related Product Sales PJM Third-Party Sales — 471 — — 471 Sales to Affiliates — 88 — (88) — New York ISO — 48 — — 48 ISO New England — 51 — — 51 Gas Sales Third-Party Sales — 60 — — 60 Sales to Affiliates — 410 — (410) — Other Revenues from Contracts with Customers (A) 75 10 141 (1) 225 Total Revenues from Contracts with Customers 2,077 1,138 141 (502) 2,854 Revenues Unrelated to Contracts with Customers (B) (4) 29 10 — 35 Total Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 PSE&G PSEG Power Other Eliminations Consolidated Millions Three Months Ended March 31, 2020 Revenues from Contracts with Customers Electric Distribution $ 649 $ — $ — $ — $ 649 Gas Distribution 731 — — (2) 729 Transmission 366 — — — 366 Electricity and Related Product Sales PJM Third-Party Sales — 368 — — 368 Sales to Affiliates — 121 — (121) — New York ISO — 25 — — 25 ISO New England — 48 — — 48 Gas Sales Third-Party Sales — 29 — — 29 Sales to Affiliates — 354 — (354) — Other Revenues from Contracts with Customers (A) 82 10 144 (1) 235 Total Revenues from Contracts with Customers 1,828 955 144 (478) 2,449 Revenues Unrelated to Contracts with Customers (B) 55 265 12 — 332 Total Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 (A) Includes primarily revenues from appliance repair services and the sale of solar renewable energy certificates (SRECs) at auction at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other. (B) Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other. |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2021 and 2020: 2021 2020 Millions Balance at Beginning of Year $ 206 $ 68 (A) Utility Customer and Other Accounts Provision 44 32 Write-offs, net of Recoveries of $2 million in 2021 and 2020 (11) (20) Balance at End of Period $ 239 $ 80 |
Revenue, Capacity Auction Obligations [Table Text Block] | Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions —The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction is expected to be held in the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations. Delivery Year $ per MW-Day MW Cleared June 2020 to May 2021 $167 7,600 June 2021 to May 2022 $166 7,800 Capacity Payments from the ISO New England Forward Capacity Market (FCM) —The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG 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, and the planned retirement of Bridgeport Harbor Station 3 in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2025 and the seven-year rate lock for BH5 through May 2026: Delivery Year $ per MW-Day (A) MW Cleared 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 $152 930 June 2024 to May 2025 $158 950 June 2025 to May 2026 $231 480 |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Operating Lease, Lease Income | three months ended March 31, 2021 and 2020: PSEG Power Energy Holdings Total Millions Operating Lease Income Three Months Ended March 31, 2021 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 Three Months Ended March 31, 2020 Fixed Lease Income $ — $ 5 $ 5 Variable Lease Income 5 — 5 Total Operating Lease Income $ 5 $ 5 $ 10 |
Financing Receivables (Tables)
Financing Receivables (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Public Service Electric and Gas Company [Member] | |
Schedule of Financial Receivables [Line Items] | |
Schedule Of Credit Risk Profile Based On Payment Activity | As of Outstanding Loans by Class of Customers March 31, December 31, Millions Commercial/Industrial $ 144 $ 145 Residential 6 6 Total 150 151 Current Portion (included in Accounts Receivable) (29) (29) Noncurrent Portion (included in Long-Term Investments) $ 121 $ 122 The solar loans originated under three Solar Loan Programs are comprised as follows: Programs Balance as of March 31, 2021 Funding Provided Residential Loan Term Non-Residential Loan Term Millions Solar Loan I $ 19 prior to 2013 10 years 15 years Solar Loan II 69 prior to 2015 10 years 15 years Solar Loan III 62 largely funded as of March 31, 2021 10 years 10 years Total $ 150 The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2021 and have an average remaining life of approximately four years. |
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, 2021 and December 31, 2020. As of As of March 31, December 31, Millions Lease Receivables (net of Non-Recourse Debt) $ 274 $ 299 Estimated Residual Value of Leased Assets 55 55 Total Investment in Rental Receivables 329 354 Unearned and Deferred Income (100) (104) Gross Investments in Leases 229 250 Deferred Tax Liabilities (60) (64) Net Investments in Leases $ 169 $ 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 Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2021 As of March 31, 2021 Millions AA $ 8 A- 51 BBB+ to BBB 178 BB+ 37 Total $ 274 |
Trust Investments (Tables)
Trust Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Cost Gross Gross Fair Millions Equity Securities Domestic $ 482 $ 308 $ (1) $ 789 International 365 140 (8) 497 Total Equity Securities 847 448 (9) 1,286 Available-for-Sale Debt Securities Government 636 13 (12) 637 Corporate 587 21 (8) 600 Total Available-for-Sale Debt Securities 1,223 34 (20) 1,237 Total NDT Fund Investments (A) $ 2,070 $ 482 $ (29) $ 2,523 (A) The NDT Fund Investments table excludes cash of $1 million and foreign currency of $1 million as of March 31, 2021, which are part of the NDT Fund. As of December 31, 2020 Cost Gross Gross Fair Millions Equity Securities Domestic $ 519 $ 305 $ (3) $ 821 International 388 152 (9) 531 Total Equity Securities 907 457 (12) 1,352 Available-for-Sale Debt Securities Government 555 27 (1) 581 Corporate 528 39 (1) 566 Total Available-for-Sale Debt Securities 1,083 66 (2) 1,147 Total NDT Fund Investments (A) $ 1,990 $ 523 $ (14) $ 2,499 |
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 $ 15 $ 11 Accounts Payable $ 22 $ 12 |
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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Equity Securities (A) Domestic $ 56 $ (1) $ 2 $ — $ 23 $ (2) $ 6 $ (1) International 42 (4) 20 (4) 26 (2) 27 (7) Total Equity Securities 98 (5) 22 (4) 49 (4) 33 (8) Available-for-Sale Debt Securities Government (B) 299 (12) 1 — 72 (1) — — Corporate (C) 203 (8) 9 — 31 (1) 7 — Total Available-for-Sale Debt Securities 502 (20) 10 — 103 (2) 7 — NDT Trust Investments $ 600 $ (25) $ 32 $ (4) $ 152 $ (6) $ 40 $ (8) (A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for these corporate bonds because they are primarily investment grade securities. |
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, 2021 2020 Millions Proceeds from NDT Fund Sales (A) $ 597 $ 555 Net Realized Gains (Losses) on NDT Fund Gross Realized Gains $ 79 $ 38 Gross Realized Losses (15) (34) Net Realized Gains (Losses) on NDT Fund (B) 64 4 Unrealized Gains (Losses) on Equity Securities (7) (221) Impairment of Available-for-Sale Debt Securities (C) — (3) Net Gains (Losses) on NDT Fund Investments $ 57 $ (220) (A) Includes activity in accounts related to the liquidation of funds being transitioned within the trust. (B) The cost of these securities was determined on the basis of specific identification. (C) PSEG Power recognized an impairment of available-for-sale debt securities in 2020. PSEG Power’s policy is to sell all securities that are rated below investment grade. |
Amount Of Available-For-Sale Debt Securities By Maturity Periods | The NDT Fund debt securities held as of March 31, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ 18 1 - 5 years 329 6 - 10 years 238 11 - 15 years 79 16 - 20 years 92 Over 20 years 481 Total NDT Available-for-Sale Debt Securities $ 1,237 |
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, 2021 As of December 31, 2020 Less Than 12 Greater Than 12 Less Than 12 Greater Than 12 Fair Gross Fair Gross Fair Gross Fair Gross Millions Available-for-Sale Debt Securities Government (A) $ 61 $ (4) $ — $ — $ 19 $ — $ — $ — Corporate (B) 44 (2) 1 — 2 — 1 — Total Available-for-Sale Debt Securities 105 (6) 1 — 21 — 1 — Rabbi Trust Investments $ 105 $ (6) $ 1 $ — $ 21 $ — $ 1 $ — (A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. |
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, 2021 Cost Gross Gross Fair Millions Domestic Equity Securities $ 18 $ 10 $ — $ 28 Available-for-Sale Debt Securities Government 100 2 (4) 98 Corporate 109 5 (2) 112 Total Available-for-Sale Debt Securities 209 7 (6) 210 Total Rabbi Trust Investments $ 227 $ 17 $ (6) $ 238 As of December 31, 2020 Cost Gross Gross Fair Millions Domestic Equity Securities $ 21 $ 10 $ — $ 31 Available-for-Sale Debt Securities Government 94 6 — 100 Corporate 123 12 — 135 Total Available-for-Sale Debt Securities 217 18 — 235 Total Rabbi Trust Investments $ 238 $ 28 $ — $ 266 |
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 $ 1 $ 1 Accounts Payable $ 2 $ 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 on securities in the Rabbi Trust Fund were: Three Months Ended March 31, 2021 2020 Millions Proceeds from Rabbi Trust Sales $ 65 $ 54 Net Realized Gains (Losses) on Rabbi Trust: Gross Realized Gains $ 5 $ 5 Gross Realized Losses (2) (1) Net Realized Gains (Losses) on Rabbi Trust (A) 3 4 Unrealized Gains (Losses) on Equity Securities — (5) Net Gains (Losses) on Rabbi Trust Investments $ 3 $ (1) (A) 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, 2021 had the following maturities: Time Frame Fair Value Millions Less than one year $ — 1 - 5 years 42 6 - 10 years 25 11 - 15 years 10 16 - 20 years 27 Over 20 years 106 Total Rabbi Trust Available-for-Sale Debt Securities $ 210 |
Fair Value Of The Rabbi Trusts | The fair value of the Rabbi Trust related to PSE&G, PSEG Power and PSEG’s other subsidiaries is detailed as follows: As of As of March 31, December 31, Millions PSE&G $ 43 $ 51 PSEG Power 62 66 Other 133 149 Total Rabbi Trust Investments $ 238 $ 266 |
Pension and OPEB (Tables)
Pension and OPEB (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 2020 2021 2020 Millions Components of Net Periodic Benefit (Credits) Costs Service Cost (included in O&M Expense) $ 38 $ 35 $ 2 $ 2 Non-Service Components of Pension and OPEB (Credits) Costs Interest Cost 35 48 5 9 Expected Return on Plan Assets (119) (111) (10) (10) Amortization of Net Prior Service Credit — (2) (32) (32) Actuarial Loss 26 23 11 12 Non-Service Components of Pension and OPEB (Credits) Costs (58) (42) (26) (21) Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) |
Schedule Of Pension And OPEB Costs | Pension and OPEB (credits) costs for PSE&G, PSEG 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, 2021 2020 2021 2020 Millions PSE&G $ (16) $ (7) $ (23) $ (19) PSEG Power (4) (1) (1) — Other — 1 — — Total Benefit (Credits) Costs $ (20) $ (7) $ (24) $ (19) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
PSEG Power [Member] | |
Loss Contingencies [Line Items] | |
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2021 and December 31, 2020. As of As of March 31, 2021 December 31, 2020 Millions Face Value of Outstanding Guarantees $ 1,788 $ 1,792 Exposure under Current Guarantees $ 113 $ 128 Letters of Credit Margin Posted $ 112 $ 128 Letters of Credit Margin Received $ 51 $ 45 Cash Deposited and Received Counterparty Cash Collateral Deposited $ — $ — Counterparty Cash Collateral Received $ (4) $ (5) Net Broker Balance Deposited (Received) $ 102 $ 59 Additional Amounts Posted Other Letters of Credit $ 42 $ 42 |
Total Minimum Purchase Commitments | As of March 31, 2021, the total minimum purchase requirements included in these commitments were as follows: Fuel Type PSEG Power’s Share of Commitments through 2025 Millions Nuclear Fuel Uranium $ 192 Enrichment $ 345 Fabrication $ 177 Natural Gas $ 1,259 |
Public Service Electric and Gas Company [Member] | |
Loss Contingencies [Line Items] | |
Contract For Anticipated BGS-Fixed Price Eligible Load | Auction Year 2018 2019 2020 2021 36-Month Terms Ending May 2021 May 2022 May 2023 May 2024 (A) Load (MW) 2,900 2,800 2,800 2,900 $ per MWh $91.77 $98.04 $102.16 $64.80 (A) Prices set in the 2021 BGS auction will become effective on June 1, 2021 when the 2018 BGS auction agreements expire. |
Debt and Credit Facilities Debt
Debt and Credit Facilities Debt and Credit Facilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 were as follows: As of March 31, 2021 Company/Facility Total Usage (D) Available Expiration Primary Purpose Millions PSEG 5-year Credit Facilities (A) $ 1,500 $ 167 $ 1,333 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSEG $ 1,500 $ 167 $ 1,333 PSE&G 5-year Credit Facility (B) $ 600 $ 18 $ 582 Mar 2024 Commercial Paper Support/Funding/Letters of Credit Total PSE&G $ 600 $ 18 $ 582 PSEG Power 3-year Letter of Credit Facility $ 100 $ 32 $ 68 Sept 2021 Letters of Credit 3-year Letter of Credit Facility 100 81 19 Sept 2022 Letters of Credit 5-year Credit Facilities (C) 1,900 39 1,861 Mar 2024 Funding/Letters of Credit Total PSEG Power $ 2,100 $ 152 $ 1,948 Total $ 4,200 $ 337 $ 3,863 (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) PSEG 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, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021. Short-Term Loans PSEG In March 2021, PSEG entered into a $500 million, 364-day variable rate term loan agreement. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021. |
