Schedule Of Consolidated Debt

12 Months Ended

Dec. 31, 2014

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Schedule of Consolidated Debt

Long-Term Debt

	As of December 31,
	2014			2013
	Millions
PSEG (Parent)
Fair Value of Swaps (A)	$	22		$	38
Amounts Due Within One Year	(8		)	—
Unamortized Discount Related to Debt Exchange (B)	(8		)	(14		)
Total Long-Term Debt of PSEG (Parent)	$	6		$	24

`

		As of December 31,
	Maturity	2014			2013
		Millions
PSE&G
First and Refunding Mortgage Bonds (C):
6.75%	2016	$	171		$	171
9.25%	2021	134			134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		320			320
Pollution Control Bonds (C):
Floating rate (D)	2033	50			50
Floating rate (D)	2046	50			50
Total Pollution Control Bonds		100			100
Medium-Term Notes (MTNs) (C):
0.85%	2014	—			250
5.00%	2014	—			250
2.70%	2015	300			300
5.30%	2018	400			400
2.30%	2018	350			350
1.80%	2019	250			—
2.00%	2019	250			—
7.04%	2020	9			9
3.50%	2020	250			250
2.38%	2023	500			500
3.75%	2024	250			250
3.15%	2024	250			—
3.05%	2024	250			—
5.25%	2035	250			250
5.70%	2036	250			250
5.80%	2037	350			350
5.38%	2039	250			250
5.50%	2040	300			300
3.95%	2042	450			450
3.65%	2042	350			350
3.80%	2043	400			400
4.00%	2044	250			—
Total MTNs		5,909			5,159
Principal Amount Outstanding		6,329			5,579
Amounts Due Within One Year		(300		)	(500		)
Net Unamortized Discount		(17		)	(13		)
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II)		$	6,012		$	5,066

		As of December 31,
	Maturity	2014			2013
		Millions
Transition Funding (PSE&G)
Securitization Bonds:
6.75%	2014	$	—		$	106
6.89%	2014-2015	251			370
Principal Amount Outstanding		251			476
Amounts Due Within One Year		(251		)	(225		)
Total Securitization Debt of Transition Funding		—			251
Transition Funding II (PSE&G)
Securitization Bonds:
4.57%	2014-2015	8			20
Principal Amount Outstanding		8			20
Amounts Due Within One Year		(8		)	(12		)
Total Securitization Debt of Transition Funding II		—			8
Total Long-Term Debt of PSE&G		$	6,012		$	5,325

		As of December 31,
	Maturity	2014			2013
		Millions
Power
Senior Notes:
5.50%	2015	$	300		$	300
5.32%	2016	303			303
2.75%	2016	250			250
2.45%	2018	250			250
5.13%	2020	406			406
4.15%	2021	250			250
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,509			2,509
Pollution Control Notes:
Floating Rate (D)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,553			2,553
Amounts Due Within One Year		(300		)	(44		)
Net Unamortized Discount		(10		)	(12		)
Total Long-Term Debt of Power		$	2,243		$	2,497

		As of December 31,
	Maturity	2014			2013
		Millions
Energy Holdings
Non-Recourse Project Debt (E):
Resources - 5.00% to 5.275%	2014-2015	$	16		$	16
Principal Amount Outstanding		16			16
Amounts Due Within One Year		(16		)	—
Total Non-Recourse Project Debt		—			16
Total Long-Term Debt of Energy Holdings		$	—		$	16

(A) PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 15. Financial Risk Management Activities.

(B) In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets.

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

(D) The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019.

(E) Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2014 are as follows:

	PSE&G								Energy Holdings
Year	PSE&G		Transition Funding		Transition Funding II		Power		Non-Recourse Debt		Total
	Millions
2015	$	300	$	251	$	8	$	300	$	16	$	875
2016	171		—		—		553		—		724
2017	—		—		—		—		—		—
2018	750		—		—		250		—		1,000
2019	500		—		—		44		—		544
Thereafter	4,608		—		—		1,406		—		6,014
Total	$	6,329	$	251	$	8	$	2,553	$	16	$	9,157

Long-Term Debt Financing Transactions

During 2014, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSE&G

• issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019,

• issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044,

• issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019,

• issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024,

• issued $250 million of 3.05% Secured Medium-Term Notes, Series J due November 2024,

• paid $250 million of 0.85% Secured Medium-Term Notes at maturity,

• paid $250 million of 5.00% Secured Medium-Term Notes at maturity,

• paid $225 million of Transition Funding's securitization debt,

• paid $12 million of Transition Funding II's securitization debt, and

• received $175 million capital contribution from PSEG.

