10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM          TO

Commission File Number	Name of Registrant, Address, and Telephone Number			State or other jurisdiction of Incorporation or Organization	I.R.S. Employer Identification  Number
001-09120	Public Service Enterprise Group Incorporated			New Jersey	22-2625848
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000
001-00973	Public Service Electric and Gas Company			New Jersey	22-1212800
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
Public Service Enterprise Group Incorporated
Common Stock without par value	PEG	New York Stock Exchange
Public Service Electric and Gas Company
8.00% First and Refunding Mortgage Bonds, due 2037	PEG37D	New York Stock Exchange
5.00% First and Refunding Mortgage Bonds, due 2037	PEG37J	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Public Service Enterprise Group Incorporated	Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
Public Service Electric and Gas Company	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐

(Cover continued on next page)

(Cover continued from previous page)

If any of the registrants is an emerging growth company, indicate by check mark if such registrant has elected not to use

the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 19, 2022, Public Service Enterprise Group Incorporated had outstanding 499,258,876 shares of its sole class of Common Stock, without par value.

As of April 19, 2022, Public Service Electric and Gas Company had issued and outstanding 132,450,344 shares of Common Stock, without nominal or par value, all of which were privately held, beneficially and of record, by Public Service Enterprise Group Incorporated.

Public Service Electric and Gas Company is a wholly owned subsidiary of Public Service Enterprise Group Incorporated and meets the conditions set forth in General Instruction H(1) of Form 10-Q. Public Service Electric and Gas Company is filing its Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.

		Page
FORWARD-LOOKING STATEMENTS		ii
FILING FORMAT		iii
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Public Service Enterprise Group Incorporated	1
	Public Service Electric and Gas Company	7
	Notes to Condensed Consolidated Financial Statements
	Note 1. Organization, Basis of Presentation and Significant Accounting Policies	13
	Note 2. Recent Accounting Standards	14
	Note 3. Revenues	15
	Note 4. Early Plant Retirements/Asset Dispositions and Impairments	20
	Note 5. Variable Interest Entities (VIEs)	21
	Note 6. Rate Filings	21
	Note 7. Leases	22
	Note 8. Financing Receivables	23
	Note 9. Trust Investments	24
	Note 10. Pension and Other Postretirement Benefits (OPEB)	30
	Note 11. Commitments and Contingent Liabilities	31
	Note 12. Debt and Credit Facilities	37
	Note 13. Financial Risk Management Activities	39
	Note 14. Fair Value Measurements	43
	Note 15. Other Income (Deductions)	47
	Note 16. Income Taxes	48
	Note 17. Accumulated Other Comprehensive Income (Loss), Net of Tax	49
	Note 18. Earnings Per Share (EPS) and Dividends	51
	Note 19. Financial Information by Business Segment	52
	Note 20. Related-Party Transactions	53
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	54
	Executive Overview of 2022 and Future Outlook	54
	Results of Operations	62
	Liquidity and Capital Resources	65
	Capital Requirements	68
	Accounting Matters	68
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 4.	Controls and Procedures	69
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	70
Item 1A.	Risk Factors	70
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	70
Item 5.	Other Information	71
Item 6.	Exhibits	72
	Signatures	73

i

FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

•any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and solar and wind generation projects;

•the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;

•any equipment failures, accidents, critical operating technology or business system failures, severe weather events, acts of war, terrorism, sabotage, cyberattack or other incidents that may impact our ability to provide safe and reliable service to our customers;

•any inability to recover the carrying amount of our long-lived assets;

•disruptions or cost increases in our supply chain, including labor shortages;

•any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;

•the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;

•the impact of the ongoing coronavirus pandemic;

•failure to attract and retain a qualified workforce;

•inflation, including increases in the costs of equipment, materials, fuel and labor;

•the impact of our covenants in our debt instruments on our business;

•adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements;

•the failure to complete, or delays in completing, the Ocean Wind 1 offshore wind project and the failure to realize the anticipated strategic and financial benefits of this project;

•fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;

•our ability to obtain adequate nuclear fuel supply;

•market risks impacting the operation of our nuclear generating stations;

•changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;

•third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;

•any inability to meet our commitments under forward sale obligations;

•reliance on transmission facilities to maintain adequate transmission capacity for our nuclear generation fleet;

•the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;

ii

•PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;

•the absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent payments for such attributes being materially adversely modified through legal proceedings;

•adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;

•risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks;

•changes in federal and state environmental laws and regulations and enforcement;

•delays in receipt of, or an inability to receive, necessary licenses and permits; and

•changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

FILING FORMAT

This combined Quarterly Report on Form 10-Q is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information relating to any individual company is filed by such company on its own behalf. PSE&G is only responsible for information about itself and its subsidiaries.

Discussions throughout the document refer to PSEG and its direct operating subsidiaries. Depending on the context of each section, references to “we,” “us,” and “our” relate to PSEG or to the specific company or companies being discussed.

iii

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

(Unaudited)

	Three Months Ended
	March 31,
	2022		2021
OPERATING REVENUES	$	2,313	$	2,889
OPERATING EXPENSES
Energy Costs	1,245		1,029
Operation and Maintenance	794		778
Depreciation and Amortization	283		341
Losses on Asset Dispositions and Impairments	43		—
Total Operating Expenses	2,365		2,148
OPERATING INCOME (LOSS)	(52)		741
Income from Equity Method Investments	4		3
Net Gains (Losses) on Trust Investments	(68)		60
Other Income (Deductions)	5		25
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)	94		82
Interest Expense	(137)		(146)
INCOME (LOSS) BEFORE INCOME TAXES	(154)		765
Income Tax Benefit (Expense)	152		(117)
NET INCOME (LOSS)	$	(2)	$	648
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC	501		504
DILUTED	501		507
NET INCOME (LOSS) PER SHARE:
BASIC	$	0.00	$	1.29
DILUTED	$	0.00	$	1.28

See Notes to Condensed Consolidated Financial Statements.

1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2022		2021
NET INCOME (LOSS)	$	(2)	$	648
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $39 and $26 for 2022 and 2021, respectively	(61)		(42)
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0 and $0 for 2022 and 2021, respectively	1		1
Pension/OPEB adjustment, net of tax (expense) benefit of $0 and $(2) for 2022 and 2021, respectively	—		3
Other Comprehensive Income (Loss), net of tax	(60)		(38)
COMPREHENSIVE INCOME (LOSS)	$	(62)	$	610

See Notes to Condensed Consolidated Financial Statements.

2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	March 31, 2022		December 31, 2021
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	1,603	$	818
Accounts Receivable, net of allowance of $341 in 2022 and $325 in 2021	1,728		1,859
Tax Receivable	8		9
Unbilled Revenues, net of allowance of $10 in 2022 and $12 in 2021	198		217
Fuel	67		296
Materials and Supplies, net	471		448
Prepayments	100		63
Derivative Contracts	144		72
Regulatory Assets	368		364
Assets Held for Sale	—		2,060
Other	41		44
Total Current Assets	4,728		6,250
PROPERTY, PLANT AND EQUIPMENT	44,303		43,684
Less: Accumulated Depreciation and Amortization	(9,569)		(9,318)
Net Property, Plant and Equipment	34,734		34,366
NONCURRENT ASSETS
Regulatory Assets	3,671		3,605
Operating Lease Right-of-Use Assets	195		201
Long-Term Investments	534		541
Nuclear Decommissioning Trust (NDT) Fund	2,491		2,637
Long-Term Tax Receivable	47		47
Long-Term Receivable of Variable Interest Entity (VIE)	833		828
Rabbi Trust Fund	219		242
Other Intangibles	22		20
Derivative Contracts	49		28
Other	251		234
Total Noncurrent Assets	8,312		8,383
TOTAL ASSETS	$	47,774	$	48,999

See Notes to Condensed Consolidated Financial Statements.

3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	March 31, 2022		December 31, 2021
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$	700	$	700
Commercial Paper and Loans	1,676		3,519
Accounts Payable	956		1,315
Derivative Contracts	159		17
Accrued Interest	144		121
Accrued Taxes	312		67
Clean Energy Program	87		146
Obligation to Return Cash Collateral	384		179
Regulatory Liabilities	369		388
Liabilities Held for Sale	—		144
Other	505		476
Total Current Liabilities	5,292		7,072
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	5,463		5,759
Regulatory Liabilities	2,522		2,497
Operating Leases	184		191
Asset Retirement Obligations	1,586		1,573
OPEB Costs	568		572
OPEB Costs of Servco	647		640
Accrued Pension Costs	273		318
Accrued Pension Costs of Servco	171		174
Environmental Costs	237		245
Derivative Contracts	23		17
Long-Term Accrued Taxes	66		100
Other	176		184
Total Noncurrent Liabilities	11,916		12,270
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11)
CAPITALIZATION
LONG-TERM DEBT	16,968		15,219
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2022 and 2021—534 shares	4,978		5,045
Treasury Stock, at cost, 2022 and 2021—37 and 30 shares, respectively	(1,336)		(896)
Retained Earnings	10,366		10,639
Accumulated Other Comprehensive Loss	(410)		(350)
Total Stockholders’ Equity	13,598		14,438
Total Capitalization	30,566		29,657
TOTAL LIABILITIES AND CAPITALIZATION	$	47,774	$	48,999

See Notes to Condensed Consolidated Financial Statements.

4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions (Unaudited)

	Three Months Ended
	March 31,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)	$	(2)	$	648
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	283		341
Amortization of Nuclear Fuel	50		49
Losses on Asset Dispositions and Impairments	43		—
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual	28		43
Provision for Deferred Income Taxes (Other than Leases) and ITC	(340)		96
Non-Cash Employee Benefit Plan (Credits) Costs	(60)		(44)
Leveraged Lease (Income), (Gains) and Losses, Adjusted for Rents Received and Deferred Taxes	31		16
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives	847		46
Cost of Removal	(30)		(27)
Net Change in Regulatory Assets and Liabilities	(122)		(28)
Net (Gains) Losses and (Income) Expense from NDT Fund	54		(68)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable	1		66
Accrued Taxes	215		(44)
Cash Collateral	(683)		(44)
Obligation to Return Cash Collateral	205		(4)
Other Current Assets and Liabilities	20		(26)
Employee Benefit Plan Funding and Related Payments	(6)		(3)
Other	(62)		10
Net Cash Provided By (Used In) Operating Activities	472		1,027
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(686)		(633)
Proceeds from Sales of Trust Investments	501		662
Purchases of Trust Investments	(510)		(660)
Proceeds from Sales of Long-Lived Assets	1,890		—
Other	(12)		7
Net Cash Provided By (Used In) Investing Activities	1,183		(624)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	(593)		(598)
Proceeds from Short-Term Loans	—		500
Payment of Short-Term Loans	(1,250)		(300)
Issuance of Long-Term Debt	1,750		900
Redemption of Long-Term Debt	—		(300)
Payments for Share Repurchase Program	(500)		—
Cash Dividends Paid on Common Stock	(271)		(258)
Other	(12)		(78)
Net Cash Provided By (Used In) Financing Activities	(876)		(134)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	779		269
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	863		572
Cash, Cash Equivalents and Restricted Cash at End of Period	$	1,642	$	841
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	—	$	(25)
Interest Paid, Net of Amounts Capitalized	$	115	$	95
Accrued Property, Plant and Equipment Expenditures	$	295	$	258

See Notes to Condensed Consolidated Financial Statements.

5

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Millions

(Unaudited)

	Common Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	Shs.	Amount		Shs.	Amount						Total
Balance as of December 31, 2021	534	$	5,045	(30)	$	(896)	$	10,639	$	(350)	$	14,438
Net Loss	—	—		—	—		(2)		—		(2)
Other Comprehensive Income (Loss), net of tax (expense) benefit of $39	—	—		—	—		—		(60)		(60)
Comprehensive Loss											(62)
Cash Dividends at $0.54 per share on Common Stock	—	—		—	—		(271)		—		(271)
Payments for Share Repurchase Program	—	(50)		(7)	(450)		—		—		(500)
Other	—	(17)		—	10		—		—		(7)
Balance as of March 31, 2022	534	$	4,978	(37)	$	(1,336)	$	10,366	$	(410)	$	13,598
Balance as of December 31, 2020	534	$	5,031	(30)	$	(861)	$	12,318	$	(504)	$	15,984
Net Income	—	—		—	—		648		—		648
Other Comprehensive Income (Loss), net of tax (expense) benefit of $24	—	—		—	—		—		(38)		(38)
Comprehensive Income											610
Cash Dividends at $0.51 per share on Common Stock	—	—		—	—		(258)		—		(258)
Other	—	(18)		—	(41)		—		—		(59)
Balance as of March 31, 2021	534	$	5,013	(30)	$	(902)	$	12,708	$	(542)	$	16,277

See Notes to Condensed Consolidated Financial Statements.