Financial Risk Management Act_2
Financial Risk Management Activities (Tables) | 3 Months Ended | |
Mar. 31, 2021 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Schedule Of Derivative Instruments Fair Value In Balance Sheets | As of March 31, 2021 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 397 $ (368) $ 29 $ 29 Noncurrent Assets 232 (213) 19 19 Total Mark-to-Market Derivative Assets $ 629 $ (581) $ 48 $ 48 Derivative Contracts Current Liabilities $ (436) $ 410 $ (26) $ (26) Noncurrent Liabilities (204) 202 (2) (2) Total Mark-to-Market Derivative (Liabilities) $ (640) $ 612 $ (28) $ (28) Total Net Mark-to-Market Derivative Assets (Liabilities) $ (11) $ 31 $ 20 $ 20 As of December 31, 2020 PSEG Power (A) Consolidated Not Designated Balance Sheet Location Energy- Netting Total Total Millions Derivative Contracts Current Assets $ 464 $ (404) $ 60 $ 60 Noncurrent Assets 93 (84) 9 9 Total Mark-to-Market Derivative Assets $ 557 $ (488) $ 69 $ 69 Derivative Contracts Current Liabilities $ (412) $ 391 $ (21) $ (21) Noncurrent Liabilities (109) 105 (4) (4) Total Mark-to-Market Derivative (Liabilities) $ (521) $ 496 $ (25) $ (25) Total Net Mark-to-Market Derivative Assets (Liabilities) $ 36 $ 8 $ 44 $ 44 (A) Substantially all of PSEG 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, 2021 and December 31, 2020. (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) 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, 2021 and December 31, 2020, PSEG Power had net cash collateral (receipts) payments to counterparties of $98 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $31 million and $8 million as of March 31, 2021 and December 31, 2020, respectively, were netted against the corresponding net derivative contract positions. Of the $31 million as of March 31, 2021, $(2) million was netted against current assets, $(12) million was netted against noncurrent assets, $44 million was netted against current liabilities and $1 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 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, 2021 and 2020: Derivatives in Cash Flow Amount of Pre-Tax Location of Amount of Pre-Tax Three Months Ended Three Months Ended March 31, March 31, 2021 2020 2021 2020 Millions Millions PSEG Interest Rate Swaps $ — $ (6) Interest Expense $ (1) $ (2) Total PSEG $ — $ (6) $ (1) $ (2) | |
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, 2019 $ (21) $ (15) Loss Recognized in AOCI (6) (4) Less: Loss Reclassified into Income 14 10 Balance as of December 31, 2020 $ (13) $ (9) Loss Recognized in AOCI — — Less: Loss Reclassified into Income 1 1 Balance as of March 31, 2021 $ (12) $ (8) | |
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, 2021 and 2020, respectively. PSEG 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 PSEG 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 Pre-Tax Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Millions PSEG and PSEG Power Energy-Related Contracts Operating Revenues $ (46) $ 231 Energy-Related Contracts Energy Costs 6 (68) Total PSEG and PSEG Power $ (40) $ 163 | |
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, 2021 and December 31, 2020. Type Notional Total PSEG PSEG Power PSE&G Millions As of March 31, 2021 Natural Gas Dekatherm (Dth) 308 — 308 — Electricity MWh (66) — (66) — Financial Transmission Rights (FTRs) MWh 11 — 11 — As of December 31, 2020 Natural Gas Dth 321 — 321 — Electricity MWh (66) — (66) — FTRs MWh 20 — 20 — | |
PSEG 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 PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2021. 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 PSEG Power’s credit risk by credit rating of the counterparties. As of March 31, 2021, 91% of the net credit exposure for PSEG 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 Securities Held as Collateral Net Number of Net Exposure of Millions Millions Investment Grade $ 234 $ 18 $ 216 1 $ 121 (A) Non-Investment Grade 41 19 22 — — Total $ 275 $ 37 $ 238 1 $ 121 (A) Represents net exposure of $121 million with PSE&G. As of March 31, 2021, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $34 million in letters of credit. As of March 31, 2021, PSEG Power had 131 active counterparties. | [1] |
[1] | Represents net exposure of $121 million with PSE&G. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, 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 PSEG Power. Recurring Fair Value Measurements as of March 31, 2021 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 625 $ — $ 625 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 28 $ — $ 28 $ — $ — Debt Securities—U.S. Treasury $ 65 $ — $ — $ 65 $ — Debt Securities—Govt Other $ 33 $ — $ — $ 33 $ — Debt Securities—Corporate $ 112 $ — $ — $ 112 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) PSE&G Assets: Cash Equivalents (A) $ 525 $ — $ 525 $ — $ — Rabbi Trust (C) Equity Securities $ 5 $ — $ 5 $ — $ — Debt Securities—U.S. Treasury $ 12 $ — $ — $ 12 $ — Debt Securities—Govt Other $ 6 $ — $ — $ 6 $ — Debt Securities—Corporate $ 20 $ — $ — $ 20 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 48 $ (581) $ 22 $ 604 $ 3 NDT Fund (C) Equity Securities $ 1,286 $ — $ 1,286 $ — $ — Debt Securities—U.S. Treasury $ 270 $ — $ — $ 270 $ — Debt Securities—Govt Other $ 367 $ — $ — $ 367 $ — Debt Securities—Corporate $ 600 $ — $ — $ 600 $ — Rabbi Trust (C) Equity Securities $ 7 $ — $ 7 $ — $ — Debt Securities—U.S. Treasury $ 17 $ — $ — $ 17 $ — Debt Securities—Govt Other $ 9 $ — $ — $ 9 $ — Debt Securities—Corporate $ 29 $ — $ — $ 29 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (28) $ 612 $ (24) $ (612) $ (4) Recurring Fair Value Measurements as of December 31, 2020 Description Total Netting (D) Quoted Market Prices for Identical Assets Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Millions PSEG Assets: Cash Equivalents (A) $ 312 $ — $ 312 $ — $ — Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 31 $ — $ 31 $ — $ — Debt Securities—U.S. Treasury $ 59 $ — $ — $ 59 $ — Debt Securities—Govt Other $ 41 $ — $ — $ 41 $ — Debt Securities—Corporate $ 135 $ — $ — $ 135 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) PSE&G Assets: Cash Equivalents (A) $ 50 $ — $ 50 $ — $ — Rabbi Trust (C) Equity Securities $ 6 $ — $ 6 $ — $ — Debt Securities—U.S. Treasury $ 11 $ — $ — $ 11 $ — Debt Securities—Govt Other $ 8 $ — $ — $ 8 $ — Debt Securities—Corporate $ 26 $ — $ — $ 26 $ — PSEG Power Assets: Derivative Contracts: Energy-Related Contracts (B) $ 69 $ (488) $ 26 $ 519 $ 12 NDT Fund (C) Equity Securities $ 1,352 $ — $ 1,351 $ 1 $ — Debt Securities—U.S. Treasury $ 239 $ — $ — $ 239 $ — Debt Securities—Govt Other $ 342 $ — $ — $ 342 $ — Debt Securities—Corporate $ 566 $ — $ — $ 566 $ — Rabbi Trust (C) Equity Securities $ 8 $ — $ 8 $ — $ — Debt Securities—U.S. Treasury $ 15 $ — $ — $ 15 $ — Debt Securities—Govt Other $ 10 $ — $ — $ 10 $ — Debt Securities—Corporate $ 33 $ — $ — $ 33 $ — Liabilities: Derivative Contracts: Energy-Related Contracts (B) $ (25) $ 496 $ (33) $ (483) $ (5) (A) Represents money market mutual funds. (B) 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. (C) The fair value measurement table excludes cash of $1 million and foreign currency of $1 million in the NDT Fund as of March 31, 2021 and foreign currency of $2 million as of December 31, 2020. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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. |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position March 31, 2021 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 3 $ (1) Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (1) Discounted Cash Flow Historical Basis Adjustment -2% to -30% -10% Electricity Other (A) — (2) Total PSEG Power $ 3 $ (4) Total PSEG $ 3 $ (4) Quantitative Information About Level 3 Fair Value Measurements Significant Level 3 Fair Value as of Valuation Unobservable Arithmetic Commodity Position December 31, 2020 Technique(s) Input Range Average Assets (Liabilities) Millions PSEG Power Electricity Electric Load Contracts $ 12 $ — Discounted Cash Flow Load Shaping Cost 0% to 11% 4% Gas Gas Physical Contracts — (2) Discounted Cash Flow Historical Basis Adjustment -60% to -30% -43% Electricity Other (A) — (3) Total PSEG Power $ 12 $ (5) Total PSEG $ 12 $ (5) (A) Other is comprised of a heat rate call option and capacity swaps. As of March 31, 2021, 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 PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG 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, 2021 and March 31, 2020, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2021 Three Months Ended March 31, 2021 Description Balance as of December 31, 2020 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2021 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ (4) $ — $ (4) $ — $ (1) Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months Ended March 31, 2020 Three Months Ended March 31, 2020 Description Balance as of December 31, 2019 Total Gains or (Losses) Purchases Issuances/ Transfers Balance as of March 31, 2020 Millions PSEG and PSEG Power Net Derivative Assets (Liabilities) $ 7 $ 13 $ — $ (1) $ — $ 19 (A) Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and PSEG Power Operating Revenues $ (5) $ (9) $ 18 $ 11 Energy Costs 1 1 (5) 1 Total $ (4) $ (8) $ 13 $ 12 (B) Includes settlements of $(4) million for the three months ended March 31, 2021 and $(1) million for the three months ended March 31, 2020, respectively. |
Schedule of Fair Value of Debt | March 31, 2021 and December 31, 2020 are included in the following table and accompanying notes. As of As of March 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Millions Long-Term Debt: PSEG (A) $ 2,930 $ 3,013 $ 2,929 $ 3,092 PSE&G (A) 11,502 12,695 10,909 13,372 PSEG Power (A) 2,343 2,623 2,342 2,679 Total Long-Term Debt $ 16,775 $ 18,331 $ 16,180 $ 19,143 |
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, 2021 and 2020. Three Months Ended March 31, 2021 2020 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and PSEG Power Operating Revenues $ (5) $ (9) $ 18 $ 11 Energy Costs 1 1 (5) 1 Total $ (4) $ (8) $ 13 $ 12 |
Other Income (Deductions) (Tabl
Other Income (Deductions) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule Of Other Income (Deductions) | PSE&G PSEG Power Other (A) Consolidated Millions Three Months Ended March 31, 2021 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 23 — — 23 Solar Loan Interest 3 — — 3 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (16) — (16) Other 2 (1) 1 2 Total Other Income (Deductions) $ 28 $ (4) $ 1 $ 25 Three Months Ended March 31, 2020 NDT Fund Interest and Dividends $ — $ 13 $ — $ 13 Allowance for Funds Used During Construction 21 — — 21 Solar Loan Interest 4 — — 4 Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program — (35) — (35) Other 2 (1) — 1 Total Other Income (Deductions) $ 27 $ (23) $ — $ 4 (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, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Effective Tax Rates | PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 2020 PSEG 15.3% 8.9% PSE&G 14.2% 19.9% PSEG Power 24.4% 122.8% |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income by Component | PSEG Three Months Ended March 31, 2021 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2020 $ (9) $ (545) $ 50 $ (504) Other Comprehensive Income (Loss) before Reclassifications — — (40) (40) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 3 (2) 2 Net Current Period Other Comprehensive Income (Loss) 1 3 (42) (38) Balance as of March 31, 2021 $ (8) $ (542) $ 8 $ (542) PSEG Three Months Ended March 31, 2020 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2019 $ (15) $ (499) $ 25 $ (489) Other Comprehensive Income (Loss) before Reclassifications (4) — 14 10 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) 1 3 (6) (2) Net Current Period Other Comprehensive Income (Loss) (3) 3 8 8 Balance as of March 31, 2020 $ (18) $ (496) $ 33 $ (481) PSEG Power Three Months Ended March 31, 2021 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2020 $ — $ (459) $ 40 $ (419) Other Comprehensive Income (Loss) before Reclassifications — — (31) (31) Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 (1) 1 Net Current Period Other Comprehensive Income (Loss) — 2 (32) (30) Balance as of March 31, 2021 $ — $ (457) $ 8 $ (449) PSEG Power Three Months Ended March 31, 2020 Accumulated Other Comprehensive Income (Loss) Cash Flow Hedges Pension and OPEB Plans Available-for-Sale Securities Total Millions Balance as of December 31, 2019 $ — $ (420) $ 19 $ (401) Other Comprehensive Income (Loss) before Reclassifications — — 11 11 Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) — 2 (4) (2) Net Current Period Other Comprehensive Income (Loss) — 2 7 9 Balance as of March 31, 2020 $ — $ (418) $ 26 $ (392) |