Power

• paid cash dividends of $895 million to PSEG.

Short-Term Liquidity

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

The commitments under our $4.3 billion credit facilities are provided by a diverse bank group. As of December 31, 2014, our total available credit capacity was $4.1 billion.

As of December 31, 2014, no single institution represented more than 8% of the total commitments in our credit facilities.

As of December 31, 2014, our total credit capacity was in excess of our anticipated maximum liquidity requirements.

Each of our 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 our subsidiaries’ liquidity needs. In April 2014, PSEG and Power amended their 2012 credit agreements ending in 2017, extending the expiration date from March 2017 to April 2019. PSEG's $500 million and Power's $1.6 billion facility amendments, resulting in total commitments of $2.1 billion, will mature in 2019.

Our total credit facilities and available liquidity as of December 31, 2014 were as follows:

	As of December 31, 2014
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	8	$	492	Apr 2019	Commercial Paper (CP) Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		—		500		Mar 2018	CP Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	8	$	992
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Mar 2018	CP Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	97	$	1,503	Apr 2019	Funding/Letters of Credit
5-year Credit Facility (C)	1,000		—		1,000		Mar 2018	Funding/Letters of Credit
Bilateral Credit Facility	100		100		—		Sept 2015	Letters of Credit
Total Power	$	2,700	$	197	$	2,503
Total	$	4,300	$	219	$	4,081

(A) In April 2016, this facility will be reduced by $23 million.

(B) In April 2016, this facility will be reduced by $29 million.

(C) In April 2016, this facility will be reduced by $48 million.

Fair Value of Debt

The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of December 31, 2014 and 2013. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (Parent) (A)	$	14	$	22	$	24	$	38
PSE&G (B)	6,312		6,912		5,566		5,629
Transition Funding (PSE&G) (B)	251		261		476		511
Transition Funding II (PSE&G) (B)	8		8		20		21
Power - Recourse Debt (B)	2,543		2,930		2,541		2,846
Energy Holdings:
Project Level, Non-Recourse Debt (C)	16		16		16		16
	$	9,144	$	10,149	$	8,643	$	9,061

(A) Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.

(B) The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements).

(C) Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

PSE&G [Member]

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Schedule of Consolidated Debt

Long-Term Debt

	As of December 31,
	2014			2013
	Millions
PSEG (Parent)
Fair Value of Swaps (A)	$	22		$	38
Amounts Due Within One Year	(8		)	—
Unamortized Discount Related to Debt Exchange (B)	(8		)	(14		)
Total Long-Term Debt of PSEG (Parent)	$	6		$	24

`

		As of December 31,
	Maturity	2014			2013
		Millions
PSE&G
First and Refunding Mortgage Bonds (C):
6.75%	2016	$	171		$	171
9.25%	2021	134			134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		320			320
Pollution Control Bonds (C):
Floating rate (D)	2033	50			50
Floating rate (D)	2046	50			50
Total Pollution Control Bonds		100			100
Medium-Term Notes (MTNs) (C):
0.85%	2014	—			250
5.00%	2014	—			250
2.70%	2015	300			300
5.30%	2018	400			400
2.30%	2018	350			350
1.80%	2019	250			—
2.00%	2019	250			—
7.04%	2020	9			9
3.50%	2020	250			250
2.38%	2023	500			500
3.75%	2024	250			250
3.15%	2024	250			—
3.05%	2024	250			—
5.25%	2035	250			250
5.70%	2036	250			250
5.80%	2037	350			350
5.38%	2039	250			250
5.50%	2040	300			300
3.95%	2042	450			450
3.65%	2042	350			350
3.80%	2043	400			400
4.00%	2044	250			—
Total MTNs		5,909			5,159
Principal Amount Outstanding		6,329			5,579
Amounts Due Within One Year		(300		)	(500		)
Net Unamortized Discount		(17		)	(13		)
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II)		$	6,012		$	5,066

