Organization, Basis of Presentation and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

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, 2023.

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, 2023. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows.

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, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024. 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, 2023
Cash and Cash Equivalents	$	30	$	24	$	54
Restricted Cash in Other Current Assets		23		—		23
Restricted Cash in Other Noncurrent Assets		22		—		22
Cash, Cash Equivalents and Restricted Cash	$	75	$	24	$	99

As of September 30, 2024
Cash and Cash Equivalents	$	185	$	18	$	203
Restricted Cash in Other Current Assets		3		—		3
Restricted Cash in Other Noncurrent Assets		22		—		22
Cash, Cash Equivalents and Restricted Cash	$	210	$	18	$	228

(A)

Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).