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Financial Information By Business Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting Information [Line Items]  
Financial Information By Business Segments Financial Information by Business Segment
Basis of Organization
PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income and how resources are allocated to each business.
Following completion of the sale of the PSEG Power Fossil portfolio in February 2022 and as a result of the transition to a new CEO, our designated CODM, effective September 1, 2022, various changes were made to the content and manner in which the new CEO reviews financial information for purposes of assessing business performance and allocating resources. Based on management’s analysis, PSE&G and PSEG Power were determined to remain operating segments of PSEG. However, PSEG has revised its reportable segments for the year ended December 31, 2022 to PSE&G and PSEG Power & Other. PSE&G continues to be PSEG’s principal reportable segment. The PSEG Power & Other reportable segment includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent company) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. All prior period comparative information has been restated to reflect the change in segment presentation.
PSE&G
PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.
PSEG Power & Other
This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.
This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.
PSE&GPSEG Power & OtherEliminations (A)Consolidated Total
Millions
Three Months Ended June 30, 2023
Operating Revenues$1,662 $902 $(143)$2,421 
Net Income (B)336 255 — 591 
Gross Additions to Long-Lived Assets660 45 — 705 
Six Months Ended June 30, 2023
Operating Revenues$3,955 $2,929 $(708)$6,176 
Net Income (B)823 1,055 — 1,878 
Gross Additions to Long-Lived Assets1,336 108 — 1,444 
Three Months Ended June 30, 2022
Operating Revenues$1,668 $645 $(237)$2,076 
Net Income (Loss) (B)305 (174)— 131 
Gross Additions to Long-Lived Assets543 62 — 605 
Six Months Ended June 30, 2022
Operating Revenues$3,952 $1,258 $(821)$4,389 
Net Income (Loss) (B)814 (685)— 129 
Gross Additions to Long-Lived Assets1,171 120 — 1,291 
As of June 30, 2023
Total Assets$41,347 $8,505 $(347)$49,505 
Investments in Equity Method Subsidiaries$— $15 $— $15 
As of December 31, 2022
Total Assets$39,960 $9,285 $(527)$48,718 
Investments in Equity Method Subsidiaries$— $306 $— $306 
(A)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 19. Related-Party Transactions.
(B)Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.
Public Service Electric and Gas Company [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segments Financial Information by Business Segment
Basis of Organization
PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income and how resources are allocated to each business.
Following completion of the sale of the PSEG Power Fossil portfolio in February 2022 and as a result of the transition to a new CEO, our designated CODM, effective September 1, 2022, various changes were made to the content and manner in which the new CEO reviews financial information for purposes of assessing business performance and allocating resources. Based on management’s analysis, PSE&G and PSEG Power were determined to remain operating segments of PSEG. However, PSEG has revised its reportable segments for the year ended December 31, 2022 to PSE&G and PSEG Power & Other. PSE&G continues to be PSEG’s principal reportable segment. The PSEG Power & Other reportable segment includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent company) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. All prior period comparative information has been restated to reflect the change in segment presentation.
PSE&G
PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.
PSEG Power & Other
This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.
This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.
PSE&GPSEG Power & OtherEliminations (A)Consolidated Total
Millions
Three Months Ended June 30, 2023
Operating Revenues$1,662 $902 $(143)$2,421 
Net Income (B)336 255 — 591 
Gross Additions to Long-Lived Assets660 45 — 705 
Six Months Ended June 30, 2023
Operating Revenues$3,955 $2,929 $(708)$6,176 
Net Income (B)823 1,055 — 1,878 
Gross Additions to Long-Lived Assets1,336 108 — 1,444 
Three Months Ended June 30, 2022
Operating Revenues$1,668 $645 $(237)$2,076 
Net Income (Loss) (B)305 (174)— 131 
Gross Additions to Long-Lived Assets543 62 — 605 
Six Months Ended June 30, 2022
Operating Revenues$3,952 $1,258 $(821)$4,389 
Net Income (Loss) (B)814 (685)— 129 
Gross Additions to Long-Lived Assets1,171 120 — 1,291 
As of June 30, 2023
Total Assets$41,347 $8,505 $(347)$49,505 
Investments in Equity Method Subsidiaries$— $15 $— $15 
As of December 31, 2022
Total Assets$39,960 $9,285 $(527)$48,718 
Investments in Equity Method Subsidiaries$— $306 $— $306 
(A)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 19. Related-Party Transactions.
(B)Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.