6

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2022		2021
OPERATING REVENUES	$	2,284	$	2,073
OPERATING EXPENSES
Energy Costs	968		849
Operation and Maintenance	463		424
Depreciation and Amortization	241		241
Total Operating Expenses	1,672		1,514
OPERATING INCOME	612		559
Net Gains (Losses) on Trust Investments	—		1
Other Income (Deductions)	19		28
Net Non-Operating Pension and OPEB Credits (Costs)	70		66
Interest Expense	(103)		(98)
INCOME BEFORE INCOME TAXES	598		556
Income Tax Benefit (Expense)	(89)		(79)
NET INCOME	$	509	$	477

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

7

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2022		2021
NET INCOME	$	509	$	477
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $1 and $1 for 2022 and 2021, respectively	(3)		(3)
COMPREHENSIVE INCOME	$	506	$	474

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

8

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	March 31, 2022		December 31, 2021
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	910	$	294
Accounts Receivable, net of allowance of $341 in 2022 and $325 in 2021	1,189		1,050
Unbilled Revenues, net of allowance of $10 in 2022 and $12 in 2021	198		217
Materials and Supplies, net	246		233
Prepayments	20		15
Regulatory Assets	368		364
Other	27		33
Total Current Assets	2,958		2,206
PROPERTY, PLANT AND EQUIPMENT	39,136		38,588
Less: Accumulated Depreciation and Amortization	(7,799)		(7,640)
Net Property, Plant and Equipment	31,337		30,948
NONCURRENT ASSETS
Regulatory Assets	3,671		3,605
Operating Lease Right-of-Use Assets	91		92
Long-Term Investments	175		181
Rabbi Trust Fund	39		43
Other	128		123
Total Noncurrent Assets	4,104		4,044
TOTAL ASSETS	$	38,399	$	37,198

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

9

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	March 31, 2022		December 31, 2021
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Accounts Payable	$	496	$	571
Accounts Payable—Affiliated Companies	420		418
Accrued Interest	114		107
Clean Energy Program	87		146
Obligation to Return Cash Collateral	384		179
Regulatory Liabilities	369		388
Other	421		376
Total Current Liabilities	2,291		2,185
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC	4,990		4,874
Regulatory Liabilities	2,522		2,497
Operating Leases	81		83
Asset Retirement Obligations	363		363
OPEB Costs	348		354
Accrued Pension Costs	105		132
Environmental Costs	184		191
Long-Term Accrued Taxes	6		6
Other	138		145
Total Noncurrent Liabilities	8,737		8,645
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11)
CAPITALIZATION
LONG-TERM DEBT	12,292		11,795
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2022 and 2021—132 shares	892		892
Contributed Capital	1,170		1,170
Basis Adjustment	986		986
Retained Earnings	12,033		11,524
Accumulated Other Comprehensive Income (Loss)	(2)		1
Total Stockholder’s Equity	15,079		14,573
Total Capitalization	27,371		26,368
TOTAL LIABILITIES AND CAPITALIZATION	$	38,399	$	37,198

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

10

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	509	$	477
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	241		241
Provision for Deferred Income Taxes and ITC	41		32
Non-Cash Employee Benefit Plan (Credits) Costs	(45)		(39)
Cost of Removal	(30)		(27)
Net Change in Regulatory Assets and Liabilities	(122)		(28)
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues	(120)		(39)
Materials and Supplies	(13)		(3)
Prepayments	(5)		(8)
Accounts Payable	(26)		(99)
Accounts Receivable/Payable—Affiliated Companies, net	86		9
Obligation to Return Cash Collateral	205		(4)
Other Current Assets and Liabilities	44		39
Employee Benefit Plan Funding and Related Payments	(3)		—
Other	(26)		(33)
Net Cash Provided By (Used In) Operating Activities	736		518
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(628)		(586)
Proceeds from Sales of Trust Investments	5		16
Purchases of Trust Investments	(4)		(10)
Solar Loan Investments	4		2
Other	2		4
Net Cash Provided By (Used In) Investing Activities	(621)		(574)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	—		(100)
Issuance of Long-Term Debt	500		900
Redemption of Long-Term Debt	—		(300)
Other	(5)		(8)
Net Cash Provided By (Used In) Financing Activities	495		492
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash	610		436
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	339		233
Cash, Cash Equivalents and Restricted Cash at End of Period	$	949	$	669
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	—	$	51
Interest Paid, Net of Amounts Capitalized	$	95	$	81
Accrued Property, Plant and Equipment Expenditures	$	245	$	218

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

11

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

Millions

(Unaudited)

	Common Stock		Contributed Capital		Basis Adjustment		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
											Total
Balance as of December 31, 2021	$	892	$	1,170	$	986	$	11,524	$	1	$	14,573
Net Income	—		—		—		509		—		509
Other Comprehensive Income (Loss), net of tax (expense) benefit of $1	—		—		—		—		(3)		(3)
Comprehensive Income											506
Balance as of March 31, 2022	$	892	$	1,170	$	986	$	12,033	$	(2)	$	15,079
Balance as of December 31, 2020	$	892	$	1,170	$	986	$	10,078	$	3	$	13,129
Net Income	—		—		—		477		—		477
Other Comprehensive Income (Loss), net of tax (expense) benefit of $1	—		—		—		—		(3)		(3)
Comprehensive Income											474
Balance as of March 31, 2021	$	892	$	1,170	$	986	$	10,555	$	—	$	13,603

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a carbon-free generation and infrastructure company. PSEG’s two reportable segments 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 an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. 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 Energy Holdings L.L.C. (Energy Holdings), which holds investments in offshore wind ventures and a legacy portfolio of lease investments; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

In August 2021, PSEG entered into two agreements to sell PSEG Power’s 6,750 megawatts (MW) fossil generating portfolio to newly formed subsidiaries of ArcLight Energy Partners Fund VII, L.P., a fund controlled by ArcLight Capital Partners, LLC. In February 2022, PSEG completed the sale of this fossil generating portfolio. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for more details on the transactions.

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, 2021.

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, 2021.

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, 2021) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	PSE&G		Other (A)		Consolidated
	Millions
As of December 31, 2021
Cash and Cash Equivalents	$	294	$	524	$	818
Restricted Cash in Other Current Assets	28		—		28
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	339	$	524	$	863
As of March 31, 2022
Cash and Cash Equivalents	$	910	$	693	$	1,603
Restricted Cash in Other Current Assets	22		—		22
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	949	$	693	$	1,642

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

Property, Plant and Equipment

In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units. While the NRC had previously granted the SLR to the Peach Bottom units, the NRC was responding to pending motions that had not previously been adjudicated. In its decision, the NRC concluded that the previous environmental review required by the National Environmental Policy Act (NEPA) was incomplete because it did not adequately address environmental impacts resulting from extending the units’ licenses by 20 years. As a result, at the direction of the NRC, the NRC staff changed the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NRC directed, however, that the subsequently renewed licenses themselves remain in effect. The NRC also stated that it fully expects that the staff will complete its update of the NEPA analysis before 2033. As such, at this time, PSEG has not adjusted the useful lives or the assumed shutdown probabilities assigned to the Asset Retirement Obligations (ARO) of the units as PSEG believes that the licenses will be updated to reflect the approved 2053 and 2054 expiration dates within the current license period. PSEG will continue to monitor this matter for further developments and any change to the estimated useful lives and ARO probabilities could have an adverse financial statement impact, which may be material.

Note 2. Recent Accounting Standards

New Standards Issued and Adopted

Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options—Accounting Standards Update (ASU) 2021-04

This accounting standard clarifies an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange. It provides guidance on how an issuer would determine whether it should recognize the modification or exchange as an adjustment to equity or an expense.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

Lessors-Certain Leases with Variable Lease Payments—ASU 2021-05

This accounting standard improves an area of the lease guidance related to a lessor’s accounting for certain leases with variable lease payments. It amends the lessor lease classification requirements and, as a result, a lessor is now required to classify and account for a lease with variable payments as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease and (ii) the lessor would have otherwise recognized a day-one loss. A day-one loss or profit is not recognized under operating lease accounting.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Government Assistance —Disclosures by Business Entities about Government Assistance—ASU 2021-10

This accounting standard increases transparency in financial reporting by requiring business entities to disclose, in notes to financial statements, certain information when they (i) have received government assistance and (ii) use a grant or contribution accounting model by analogy to other accounting guidance.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

New Standards Issued But Not Yet Adopted as of March 31, 2022

Business Combinations—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers—ASU 2021-08

This accounting standard amends the business combination guidance by requiring entities to apply the revenue recognition standard to recognize and measure contract assets and contract liabilities in a business combination.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied prospectively to business combinations occurring on or after the effective date of the amendments. PSEG is currently analyzing the impact of this standard on its financial statements.

Derivative and Hedging: Fair Value Hedging-Portfolio Layer Method—ASU 2022-01

This accounting standard amends the derivative and hedging guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard allows entities to expand their use of the portfolio layer method (previously known as the last of layer method) for fair value hedges of interest rate risk. Under this guidance, entities can now hedge all financial assets under the portfolio layer method and designate multiple hedged layers within a single closed portfolio. The standard also clarifies the accounting for fair value hedge basis adjustments in portfolio layer hedges and how these adjustments should be disclosed.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied: (i) prospectively to designation of multiple hedged layers of a single closed portfolio, (ii) on a modified retrospective basis for amendments related to hedge basis adjustments under the portfolio layer method, and (iii) on a prospective or retrospective basis for the amendments related to disclosures. PSEG is currently analyzing the impact of this standard on its financial statements.

Financial Instruments—Credit Losses: Troubled Debt Restructurings and Vintage Disclosures—ASU 2022-02

This accounting standard eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit losses guidance and enhances the disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. It also amends the guidance on vintage disclosures to require disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied prospectively, except for the transition method related to the recognition and measurement of troubled debt restructurings where there is an option to apply a modified retrospective transition method. PSEG is currently analyzing the impact of this standard on its financial statements.

Note 3. Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries 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

15

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

Other

Revenues from Contracts with Customers

Electricity and Related Products—Wholesale load contracts have been executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits 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 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.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 and Impairments 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.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

Prior to the sale of Solar Source in June 2021, PSEG Power entered into bilateral contracts to sell solar power and solar renewable energy certificates (SRECs) from its solar facilities. Contract terms ranged from 15 to 30 years. The performance

16

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

obligations were generally solar power and SRECs which were transferred to customers upon generation. Revenue was 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. Prior to the sale of Solar Source, PSEG Power was also a party to solar contracts that qualified as leases and were accounted for in accordance with lease accounting guidance. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

	PSE&G		Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2022
Revenues from Contracts with Customers
Electric Distribution	$	720	$	—	$	—	$	720
Gas Distribution	1,047		—		(1)		1,046
Transmission	392		—		—		392
Electricity and Related Product Sales
PJM
Third-Party Sales	—		582		—		582
Sales to Affiliates	—		56		(56)		—
New York ISO	—		88		—		88
ISO New England	—		86		—		86
Gas Sales
Third-Party Sales	—		136		—		136
Sales to Affiliates	—		526		(526)		—
Other Revenues from Contracts with Customers (B)	85		146		(1)		230
Total Revenues from Contracts with Customers	2,244		1,620		(584)		3,280
Revenues Unrelated to Contracts with Customers (C)	40		(1,007)		—		(967)
Total Operating Revenues	$	2,284	$	613	$	(584)	$	2,313

17

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	PSE&G		Other (A)		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 (B)	75		151		(1)		225
Total Revenues from Contracts with Customers	2,077		1,279		(502)		2,854
Revenues Unrelated to Contracts with Customers (C)	(4)		39		—		35
Total Operating Revenues	$	2,073	$	1,318	$	(502)	$	2,889

(A)Other consists of revenues at PSEG Power, Energy Holdings and PSEG LI.