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, 2021 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Swaps Interest Expense $ (1) $ — $ (1) Total Cash Flow Hedges (1) — (1) Pension and OPEB Plans Amortization of Prior Service (Cost) Credit Non-Operating Pension and OPEB Credits (Costs) 5 (1) 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (10) 3 (7) Total Pension and OPEB Plans (5) 2 (3) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments 3 (1) 2 Total Available-for-Sale Debt Securities 3 (1) 2 Total $ (3) $ 1 $ (2) 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, 2020 Pre-Tax Amount Tax (Expense) Benefit After-Tax Amount Millions Cash Flow Hedges Interest Rate Swaps Interest Expense $ (2) $ 1 $ (1) Total Cash Flow Hedges (2) 1 (1) 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) and Impairments Net Gains (Losses) on Trust Investments 9 (3) 6 Total Available-for-Sale Debt Securities 9 (3) 6 Total $ 3 $ (1) $ 2 PSEG 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, 2021 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) $ 5 $ (1) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (8) 2 (6) Total Pension and OPEB Plans (3) 1 (2) Available-for-Sale Debt Securities Realized Gains (Losses) Net Gains (Losses) on Trust Investments 2 (1) 1 Total Available-for-Sale Debt Securities 2 (1) 1 Total $ (1) $ — $ (1) PSEG 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, 2020 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) $ 5 $ (1) $ 4 Amortization of Actuarial Loss Non-Operating Pension and OPEB Credits (Costs) (8) 2 (6) Total Pension and OPEB Plans (3) 1 (2) Available-for-Sale Debt Securities Realized Gains (Losses) and Impairments Net Gains (Losses) on Trust Investments 7 (3) 4 Total Available-for-Sale Debt Securities 7 (3) 4 Total $ 4 $ (2) $ 2 |
Earnings Per Share (EPS) and _2
Earnings Per Share (EPS) and Dividends (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Earnings Per Share Computation | The following table shows the effect of these stock options, performance share units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS: Three Months Ended March 31, 2021 2020 Basic Diluted Basic Diluted EPS Numerator (Millions): Net Income $ 648 $ 648 $ 448 $ 448 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 $ 1.29 $ 1.28 $ 0.89 $ 0.88 |
Dividend Payments On Common Stock | Dividends Three Months Ended March 31, Dividend Payments on Common Stock 2021 2020 Per Share $ 0.51 $ 0.49 In Millions $ 258 $ 248 On April 20, 2021, the PSEG Board of Directors approved a $0.51 per share common stock dividend for the second quarter of 2021. |
Financial Information By Busi_2
Financial Information By Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Financial Information By Business Segments | PSE&G PSEG Power Other (A) Eliminations (B) Consolidated Total Millions Three Months Ended March 31, 2021 Operating Revenues $ 2,073 $ 1,167 $ 151 $ (502) $ 2,889 Net Income 477 161 10 — 648 Gross Additions to Long-Lived Assets 586 46 1 — 633 Three Months Ended March 31, 2020 Operating Revenues $ 1,883 $ 1,220 $ 156 $ (478) $ 2,781 Net Income (Loss) 440 13 (5) — 448 Gross Additions to Long-Lived Assets 620 97 3 — 720 As of March 31, 2021 Total Assets $ 36,217 $ 12,654 $ 2,444 $ (1,109) $ 50,206 Investments in Equity Method Subsidiaries $ — $ 66 $ — $ — $ 66 As of December 31, 2020 Total Assets $ 35,581 $ 12,704 $ 2,692 $ (927) $ 50,050 Investments in Equity Method Subsidiaries $ — $ 64 $ — $ — $ 64 (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 company) and Services. |
Related-Party Transactions (Tab
Related-Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Public Service Electric and Gas Company [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 2021 2020 Millions Billings from Affiliates: Net Billings from PSEG Power (A) $ 495 $ 490 Administrative Billings from Services (B) 87 78 Total Billings from Affiliates $ 582 $ 568 |
Schedule Of Related Party Transactions, Payables | As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Payable to PSEG Power (A) $ 258 $ 273 Payable to Services (B) 83 95 Payable to PSEG (C) 147 111 Accounts Payable—Affiliated Companies $ 488 $ 479 Working Capital Advances to Services (D) $ 33 $ 33 Long-Term Accrued Taxes Payable $ 1 $ 7 |
PSEG Power [Member] | |
Related Party Transaction [Line Items] | |
Schedule Of Related Party Transactions, Revenue | The financial statements for PSEG Power include transactions with related parties presented as follows: Three Months Ended March 31, Related-Party Transactions 2021 2020 Millions Billings to Affiliates: Net Billings to PSE&G (A) $ 495 $ 490 Billings from Affiliates: Administrative Billings from Services (B) $ 43 $ 45 |
Schedule Of Related Party Transactions, Receivables | As of As of Related-Party Transactions March 31, 2021 December 31, 2020 Millions Receivable from PSE&G (A) $ 258 $ 273 Receivable from PSEG (C) — 44 Accounts Receivable—Affiliated Companies $ 258 $ 317 Payable to Services (B) $ 22 $ 13 Payable to PSEG (C) 12 — Accounts Payable—Affiliated Companies $ 34 $ 13 Short-Term Loan to (from) Affiliate (E) $ 403 $ 161 Working Capital Advances to Services (D) $ 17 $ 17 Long-Term Accrued Taxes Payable $ 57 $ 57 |
Organization and Basis of Pre_4
Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents | $ 803 | $ 543 | |||
Cash, Cash Equivalents and Restricted Cash | 841 | 572 | $ 842 | $ 176 | |
Public Service Electric and Gas Company [Member] | |||||
Cash and Cash Equivalents | 631 | 204 | |||
Restricted Cash in Other Current Assets | 14 | 7 | |||
Restricted Cash in Other Noncurrent Assets | 24 | 22 | |||
Cash, Cash Equivalents and Restricted Cash | 669 | 233 | 126 | 50 | |
PSEG Power [Member] | |||||
Cash and Cash Equivalents | 27 | 27 | |||
Restricted Cash in Other Current Assets | 0 | 0 | |||
Restricted Cash in Other Noncurrent Assets | 0 | 0 | |||
Cash, Cash Equivalents and Restricted Cash | 27 | 27 | $ 14 | $ 21 | |
Other Entities [Member] | |||||
Cash and Cash Equivalents | [1] | 145 | 312 | ||
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] | 145 | 312 | ||
Other Current Assets [Member] | |||||
Restricted Cash in Other Current Assets | 14 | 7 | |||
Other Noncurrent Assets [Member] | |||||
Restricted Cash in Other Noncurrent Assets | $ 24 | $ 22 | |||
[1] | Includes amounts applicable to PSEG (parent company), Energy Holdings and Services. |
Revenues Revenues (Details)
Revenues Revenues (Details) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2021USD ($)$ / mwdMW | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | ||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | $ 2,854 | $ 2,449 | ||||
Revenues Unrelated to Contracts with Customers | [1] | 35 | 332 | |||
Total Operating Revenues | 2,889 | 2,781 | ||||
Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | (502) | (478) | ||||
Revenues Unrelated to Contracts with Customers | [1] | 0 | 0 | |||
Total Operating Revenues | [2] | (502) | (478) | |||
Electric Distribution Contracts [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 707 | 649 | ||||
Electric Distribution Contracts [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Gas Distribution [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 893 | 729 | ||||
Gas Distribution [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | (3) | (2) | ||||
Electric Transmission [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 399 | 366 | ||||
Electric Transmission [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 471 | 368 | ||||
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
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] | PJM [Member] | Sales to Affiliates [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | (88) | (121) | ||||
Electricity and Related Products [Member] | NY ISO [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 48 | 25 | ||||
Electricity and Related Products [Member] | NY ISO [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Electricity and Related Products [Member] | ISO New England [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 51 | 48 | ||||
Electricity and Related Products [Member] | ISO New England [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Gas Sales [Member] | Third Party Sales [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 60 | 29 | ||||
Gas Sales [Member] | Third Party Sales [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Gas Sales [Member] | Sales to Affiliates [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Gas Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | (410) | (354) | ||||
Other Revenues from Contracts with Customers [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | [3] | 225 | 235 | |||
Other Revenues from Contracts with Customers [Member] | Eliminations [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | [3] | (1) | (1) | |||
Public Service Electric and Gas Company [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 2,077 | 1,828 | ||||
Revenues Unrelated to Contracts with Customers | [1] | (4) | 55 | |||
Total Operating Revenues | 2,073 | 1,883 | ||||
Allowances percentage of accounts receivable | 16.00% | 14.00% | ||||
Public Service Electric and Gas Company [Member] | Electric Distribution Contracts [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 707 | 649 | ||||
Public Service Electric and Gas Company [Member] | Gas Distribution [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 896 | 731 | ||||
Public Service Electric and Gas Company [Member] | Electric Transmission [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 399 | 366 | ||||
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
Public Service Electric and Gas Company [Member] | Other Revenues from Contracts with Customers [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | [3] | 75 | 82 | |||
PSEG Power [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 1,138 | 955 | ||||
Revenues Unrelated to Contracts with Customers | [1] | 29 | 265 | |||
Total Operating Revenues | 1,167 | 1,220 | ||||
Anticipated Contract Revenues | $ 147 | |||||
PSEG Power [Member] | PJM [Member] | June 2020 to May 2021 [Member] | ||||||
Revenues [Line Items] | ||||||
Dollars Per Megawatt-Day | $ / mwd | 167 | |||||
Load (MW) | MW | 7,600 | |||||
PSEG Power [Member] | PJM [Member] | June 2021 to May 2022 [Member] | ||||||
Revenues [Line Items] | ||||||
Dollars Per Megawatt-Day | $ / mwd | 166 | |||||
Load (MW) | MW | 7,800 | |||||
PSEG 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 | |||||
PSEG 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 | |||||
PSEG 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 | |||||
PSEG Power [Member] | ISO New England [Member] | June 2023 to May 2024 [Member] | ||||||
Revenues [Line Items] | ||||||
Dollars Per Megawatt-Day | $ / mwd | 152 | |||||
Load (MW) | MW | 930 | |||||
PSEG Power [Member] | ISO New England [Member] | June 2024 to May 2025 [Member] | ||||||
Revenues [Line Items] | ||||||
Dollars Per Megawatt-Day | $ / mwd | 158 | |||||
Load (MW) | MW | 950 | |||||
PSEG 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 | |||||
PSEG Power [Member] | ISO New England [Member] | Seven year rate BH5 lock through 2026 | ||||||
Revenues [Line Items] | ||||||
Dollars Per Megawatt-Day | $ / mwd | 231 | |||||
PSEG Power [Member] | Electric Distribution Contracts [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
PSEG Power [Member] | Gas Distribution [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
PSEG Power [Member] | Electric Transmission [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 0 | 0 | ||||
PSEG Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 471 | 368 | ||||
PSEG Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 88 | 121 | ||||
PSEG Power [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 48 | 25 | ||||
PSEG Power [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 51 | 48 | ||||
PSEG Power [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 60 | 29 | ||||
PSEG Power [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 410 | 354 | ||||
PSEG Power [Member] | Other Revenues from Contracts with Customers [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | [3] | 10 | 10 | |||
Other [Member] | ||||||
Revenues [Line Items] | ||||||
Revenue from Contract with Customers | 141 | 144 | ||||
Revenues Unrelated to Contracts with Customers | [1] | 10 | 12 | |||
Total Operating Revenues | 151 | 156 | ||||
Other [Member] | LIPA OSA contract fixed component [Member] | ||||||
Revenues [Line Items] | ||||||
Anticipated Contract Revenues | $ 68 | |||||
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 | [3] | 141 | 144 | |||
Public Service Electric and Gas Company [Member] | ||||||
Revenues [Line Items] | ||||||
Total Operating Revenues | 2,073 | 1,883 | ||||
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | 206 | 68 | ||||
Provision for Other Credit Losses | 44 | 32 | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (11) | (20) | ||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 2 | 2 | ||||
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | 239 | 80 | ||||
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | 239 | 80 | $ 239 | $ 206 | ||