		As of December 31,
	Maturity	2014			2013
		Millions
Transition Funding (PSE&G)
Securitization Bonds:
6.75%	2014	$	—		$	106
6.89%	2014-2015	251			370
Principal Amount Outstanding		251			476
Amounts Due Within One Year		(251		)	(225		)
Total Securitization Debt of Transition Funding		—			251
Transition Funding II (PSE&G)
Securitization Bonds:
4.57%	2014-2015	8			20
Principal Amount Outstanding		8			20
Amounts Due Within One Year		(8		)	(12		)
Total Securitization Debt of Transition Funding II		—			8
Total Long-Term Debt of PSE&G		$	6,012		$	5,325

		As of December 31,
	Maturity	2014			2013
		Millions
Power
Senior Notes:
5.50%	2015	$	300		$	300
5.32%	2016	303			303
2.75%	2016	250			250
2.45%	2018	250			250
5.13%	2020	406			406
4.15%	2021	250			250
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,509			2,509
Pollution Control Notes:
Floating Rate (D)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,553			2,553
Amounts Due Within One Year		(300		)	(44		)
Net Unamortized Discount		(10		)	(12		)
Total Long-Term Debt of Power		$	2,243		$	2,497

		As of December 31,
	Maturity	2014			2013
		Millions
Energy Holdings
Non-Recourse Project Debt (E):
Resources - 5.00% to 5.275%	2014-2015	$	16		$	16
Principal Amount Outstanding		16			16
Amounts Due Within One Year		(16		)	—
Total Non-Recourse Project Debt		—			16
Total Long-Term Debt of Energy Holdings		$	—		$	16

(A) PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 15. Financial Risk Management Activities.

(B) In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets.

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

(D) The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019.

(E) Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2014 are as follows:

	PSE&G								Energy Holdings
Year	PSE&G		Transition Funding		Transition Funding II		Power		Non-Recourse Debt		Total
	Millions
2015	$	300	$	251	$	8	$	300	$	16	$	875
2016	171		—		—		553		—		724
2017	—		—		—		—		—		—
2018	750		—		—		250		—		1,000
2019	500		—		—		44		—		544
Thereafter	4,608		—		—		1,406		—		6,014
Total	$	6,329	$	251	$	8	$	2,553	$	16	$	9,157

Long-Term Debt Financing Transactions

During 2014, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSE&G

• issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019,

• issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044,

• issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019,

• issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024,

• issued $250 million of 3.05% Secured Medium-Term Notes, Series J due November 2024,

• paid $250 million of 0.85% Secured Medium-Term Notes at maturity,

• paid $250 million of 5.00% Secured Medium-Term Notes at maturity,

• paid $225 million of Transition Funding's securitization debt,

• paid $12 million of Transition Funding II's securitization debt, and

• received $175 million capital contribution from PSEG.

Power

• paid cash dividends of $895 million to PSEG.

Short-Term Liquidity

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

The commitments under our $4.3 billion credit facilities are provided by a diverse bank group. As of December 31, 2014, our total available credit capacity was $4.1 billion.

As of December 31, 2014, no single institution represented more than 8% of the total commitments in our credit facilities.

As of December 31, 2014, our total credit capacity was in excess of our anticipated maximum liquidity requirements.

Each of our 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 our subsidiaries’ liquidity needs. In April 2014, PSEG and Power amended their 2012 credit agreements ending in 2017, extending the expiration date from March 2017 to April 2019. PSEG's $500 million and Power's $1.6 billion facility amendments, resulting in total commitments of $2.1 billion, will mature in 2019.