(B)Includes primarily revenues from appliance repair services and the sale of SRECs at auction at PSE&G, PSEG Power’s energy management fee with LIPA and PSEG LI’s OSA with LIPA in Other. Other also includes PSEG Power’s solar power projects in 2021.

(C)Includes primarily alternative revenues at PSE&G, derivative contracts 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, 2022 and December 31, 2021. 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 20% and 21% of accounts receivable (including unbilled revenues) as of March 31, 2022 and December 31, 2021, 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, 2022. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. As of March 31, 2022, PSE&G has a deferred balance of $145 million from electric bad debts recorded as a Regulatory Asset. In addition, PSE&G has deferred incremental gas bad debt expense of $66 million as a Regulatory Asset for future regulatory recovery due to the impact of the ongoing pandemic. See Note 6. Rate Filings for additional information.

18

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2022 and 2021:

		2022		2021
		Millions
Balance at Beginning of Year		$	337	$	206
Utility Customer and Other Accounts
	Provision	33		44
	Write-offs, net of Recoveries of $8 million and $2 million in 2022 and 2021, respectively	(19)		(11)
Balance at End of Period		$	351	$	239

Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2022 and December 31, 2021.

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, 2022 or December 31, 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of March 31, 2022 and December 31, 2021.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records 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:

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 was held in June 2021 and the 2023/2024 auction will be held in June 2022. 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 2021 to May 2022	$142	3,700
June 2022 to May 2023	$97	3,300

Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $56 million.

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2022 is approximately $40 million and is updated each year based on the change in the Consumer Price Index.

19

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 4. Early Plant Retirements/Asset Dispositions and Impairments

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 receiving 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 an additional three years starting June 2022. The terms and conditions of this April 2021 ZEC award are the same as 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 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.

In May 2021, the New Jersey Rate Counsel filed an appeal with the New Jersey Appellate Division of the BPU’s April 2021 decision. 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 and will incur associated costs and accounting charges. These may include, among other things, one-time impairment charges or accelerated Depreciation and Amortization Expense on the remaining carrying value of the plants, potential penalties associated with the early termination of capacity obligations and fuel contracts, accelerated asset retirement costs, severance costs, environmental remediation costs and, in certain circumstances potential additional funding of the Nuclear Decommissioning Trust Fund, which would result in a material adverse impact on PSEG’s results of operations.

Non-Nuclear

In August 2021, PSEG entered into two agreements to sell PSEG Power’s 6,750 MW fossil generating portfolio, one agreement for the sale of assets in New Jersey and Maryland and another agreement for the sale of assets located in New York and Connecticut, to newly formed subsidiaries of ArcLight Energy Partners Fund VII, L.P., a fund controlled by ArcLight Capital Partners, LLC for aggregate consideration of approximately $1,920 million. In February 2022, PSEG completed the sale of this fossil generating portfolio. PSEG Power has retained ownership of certain assets and liabilities excluded from the transactions primarily related to obligations under certain environmental regulations, including possible remediation obligations under the New Jersey Industrial Site Recovery Act and the Connecticut Transfer Act. The amounts for any such environmental remediation are not currently estimable, but may be material.

In 2021, PSEG had recorded a pre-tax impairment loss on sale of approximately $2,691 million as the purchase price was lower than the carrying value. As defined in each agreement, further adjustments were required as a result of purchase price and working capital adjustments, including an adjustment for positive or negative cash flow of the fossil generating assets based on actual performance starting after December 31, 2021 through the respective closing dates. As a result, in 2022, PSEG Power recorded an additional pre-tax impairment of approximately $43 million. Further amounts may be recorded as a result of any

20

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

additional purchase price or working capital adjustments as defined in each agreement; however, these adjustments are not expected to be material.

Note 5. Variable Interest Entities (VIEs)

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 for each of the three months ended March 31, 2022 and 2021 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.

VIE for which PSEG is not the Primary Beneficiary

PSEG holds a 25% equity interest in Ocean Wind JV HoldCo, LLC (OWH), which holds the Ocean Wind 1 project that is expected to achieve full commercial operation in 2025. OWH is considered a VIE since its equity investments at risk are not sufficient to permit this entity to finance its activities without additional subordinated financial support. Since PSEG does not have voting control or the power to direct the activities of OWH that most significantly impact its economic performance, PSEG has determined that it is not the primary beneficiary and therefore accounts for this investment under the equity method. As of March 31, 2022 and December 31, 2021, PSEG’s carrying amount of its investment in OWH was $124 million and $111 million, respectively, which is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. PSEG’s maximum exposure to loss is limited to the carrying amount of its investment and additional planned funding of approximately $250 million to support continued project development to its final investment decision.

Note 6. 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, 2021.

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:

Basic Generation Service (BGS)—In January 2022, the BPU approved changes to BGS rates as a result of the FERC-approved changes to transmission charges, primarily as a result of the decrease in PSE&G’s transmission formula rate return on equity. PSE&G’s BGS customers are being credited over a 12-month period effective February 1, 2022.

BGSS—In April 2022, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of approximately 41 cents per therm which had been provisionally approved effective February 1, 2022.

Clean Energy Future (CEF)-Energy Cloud (EC) or Advanced Metering Infrastructure (AMI) Initiative—As a result of PSE&G’s approved CEF-EC filing in 2021 to provide smart meters to its electric customers, PSE&G expects to retire most of its current solid state electric meters by the end of 2024. As of March 31, 2022 and December 31, 2021, the net book value of these meters was $188 million and $192 million, respectively. The filing also approved the recovery of and on the stranded costs associated with the retirement of the existing meters.

21

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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, 2022 of approximately $120 million for net incremental costs, including $66 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 2022, PSE&G updated its pending Energy Strong II petition to request a change in its previously filed electric revenue requirement. The updated petition seeks annual electric and gas revenue increases of $17 million and $1 million, respectively, with rates effective no earlier than May 1, 2022. This matter is pending.

Gas System Modernization Program (GSMP II)—In March 2022, PSE&G updated its petition previously filed in December 2021 seeking BPU approval to recover in gas base rates an annual revenue increase of approximately $25 million effective June 1, 2022 representing the return on and of GSMP II investments placed in service through February 2022.

Remediation Adjustment Charge (RAC)—In March 2022, PSE&G filed its RAC 29 petition with the BPU seeking recovery of $44 million of net Manufactured Gas Plant (MGP) remediation expenditures incurred from August 1, 2020 through July 31, 2021. This matter is pending.

ZEC Program—In April 2022, the BPU approved PSE&G’s petition to refund a total of $4 million, including interest, for overcollections resulting from the ZEC program for the energy year ended May 31, 2021.

Note 7. Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years.

Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable.

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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million.

The following is the operating lease income for the three months ended March 31, 2022 and 2021:

Operating Lease Income
	Millions
Three Months Ended March 31, 2022
Fixed Lease Income	$	8
Variable Lease Income	—
Total Operating Lease Income	$	8
Three Months Ended March 31, 2021
Fixed Lease Income	$	5
Variable Lease Income	5
Total Operating Lease Income	$	10

22

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 8. 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, 2022, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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, 2022		December 31, 2021
	Millions
Commercial/Industrial	$	113	$	116
Residential	5		5
Total	118		121
Current Portion (included in Accounts Receivable)	(30)		(29)
Noncurrent Portion (included in Long-Term Investments)	$	88	$	92

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2022		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	14	prior to 2013	10 years	15 years
Solar Loan II	55		prior to 2015	10 years	15 years
Solar Loan III	49		largely funded as of March 31, 2022	10 years	10 years
Total	$	118

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, 2022 and have an average remaining life of approximately four years. There are no remaining residential loans outstanding under the Solar Loan 1 program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in assets subject 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, 2022 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2022 and December 31, 2021.

23

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of
	March 31, 2022		December 31, 2021
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	249	$	274
Unearned and Deferred Income	(84)		(87)
Gross Investments in Leases	165		187
Deferred Tax Liabilities	(40)		(42)
Net Investments in Leases	$	125	$	145

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 Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2022
	As of March 31, 2022
	Millions
AA	$	8
A-	47
BBB+ to BBB	194
Total	$	249

PSEG recorded no credit losses for the leveraged leases existing on March 31, 2022. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

Note 9. 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.

24

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	496	$	326	$	(3)	$	819
International	333		98		(18)		413
Total Equity Securities	829		424		(21)		1,232
Available-for-Sale Debt Securities
Government	676		2		(38)		640
Corporate	649		3		(35)		617
Total Available-for-Sale Debt Securities	1,325		5		(73)		1,257
Total NDT Fund Investments (A)	$	2,154	$	429	$	(94)	$	2,489

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of March 31, 2022, which is part of the NDT Fund.

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	491	$	363	$	(3)	$	851
International	346		119		(15)		450
Total Equity Securities	837		482		(18)		1,301
Available-for-Sale Debt Securities
Government	683		12		(8)		687
Corporate	637		16		(6)		647
Total Available-for-Sale Debt Securities	1,320		28		(14)		1,334
Total NDT Fund Investments (A)	$	2,157	$	510	$	(32)	$	2,635

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2021, which is part of the NDT Fund.

Net unrealized losses on debt securities of $(40) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2022. The portion of net unrealized losses recognized in the first three months of 2022 related to equity securities still held as of March 31, 2022 was $(47) 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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	18	$	11
Accounts Payable	$	10	$	11

25

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	62	$	(3)	$	—	$	—	$	69	$	(3)	$	—	$	—
International	91		(15)		9		(3)		76		(13)		9		(2)
Total Equity Securities	153		(18)		9		(3)		145		(16)		9		(2)
Available-for-Sale Debt Securities
Government (B)	448		(26)		118		(12)		332		(5)		67		(3)
Corporate (C)	420		(26)		74		(9)		306		(4)		30		(2)
Total Available-for-Sale Debt Securities	868		(52)		192		(21)		638		(9)		97		(5)
NDT Trust Investments	$	1,021	$	(70)	$	201	$	(24)	$	783	$	(25)	$	106	$	(7)

(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.

26

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

	Three Months Ended
	March 31,
	2022		2021
	Millions
Proceeds from NDT Fund Sales (A)	$	473	$	597
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	29	$	79
Gross Realized Losses	(34)		(15)
Net Realized Gains (Losses) on NDT Fund (B)	(5)		64
Net Unrealized Gains (Losses) on Equity Securities	(61)		(7)
Net Gains (Losses) on NDT Fund Investments	$	(66)	$	57

(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.

The NDT Fund debt securities held as of March 31, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	324
6 - 10 years	226
11 - 15 years	70
16 - 20 years	109
Over 20 years	508
Total NDT Available-for-Sale Debt Securities	$	1,257

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.

27

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of March 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	15	$	10	$	—	$	25
Available-for-Sale Debt Securities
Government	111		—		(8)		103
Corporate	96		1		(6)		91
Total Available-for-Sale Debt Securities	207		1		(14)		194
Total Rabbi Trust Investments	$	222	$	11	$	(14)	$	219

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	12	$	—	$	26
Available-for-Sale Debt Securities
Government	107		1		(1)		107
Corporate	105		5		(1)		109
Total Available-for-Sale Debt Securities	212		6		(2)		216
Total Rabbi Trust Investments	$	226	$	18	$	(2)	$	242

Net unrealized losses on debt securities of $(10) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2022. The portion of net unrealized losses recognized during the first three months of 2022 related to equity securities still held as of March 31, 2022 was $(1) million.

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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	2	$	1
Accounts Payable	$	—	$	—

28

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	86	$	(6)	$	15	$	(2)	$	57	$	—	$	16	$	(1)
Corporate (B)	64		(5)		6		(1)		40		(1)		5		—
Total Available-for-Sale Debt Securities	150		(11)		21		(3)		97		(1)		21		(1)
Rabbi Trust Investments	$	150	$	(11)	$	21	$	(3)	$	97	$	(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,
	2022		2021
	Millions
Proceeds from Rabbi Trust Sales	$	28	$	65
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	5
Gross Realized Losses	(2)		(2)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		3
Net Unrealized Gains (Losses) on Equity Securities	(1)		—
Net Gains (Losses) on Rabbi Trust Investments	$	(2)	$	3

(A)The cost of these securities was determined on the basis of specific identification.