Public Service Electric and Gas Company [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Revenues [Line Items] | ||||||
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | $ 8 | |||||
PSEG Power [Member] | ||||||
Revenues [Line Items] | ||||||
Total Operating Revenues | $ 1,167 | $ 1,220 | ||||
[1] | Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other. | |||||
[2] | Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 20. Related-Party Transactions. | |||||
[3] | Includes primarily revenues from appliance repair services and the sale of solar renewable energy certificates (SRECs) at auction at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other. |
Early Plant Retirements_Asset_2
Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions (Details) - PSEG Power [Member] | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Early Plant Retirements/Asset Dispositions [Line Items] | |
ZEC Charge per kwh | $ 0.004 |
ZEC Charge per MWh | 10 |
Fossil Fuel Plant | |
Early Plant Retirements/Asset Dispositions [Line Items] | |
Property, Plant and Equipment, Net Book value (net of eligible ITC) | 4,500,000,000 |
Other Production-Solar | |
Early Plant Retirements/Asset Dispositions [Line Items] | |
Property, Plant and Equipment, Net Book value (net of eligible ITC) | 550,000,000 |
Carrying value of assets and liabilities to be sold | $ 500,000,000 |
Variable Interest Entities (V_2
Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Variable Interest Entity [Line Items] | ||
Operating Revenues | $ 2,889 | $ 2,781 |
Operation and Maintenance | 778 | 754 |
Long Island ServCo [Member] | ||
Variable Interest Entity [Line Items] | ||
Operating Revenues | 123 | 127 |
Operation and Maintenance | $ 123 | $ 127 |
Rate Filings (Details)
Rate Filings (Details) $ in Millions | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory Assets | $ 3,832 | $ 3,872 | |
Public Service Electric and Gas Company [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Proposed BGSS rate per therm | 0.32 | ||
Regulatory Assets | $ 3,832 | $ 3,872 | |
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion | |||
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory Assets | 35 | ||
Public Service Electric and Gas Company [Member] | Gas System Modernization Program II [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | 21 | ||
COVID-19 deferrals [Member] | Public Service Electric and Gas Company [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Regulatory Assets | $ 60 | ||
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | Energy Strong II | |||
Regulatory Assets And Liabilities [Line Items] | |||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 13 |
Leases Operating Lease Income (
Leases Operating Lease Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Lease Income | ||
Fixed Lease Income | $ 5 | $ 5 |
Variable Lease Income | 5 | 5 |
Total Operating Lease Income | 10 | 10 |
PSEG Power [Member] | ||
Operating Lease Income | ||
Fixed Lease Income | 0 | 0 |
Variable Lease Income | 5 | 5 |
Total Operating Lease Income | 5 | 5 |
Energy Holdings | ||
Operating Lease Income | ||
Fixed Lease Income | 5 | 5 |
Variable Lease Income | 0 | 0 |
Total Operating Lease Income | $ 5 | $ 5 |
Financing Receivables (Outstand
Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | ||
Average Loan Repayment Period | 8 years | |
Outstanding Loans by Class of Customer | $ 150 | $ 151 |
Current Portion of Outstanding Loans | 29 | 29 |
Noncurrent Portion of Outstanding Loans | $ 121 | 122 |
Average Loan Remaining Repayment Period | 4 years | |
Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 144 | 145 |
Residential [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | 6 | $ 6 |
Solar Loan I [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 19 | |
Solar Loan I [Member] | Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 15 years | |
Solar Loan I [Member] | Residential [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Solar Loan II [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 69 | |
Solar Loan II [Member] | Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 15 years | |
Solar Loan II [Member] | Residential [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Solar Loan III [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 62 | |
Solar Loan III [Member] | Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Solar Loan III [Member] | Residential [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Minimum [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 10 years | |
Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Loan Receivable, Term | 15 years |
Financing Receivables (Gross An
Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 274 | $ 299 |
Estimated Residual Value of Leased Assets | 55 | 55 |
Total Investment in Rental Receivables | 329 | 354 |
Unearned and Deferred Income | (100) | (104) |
Gross Investments in Leases | 229 | 250 |
Deferred Tax Liabilities | (60) | (64) |
Net Investments in Leases | $ 169 | $ 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, 2021 | Dec. 31, 2020 |
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 274 | $ 299 |
Standard & Poor's, AA Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 8 | |
Standard & Poor's, A- Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 51 | |
Standard & Poor's, BBB plus - BBB - Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 178 | |
Standard & Poor's, BB Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 37 |
Financing Receivables (Narrativ
Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Energy Holdings [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net | $ 169 | $ 186 |
Shawville Station [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net | 18 | |
Lease Receivable Gross Investment | $ 23 |
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, 2021 | Dec. 31, 2020 | |||
Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Trust Investments, Cost | $ 2,070 | $ 1,990 | ||
Gross Unrealized Gains | 482 | 523 | ||
Gross Unrealized Losses | (29) | (14) | ||
Trust Investments, Fair Value | 2,523 | [1] | 2,499 | [2] |
NDT Fund Foreign Currency | 1 | 2 | ||
NDT Fund Cash excluded from Fair Value | 1 | |||
Rabbi Trust [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Trust Investments, Cost | 227 | 238 | ||
Gross Unrealized Gains | 17 | 28 | ||
Gross Unrealized Losses | (6) | 0 | ||
Trust Investments, Fair Value | 238 | 266 | ||
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 1,223 | 1,083 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 34 | 66 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (20) | (2) | ||
Debt Securities, Available-for-Sale, Fair Value | 1,237 | 1,147 | ||
Total Debt Securities [Member] | Rabbi Trust [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 209 | 217 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7 | 18 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (6) | 0 | ||
Debt Securities, Available-for-Sale, Fair Value | 210 | 235 | ||
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Equity Securities, Cost | 847 | 907 | ||
Equity Securities, Accumulated Gross Unrealized Gain | 448 | 457 | ||
Equity Securities, FV-NI, Unrealized Loss | (9) | (12) | ||
Equity Securities, Fair Value | 1,286 | 1,352 | ||
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 587 | 528 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 21 | 39 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (8) | (1) | ||
Debt Securities, Available-for-Sale, Fair Value | 600 | 566 | ||
Corporate Debt Obligations [Member] | Rabbi Trust [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 109 | 123 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 5 | 12 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2) | 0 | ||
Debt Securities, Available-for-Sale, Fair Value | 112 | 135 | ||
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 636 | 555 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 13 | 27 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (12) | (1) | ||
Debt Securities, Available-for-Sale, Fair Value | 637 | 581 | ||
Government Debt Securities [Member] | Rabbi Trust [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Debt Securities, Available-for-sale, Amortized Cost | 100 | 94 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 6 | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (4) | 0 | ||
Debt Securities, Available-for-Sale, Fair Value | 98 | 100 | ||
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Equity Securities, Cost | 365 | 388 | ||
Equity Securities, Accumulated Gross Unrealized Gain | 140 | 152 | ||
Equity Securities, FV-NI, Unrealized Loss | (8) | (9) | ||
Equity Securities, Fair Value | 497 | 531 | ||
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Equity Securities, Cost | 482 | 519 | ||
Equity Securities, Accumulated Gross Unrealized Gain | 308 | 305 | ||
Equity Securities, FV-NI, Unrealized Loss | (1) | (3) | ||
Equity Securities, Fair Value | 789 | 821 | ||
Domestic Equity Securities [Member] | Rabbi Trust [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Equity Securities, Cost | 18 | 21 | ||
Equity Securities, Accumulated Gross Unrealized Gain | 10 | 10 | ||
Equity Securities, FV-NI, Unrealized Loss | 0 | 0 | ||
Equity Securities, Fair Value | $ 28 | $ 31 | ||
[1] | The NDT Fund Investments table excludes cash of $1 million and foreign currency of $1 million as of March 31, 2021, which are part of the NDT Fund. | |||
[2] | The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2020, which is part of the NDT Fund. |
Trust Investments (Schedule Of
Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | $ 15 | $ 11 |
Accounts Payable | 22 | 12 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Accounts Receivable | 1 | 1 |
Accounts Payable | $ 2 | $ 1 |
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, 2021 | Dec. 31, 2020 | |
Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | $ 600 | $ 152 | |
Gross Unrealized Losses on Equity Securities, Less Than 12 Months | (25) | (6) | |
Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | 32 | 40 | |
Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | (4) | (8) | |
Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | 105 | 21 | |
Gross Unrealized Losses on Equity Securities, Less Than 12 Months | (6) | 0 | |
Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | 1 | 1 | |
Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | 0 | 0 | |
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | [1] | 98 | 49 |
Gross Unrealized Losses on Equity Securities, Less Than 12 Months | [1] | (5) | (4) |
Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | [1] | 22 | 33 |
Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | [1] | (4) | (8) |
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 502 | 103 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | (20) | (2) | |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 10 | 7 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | 0 | 0 | |
Total Debt Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 105 | 21 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | (6) | 0 | |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1 | 1 | |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | 0 | 0 | |
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [2] | 203 | 31 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [2] | (8) | (1) |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [2] | 9 | 7 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [2] | 0 | 0 |
Corporate Debt Obligations [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [3] | 44 | 2 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [3] | (2) | 0 |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [3] | 1 | 1 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [3] | 0 | 0 |
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [4] | 299 | 72 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [4] | (12) | (1) |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [4] | 1 | 0 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [4] | 0 | 0 |
Government Debt Securities [Member] | Rabbi Trust [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [5] | 61 | 19 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [5] | (4) | 0 |
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [5] | 0 | 0 |
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [5] | 0 | 0 |
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | [1] | 42 | 26 |
Gross Unrealized Losses on Equity Securities, Less Than 12 Months | [1] | (4) | (2) |
Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | [1] | 20 | 27 |
Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | [1] | (4) | (7) |
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Schedule of Trust Investments [Line Items] | |||
Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | [1] | 56 | 23 |
Gross Unrealized Losses on Equity Securities, Less Than 12 Months | [1] | (1) | (2) |
Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | [1] | 2 | 6 |
Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | [1] | $ 0 | $ (1) |