Our total credit facilities and available liquidity as of December 31, 2014 were as follows:

	As of December 31, 2014
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	8	$	492	Apr 2019	Commercial Paper (CP) Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		—		500		Mar 2018	CP Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	8	$	992
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Mar 2018	CP Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	97	$	1,503	Apr 2019	Funding/Letters of Credit
5-year Credit Facility (C)	1,000		—		1,000		Mar 2018	Funding/Letters of Credit
Bilateral Credit Facility	100		100		—		Sept 2015	Letters of Credit
Total Power	$	2,700	$	197	$	2,503
Total	$	4,300	$	219	$	4,081

(A) In April 2016, this facility will be reduced by $23 million.

(B) In April 2016, this facility will be reduced by $29 million.

(C) In April 2016, this facility will be reduced by $48 million.

Fair Value of Debt

The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of December 31, 2014 and 2013. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (Parent) (A)	$	14	$	22	$	24	$	38
PSE&G (B)	6,312		6,912		5,566		5,629
Transition Funding (PSE&G) (B)	251		261		476		511
Transition Funding II (PSE&G) (B)	8		8		20		21
Power - Recourse Debt (B)	2,543		2,930		2,541		2,846
Energy Holdings:
Project Level, Non-Recourse Debt (C)	16		16		16		16
	$	9,144	$	10,149	$	8,643	$	9,061

(A) Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.

(B) The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements).

(C) Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

Power [Member]

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Schedule of Consolidated Debt

Long-Term Debt

	As of December 31,
	2014			2013
	Millions
PSEG (Parent)
Fair Value of Swaps (A)	$	22		$	38
Amounts Due Within One Year	(8		)	—
Unamortized Discount Related to Debt Exchange (B)	(8		)	(14		)
Total Long-Term Debt of PSEG (Parent)	$	6		$	24

`

		As of December 31,
	Maturity	2014			2013
		Millions
PSE&G
First and Refunding Mortgage Bonds (C):
6.75%	2016	$	171		$	171
9.25%	2021	134			134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		320			320
Pollution Control Bonds (C):
Floating rate (D)	2033	50			50
Floating rate (D)	2046	50			50
Total Pollution Control Bonds		100			100
Medium-Term Notes (MTNs) (C):
0.85%	2014	—			250
5.00%	2014	—			250
2.70%	2015	300			300
5.30%	2018	400			400
2.30%	2018	350			350
1.80%	2019	250			—
2.00%	2019	250			—
7.04%	2020	9			9
3.50%	2020	250			250
2.38%	2023	500			500
3.75%	2024	250			250
3.15%	2024	250			—
3.05%	2024	250			—
5.25%	2035	250			250
5.70%	2036	250			250
5.80%	2037	350			350
5.38%	2039	250			250
5.50%	2040	300			300
3.95%	2042	450			450
3.65%	2042	350			350
3.80%	2043	400			400
4.00%	2044	250			—
Total MTNs		5,909			5,159
Principal Amount Outstanding		6,329			5,579
Amounts Due Within One Year		(300		)	(500		)
Net Unamortized Discount		(17		)	(13		)
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II)		$	6,012		$	5,066

		As of December 31,
	Maturity	2014			2013
		Millions
Transition Funding (PSE&G)
Securitization Bonds:
6.75%	2014	$	—		$	106
6.89%	2014-2015	251			370
Principal Amount Outstanding		251			476
Amounts Due Within One Year		(251		)	(225		)
Total Securitization Debt of Transition Funding		—			251
Transition Funding II (PSE&G)
Securitization Bonds:
4.57%	2014-2015	8			20
Principal Amount Outstanding		8			20
Amounts Due Within One Year		(8		)	(12		)
Total Securitization Debt of Transition Funding II		—			8
Total Long-Term Debt of PSE&G		$	6,012		$	5,325

		As of December 31,
	Maturity	2014			2013
		Millions
Power
Senior Notes:
5.50%	2015	$	300		$	300
5.32%	2016	303			303
2.75%	2016	250			250
2.45%	2018	250			250
5.13%	2020	406			406
4.15%	2021	250			250
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,509			2,509
Pollution Control Notes:
Floating Rate (D)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,553			2,553
Amounts Due Within One Year		(300		)	(44		)
Net Unamortized Discount		(10		)	(12		)
Total Long-Term Debt of Power		$	2,243		$	2,497

		As of December 31,
	Maturity	2014			2013
		Millions
Energy Holdings
Non-Recourse Project Debt (E):
Resources - 5.00% to 5.275%	2014-2015	$	16		$	16
Principal Amount Outstanding		16			16
Amounts Due Within One Year		(16		)	—
Total Non-Recourse Project Debt		—			16
Total Long-Term Debt of Energy Holdings		$	—		$	16

(A) PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 15. Financial Risk Management Activities.