29

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Rabbi Trust debt securities held as of March 31, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	—
1 - 5 years	35
6 - 10 years	26
11 - 15 years	8
16 - 20 years	21
Over 20 years	104
Total Rabbi Trust Available-for-Sale Debt Securities	$	194

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 PSEG and PSE&G is detailed as follows:

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
PSE&G	$	39	$	43
Other	180		199
Total Rabbi Trust Investments	$	219	$	242

Note 10. 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 and PSE&G 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 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 credits 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.

30

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	35	$	38	$	2	$	2
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	42		35		6		5
Expected Return on Plan Assets	(121)		(119)		(11)		(10)
Amortization of Net
Prior Service Credit	—		—		(32)		(32)
Actuarial Loss	15		26		4		11
Non-Service Components of Pension and OPEB (Credits) Costs	(64)		(58)		(33)		(26)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

Pension and OPEB credits for PSEG and PSE&G are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	Millions
PSE&G	$	(18)	$	(16)	$	(27)	$	(23)
Other	(11)		(4)		(4)		(1)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

PSEG does not plan to contribute to its pension and OPEB plans in 2022.

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 Entities. 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’s pension-related revenues and costs were $8 million and $9 million for the three months ended March 31, 2022 and 2021, respectively. The OPEB-related revenues earned and costs incurred were $2 million and $3 million for the three months ended March 31, 2022 and 2021, respectively.

Servco plans to contribute $30 million into its pension plan during 2022.

Note 11. 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.

31

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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, 2022 and December 31, 2021.

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
Face Value of Outstanding Guarantees	$	1,914	$	1,959
Exposure under Current Guarantees	$	188	$	176
Letters of Credit Margin Posted	$	83	$	80
Letters of Credit Margin Received	$	21	$	242
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	32	$	60
Counterparty Cash Collateral Received	$	(1)	$	(1)
Net Broker Balance Deposited (Received)	$	1,496	$	785
Additional Amounts Posted
Other Letters of Credit	$	82	$	67

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.

32

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 September 2021, the EPA 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 October 2021, the EPA announced a Record of Decision (ROD) outlining its selection of an adaptive management scenario for the upper 9 miles from the options presented in the FS (the Upper 9 ROD Remedy). Specifically, the Upper 9 ROD Remedy calls for dredging and capping contaminated sediments from certain areas of the upper 9 miles at an estimated cost of $550 million, and then assessing the results. Based on the results, the EPA may determine that additional remediation work will be required in the future.

Separately, the EPA has released a ROD for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (the Lower 8.3 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. The allocation currently involves settlement discussions among various parties and the EPA. Certain parties have announced a settlement in principle with the EPA, but the identity of the parties and the terms of the settlement in principle are unknown. It is also unknown whether the settlement in principle will be successfully consummated. PSE&G and PSEG Power were not included in the settlement in principle, but the EPA sent PSE&G, Occidental Chemical Corporation, and several other PRPs a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. Depending on the parties’ response, the EPA may commence the remediation itself and seek to recover the costs from PSE&G or others, or it may take enforcement action to compel PSE&G or others to fund or participate in the remediation. PSE&G is currently evaluating its response, and cannot predict the EPA’s actions or their impact on PSE&G.

Occidental Chemical Corporation has commenced the design of the Lower 8.3 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, 2022, PSEG has approximately $66 million accrued for this matter. Of this amount, PSE&G has an Environmental Costs Liability of $53 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

33

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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.

Hackensack River

In March 2022, the EPA announced it had nominated the Hackensack River for inclusion on the list of federal Superfund sites. The EPA’s nomination is subject to public review and comment. The ultimate impact of this action on PSE&G and PSEG Power is currently unknown, but could be material.

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, 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 $221 million and $249 million on an undiscounted basis, including its $53 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 $221 million as of March 31, 2022. Of this amount, $40 million was recorded in Other Current Liabilities and $181 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $221 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 in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any 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. 

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

34

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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.

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 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 became the responsibility of the New Jersey EDCs, and is no longer 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 had 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, 2022 is $276.26 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2022 of $351.06 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
	2019	2020	2021	2022
36-Month Terms Ending	May 2022	May 2023	May 2024	May 2025	(A)
Load (MW)	2,800	2,800	2,900	2,800
$ per MWh	$98.04	$102.16	$64.80	$76.30

(A)Prices set in the 2022 BGS auction will become effective on June 1, 2022 when the 2019 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

35

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

estimated uranium, enrichment and fabrication requirements through 2022 and a significant portion through 2023 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.

As of March 31, 2022, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2026
	Millions
Nuclear Fuel
Uranium	$	318
Enrichment	$	314
Fabrication	$	183
Natural Gas	$	1,248

Pending FERC Matter

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. We are unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

Pending Tropical Storm Matter

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. In June 2021, LIPA and PSEG LI executed a non-binding term sheet, which is expected to guide amendments to the OSA. The term sheet includes several changes to the OSA, including shifting a portion of PSEG LI’s fixed revenues to incentive compensation and subjecting a portion of revenue to the potential imposition of penalties by the Department of Public Service (DPS) within the New York State Public Service Commission due to certain performance failures by PSEG LI, and resolves all of LIPA’s claims related to Tropical Storm Isaias and the DPS investigation. An amended OSA based on the term sheet was agreed to by both parties and approved by the LIPA Board in December 2021. In January 2022, the New York Attorney General approved the amended OSA and on April 1, 2022 the New York Comptroller approved the amended OSA. As a result, the amended OSA is effective and is of retroactive effect to January 1, 2022 for purposes of compensation. The OSA contract term continues through 2025, but can be extended for five years subject to a mutual agreement of the parties.

BPU Audit of PSE&G

In September 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. 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. The audit officially began in late May 2021 and is in the data collection phase. 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

36

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 and PSE&G 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 or PSE&G’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 or PSE&G’s results of operations or liquidity for any particular reporting period.

Ongoing Coronavirus Pandemic

The ongoing coronavirus ( COVID-19) pandemic and associated government actions and economic effects continue to impact our businesses. PSEG and its subsidiaries have incurred additional expenses to protect our employees and customers, and PSE&G is experiencing significantly higher bad debts and lower cash collections from customers due to the moratorium on shutoffs for residential customers that was extended through March 15, 2022. Although collections and shut-offs re-commenced in mid-March 2022, in late March 2022, New Jersey passed legislation that provides protection from shut-offs to customers who apply for payment assistance programs by June 15, 2022. Those applying for assistance will be protected from shut-offs while awaiting their application determination. PSE&G has deferred the impact of the COVID-19 costs for future recovery. The potential future impact of the pandemic and the associated economic impacts, which could extend beyond the duration of the pandemic, could have risks that drive certain accounting considerations. The ultimate impact of the ongoing coronavirus pandemic is highly uncertain and cannot be predicted at this time.

Note 12. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2022:

PSE&G

•issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032.

PSEG Power

•entered into a $1.25 billion variable rate term loan agreement due March 2025.

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.

In March 2022, PSEG and PSEG Power amended and consolidated revolving credit agreements with total borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 2027 and provides for $2.75 billion of credit capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. Sub-limits can be adjusted subject to the terms of

37

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

the Master Credit Facility. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. In March 2022, PSE&G amended its existing $600 million revolving credit agreement to extend the maturity through March 2027 and provide for $1.0 billion of credit capacity.

The commitments under the $3.9 billion credit facilities are provided by a diverse bank group. As of March 31, 2022, the total available credit capacity was $3.2 billion.

As of March 31, 2022, no single institution represented more than 8% of the total commitments in the credit facilities.

As of March 31, 2022, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12 month planning horizon.

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, 2022 were as follows:

	As of March 31, 2022
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	428	$	1,072	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	428	$	1,072
PSE&G
Revolving Credit Facility	$	1,000	$	18	$	982	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	18	$	982
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	79	$	1,171	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		83		17		Sept 2023	Letters of Credit
Total PSEG Power	$	1,350	$	162	$	1,188
Total	$	3,850	$	608	$	3,242

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power.

(B)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, 2022, PSEG had $426 million outstanding at a weighted average interest rate of 0.44%. PSE&G had no Commercial Paper outstanding as of March 31, 2022.

In April 2022, PSEG Power entered into two $100 million letter of credit facilities expiring in April 2024 and 2025, respectively.

Net Cash Collateral Postings

During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in PSEG Power’s daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $1.5 billion at the end of March 2022. Subsequent to March 2022, collateral postings continued to increase and PSEG Power continued to experience significantly higher variation in its daily collateral requirements. Net cash collateral postings were $2.6 billion at the end of April 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil and the closing of a $1.25 billion term loan at PSEG Power have increased PSEG Power’s available liquidity to help support its current collateral requirements in 2022.

38

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Short-Term Loans

PSEG

In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG repaid the $750 million term loan due in May 2022.

In April 2022, PSEG entered into a 364-day variable rate term loan agreement for $1.5 billion.

Note 13. 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 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, natural gas 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, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use 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. There were no outstanding interest rate hedges as of March 31, 2022 and December 31, 2021.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(5) million and $(6) million as of March 31, 2022 and December 31, 2021, 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. For additional information see Note 14. Fair Value Measurements.

Substantially all 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, 2022 and December 31, 2021. The following tabular disclosure does not include the offsetting of trade receivables and payables.

39

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of March 31, 2022
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	2,228	$	(2,084)	$	144
Noncurrent Assets	816		(767)		49
Total Mark-to-Market Derivative Assets	$	3,044	$	(2,851)	$	193
Derivative Contracts
Current Liabilities	$	(3,051)	$	2,892	$	(159)
Noncurrent Liabilities	(1,303)		1,280		(23)
Total Mark-to-Market Derivative (Liabilities)	$	(4,354)	$	4,172	$	(182)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(1,310)	$	1,321	$	11

	As of December 31, 2021
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	816	$	(744)	$	72
Noncurrent Assets	546		(518)		28
Total Mark-to-Market Derivative Assets	$	1,362	$	(1,262)	$	100
Derivative Contracts
Current Liabilities	$	(1,055)	$	1,038	$	(17)
Noncurrent Liabilities	(856)		839		(17)
Total Mark-to-Market Derivative (Liabilities)	$	(1,911)	$	1,877	$	(34)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(549)	$	615	$	66

(A)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, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $1,527 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,321 million and $615 million as of March 31, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,321 million as of March 31, 2022, $(22) million was netted against current assets, $(15) million was netted against noncurrent assets, $830 million was netted against current liabilities and $528 million was netted against noncurrent liabilities. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against noncurrent assets, $323 million was netted against current liabilities and $335 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 two level downgrade from its current Moody’s and S&P ratings. This incremental collateral

40

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 $206 million as of March 31, 2022 and $75 million as of December 31, 2021. As of March 31, 2022 and December 31, 2021, PSEG Power had the contractual right of offset of $28 million and $29 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 $178 million and $46 million as of March 31, 2022 and December 31, 2021, 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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2022 and 2021:

Derivatives in Cash Flow Hedging Relationships	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
	March 31,					March 31,
	2022		2021			2022		2021
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(1)	$	(1)
Total PSEG	$	—	$	—		$	(1)	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2022 and 2021, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the 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, 2020	$	(13)	$	(9)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	4		3
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	1		1
Balance as of March 31, 2022	$	(8)	$	(5)

41

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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, 2022 and 2021, 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 Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended
		March 31,
		2022		2021
		Millions
Energy-Related Contracts	Operating Revenues	$	(1,044)	$	(46)
Energy-Related Contracts	Energy Costs	—		6
Total		$	(1,044)	$	(40)

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2022 and December 31, 2021.