[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). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for these corporate bonds because they are primarily investment grade securities. | ||
[3] | Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for these corporate bonds because they are primarily investment grade. | ||
[4] | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. | ||
[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. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. |
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, 2021 | Mar. 31, 2020 | |||
Schedule of Trust Investments [Line Items] | ||||
Net Gains (Losses) on Trust Investments | $ 60 | $ (221) | ||
Rabbi Trust [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Proceeds from Sales | 65 | 54 | ||
Gross Realized Gains | 5 | 5 | ||
Gross Realized Losses | (2) | (1) | ||
Net Realized Gains (Losses) | 3 | 4 | ||
Unrealized Gain (Loss) on Equity Securities | 0 | (5) | ||
Net Gains (Losses) on Trust Investments | 3 | (1) | ||
PSEG Power [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Net Gains (Losses) on Trust Investments | 58 | (220) | ||
PSEG Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Proceeds from Sales | [1] | 597 | 555 | |
Gross Realized Gains | 79 | 38 | ||
Gross Realized Losses | (15) | (34) | ||
Net Realized Gains (Losses) | [2] | 64 | 4 | |
Unrealized Gain (Loss) on Equity Securities | (7) | (221) | ||
Impairment of Debt Securities | 0 | [3] | (3) | |
Net Gains (Losses) on Trust Investments | $ 57 | $ (220) | ||
[1] | Includes activity in accounts related to the liquidation of funds being transitioned within the trust. | |||
[2] | The cost of these securities was determined on the basis of specific identification. | |||
[3] | PSEG Power recognized an impairment of available-for-sale debt securities in 2020. PSEG Power’s policy is to sell all securities that are rated below investment grade. |
Trust Investments (Amount Of Av
Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions | Mar. 31, 2021USD ($) |
Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Total Available-for-Sale Debt Securities | $ 210 |
PSEG Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Trust Investments [Line Items] | |
Total Available-for-Sale Debt Securities | 1,237 |
Debt Securities [Member] | Rabbi Trust [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | 0 |
1 - 5 years | 42 |
6 - 10 years | 25 |
11 - 15 years | 10 |
16 - 20 years | 27 |
Over 20 years | 106 |
Debt Securities [Member] | PSEG Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Trust Investments [Line Items] | |
Less than one year | 18 |
1 - 5 years | 329 |
6 - 10 years | 238 |
11 - 15 years | 79 |
16 - 20 years | 92 |
Over 20 years | $ 481 |
Trust Investments (Fair Value O
Trust Investments (Fair Value Of Rabbi Trust) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | $ 238 | $ 266 |
PSEG Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 62 | 66 |
Public Service Electric and Gas Company [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 43 | 51 |
Rabbi Trust [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 238 | 266 |
Rabbi Trust [Member] | PSEG Power [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 62 | 66 |
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | 43 | 51 |
Rabbi Trust [Member] | Other Entity [Member] | ||
Schedule of Trust Investments [Line Items] | ||
Total Rabbi Trust Investments | $ 133 | $ 149 |
Trust Investments (Narrative) (
Trust Investments (Narrative) (Detail) - PSEG Power [Member] $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($)Facility | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Schedule of Trust Investments [Line Items] | ||||
Number of Nuclear Facilities | Facility | 5 | |||
Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
NDT Fund Foreign Currency | $ 1 | $ 2 | ||
Impairment of Debt Securities | 0 | [1] | $ (3) | |
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
After tax amount of net unrealized gains recognized in AOCI | 8 | |||
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||
Schedule of Trust Investments [Line Items] | ||||
Unrealized Gains (Losses) on Equity Securities still held | $ 24 | |||
[1] | PSEG Power recognized an impairment of available-for-sale debt securities in 2020. PSEG Power’s policy is to sell all securities that are rated below investment grade. |
Pension And OPEB (Components Of
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | $ 38 | $ 35 |
Interest Cost | 35 | 48 |
Expected Return on Plan Assets | (119) | (111) |
Amortization of Prior Service Cost | 0 | (2) |
Amortization of Actuarial Loss | 26 | 23 |
Non-Operating Pension and OPEB (Credits) Costs | (58) | (42) |
Total Benefit (Credits) Costs | (20) | (7) |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service Cost | 2 | 2 |
Interest Cost | 5 | 9 |
Expected Return on Plan Assets | (10) | (10) |
Amortization of Prior Service Cost | (32) | (32) |
Amortization of Actuarial Loss | 11 | 12 |
Non-Operating Pension and OPEB (Credits) Costs | (26) | (21) |
Total Benefit (Credits) Costs | $ (24) | $ (19) |
Pension And OPEB (Schedule Of P
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | $ (20) | $ (7) |
Pension Benefits [Member] | Public Service Electric and Gas Company [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | (16) | (7) |
Pension Benefits [Member] | PSEG Power [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | (4) | (1) |
Pension Benefits [Member] | Other Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | 0 | 1 |
OPEB [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | (24) | (19) |
OPEB [Member] | Public Service Electric and Gas Company [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | (23) | (19) |
OPEB [Member] | PSEG Power [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | (1) | 0 |
OPEB [Member] | Other Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefits (Credits) Costs | $ 0 | $ 0 |
Pension And OPEB (Narrative) (D
Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | $ (20) | $ (7) |
Postretirement Healthcare Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | (24) | (19) |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | 9 | 8 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 37 | |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Benefit Costs | $ 3 | $ 2 |
Commitments And Contingent Li_3
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - PSEG Power [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Face Value of Outstanding Guarantees | $ 1,788 | $ 1,792 |
Exposure under Current Guarantees | 113 | 128 |
Letters of Credit Margin Posted | 112 | 128 |
Letters of Credit Margin Received | 51 | 45 |
Counterparty Cash Collateral Deposited | 0 | 0 |
Counterparty Cash Collateral Received | (4) | (5) |
Net Broker Balance Deposited (Received) | 102 | 59 |
Other Letters of Credit | $ 42 | $ 42 |
Commitments And Contingent Li_4
Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions | Mar. 31, 2021USD ($)Plantmi |
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 | 11 |
Passaic River Site Contingency [Member] | |
Site Contingency [Line Items] | |
Estimated Cleanup Costs EPA Preferred Method | $ 2,300 |
Accrual for Environmental Loss Contingencies | $ 65 |
Number Of Additional Potentially Responsible Parties Directed By New Jersey Department Of Environmental Protection To Arrange Damage Assessment For Lower Passaic River | 56 |
Passaic River Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Number of former generating electric station | Plant | 1 |
Accrual for Environmental Loss Contingencies | $ 52 |
Passaic River Site Contingency [Member] | PSEG Power [Member] | |
Site Contingency [Line Items] | |
Accrual for Environmental Loss Contingencies | $ 13 |
Pse G S Former Mgp Sites [Member] | |
Site Contingency [Line Items] | |
Aggregate Number Of Mgp Sites Identified For Cleanup By New Jersey Department Of Environmental Protection | 38 |
Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Remediation Liability Recorded As Other Current Liabilities | $ 110 |
Remediation Liability Recorded As Other Noncurrent Liabilities | 190 |
Regulatory Assets | 300 |
Minimum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | 300 |
Accrual for Environmental Loss Contingencies | 300 |
Maximum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
Site Contingency [Line Items] | |
Loss Contingency, Estimate of Possible Loss | $ 338 |
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, 2021USD ($)cf$ / MWh$ / mwdMW | |
Long-term Purchase Commitment [Line Items] | |
Number of cubic feet in gas hedging permitted to be recovered by BPU | cf | 115 |
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU | 80.00% |
Number Of Cubic Feet To Be Hedged | cf | 70 |
Percentage of annual residential gas supply requirements to be hedged | 50.00% |
Public Service Electric and Gas Company [Member] | |
Long-term Purchase Commitment [Line Items] | |
ZEC Charge per kwh | $ | $ 0.004 |
Public Service Electric and Gas Company [Member] | Auction Year 2018 [Member] | |
Long-term Purchase Commitment [Line Items] | |
Load (MW) | MW | 2,900 |
Dollars Per Megawatt Hour | $ / MWh | 91.77 |
Public Service Electric and Gas Company [Member] | Auction Year 2019 [Member] | |
Long-term Purchase Commitment [Line Items] | |
Load (MW) | MW | 2,800 |
Dollars Per Megawatt Hour | $ / MWh | 98.04 |
Public Service Electric and Gas Company [Member] | Auction Year 2020 [Member] | |
Long-term Purchase Commitment [Line Items] | |
Dollars Per Megawatt-Day | $ / mwd | 359.98 |
Load (MW) | MW | 2,800 |
Dollars Per Megawatt Hour | $ / MWh | 102.16 |
Public Service Electric and Gas Company [Member] | Auction Year 2021 | |
Long-term Purchase Commitment [Line Items] | |
Dollars Per Megawatt-Day | $ / mwd | 351.06 |
Load (MW) | MW | 2,900 |
Dollars Per Megawatt Hour | $ / MWh | 64.80 |
Commitments And Contingent Li_6
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - PSEG Power [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements for current year | 100.00% |
Nuclear Fuel Uranium [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 192 |
Nuclear Fuel Enrichment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 345 |
Nuclear Fuel Fabrication [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | 177 |
Natural Gas [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total five-year minimum purchase requirements | $ 1,259 |
Commitments And Contingent Li_7
Commitments And Contingent Liabilities (Litigation) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Jan. 31, 2021 |
LIPA complaint | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Sewaren 7 Construction complaint amount | $ 70 | |
LIPA complaint | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Sewaren 7 Construction complaint amount | 6.5 | |
PSEG Power [Member] | Sewaren 7 Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Original Claim Amount | $ 93 | |
PSEG Power [Member] | Sewaren 7 Litigation [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Sewaren 7 Construction complaint amount | $ 68 |
Debt and Credit Facilities (Cha
Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 900 | $ 600 |
Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | 900 | $ 600 |
Medium Term Notes Zero Point Nine Five due Two Thousand Twenty Six | Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 450 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.95% | |
Medium Term Notes Three Point Zero due Two Thousand Fifty One | Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Issuance of Long-term Debt | $ 450 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | |
Medium Term Notes One Point Nine Zero Percent Due In Two Thousand Twenty One | Public Service Electric and Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | |
Repayments of Long-term Debt | $ 300 |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Commercial Paper | $ 665 | $ 1,063 | ||
Commitments of Single Institution as Percentage of Total Commitments | 9.00% | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,863 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 4,200 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 337 | ||
Proceeds from Short-Term Loan | 500 | $ 300 | ||
Repayments of Short-term Debt | 300 | 0 | ||
Public Service Electric and Gas Company [Member] | ||||
Commercial Paper | 0 | $ 100 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 582 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 18 | ||
PSEG Power [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,948 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,100 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 152 | |||
Five Year Credit Facility Maturing March 2023 [Member] | Public Service Electric and Gas Company [Member] | ||||
Credit Facility Reduction in March 2022 | 4 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 582 | |||
Debt Instrument, Maturity Date, Description | Mar 2024 | |||
Line of Credit Facility, Maximum Borrowing Capacity | [2] | $ 600 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 18 | ||