(B) In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheets.

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

(D) The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing PEDFA bond. The existing letter of credit, which was scheduled to expire on November 30, 2014, has been extended through November 30, 2019.

(E) Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2014 are as follows:

	PSE&G								Energy Holdings
Year	PSE&G		Transition Funding		Transition Funding II		Power		Non-Recourse Debt		Total
	Millions
2015	$	300	$	251	$	8	$	300	$	16	$	875
2016	171		—		—		553		—		724
2017	—		—		—		—		—		—
2018	750		—		—		250		—		1,000
2019	500		—		—		44		—		544
Thereafter	4,608		—		—		1,406		—		6,014
Total	$	6,329	$	251	$	8	$	2,553	$	16	$	9,157

Long-Term Debt Financing Transactions

During 2014, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSE&G

• issued $250 million of 1.80% Secured Medium-Term Notes, Series I due June 2019,

• issued $250 million of 4.00% Secured Medium-Term Notes, Series I due June 2044,

• issued $250 million of 2.00% Secured Medium-Term Notes, Series J due August 2019,

• issued $250 million of 3.15% Secured Medium-Term Notes, Series J due August 2024,

• issued $250 million of 3.05% Secured Medium-Term Notes, Series J due November 2024,

• paid $250 million of 0.85% Secured Medium-Term Notes at maturity,

• paid $250 million of 5.00% Secured Medium-Term Notes at maturity,

• paid $225 million of Transition Funding's securitization debt,

• paid $12 million of Transition Funding II's securitization debt, and

• received $175 million capital contribution from PSEG.

Power

• paid cash dividends of $895 million to PSEG.

Short-Term Liquidity

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

The commitments under our $4.3 billion credit facilities are provided by a diverse bank group. As of December 31, 2014, our total available credit capacity was $4.1 billion.

As of December 31, 2014, no single institution represented more than 8% of the total commitments in our credit facilities.

As of December 31, 2014, our total credit capacity was in excess of our anticipated maximum liquidity requirements.

Each of our 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 our subsidiaries’ liquidity needs. In April 2014, PSEG and Power amended their 2012 credit agreements ending in 2017, extending the expiration date from March 2017 to April 2019. PSEG's $500 million and Power's $1.6 billion facility amendments, resulting in total commitments of $2.1 billion, will mature in 2019.

Our total credit facilities and available liquidity as of December 31, 2014 were as follows:

	As of December 31, 2014
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	8	$	492	Apr 2019	Commercial Paper (CP) Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		—		500		Mar 2018	CP Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	8	$	992
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Mar 2018	CP Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	97	$	1,503	Apr 2019	Funding/Letters of Credit
5-year Credit Facility (C)	1,000		—		1,000		Mar 2018	Funding/Letters of Credit
Bilateral Credit Facility	100		100		—		Sept 2015	Letters of Credit
Total Power	$	2,700	$	197	$	2,503
Total	$	4,300	$	219	$	4,081

(A) In April 2016, this facility will be reduced by $23 million.

(B) In April 2016, this facility will be reduced by $29 million.

(C) In April 2016, this facility will be reduced by $48 million.

Fair Value of Debt

The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of December 31, 2014 and 2013. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (Parent) (A)	$	14	$	22	$	24	$	38
PSE&G (B)	6,312		6,912		5,566		5,629
Transition Funding (PSE&G) (B)	251		261		476		511
Transition Funding II (PSE&G) (B)	8		8		20		21
Power - Recourse Debt (B)	2,543		2,930		2,541		2,846
Energy Holdings:
Project Level, Non-Recourse Debt (C)	16		16		16		16
	$	9,144	$	10,149	$	8,643	$	9,061

(A) Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.

(B) The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements).

(C) Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.