		As of	As of
Type	Notional	March 31, 2022	December 31, 2021
		Millions
Natural Gas	Dekatherm (Dth)	53	47
Electricity	MWh	(75)	(76)
Financial Transmission Rights (FTRs)	MWh	18	27

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’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, 2022. 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, 2022, 96% 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 Exposure		Securities Held as Collateral		Net Exposure		Number of Counterparties >10%	Net Exposure of Counterparties >10% (A)
	Millions							Millions
Investment Grade	$	270	$	9	$	261	1	$	148
Non-Investment Grade	14		2		12		—	—
Total	$	284	$	11	$	273	1	$	148

(A)Represents net exposure of $148 million with PSE&G.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As of March 31, 2022, collateral held from counterparties where PSEG Power had credit exposure included $11 million in letters of credit.

As of March 31, 2022, PSEG Power had 102 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, 2022, PSEG held parental guaranties, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2022, PSE&G had credit exposure of $179 million with its suppliers. PSE&G had no credit exposure with 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.

Note 14. 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 and PSE&G 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.

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, 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.

43

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Recurring Fair Value Measurements as of March 31, 2022
Description	Total		Netting (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,535	$	—	$	1,535	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	193	$	(2,851)	$	25	$	3,018	$	1
NDT Fund (C)
Equity Securities	$	1,232	$	—	$	1,232	$	—	$	—
Debt Securities—U.S. Treasury	$	289	$	—	$	—	$	289	$	—
Debt Securities—Govt Other	$	351	$	—	$	—	$	351	$	—
Debt Securities—Corporate	$	617	$	—	$	—	$	617	$	—
Rabbi Trust (C)
Equity Securities	$	25	$	—	$	25	$	—	$	—
Debt Securities—U.S. Treasury	$	71	$	—	$	—	$	71	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	91	$	—	$	—	$	91	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(182)	$	4,172	$	(58)	$	(4,288)	$	(8)
PSE&G
Assets:
Cash Equivalents (A)	$	875	$	—	$	875	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	16	$	—	$	—	$	16	$	—

44

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Recurring Fair Value Measurements as of December 31, 2021
Description	Total		Netting  (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	615	$	—	$	615	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	100	$	(1,262)	$	25	$	1,336	$	1
NDT Fund (C)
Equity Securities	$	1,301	$	—	$	1,301	$	—	$	—
Debt Securities—U.S. Treasury	$	314	$	—	$	—	$	314	$	—
Debt Securities—Govt Other	$	373	$	—	$	—	$	373	$	—
Debt Securities—Corporate	$	647	$	—	$	—	$	647	$	—
Rabbi Trust (C)
Equity Securities	$	26	$	—	$	26	$	—	$	—
Debt Securities—U.S. Treasury	$	73	$	—	$	—	$	73	$	—
Debt Securities—Govt Other	$	34	$	—	$	—	$	34	$	—
Debt Securities—Corporate	$	109	$	—	$	—	$	109	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(34)	$	1,877	$	(26)	$	(1,880)	$	(5)
PSE&G
Assets:
Cash Equivalents (A)	$	250	$	—	$	250	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	5	$	—	$	5	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	19	$	—	$	—	$	19	$	—

(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 foreign currency of $2 million in the NDT Fund as of March 31, 2022 and December 31, 2021. 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

45

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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. 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.

As of March 31, 2022, PSEG carried $4.3 billion of net assets that are measured at fair value on a recurring basis, of which $7 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

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 and are considered immaterial.

There were no transfers to or from Level 3 during the three months ended March 31, 2022 and 2021, respectively.

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, 2022 and December 31, 2021 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,126	$	3,964	$	4,124	$	4,172
PSE&G (A)	12,292		12,432		11,795		13,374
PSEG Power (B)	1,250		1,250		—		—
Total Long-Term Debt	$	17,668	$	17,646	$	15,919	$	17,546

(A)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed

46

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

Note 15. Other Income (Deductions)

	PSE&G		Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2022
NDT Fund Interest and Dividends	$	—	$	14	$	14
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other	1		(1)		—
Total Other Income (Deductions)	$	19	$	(14)	$	5
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		—		2
Total Other Income (Deductions)	$	28	$	(3)	$	25

(A)Other consists of activity at PSEG (as parent company), PSEG Power, Energy Holdings, Services, PSEG LI and intercompany eliminations.

47

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 16. Income Taxes

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSEG	March 31,
	2022			2021
	Millions
Pre-Tax Income (Loss)	$	(154)		$	765
Tax Computed at Statutory Rate @ 21%	$	(32)		$	161
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(29)			41
NDT Fund	(6)			8
Audit Settlement	—			(7)
Green Program Recovery Charges (GPRC)-CEF-Energy Efficiency (EE)	(6)			(1)
Tax Adjustment Credit (TAC)	(73)			(78)
Other	(6)			(7)
Subtotal	(120)			(44)
Total Income Tax Expense (Benefit)	$	(152)		$	117
Effective Income Tax Rate	98.7		%	15.3		%

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSE&G	March 31,
	2022			2021
	Millions
Pre-Tax Income	$	598		$	556
Tax Computed at Statutory Rate @ 21%	$	126		$	117
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(6)			(1)
TAC	(73)			(78)
Other	1			3
Subtotal	(37)			(38)
Total Income Tax Expense (Benefit)	$	89		$	79
Effective Income Tax Rate	14.9		%	14.2		%

PSEG expects that a prolonged economic recovery may result in additional federal and state tax legislation that can have a material impact on PSEG’s and PSE&G’s effective tax rate and cash tax position.

Amounts recorded under the Tax Cuts and Jobs Act of 2017 and Coronavirus Aid, Relief, and Economic Security Act are subject to change based on several factors, including whether the Internal Revenue Service or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s and PSE&G’s financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As of March 31, 2022, PSE&G had a $7 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. PSEG had a $46 million state NOL due to the sale of PSEG Power’s fossil generating portfolio that is expected to be fully realized in the future.

Note 17. Accumulated Other Comprehensive Income (Loss), Net of Tax

PSEG
	Three Months Ended March 31, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2021	$	(6)	$	(355)	$	11	$	(350)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(65)		(65)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		—		4		5
Net Current Period Other Comprehensive Income (Loss)	1		—		(61)		(60)
Balance as of March 31, 2022	$	(5)	$	(355)	$	(50)	$	(410)
	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)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

PSEG		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended
		March 31, 2022
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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)	(5)		1		(4)
Total Pension and OPEB Plans		—		—		—
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(6)		2		(4)
Total Available-for-Sale Debt Securities		(6)		2		(4)
Total		$	(7)	$	2	$	(5)

PSEG		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended
		March 31, 2021
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 18. Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income (Loss)	$	(2)	$	(2)	$	648	$	648
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	501		501		504		504
Effect of Stock Based Compensation Awards	—		—		—		3
Total Shares	501		501		504		507
EPS
Net Income (Loss)	$	0.00	$	0.00	$	1.29	$	1.28

Approximately 3 million potentially dilutive shares were excluded from total shares used to calculate the diluted loss per share for the three months ended March 31, 2022 as their impact was antidilutive.

In 2021, the Board of Directors authorized senior management to implement a $500 million share repurchase program. In December 2021, under this authorization PSEG entered into an open market share repurchase plan for $250 million of our common shares that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. There were no common share repurchases during the fourth quarter of 2021. During January and through February 16, 2022, PSEG purchased the full $250 million of common shares under the open market share repurchase plan.

In March 2022, PSEG entered into a Master Confirmation and Supplemental Confirmation with an investment banking firm to effect an accelerated share repurchase agreement (ASR Agreement) of $250 million of shares of PSEG’s outstanding Common Stock. The share repurchases pursuant to the ASR Agreement will be completed under PSEG’s current share repurchase authorization. Under the ASR Agreement, PSEG received initial delivery of approximately 3.0 million shares of Common Stock in mid-March, representing approximately 80% of the total number of shares of Common Stock initially underlying the ASR Agreement, based on the closing price of the Common Stock of $65.72 on March 11, 2022. The total number of shares that PSEG will repurchase under the ASR Agreement will be based on the volume-weighted average price of the Common Stock during the term of the ASR Agreement, less a discount, and subject to potential adjustments pursuant to the terms and conditions of the ASR Agreement. The ASR Agreement provides that final settlement of the shares of Common Stock repurchased under the ASR Agreement will generally occur in June 2022, unless the scheduled termination date of the ASR Agreement is accelerated. If the final settlement is in PSEG’s favor, the obligations to PSEG will be satisfied by delivery of additional shares of PSEG’s Common Stock and cash payment for any fractional shares. If final settlement is in the investment banking firm’s favor, PSEG’s obligations will be satisfied by delivery of either cash or shares of PSEG’s Common Stock at PSEG’s election.

Dividends

	Three Months Ended
	March 31,
Dividend Payments on Common Stock	2022		2021
Per Share	$	0.54	$	0.51
In Millions	$	271	$	258

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

On April 19, 2022, PSEG’s Board of Directors approved a $0.54 per share common stock dividend for the second quarter of 2022.

Note 19. Financial Information by Business Segment

	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Three Months Ended March 31, 2022
Operating Revenues	$	2,284	$	460	$	153	$	(584)	$	2,313
Net Income (Loss)	509		(519)		8		—		(2)
Gross Additions to Long-Lived Assets	628		56		2		—		686
Three Months Ended March 31, 2021
Operating Revenues	$	2,073	$	1,167	$	151	$	(502)	$	2,889
Net Income (Loss)	477		161		10		—		648
Gross Additions to Long-Lived Assets	586		46		1		—		633
As of March 31, 2022
Total Assets	$	38,399	$	7,536	$	3,135	$	(1,296)	$	47,774
Investments in Equity Method Subsidiaries	$	—	$	65	$	124	$	—	$	189
As of December 31, 2021
Total Assets	$	37,198	$	9,777	$	5,150	$	(3,126)	$	48,999
Investments in Equity Method Subsidiaries	$	—	$	62	$	111	$	—	$	173

(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.

(B)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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 20. 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		2022		2021
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	580	$	495
Administrative Billings from Services (B)		99		87
Total Billings from Affiliates		$	679	$	582

	As of		As of
Related-Party Transactions	March 31, 2022		December 31, 2021
	Millions
Payable to PSEG Power (A)	$	195	$	244
Payable to Services (B)	87		111
Payable to PSEG (C)	138		63
Accounts Payable—Affiliated Companies	$	420	$	418
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	6	$	6

(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 at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(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 has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

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ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

This combined MD&A is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is filed by such company on its own behalf.

PSEG’s business consists of two reportable segments, PSE&G and PSEG Power LLC (PSEG Power), our principal direct wholly owned subsidiaries, which are:

•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, and

•PSEG Power—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. 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 Energy Holdings L.L.C. (Energy Holdings), which holds our investments in offshore wind ventures and legacy portfolio of lease investments; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

Our business discussion in Part I, Item 1. Business of our 2021 Annual Report on 10-K (Form 10-K) provides a review of the regions and markets where we operate and compete, as well as our strategy for conducting our businesses within these markets, focusing on operational excellence, financial strength and making disciplined investments. Our risk factor discussion in Part I, Item 1A. Risk Factors of Form 10-K provides information about factors that could have a material adverse impact on our businesses. The following supplements that discussion and the discussion included in the Executive Overview of 2021 and Future Outlook provided in Item 7 in our Form 10-K by describing significant events and business developments that have occurred during 2021 and changes to the key factors that we expect may drive our future performance. The following discussion refers to the Condensed Consolidated Financial Statements (Statements) and the Related Notes to Condensed Consolidated Financial Statements (Notes). This discussion should be read in conjunction with such Statements, Notes and the Form 10-K.

EXECUTIVE OVERVIEW OF 2022 AND FUTURE OUTLOOK

We are a public utility holding company that, acting through our wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a carbon-free generation and infrastructure company. We are focused on meeting customer expectations and being well aligned with public policy objectives by investing to modernize our energy infrastructure, improve reliability, increase energy efficiency and deliver cleaner energy. Our business plan focuses on achieving growth by allocating capital toward regulated and contracted investments in an effort to improve the sustainability and predictability of our business and reduce the impact of fluctuating commodity prices. In furtherance of these goals, over the past few years, our investments have altered our business mix to reflect a higher percentage of earnings contribution by PSE&G, which improves the sustainability and predictability of our earnings and cash flows. In February 2022, we completed the sale of PSEG Power’s 6,750 MW of fossil generation located in New Jersey, Connecticut, New York and Maryland, which represented an important milestone in our strategy and has further altered our business mix, resulting in an even higher percentage of earnings contribution by PSE&G going forward and provides more financial flexibility.