Five Year Credit Facility Maturing March 2023 [Member] | PSEG Power [Member] | ||||
Credit Facility Reduction in March 2022 | 12 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,861 | |||
Debt Instrument, Maturity Date, Description | Mar 2024 | |||
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] | PSEG Power [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 68 | |||
Debt Instrument, Maturity Date, Description | Sept 2021 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 32 | |||
Letter of Credit Facilities expiring September 2022 | PSEG Power [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 19 | |||
Debt Instrument, Maturity Date, Description | Sept 2022 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 81 | |||
March 2020 Term Loan [Member] | ||||
Proceeds from Short-Term Loan | $ 300 | |||
Repayments of Short-term Debt | 300 | |||
March 2021 Term Loan | ||||
Proceeds from Short-Term Loan | 500 | |||
PSEG [Member] | ||||
Line of Credit Facility, Remaining Borrowing Capacity | 1,333 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 167 | ||
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member] | ||||
Credit Facility Reduction in March 2022 | 9 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,333 | |||
Debt Instrument, Maturity Date, Description | Mar 2024 | |||
Line of Credit Facility, Maximum Borrowing Capacity | [4] | $ 1,500 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | $ 167 | ||
[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, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021. | |||
[2] | PSE&G facility will be reduced by $4 million in March 2022. | |||
[3] | PSEG 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 | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 0 | $ (6) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | (1) | (2) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | 2 | |
Cash Flow Hedges [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | (1) | $ (10) |
PSEG Power [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | 2 | |
PSEG Power [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 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 | 0 | (6) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | $ (1) | $ (2) |
Financial Risk Management Act_4
Financial Risk Management Activities (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | ||
Derivatives, Fair Value [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (8) | $ (9) | |
Derivative, Fair Value, Net | 20 | 44 | |
Unrealized Loss to be Reclassified to Earnings During the Next Twelve Months | (3) | ||
PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Securities held as Collateral | 37 | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 31 | 8 |
Fair Value of Derivatives with credit-risk related contingent features | 28 | 28 | |
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 2 | 3 | |
Additional collateral aggregate fair value | 26 | 25 | |
Derivative, Fair Value, Net | [2] | $ 20 | $ 44 |
[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) 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, 2021 and December 31, 2020, PSEG Power had net cash collateral (receipts) payments to counterparties of $98 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $31 million and $8 million as of March 31, 2021 and December 31, 2020, respectively, were netted against the corresponding net derivative contract positions. Of the $31 million as of March 31, 2021, $(2) million was netted against current assets, $(12) million was netted against noncurrent assets, $44 million was netted against current liabilities and $1 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 million was netted against noncurrent liabilities. | ||
[2] | Substantially all of PSEG Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of March 31, 2021 and December 31, 2020. |
Financial Risk Management Act_5
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | $ 29 | $ 60 | |
Derivative Contracts, Noncurrent Assets | 19 | 9 | |
Total Mark-to-Market Derivative Assets | 48 | 69 | |
Derivative Contracts, Current Liabilities | (26) | (21) | |
Derivative Contracts, Noncurrent Liabilities | (2) | (4) | |
Total Mark-to-Market Derivative (Liabilities) | (28) | (25) | |
Net Mark-to-Market Derivative Assets (Liabilities) | 20 | 44 | |
PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Collateral Already Posted, Aggregate Fair Value | 98 | 54 | |
Derivative Contracts, Current Assets | [1] | 29 | 60 |
Derivative Contracts, Noncurrent Assets | [1] | 19 | 9 |
Total Mark-to-Market Derivative Assets | [1] | 48 | 69 |
Derivative Contracts, Current Liabilities | [1] | (26) | (21) |
Derivative Contracts, Noncurrent Liabilities | [1] | (2) | (4) |
Total Mark-to-Market Derivative (Liabilities) | [1] | (28) | (25) |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 20 | 44 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 31 | 8 |
Other Noncurrent Liabilities [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 1 | 21 | |
Other Current Assets [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (2) | (13) | |
Other Noncurrent Assets [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | (12) | ||
Other Current Liabilities [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | 44 | ||
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Contracts, Current Assets | [1] | 397 | 464 |
Derivative Contracts, Noncurrent Assets | [1] | 232 | 93 |
Total Mark-to-Market Derivative Assets | [1] | 629 | 557 |
Derivative Contracts, Current Liabilities | [1] | (436) | (412) |
Derivative Contracts, Noncurrent Liabilities | [1] | (204) | (109) |
Total Mark-to-Market Derivative (Liabilities) | [1] | (640) | (521) |
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | (11) | 36 |
Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 202 | 105 |
Energy-Related Contracts [Member] | Other Current Assets [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (368) | (404) |
Energy-Related Contracts [Member] | Other Noncurrent Assets [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (213) | (84) |
Energy-Related Contracts [Member] | Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | (581) | (488) |
Energy-Related Contracts [Member] | Assets [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3] | (581) | (488) |
Energy-Related Contracts [Member] | Other Current Liabilities [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 410 | 391 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | 612 | 496 |
Energy-Related Contracts [Member] | Other Liabilities [Member] | PSEG Power [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3] | $ 612 | $ 496 |
[1] | Substantially all of PSEG 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, 2021 and December 31, 2020. | ||
[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) 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, 2021 and December 31, 2020, PSEG Power had net cash collateral (receipts) payments to counterparties of $98 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $31 million and $8 million as of March 31, 2021 and December 31, 2020, respectively, were netted against the corresponding net derivative contract positions. Of the $31 million as of March 31, 2021, $(2) million was netted against current assets, $(12) million was netted against noncurrent assets, $44 million was netted against current liabilities and $1 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 million was netted against noncurrent liabilities. | ||
[3] | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. |
Financial Risk Management Act_6
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain (Loss) in AOCI | $ (40) | $ 10 | |
(Gain) Loss into Income | (2) | 2 | |
Cash Flow Hedges [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Pre-Tax Balance at Beginning of Period | (13) | (21) | $ (21) |
Gain (Loss) in AOCI | 0 | (6) | |
(Gain) Loss into Income | 1 | 2 | 14 |
Pre-Tax Balance at End of Period | (12) | (13) | |
After-Tax Balance at Beginning of Period | (9) | (15) | (15) |
Gain (Loss) in AOCI | 0 | (4) | (4) |
(Gain) Loss into Income | (1) | $ (1) | (10) |
After-Tax Balance at End of Period | $ (8) | $ (9) |
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, 2021 | Mar. 31, 2020 | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (40) | $ 163 |
Operating Revenues [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (46) | 231 |
Energy Costs [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 6 | $ (68) |
Financial Risk Management Act_8
Financial Risk Management Activities (Schedule Of Net Notional Volume For Open Derivative Contracts) (Detail) $ / mwh in Millions, $ / DTH in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2021$ / DTH$ / mwh | Jun. 30, 2020$ / DTH$ / mwh | |
Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | $ / DTH | 308 | 321 |
Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | (66) | (66) |
FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 11 | 20 |
PSEG [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 0 | 0 |
PSEG [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 0 | 0 |
PSEG [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 0 | 0 |
PSEG Power [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | $ / DTH | 308 | 321 |
PSEG Power [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | (66) | (66) |
PSEG Power [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 11 | 20 |
Public Service Electric and Gas Company [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | $ / DTH | 0 | 0 |
Public Service Electric and Gas Company [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 0 | 0 |
Public Service Electric and Gas Company [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Net notional volume of derivative transactions | 0 | 0 |
Financial Risk Management Act_9
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) - PSEG Power [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)Counterparty | |
Derivative [Line Items] | |
Current Exposure | $ 275 |
Securities held as Collateral | 37 |
Net exposure | 238 |
Number of Counterparties greater than 10% | $ 1 |
Number Of Active Counterparties On Credit Risk Derivatives | Counterparty | 131 |
Investment Grade - External Rating [Member] | |
Derivative [Line Items] | |
Percentage Of Credit Exposure | 91.00% |
Investment Grade [Member] | |
Derivative [Line Items] | |
Current Exposure | $ 234 |
Securities held as Collateral | 18 |
Net exposure | 216 |
Number of Counterparties greater than 10% | 1 |
Amount Of Net Credit Exposure Greater Than Ten Percent | 121 |
External Credit Rating, Non Investment Grade [Member] | |
Derivative [Line Items] | |
Current Exposure | 41 |
Securities held as Collateral | 19 |
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 |
Non-Investment Grade [Member] | |
Derivative [Line Items] | |
Net exposure | 22 |
Number of Counterparties greater than 10% | 0 |
Cash [Member] | |
Derivative [Line Items] | |
Securities held as Collateral | 3 |
Letter of Credit [Member] | |
Derivative [Line Items] | |
Securities held as Collateral | 34 |
Public Service Electric and Gas Company [Member] | Investment Grade [Member] | |
Derivative [Line Items] | |
Amount Of Net Credit Exposure Greater Than Ten Percent | $ 121 |
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, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | $ 48 | $ 69 | |
Total Mark-to-Market Derivative (Liabilities) | (28) | (25) | |
PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral Already Posted, Aggregate Fair Value | 98 | 54 | |
Total Mark-to-Market Derivative Assets | [1] | 48 | 69 |
Total Mark-to-Market Derivative (Liabilities) | [1] | (28) | (25) |
Collateral netted against assets and liabilities | [1],[2] | (31) | (8) |
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] | 625 | 312 |
Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | 525 | 50 | |
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 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [3] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | 0 | 0 | |
Total Estimate Of Fair Value [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | [3] | 625 | 312 |
Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents, Fair Value Disclosure | 525 | 50 | |
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] | 22 | 26 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (24) | (33) |
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [4] | 22 | 26 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (24) | (33) |
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] | 604 | 519 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (612) | (483) |
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [4] | 604 | 519 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (612) | 483 |
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] | 3 | 12 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (4) | (5) |
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [4] | 3 | 12 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (4) | (5) |
