Financial Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Fair Value in Balance Sheets

The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of September 30, 2024
	PSEG			PSEG Power									Consolidated
	Cash Flow Hedges			Not Designated
Balance Sheet Location	Interest Rate Derivatives			Energy- Related Contracts			Netting (A)			Total PSEG Power			Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	1		$	509		$	(475	)	$	34		$	35
Noncurrent Assets		1			507			(472	)		35			36
Total Mark-to-Market Derivative Assets	$	2		$	1,016		$	(947	)	$	69		$	71
Derivative Contracts
Current Liabilities	$	(1	)	$	(558	)	$	541		$	(17	)	$	(18	)
Noncurrent Liabilities		(3	)		(444	)		441			(3	)		(6	)
Total Mark-to-Market Derivative (Liabilities)	$	(4	)	$	(1,002	)	$	982		$	(20	)	$	(24	)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(2	)	$	14		$	35		$	49		$	47

	As of December 31, 2023
	PSEG			PSEG Power									Consolidated
	Cash Flow Hedges			Not Designated
Balance Sheet Location	Interest Rate Derivatives			Energy- Related Contracts			Netting (A)			Total PSEG Power			Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	6		$	912		$	(806	)	$	106		$	112
Noncurrent Assets		—			440			(411	)		29			29
Total Mark-to-Market Derivative Assets	$	6		$	1,352		$	(1,217	)	$	135		$	141
Derivative Contracts
Current Liabilities	$	(16	)	$	(890	)	$	820		$	(70	)	$	(86	)
Noncurrent Liabilities		(1	)		(424	)		419			(5	)		(6	)
Total Mark-to-Market Derivative (Liabilities)	$	(17	)	$	(1,314	)	$	1,239		$	(75	)	$	(92	)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(11	)	$	38		$	22		$	60		$	49

(A)Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash 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 September 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $116 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $35 million and $22 million as of September 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $35 million as of September 30, 2024, $(31) million was netted against noncurrent assets and $66 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

Schedule of Derivative Transactions Designated and Effective as Cash Flow Hedges

The following shows the effect on the Condensed Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the three and nine months ended September 30, 2024 and 2023:

	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives					Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Three Months Ended						Three Months Ended
Derivatives in Cash Flow	September 30,						September 30,
Hedging Relationships	2024			2023			2024		2023
	Millions						Millions
PSEG
Interest Rate Derivatives	$	(6	)	$	18	Interest Expense	$	4	$	3
Total PSEG	$	(6	)	$	18		$	4	$	3

	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Nine Months Ended					Nine Months Ended
Derivatives in Cash Flow	September 30,					September 30,
Hedging Relationships	2024		2023			2024		2023
	Millions					Millions
PSEG
Interest Rate Derivatives	$	24	$	32	Interest Expense	$	11	$	3
Total PSEG	$	24	$	32		$	11	$	3

Schedule of Reconciliation for Derivative Activity Included in Accumulated Other Comprehensive Income (Loss)

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL 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, 2022	$	(4	)	$	(3	)
Gain Recognized in AOCL		13			9
Less: Gain Reclassified into Income		(5	)		(3	)
Balance as of December 31, 2023	$	4		$	3
Gain Recognized in AOCL		24			17
Less: Gain Reclassified into Income		(11	)		(8	)
Balance as of September 30, 2024	$	17		$	12

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 and nine months ended September 30, 2024 and 2023, 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.

Derivatives Not Designated as Hedges	Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
		Millions
Energy-Related Contracts	Operating Revenues	$	56	$	3	$	133	$	1,244
Total		$	56	$	3	$	133	$	1,244

Schedule of Net Notional Volume for Open Derivative Contracts

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of September 30, 2024 and December 31, 2023.

		As of			As of
Type	Notional	September 30, 2024			December 31, 2023
		Millions
Natural Gas	Dekatherm (Dth)		66			66
Electricity	MWh		(57	)		(60	)
Financial Transmission Rights (FTRs)	MWh		21			19
Interest Rate Derivatives	U.S. Dollars		1,750			2,000