The ongoing coronavirus (COVID-19) pandemic and associated government actions and economic effects continue to impact our businesses as discussed further below.

PSE&G

At PSE&G, our focus is on enhancing reliability and resiliency of our T&D system, meeting customer expectations and supporting public policy objectives by investing capital in T&D infrastructure and clean energy programs. For the years 2021-2025, PSE&G’s capital investment program is estimated to be in a range of $14 billion to $16 billion, resulting in an expected compound annual growth in rate base of 6.5% to 8%. The low end of this range assumes an extension of our Gas System Modernization Program (GSMP) and Clean Energy Future (CEF)-Energy Efficiency (EE) program at their average annual investment levels, as these programs are expected to continue at least at those current rates beyond their currently approved timeframe of 2023. The upper end of the range is driven by certain unapproved investment programs, including an

54

Infrastructure Advancement Program (IAP) which we filed in November 2021. The IAP is a proposed $848 million investment program made over four years to improve the reliability of the “last mile” of our electric distribution system, address aging substations and gas metering and regulating stations, and invest in electric vehicle charging infrastructure at our facilities to support the electrification of our fleet over the coming years. The upper end of the range also includes an extension of our Energy Strong program, which otherwise concludes in 2023, as well as the remaining portion of our CEF proposal (portion of Electric Vehicle (EV) and Energy Storage (ES) programs) and a potentially higher amount of investment for GSMP and CEF-EE beyond current levels. During 2022, we expect to file for extensions of our GSMP and CEF-EE program, which we expect will conclude in the first half of 2023. A remaining component of our CEF-EV program related to medium and heavy duty charging infrastructure is the subject of a stakeholder process that the BPU began in 2021. We currently anticipate that this effort will conclude with PSE&G submitting a filing later in 2022 targeting infrastructure investments for the medium and heavy duty EV market. Our CEF-ES program is being held in abeyance pending future policy guidance from the BPU.

We also continue to invest in transmission infrastructure in order to maintain and enhance reliability and resiliency, as well as to support the achievement of state energy policy objectives. As part of a solicitation by the BPU, we proposed two transmission projects to support the development of offshore wind which are being evaluated by the BPU and PJM Interconnection, L.L.C. (PJM), with project awards expected in late 2022.

PSEG Power

In July 2020, we announced that we were exploring strategic alternatives for PSEG Power’s non-nuclear generating fleet with the intention of accelerating the transformation of our business into a predominantly regulated electric and gas utility, with a significantly contracted generation business.

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 closed in June 2021.

In August 2021, PSEG entered into two agreements to sell PSEG Power’s 6,750 MW fossil generating portfolio to newly formed subsidiaries of ArcLight Energy Partners Fund VII, L.P., a fund controlled by ArcLight Capital Partners, LLC. In February 2022, PSEG completed the sale of this fossil generating portfolio. These transformative transactions have reduced overall business risk and earnings volatility, improve PSEG’s financial flexibility and are consistent with PSEG’s climate strategy and sustainability efforts, which are to focus on clean energy investments, methane reduction, and the transition to carbon-free generation.

We have sought to achieve operational excellence and manage costs in order to optimize cash flow generation from our nuclear fleet in light of low wholesale power and gas prices, environmental considerations and competitive market forces that reward efficiency and reliability. During the first three months of 2022, our nuclear units generated 8.4 terawatt hours and operated at a capacity factor of 100%. PSEG Power’s hedging practices help to manage a significant amount of the volatility of the merchant nuclear power business. More than 90% of PSEG Power’s expected gross margin in 2022 relates to hedging of our energy margin, our expected revenues from the capacity market mechanisms, Zero Emission Certificate (ZEC) revenues and, certain gas operations and ancillary service payments such as reactive power. While this limits our exposure to decreasing prices, our ability to realize benefits from rising market prices is also limited. During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in our daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $1.5 billion at the end of March 2022. Subsequent to March 2022, collateral postings continued to increase and we continued to experience significantly higher variation in our daily collateral requirements. Net cash collateral postings were $2.6 billion at the end of April 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as we satisfy our obligations under those contracts. PSEG continues to maintain sufficient liquidity as described in Liquidity and Capital Resources.

PSEG LI

Following the effects of Tropical Storm Isaias, LIPA issued a report with recommendations for improvements to PSEG LI’s structure and processes and recommended that LIPA either renegotiate or terminate the OSA. LIPA and PSEG LI agreed to an amended OSA which received final approval by the New York Comptroller on April 1, 2022. As a result, the amended OSA is effective and of retroactive effect to January 1, 2022 for purposes of compensation. The OSA contract term continues through 2025, but can be extended for five years subject to a mutual agreement of the parties. For additional information, see Note 11. Commitments and Contingent Liabilities.

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Climate Strategy and Sustainability Efforts

For more than a century, our mission has been to provide safe access to an around-the-clock supply of reliable, affordable energy. Building on this mission, we are working toward a future where customers universally use less energy, and it’s cleaner, safer and delivered more reliably than ever. We have established a net zero greenhouse gas (GHG) emissions by 2030 goal that includes direct GHG emissions (Scope 1) and indirect GHG emissions from operations (Scope 2) at both PSEG Power and PSE&G (covering our electric and natural gas utility operations), assuming advances in technology, public policy and customer behavior. Scope 1 emissions include power generation, methane leaks, vehicle fleet emissions, sulfur hexafluoride and refrigerant leaks. Scope 2 emissions include both gas and electric purchased energy for our PSE&G facilities and line losses. We have also committed to the United Nations-backed Race to Zero campaign. We have agreed to develop and submit science-based emission reduction targets following the criteria and recommendations of the Science Based Targets Initiative by September 2023. Targets will encompass Scopes 1, 2, and 3 (which includes downstream/customer use of energy products as well as purchased goods and services for our own operations) and must be in line with 1.5oC emissions scenarios.

PSE&G has undertaken a number of initiatives that support the reduction of GHG emissions and the implementation of energy efficiency initiatives. PSE&G’s recently approved CEF-EE, CEF-Energy Cloud and CEF-EV programs and the proposed CEF-ES program are intended to support New Jersey’s Energy Master Plan through programs designed to help customers increase their energy efficiency, support the expansion of the EV infrastructure in the State, install energy storage capacity to supplement solar generation and enhance grid resiliency, install smart meters and supporting infrastructure to allow for the integration of other clean energy technologies and to more efficiently respond to weather and other outage events.

In addition, PSE&G is committed to the safe and reliable delivery of natural gas to almost two million customers throughout New Jersey and we are equally committed to reducing GHG emissions associated with such operations. The first phase of our GSMP replaced approximately 450 miles of cast-iron and unprotected steel gas main infrastructure, and the second phase of this program is expected to replace an additional 875 miles of gas pipes through 2023. The GSMP is designed to significantly reduce natural gas leaks in our distribution system, which would reduce the release of methane, a potent GHG, into the air. Through GSMP II, from 2018 through 2023 we expect to reduce methane leaks by approximately 22% system wide and assuming a continuation of GSMP, we expect to achieve an overall reduction in methane emissions of approximately 60% over the 2011 through 2030 period. As noted previously, later in 2022 we will file for an extension of GSMP which would continue and accelerate these methane reductions. We also continue to assess physical risks of climate change and adapt our capital investment program to improve the reliability and resiliency of our system in an environment of increasing frequency and severity of weather events, notably through our investments in our Energy Strong program. These investments have proven effective in recent severe weather events, including Tropical Storm Ida in August 2021, which brought significant flooding to our service territory but did not result in the loss of any of our electric distribution substations.

We also continue to focus on providing cleaner energy for our customers. Our priority is to preserve the economic viability of our nuclear units, which provide over 90% of the carbon-free energy in New Jersey, by advocating for state and federal policies that recognize the value of emission-free generation and reduce market risk. We also continue to explore investment opportunities in offshore wind, both generation and transmission to support the cost-efficient connection of offshore wind generation projects to the New Jersey electric system.

Offshore Wind

In April 2021, PSEG completed its acquisition of a 25% equity interest in Ørsted North America Inc.’s (Ørsted) Ocean Wind 1 project which is currently in development. Ocean Wind 1 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 1 project is expected to achieve full commercial operation in 2025.

Additionally, PSEG and Ørsted each owns 50% of Garden State Offshore Energy LLC (GSOE) which holds rights to an offshore wind lease area just south of New Jersey. In December 2021, the Maryland Public Service Commission awarded Ørsted’s 846 MW Skipjack 2 project Offshore Renewable Energy Credits under Maryland’s second round of offshore wind solicitations. Skipjack 2 utilizes a portion of the GSOE lease area, and PSEG has an option to purchase 50% of Skipjack 2 and the previously awarded 120 MW Skipjack 1 project, which will be constructed concurrently. PSEG expects to determine whether to exercise this option during 2022. PSEG and Ørsted are also exploring further opportunities to develop the remaining GSOE lease area.

In April 2021, PJM announced the opening of the first public policy Order 1000 bid window that would utilize the state agreement approach for transmission projects to support New Jersey’s planned offshore wind generation. The state agreement approach requires customers in the requesting state - in this case New Jersey - to pay for the costs of these public policy transmission projects. In September 2021, PSEG and Ørsted jointly submitted several proposals in response to the solicitation, including multi-spur options and an offshore network proposal. If awarded, the projects would be developed through a 50/50 joint venture with Ørsted. The BPU has announced that it will select the winning proposals in the second half of 2022 with likely in-service dates by 2030.

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Ongoing Coronavirus Pandemic

As a result of the COVID-19 pandemic, we have incurred additional expenses to protect our employees and customers. The pandemic has also impacted PSE&G’s sales, with a reduction in demand from its commercial and industrial (C&I) customers, largely offset by increases in residential sales volumes. As a result, there has been no substantive net margin impact and changes are now largely addressed through the Conservation Incentive Program (CIP) that became effective in 2021. The most substantive impact of the pandemic has been adverse changes to residential and C&I payment patterns as the State of New Jersey has imposed a moratorium on non-safety related service disconnections for non-payment since March 2020 through mid-March 2022. While collections and shut-offs re-commenced after the moratorium ended, the State passed legislation that provides protection from shut-offs to customers who apply for payment assistance programs by June 15, 2022. Those applying for assistance will be protected from shut-offs while awaiting their application determination. As a result, since March 2020, PSE&G experienced a significant decrease in cash inflow and higher Accounts Receivable aging and an associated increase in bad debt expense, which we expect will take the next several years to fully return to normal levels. Over that time, PSE&G’s allowance for credit losses has increased by approximately $291 million. PSE&G’s electric distribution bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. PSE&G has deferred its incremental gas distribution bad debt expense as a result of COVID-19 as a Regulatory Asset and will seek recovery of that cost, as well as other net incremental COVID-19 costs, in its next base rate case.

The BPU has authorized regulated utilities in New Jersey, including PSE&G, to defer prudently incurred incremental costs related to COVID-19 beginning on March 9, 2020 through December 31, 2022 for recovery in a future rate case. Deferred costs are to be offset by any federal or state assistance that the utility may receive as a direct result of the COVID-19 pandemic. As of March 31, 2022, PSE&G has recorded a Regulatory Asset related to COVID-19 to defer incremental costs of $120 million, which PSE&G believes are recoverable under the BPU Order.

The potential future impact of the pandemic and the associated economic impacts, which could extend beyond the duration of the pandemic, will depend on a number of factors outside of our control. These include the duration and severity of the outbreaks as well as third-party actions taken to contain their spread and mitigate their public health effects, and governmental or regulatory actions regarding customer collections, potential limitations on rate increases, recovery of incremental costs, and other matters. We cannot estimate the ultimate impact to our results of operations, financial condition and cash flows.

Operational Excellence

We emphasize excellence in operational performance while developing opportunities in both our regulated and competitive businesses. In 2022, our utility continued its efforts to control costs while maintaining strong operational performance.