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] | 48 | 69 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (28) | (25) |
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Mark-to-Market Derivative Assets | [4] | 48 | 69 |
Total Mark-to-Market Derivative (Liabilities) | [4] | (28) | (25) |
Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Cash and Cash Equivalents [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 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 | [5] | 581 | 488 |
Assets [Member] | Energy-Related Contracts [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [1],[2],[5] | 581 | 488 |
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 | [5] | (612) | (496) |
Other Liabilities [Member] | Energy-Related Contracts [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [1],[2],[5] | (612) | (496) |
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 | [5] | 0 | 0 |
Rabbi Trusts Debt Securities Other [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trusts Debt Securities Other [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 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 | 0 | 0 | |
Rabbi Trusts Debt Securities Other [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts Debt Securities Other [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 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 | 112 | 135 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 29 | 33 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 20 | 26 | |
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 | 0 | 0 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
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 | [6] | 112 | 135 |
Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 29 | 33 |
Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 20 | 26 |
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 | [5] | 0 | 0 |
Rabbi Trusts Debt Securities Government Obligations [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trusts Debt Securities Government Obligations [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 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 | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 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 | 33 | 41 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 9 | 10 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 6 | 8 | |
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 | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
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 | [6] | 33 | 41 |
Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 9 | 10 |
Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 6 | 8 |
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 | [5] | 0 | 0 |
Rabbi Trusts US Treasury Obligations [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trusts US Treasury Obligations [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 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 | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 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 | 65 | 59 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 17 | 15 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 12 | 11 | |
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 | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
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 | [6] | 65 | 59 |
Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 17 | 15 |
Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 12 | 11 |
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 | [5] | 0 | 0 |
Rabbi Trusts Equity Securities Mutual Funds [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 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 | 28 | 31 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 7 | 8 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 5 | 6 | |
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 | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 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 | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
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 | [6] | 28 | 31 |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 7 | 8 |
Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 5 | 6 |
Corporate Debt Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Corporate Debt Obligations [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 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 | 0 | 0 | |
Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 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 | 600 | 566 | |
Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 600 | 566 | |
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 | 0 | 0 | |
Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
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 | [6] | 600 | 566 |
Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 600 | 566 |
Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Government Debt Securities [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 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 | 0 | 0 | |
Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 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 | 367 | 342 | |
Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 367 | 342 | |
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 | 0 | 0 | |
Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
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 | [6] | 367 | 342 |
Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 367 | 342 |
US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
US Treasury Securities [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 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 | 0 | 0 | |
US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 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 | 270 | 239 | |
US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 270 | 239 | |
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 | 0 | 0 | |
US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 0 | |
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 | [6] | 270 | 239 |
US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 270 | 239 |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 0 | 0 |
Equity Securities [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral netted against assets and liabilities | [5] | 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 | 1,286 | 1,351 | |
Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 1,286 | 1,351 | |
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 | 0 | 1 | |
Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 1 | |
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 | 0 | 0 | |
Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | 0 | 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 | [6] | 1,286 | 1,352 |
Equity Securities [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measured on Recurring Basis, Investments | [6] | 1,286 | 1,352 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
NDT Fund Foreign Currency | 1 | $ 2 | |
NDT Fund Cash excluded from Fair Value | $ 1 | ||
[1] | Substantially all of PSEG 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, 2021 and December 31, 2020. | ||
[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) 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, 2021 and December 31, 2020, PSEG Power had net cash collateral (receipts) payments to counterparties of $98 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $31 million and $8 million as of March 31, 2021 and December 31, 2020, respectively, were netted against the corresponding net derivative contract positions. Of the $31 million as of March 31, 2021, $(2) million was netted against current assets, $(12) million was netted against noncurrent assets, $44 million was netted against current liabilities and $1 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 million was netted against noncurrent liabilities. | ||
[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] | 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. | ||
[6] | The fair value measurement table excludes cash of $1 million and foreign currency of $1 million in the NDT Fund as of March 31, 2021 and foreign currency of $2 million as of December 31, 2020. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. 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, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 3 | $ 12 |
Liabilities, Fair Value | (4) | (5) |
PSEG Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 3 | 12 |
Liabilities, Fair Value | (4) | (5) |
Electric Load Contracts [Member] | PSEG Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 3 | 12 |
Liabilities, Fair Value | $ (1) | $ 0 |
Valuation Technique used | Discounted Cash Flow | Discounted Cash Flow |
Significant Unobservable Inputs | Load Shaping Cost | Load Shaping Cost |
Historic Load Variability | 4.00% | 4.00% |
Electric Load Contracts [Member] | Minimum [Member] | PSEG 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] | PSEG Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Historic Load Variability | 11.00% | 11.00% |
Gas Physical Contract [Member] | PSEG Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 0 | $ 0 |
Liabilities, Fair Value | $ (1) | $ (2) |
Valuation Technique used | Discounted Cash Flow | Discounted Cash Flow |
Significant Unobservable Inputs | Historical Basis Adjustment | Historical Basis Adjustment |
Average Historical Basis | (10.00%) | (43.00%) |
Gas Physical Contract [Member] | Minimum [Member] | PSEG Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Historical Basis | (2.00%) | (60.00%) |
Gas Physical Contract [Member] | Maximum [Member] | PSEG Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Average Historical Basis | (30.00%) | (30.00%) |
Other (Futures Contracts) | PSEG Power [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 0 | $ 0 |
Liabilities, Fair Value | $ (2) | $ (3) |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | ||
PSEG Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Included in Income | $ (4) | $ 13 | |||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (8) | 12 | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Settlements | (4) | (1) | |||
Net Derivative Assets (Liabilities) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Closing Balance | (1) | ||||
Net Derivative Assets (Liabilities) [Member] | PSEG Power [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 | $ 7 | $ 7 | |||
Included in Income | [1] | (4) | 13 | ||
Purchases, (Sales) | 0 | 0 | |||
Issuances (Settlements) | [2] | (4) | (1) | ||
Transfers In (Out) | [3] | 0 | 0 | ||
Closing Balance | 19 | ||||
Operating Revenues [Member] | PSEG Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Included in Income | (5) | 18 | |||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (9) | 11 | |||
Energy Costs [Member] | PSEG Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Included in Income | 1 | (5) | |||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 1 | $ 1 | |||
[1] | Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of March 31, 2021 and 2020. Three Months Ended March 31, 2021 2020 Total Gains (Losses) Unrealized Gains (Losses) Total Gains (Losses) Unrealized Gains (Losses) Millions PSEG and PSEG Power Operating Revenues $ (5) $ (9) $ 18 $ 11 Energy Costs 1 1 (5) 1 Total $ (4) $ (8) $ 13 $ 12 | ||||
[2] | Includes settlements of $(4) million for the three months ended March 31, 2021 and $(1) million for the three months ended March 31, 2020, respectively. | ||||
[3] | There were no transfers into or out of Level 3 during the three months and three months ended March 31, 2021 and 2020. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net assets measured at fair value on a recurring basis | $ 3,400 | $ 2,700 | ||
Net Derivative Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | (1) | |||
Net Derivative Assets [Member] | PSEG Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Issuances (Settlements) | [1] | (4) | (1) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 19 | |||
Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
NDT Fund Foreign Currency | $ 1 | $ 2 | ||
[1] | Includes settlements of $(4) million for the three months ended March 31, 2021 and $(1) million for the three months ended March 31, 2020, respectively. |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt, Carrying Amount | $ 16,775 | $ 16,180 |
Long-Term Debt, Fair Value | 18,331 | 19,143 |
Power - Recourse Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt, Carrying Amount | 2,343 | 2,342 |
Long-Term Debt, Fair Value | 2,623 | 2,679 |
Public Service Electric and Gas Company [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt, Carrying Amount | 11,502 | 10,909 |
Long-Term Debt, Fair Value | 12,695 | 13,372 |
PSEG [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-Term Debt, Carrying Amount | 2,930 | 2,929 |
Long-Term Debt, Fair Value | $ 3,013 | $ 3,092 |