Financial Strength

Our financial strength is predicated on a solid balance sheet, positive operating cash flow and reasonable risk-adjusted returns on increased investment. Our financial position remained strong during the first three months of 2022 as we

•maintained sufficient liquidity, including the extension of the expiration of our revolving credit facilities from March 2024 to March 2027,

•completed the sale of PSEG Power’s 6,750 MW portfolio of fossil generation assets,

•maintained solid investment grade credit ratings, and

•increased our indicative annual dividend per share for 2022 to $2.16.

In 2021, the Board of Directors authorized senior management to implement a $500 million share repurchase program. In December 2021, under this authorization, we entered into an open market share repurchase plan for $250 million of our common shares. During January and through February 16, 2022, we purchased the full $250 million of common shares under the open market share repurchase plan. In March 2022, under this authorization, PSEG entered into an accelerated share repurchase agreement for $250 million of our common shares. See Note 18. Earnings Per Share (EPS) and Dividends for additional information.

We expect to be able to fund our planned capital requirements, as described in Liquidity and Capital Resources without the issuance of new equity. Our planned capital requirements, which are driven by growth in our regulated utility, and the sale of our fossil generating fleet enhances our business profile and underpins solid investment grade credit ratings with improved financial flexibility. In conjunction with the announced sale of our Fossil business, in October 2021 we redeemed all of PSEG Power’s remaining debt. In March 2022, PSEG Power entered into a variable-rate three-year term loan agreement for $1.25 billion.

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Financial Results

The results for PSEG, PSE&G and PSEG Power for the three months ended March 31, 2022 and 2021 are presented as follows:

	Three Months Ended
	March 31,
Earnings (Losses)	2022		2021
	Millions
PSE&G	$	509	$	477
PSEG Power	(519)		161
Other (A)	8		10
PSEG Net Income (Loss)	$	(2)	$	648
PSEG Net Income (Loss) Per Share (Diluted)	$	0.00	$	1.28

(A)Other includes after-tax activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations.

PSEG Power’s results above include the Nuclear Decommissioning Trust (NDT) Fund activity and the impacts of non-trading commodity mark-to-market (MTM) activity, which consist of the financial impact from positions with future delivery dates.

The variances in our Net Income (Loss) attributable to changes related to the NDT Fund and MTM are shown in the following table:

	Three Months Ended
	March 31,
	2022		2021
	Millions, after tax
NDT Fund Income (Expense) (A) (B)	$	(46)	$	32
Non-Trading MTM Gains (Losses) (C)	$	(608)	$	(34)

(A)NDT Fund Income (Expense) includes gains and losses on NDT securities which are recorded in Net Gains (Losses) on Trust Investments. See Item 1. Note 9. Trust Investments for additional information. NDT Fund Income (Expense) also includes interest and dividend income and other costs related to the NDT Fund recorded in Other Income (Deductions), interest accretion expense on PSEG Power’s nuclear Asset Retirement Obligation (ARO) recorded in Operation and Maintenance (O&M) Expense and the depreciation related to the ARO asset recorded in Depreciation and Amortization (D&A) Expense.

(B)Net of tax (expense) benefit of $26 million and $(23) million for the three months ended March 31, 2022 and 2021, respectively.

(C)Net of tax (expense) benefit of $237 million and $13 million for the three months ended March 31, 2022 and 2021, respectively.

Our Net Loss for the three months ended March 31, 2022 as compared to the same period in 2021 was driven primarily by

•higher MTM losses at PSEG Power due to rising energy prices,

•unrealized losses on equity securities in 2022 in the NDT Fund as compared to realized gains in 2021, and

•an impairment loss on the sale of the Fossil generation assets at PSEG Power (see Item 1. Note 4. Early Plant Retirements/Asset Dispositions and Impairments for additional information),

•partially offset by higher earnings due to continued investments in T&D programs at PSE&G, and

•the favorable impact of the CIP in 2022 at PSE&G.

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Disciplined Investment

We utilize rigorous criteria and consider a number of external factors, focusing on the value for our stakeholders, as well as other impacts, when determining how and when to efficiently deploy capital. We principally explore opportunities for investment in areas that complement our existing business and provide reasonable risk-adjusted returns and continuously assess and optimize our business mix as appropriate. In the first three months of 2022, we

•made additional investments in T&D infrastructure projects on time and on budget,

•continued to execute our Energy Efficiency and other existing BPU-approved utility programs, and

•continued to evaluate potential additional offshore wind opportunities, including submitting a number of proposals in response to an offshore transmission solicitation.

Regulatory, Legislative and Other Developments

In our pursuit of operational excellence, financial strength and disciplined investment, we closely monitor and engage with stakeholders on significant regulatory and legislative developments. Transmission planning rules and wholesale power market design are of particular importance to our results and we continue to advocate for policies and rules that promote fair and efficient electricity markets. For additional information about regulatory, legislative and other developments that may affect us, see Part I, Item 1. Business—Regulatory Issues in our Form 10-K and Item 5. Other Information in this Quarterly Report on Form 10-Q.

Transmission Rate Proceedings and Return on Equity (ROE)

In October 2021, FERC approved a settlement agreement effective August 1, 2021 that we reached with the BPU and the New Jersey Division of Rate Counsel (New Jersey Rate Counsel) about the level of PSE&G’s base transmission ROE and other formula rate matters. The settlement reduces PSE&G’s base ROE from 11.18% to 9.9% and makes several other changes regarding the recovery of certain costs. The agreement provides that the settling parties will not seek changes to our transmission formula rate for three years. We have implemented the terms of the agreement and PJM issued refunds to customers in January 2022.

Wholesale Power Market Design

In July 2021, PJM submitted to FERC a proposal to replace the extended Minimum Offer Price Rule (MOPR) with new provisions that accommodate state public policy programs that do not attempt to set the price of capacity. Under the PJM proposal, PSEG Power’s New Jersey nuclear plants that receive ZEC payments would not be subject to the MOPR. In September 2021, FERC issued a notice that it was not able to act on PJM’s proposed changes to the MOPR because of a split among the Commissioners on the lawfulness of PJM’s proposal. Therefore, PJM’s rules became automatically effective as of September 29, 2021 and will apply to the next base residual auction in June 2022. Under current FERC rules, we continue to earn a 50 basis point adder to that base ROE for our membership in PJM. Elimination of the adder for Regional Transmission Organization membership could reduce PSE&G’s annual Net Income and annual cash inflows by approximately $30 million-$40 million.

In November 2021, a group of generators challenged the new MOPR rules in the Court of Appeals for the Third Circuit on the grounds that FERC’s inaction was unlawful. PSEG has intervened in the proceeding in support of the new MOPR rules. We cannot predict the outcome of this proceeding.

In another order related to the auction, FERC found that the current rules related to the Market Seller Offer Cap were unjust and unreasonable and ultimately eliminated the default offer cap. In its place, FERC adopted a unit-specific approach to reviewing certain capacity market offers. These new rules could result in lower capacity prices since market offers for many resource types will need to be approved by the Independent Market Monitor and PJM.

In July 2021, the BPU issued a report on its investigation related to whether New Jersey can achieve its long-term clean energy and environmental objectives under the current resource adequacy procurement paradigm. The report found that participating in the regional market is the most efficient way for New Jersey to achieve its clean energy goals and therefore consideration of leaving the regional market is paused while important market reforms are being considered at the regional and national level. However, the report recommends that New Jersey continue to explore a New Jersey-only or regional competitive auction design if potential reforms at the regional and national level are not sufficient to allow New Jersey to achieve its clean energy goals. We cannot predict whether the BPU will take any measures in the future that will have an impact on the capacity market or our generating stations.

Environmental Regulation

We are subject to liability under environmental laws for the costs and penalties of remediating contamination of property now or formerly owned by us and of property contaminated by hazardous substances that we generated. In particular, the historic

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operations of PSEG companies and the operations of numerous other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes. In addition, PSEG Power has retained ownership of certain assets and liabilities excluded from the sale of its fossil generation business, primarily related to obligations under certain environmental regulations, including possible remediation obligations under the New Jersey Industrial Site Recovery Act and the Connecticut Transfer Act. The amounts for any such environmental remediation are not estimable, but may be material. We are also currently involved in a number of proceedings relating to sites where other hazardous substances may have been discharged and may be subject to additional proceedings in the future, and the costs and penalties of any such remediation efforts could be material.

For further information regarding the matters described above, as well as other matters that may impact our financial condition and results of operations, see Item 1. Note 11. Commitments and Contingent Liabilities.

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 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 an additional three years starting June 2022. The terms and conditions of this April 2021 ZEC award are the same as the current ZEC period as discussed above. While the ZEC program has preserved these units to date, PSEG will simultaneously seek long-term legislative or other solutions for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes. No assurances can be given regarding future ZEC awards or other long-term solutions.

The award of ZECs attaches certain obligations, including an obligation to repay the ZECs in the event that a plant ceases operations during the 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 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.

In May 2021, the New Jersey Rate Counsel filed an appeal with the New Jersey Appellate Division of the BPU’s April 2021 decision. 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 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.

Tax Legislation

A prolonged coronavirus pandemic, further economic stimulus, or future federal and state tax legislation could have a material impact on our effective tax rate and cash tax position.

The Consolidated Appropriations Act, 2021 (CAA), enacted in late December 2020, provides a 30% investment tax credit (ITC) for offshore wind projects that begin construction before December 31, 2025. In addition, on December 31, 2020, Notice 2021-05 was issued. For qualifying offshore wind projects, the notice extends the four year continuity safe harbor to ten calendar years commencing the calendar year after which construction of the project begins. Subject to potential additional legislation, the CAA and the associated Notice will impact our offshore wind investment.

In July 2020, the Internal Revenue Service (IRS) issued final and proposed regulations addressing the limitation on deductible business interest expense contained in the Tax Cuts and Jobs Act. These regulations retroactively allow depreciation to be

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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. The portion of PSEG’s and PSEG Power’s business interest expense that was disallowed in 2018 and 2019 will now be deductible in those respective years.

In March 2020, the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted. The CARES Act allows a five-year carryback of any net operating loss (NOL) generated in a taxable year beginning after December 31, 2017 and before January 1, 2021. The CARES Act allowed us to carry back the 2018 tax NOL generated by the final Section 163(j) regulations, which will provide a future tax benefit, subject to approval by the IRS and the Joint Committee on Taxation.

Future Outlook

Our future success will depend on our ability to continue to maintain strong operational and financial performance to capitalize on or otherwise address regulatory and legislative developments that impact our business and to respond to the issues and challenges described below. In order to do this, we will continue to:

•obtain approval of and execute on our utility capital investment program to modernize our infrastructure, improve the reliability of the service we provide to our customers, and align our sustainability and climate goals with New Jersey’s energy policy,

•manage the risks and opportunities in environmental, social and governance (ESG) matters, which is an integral part of our long-term strategy to be a clean energy leader for the benefit of all stakeholders,

•focus on controlling costs while maintaining safety, reliability and customer satisfaction and complying with applicable standards and requirements,

•deliver on our human capital management strategy to attract, develop and retain a diverse, high-performing workforce,

•successfully manage our energy obligations and re-contract our open supply positions in response to changes in prices and demand,

•advocate for federal and state programs to properly value New Jersey’s largest carbon-free generation resource in nuclear and measures that promote fair and efficient electricity markets, including recognition of the cost of emissions,

•engage constructively with our multiple stakeholders, including regulators, government officials, customers, employees, investors, suppliers and the communities in which we do business,

•seek a fair return for our T&D investments through our transmission formula rate, distribution infrastructure and clean energy investment programs and periodic distribution base rate case proceedings, and

•successfully operate the LIPA T&D system and manage LIPA’s fuel supply and generation dispatch obligations.

In addition to the risks described elsewhere in this Form 10-Q and in our Form 10-K, for 2022 and beyond, the key issues and challenges we expect our business to confront include:

•regulatory and political uncertainty, both with regard to future energy policy, design of energy and capacity markets, transmission policy, the role of distribution utilities and decarbonization impacts, and environmental regulation, as well as with respect to the outcome of any legal, regulatory or other proceedings,

•the continuing impact of the ongoing coronavirus pandemic and the associated regulations and economic impacts, including continued supply chain constraints and increases in the cost of goods and services, which could extend beyond the duration of the pandemic,

•increases in commodity prices and customer rates, which may adversely affect customer collections and future regulatory proceedings,

•future changes in federal and state tax laws or any other associated tax guidance, and

•the impact of changes in demand, natural gas and electricity prices, and expanded efforts to decarbonize several sectors of the economy.