Other Income (Deductions) (Sche
Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | |||
Component of Other Income (Deductions) [Line Items] | ||||
NDT Fund Interest and Dividends | $ 13 | $ 13 | ||
Allowance for Funds Used During Construction | 23 | 21 | ||
Solar Loan Interest | 3 | 4 | ||
Purchase of Tax Losses | (16) | (35) | ||
Other | 2 | 1 | ||
Other Income (Deductions) | 25 | 4 | ||
Public Service Electric and Gas Company [Member] | ||||
Component of Other Income (Deductions) [Line Items] | ||||
NDT Fund Interest and Dividends | 0 | 0 | ||
Allowance for Funds Used During Construction | 23 | 21 | ||
Solar Loan Interest | 3 | 4 | ||
Purchase of Tax Losses | 0 | 0 | ||
Other | 2 | 2 | ||
Other Income (Deductions) | 28 | 27 | ||
PSEG Power [Member] | ||||
Component of Other Income (Deductions) [Line Items] | ||||
NDT Fund Interest and Dividends | 13 | 13 | ||
Allowance for Funds Used During Construction | 0 | 0 | ||
Solar Loan Interest | 0 | 0 | ||
Purchase of Tax Losses | (16) | (35) | ||
Other | (1) | (1) | ||
Other Income (Deductions) | (4) | (23) | ||
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 | |
Purchase of Tax Losses | 0 | [1] | 0 | |
Other | [1] | 1 | 0 | |
Other Income (Deductions) | [1] | $ 1 | $ 0 | |
[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, 2021 | Mar. 31, 2020 | |
Income Taxes [Line Items] | ||
Effective tax rate | 15.30% | 8.90% |
Public Service Electric and Gas Company [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 14.20% | 19.90% |
PSEG Power [Member] | ||
Income Taxes [Line Items] | ||
Effective tax rate | 24.40% | 122.80% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Income Taxes [Line Items] | |
Effective Income Tax Rate, Federal and State Statutory Income Tax Rate, Percent | 28.11% |
NJ tax surcharge percent for 2018 to 2019 | 1.50% |
NJ tax surcharge percent for 2020 to 2021 | 2.50% |
NJ tax surcharge percent through 2023 | 2.50% |
Public Service Electric and Gas Company [Member] | |
Income Taxes [Line Items] | |
Operating Loss Carryforwards | $ 14 |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (504) | $ (489) | $ (489) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (40) | 10 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2 | (2) | |
Other Comprehensive Income (Loss), net of tax | (38) | 8 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (542) | (481) | (504) |
Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (9) | (15) | (15) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (4) | (4) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | 1 | 10 |
Other Comprehensive Income (Loss), net of tax | 1 | (3) | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (8) | (18) | (9) |
Pension and OPEB Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (545) | (499) | (499) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 3 | |
Other Comprehensive Income (Loss), net of tax | 3 | 3 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (542) | (496) | (545) |
Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 50 | 25 | 25 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (40) | 14 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | (6) | |
Other Comprehensive Income (Loss), net of tax | (42) | 8 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | 8 | 33 | 50 |
PSEG Power [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (419) | (401) | (401) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (31) | 11 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | (2) | |
Other Comprehensive Income (Loss), net of tax | (30) | 9 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (449) | (392) | (419) |
PSEG Power [Member] | Cash Flow Hedges [Member] | |||
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 |
PSEG Power [Member] | Pension and OPEB Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (459) | (420) | (420) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2 | 2 | |
Other Comprehensive Income (Loss), net of tax | 2 | 2 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | (457) | (418) | (459) |
PSEG Power [Member] | Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 40 | 19 | 19 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (31) | 11 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | (4) | |
Other Comprehensive Income (Loss), net of tax | (32) | 7 | |
Accumulated Other Comprehensive Income (Loss), Ending Balance | $ 8 | $ 26 | $ 40 |
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (3) | $ 3 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 1 | (1) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | 2 | |
Cash Flow Hedges [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (1) | (2) | $ (14) |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | (1) | $ (10) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | (1) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1) | (1) | |
Pension and OPEB Plans [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (5) | (4) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 2 | 1 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (3) | (3) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | (3) | |
Available-for-Sale Securities [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for Available for Sale Securities, Pre-Tax | 3 | 9 | |
Reclassification for Available for Sale Securities, Tax | (1) | (3) | |
Reclassification for Available for Sale Securities, After-Tax | 2 | 6 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2 | 6 | |
PSEG Power [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1) | 4 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 0 | (2) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (1) | 2 | |
PSEG 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 | |
PSEG 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 | (3) | (3) | |
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 1 | 1 | |
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (2) | (2) | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (2) | (2) | |
PSEG Power [Member] | Available-for-Sale Securities [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for Available for Sale Securities, Pre-Tax | 2 | 7 | |
Reclassification for Available for Sale Securities, Tax | (1) | (3) | |
Reclassification for Available for Sale Securities, After-Tax | 1 | 4 | |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 1 | 4 | |
Interest Expense [Member] | Cash Flow Hedges [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (1) | (2) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 1 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (1) | (1) | |
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 | 5 | 6 | |
Amortization of Prior Service (Cost) Credit, Tax | (1) | (2) | |
Amortization of Prior Service (Cost) Credit, After-Tax | 4 | 4 | |
Amortization of Actuarial Loss, Pre-Tax | (10) | (10) | |
Amortization of Actuarial Loss, Tax | 3 | 3 | |
Amortization of Actuarial Loss, After-Tax | (7) | (7) | |
Non-Operating Pension and OPEB Credits (Costs) [Member] | PSEG Power [Member] | Pension and OPEB Plans [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 5 | 5 | |
Amortization of Prior Service (Cost) Credit, Tax | (1) | (1) | |
Amortization of Prior Service (Cost) Credit, After-Tax | 4 | 4 | |
Amortization of Actuarial Loss, Pre-Tax | (8) | (8) | |
Amortization of Actuarial Loss, Tax | 2 | 2 | |
Amortization of Actuarial Loss, After-Tax | (6) | (6) | |
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 | 3 | 9 | |
Reclassification for Available for Sale Securities, Tax | (1) | (3) | |
Reclassification for Available for Sale Securities, After-Tax | 2 | 6 | |
Net Gains (Losses) on Trust Investments [Member] | PSEG Power [Member] | Available-for-Sale Securities [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification for Available for Sale Securities, Pre-Tax | 2 | 7 | |
Reclassification for Available for Sale Securities, Tax | (1) | (3) | |
Reclassification for Available for Sale Securities, After-Tax | $ 1 | $ 4 |
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, 2021 | Mar. 31, 2020 | |
Net Income | $ 648 | $ 448 |
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) | $ 1.29 | $ 0.89 |
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) | $ 1.28 | $ 0.88 |
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, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.51 | $ 0.49 | |
Dividend Payments on Common Stock | $ 258 | $ 248 | |
Subsequent Event [Member] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.51 |
Financial Information By Busi_3
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | $ 2,889 | $ 2,781 | ||
Net Income (Loss) | 648 | 448 | ||
Property, Plant and Equipment, Additions | 633 | 720 | ||
Total Assets | 50,206 | $ 50,050 | ||
Investments in Equity Method Subsidiaries | 66 | 64 | ||
Public Service Electric and Gas Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 2,073 | 1,883 | ||
PSEG Power [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 1,167 | 1,220 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 151 | 156 | ||
Operating Segments [Member] | Public Service Electric and Gas Company [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 2,073 | 1,883 | ||
Net Income (Loss) | 477 | 440 | ||
Property, Plant and Equipment, Additions | 586 | 620 | ||
Total Assets | 36,217 | 35,581 | ||
Investments in Equity Method Subsidiaries | 0 | 0 | ||
Operating Segments [Member] | PSEG Power [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 1,167 | 1,220 | ||
Net Income (Loss) | 161 | 13 | ||
Property, Plant and Equipment, Additions | 46 | 97 | ||
Total Assets | 12,654 | 12,704 | ||
Investments in Equity Method Subsidiaries | 66 | 64 | ||
Operating Segments [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | [1] | 151 | 156 | |
Net Income (Loss) | [1] | 10 | (5) | |
Property, Plant and Equipment, Additions | [1] | 1 | 3 | |
Total Assets | [1] | 2,444 | 2,692 | |
Investments in Equity Method Subsidiaries | [1] | 0 | 0 | |
Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | [2] | (502) | (478) | |
Net Income (Loss) | [2] | 0 | 0 | |
Property, Plant and Equipment, Additions | [2] | 0 | 0 | |
Total Assets | [2] | (1,109) | (927) | |
Investments in Equity Method Subsidiaries | [2] | 0 | 0 | |
PSEG Power [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Revenues | 1,167 | 1,220 | ||
Net Income (Loss) | 161 | $ 13 | ||
Total Assets | $ 12,654 | $ 12,704 | ||
[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 company) and Services. | |||
[2] | Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 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, 2021 | Mar. 31, 2020 | |||
Public Service Electric and Gas Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Net Billings from Power primarily through BGS and BGSS | $ 495 | [1] | $ 490 | |
Administrative Billings from Services | [2] | 87 | 78 | |
Total Billings from Affiliates | 582 | 568 | ||
PSEG Power [Member] | ||||
Related Party Transaction [Line Items] | ||||
Net Billings to PSE&G primarily through BGS and BGSS | [1] | 495 | 490 | |
Administrative Billings from Services | [2] | $ 43 | $ 45 | |
[1] | PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules | |||
[2] | Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common 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) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Payable To PSEG Power | [1] | $ 258 | $ 273 |
Payable To Services | [2] | 83 | 95 |
Payable to PSEG | [3] | 147 | 111 |
Accounts Payable - Affiliated Companies | 488 | 479 | |
Working Capital Advances to Services | [4] | 33 | 33 |
Long-Term Accrued Taxes Payable | $ 1 | $ 7 | |
[1] | PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules | ||
[2] | Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common costs, which Services pays on behalf of each of the operating companies. | ||
[3] | 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 NOLs and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||
[4] | PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets. |
Related-Party Transactions (S_3
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) - PSEG Power [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Receivable From PSEG | [1] | $ 0 | $ 44 |
Receivable from PSE&G | [2] | 258 | 273 |
Accounts Receivable - Affiliated Companies | 258 | 317 | |
Payable To Services | [3] | 22 | 13 |
Accounts Payable - Affiliated Companies | 34 | 13 | |
Short-Term Loan to Affiliate | [4] | 403 | 161 |
Working Capital Advances to Services | [5] | 17 | 17 |
Long-Term Accrued Taxes Payable | 57 | 57 | |
Payable to PSEG | $ 12 | $ 0 | |
[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 NOLs and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. | ||
[2] | PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules | ||
[3] | Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common costs, which Services pays on behalf of each of the operating companies. | ||
[4] | PSEG 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 PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets. |