We continually assess a broad range of strategic options to maximize long-term stockholder value and address the interests of our multiple stakeholders. In assessing our options, we consider a wide variety of factors, including the performance and prospects of our businesses; the views of investors, regulators, rating agencies, customers and employees; our existing indebtedness and restrictions it imposes; and tax considerations, among other things. Strategic options available to us include:

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•investments in PSE&G, including T&D facilities to enhance reliability, resiliency and modernize the system to meet the growing needs and increasingly higher expectations of customers, and clean energy investments such as CEF-EE, CEF-EV, CEF-ES and Solar,

•investments in regional offshore wind with long-term contracts or regulated transmission returns that provide revenue predictability and a reasonable risk-adjusted return,

•continued operation of our nuclear generation facilities, to the extent there is sufficient certainty that their operation will render an acceptable risk-adjusted return, and

•acquisitions, dispositions, development and other transactions involving our common stock, assets or businesses that could provide value to customers and shareholders.

There can be no assurance, however, that we will successfully develop and execute any of the strategic options noted above, or any additional options we may consider in the future. The execution of any such strategic plan may not have the expected benefits or may have unexpected adverse consequences.

RESULTS OF OPERATIONS

PSEG

Our results of operations are primarily comprised of the results of operations of our principal operating segments, PSE&G and PSEG Power, excluding charges related to intercompany transactions, which are eliminated in consolidation. For additional information on intercompany transactions, see Item 1. Note 20. Related-Party Transactions.

	Three Months Ended				Increase/ (Decrease)
	March 31,
	2022		2021		2022 vs. 2021
	Millions				Millions		%
Operating Revenues	$	2,313	$	2,889	$	(576)	(20)
Energy Costs	1,245		1,029		216		21
Operation and Maintenance	794		778		16		2
Depreciation and Amortization	283		341		(58)		(17)
Losses on Asset Dispositions and Impairments	43		—		43		N/A
Income from Equity Method Investments	4		3		1		33
Net Gains (Losses) on Trust Investments	(68)		60		(128)		N/A
Other Income (Deductions)	5		25		(20)		(80)
Net Non-Operating Pension and OPEB Credits (Costs)	94		82		12		15
Interest Expense	137		146		(9)		(6)
Income Tax (Benefit) Expense	(152)		117		(269)		N/A

The following discussions for PSE&G and PSEG Power provide a detailed explanation of their respective variances.

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PSE&G

	Three Months Ended				Increase/ (Decrease)
	March 31,
	2022		2021		2022 vs. 2021
	Millions				Millions		%
Operating Revenues	$	2,284	$	2,073	$	211	10
Energy Costs	968		849		119		14
Operation and Maintenance	463		424		39		9
Depreciation and Amortization	241		241		—		—
Net Gains (Losses) on Trust Investments	—		1		(1)		N/A
Other Income (Deductions)	19		28		(9)		(32)
Net Non-Operating Pension and OPEB Credits (Costs)	70		66		4		6
Interest Expense	103		98		5		5
Income Tax Expense (Benefit)	89		79		10		13

Three Months Ended March 31, 2022 as Compared to 2021

Operating Revenues increased $211 million due to changes in delivery, commodity, clause and other operating revenues.

Delivery Revenues increased $93 million due primarily to

•Gas distribution revenues increased $63 million due primarily to increases of $28 million from CIP decoupling, $26 million in GSMP II collections, $7 million due to higher sales volumes and $2 million in Green Program Recovery Charge (GPRC) collections.

•Electric distribution revenues increased $20 million due primarily to $16 million from CIP decoupling, $3 million from higher sales volumes and $1 million in GPRC collections.

•Electric and Gas distribution revenues also increased $14 million due to a net decrease in the flowback to customers of excess deferred tax liabilities and tax repair-related accumulated deferred income tax benefits resulting from rate reductions, which is offset in Income Tax Expense.

•Transmission revenues were $4 million lower due primarily to the estimated impact of the ROE settlement, partially offset by an increase in revenue requirements attributable to higher rate base investment.

Commodity Revenues increased $122 million as a result of higher Gas revenues and higher Electric revenues. The changes in Commodity revenues for both gas and electric are entirely offset by the changes in Energy Costs. PSE&G earns no margin on the provision of basic gas supply service (BGSS) and basic generation service (BGS) to retail customers.

•Gas commodity revenues increased $120 million due primarily to $115 million from higher BGSS prices and $5 million from higher BGSS sales volumes.

•Electric commodity revenues increased $2 million due primarily to a $16 million increase from higher sales volumes, partially offset by $13 million in lower BGS prices.

Clause Revenues decreased $10 million due primarily to a $14 million decrease in Tax Adjustment Credit (TAC) deferrals and a $2 million decrease in GPRC deferrals, partially offset by higher SBC revenues of $6 million. The changes in TAC and GPRC deferral amounts and SBC revenues are entirely offset by changes in the amortization of Regulatory Assets and Regulatory Liabilities and related costs in O&M, D&A, Interest and Income Tax Expenses. PSE&G does not earn margin on TAC and GPRC deferrals or SBC revenue.

Other Operating Revenues increased $6 million due primarily to a $7 million increase in appliance service revenues, partially offset by a $3 million decrease in Transition Renewable Energy Certificate (TREC) revenues. Solar Renewable Energy Certificate (SREC) and ZEC revenues were unchanged. The TREC, SREC and ZEC components of other operating revenues are entirely offset by changes to Energy Costs.

Operating Expenses

Energy Costs increased $119 million. This is entirely offset by changes in Commodity Revenues and Other Operating Revenues.

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Operation and Maintenance increased $39 million due primarily to increases of $18 million in clause and renewable-related expenses, $5 million in distribution expenditures, $4 million in injuries and damages, $2 million in transmission expenditures, $2 million in appliance service costs and $8 million in other operating expenses.

Depreciation and Amortization was unchanged due primarily to a $16 million increase related to additional plant in service offset by a $12 million decrease due to new transmission depreciation rates that became effective in August 2021 and a $5 million decrease in the amortization of Regulatory Assets.

Other Income (Deductions) decreased $9 million primarily due to an $8 million decrease in the equity portion of the allowance for funds used during construction (AFUDC) and a $1 million decrease in solar loan interest.

Net Non-Operating Pension and OPEB Credits (Costs) increased $4 million due primarily to a $13 million decrease in the amortization of the net actuarial loss, partially offset by a $5 million decrease in the expected return on plan assets and a $4 million increase in interest cost.

Interest Expense increased $5 million due primarily to a $2 million increase in AFUDC in 2022, a $1 million increase from the Green Bond issuance in 2022 and a $1 million increase from net debt issuances in 2021.

Income Tax Expense increased $10 million due primarily to higher pre-tax income.

PSEG Power

	Three Months Ended				Increase/ (Decrease)
	March 31,
	2022		2021		2022 vs. 2021
	Millions				Millions		%
Operating Revenues	$	460	$	1,167	$	(707)	(61)
Energy Costs	861		682		179		26
Operation and Maintenance	204		222		(18)		(8)
Depreciation and Amortization	34		92		(58)		(63)
Losses on Asset Dispositions and Impairments	43		—		43		N/A
Income from Equity Method Investments	4		3		1		33
Net Gains (Losses) on Trust Investments	(66)		58		(124)		N/A
Other Income (Deductions)	(15)		(4)		(11)		N/A
Net Non-Operating Pension and OPEB Credits (Costs)	17		12		5		42
Interest Expense	5		27		(22)		(81)
Income Tax Expense (Benefit)	(228)		52		(280)		N/A

Three Months Ended March 31, 2022 as Compared to 2021

Operating Revenues decreased $707 million due primarily to changes in generation and gas supply revenues.

Generation Revenues decreased $885 million due primarily to

•a net decrease of $781 million due to higher MTM losses in 2022 as compared to 2021. Of this amount, there was a $919 million decrease due to changes in forward prices, partially offset by a $138 million increase due to lower losses on positions reclassified to realized upon settlement in 2022,

•a net decrease of $68 million due primarily to lower volumes of electricity sold under the BGS contracts,

•a net decrease of $21 million due primarily to lower volumes sold in the PJM, New England (NE) and New York (NY) regions primarily due to the sale of the fossil generating plants, partially offset by higher average realized prices in the NE and NY regions, and

•a net decrease of $11 million in solar revenues due to the sale of the solar plants in June 2021.

Gas Supply Revenues increased $179 million due primarily to

•an increase of $147 million in sales under the BGSS contract due primarily to higher prices of $139 million and higher sales volumes of $8 million, and

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•a net increase of $42 million related to sales to third parties, primarily due to higher average sales prices,

•partially offset by a decrease of $10 million due to higher MTM losses in 2022 as compared to 2021 primarily due to changes in forward prices.

Operating Expenses

Energy Costs represent the cost of generation, which includes fuel costs for generation as well as purchased energy in the market, and gas purchases to meet PSEG Power’s obligation under its BGSS contract with PSE&G. Energy Costs increased $179 million due to

Gas costs increased $175 million due mainly to

•an increase of $150 million in costs primarily related to sales under the BGSS contract, of which $146 million was due to the higher average cost of gas and $4 million to higher send out volumes, and

•a net increase of $26 million related to sales to third parties, primarily due to an increase in the average cost of gas.

Generation costs increased $4 million due primarily to

•a net increase of $31 million in fuel costs, reflecting higher gas prices in the PJM, NY, and NE regions, partially offset by lower gas volumes caused by the sale of the fossil generating plants. Additionally, there was a decrease in coal costs in the NE region due to the retirement of the Bridgeport Harbor 3 (BH3) plant effective May 31, 2021, and

•a net increase of $8 million due to net MTM losses in 2022 as compared to net MTM gains in 2021 reclassified to realized upon settlement in 2022,

•partially offset by a net decrease of $19 million in energy purchases due primarily to lower renewable energy credit requirements caused by decreases in load served in the PJM and NE regions,

•a net decrease of $11 million in transmission costs due primarily to the impact from transfer of responsibility for firm transmission services under BGS contracts from BGS suppliers to the electric distribution companies, and

•a net decrease of $6 million due primarily to lower ancillary costs caused by decreases in load served in PJM.

Operation and Maintenance decreased $18 million due primarily to the sale of the fossil generating plants in February 2022 and the sale of our ownership interest in the solar plants in June 2021.

Depreciation and Amortization decreased $58 million due primarily to ceasing depreciation expense on the then pending sales of the solar and fossil generating plants since May and August 2021, respectively, and the retirement of BH3 in 2021.

(Gains) Losses on Asset Dispositions and Impairments reflects a $43 million impairment loss due to the sale of the fossil generating plants in February 2022. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments.

Net Gains (Losses) on Trust Investments decreased $124 million due primarily to $5 million of net realized losses in 2022 as compared to $64 million of net realized gains in 2021 on NDT Fund investments and a $54 million increase in net unrealized losses on equity investments in the NDT Fund.

Other Income (Deductions) decreased $11 million due primarily to higher purchases of NOL tax benefits under the New Jersey Technology Tax Benefit Transfer Program in 2022.

Non-Operating Pension and OPEB Credits (Costs) increased $5 million due to an increase in the expected return on plan assets and a decrease in the amortization of net unrecognized loss, partially offset by an increase in interest cost and co-owner charges.

Interest Expense decreased $22 million due primarily to the early redemption of all outstanding Senior Notes in 2021.

Income Tax Expense decreased $280 million due primarily to lower pre-tax income in 2022 and the purchase of more New Jersey NOL tax benefits in 2022.

LIQUIDITY AND CAPITAL RESOURCES

The following discussion of our liquidity and capital resources is on a consolidated basis, noting the uses and contributions, where material, of our two direct major operating subsidiaries.

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Operating Cash Flows

We continue to expect our operating cash flows combined with cash on hand and financing activities to be sufficient to fund planned capital expenditures and shareholder dividends.

For the three months ended March 31, 2022, our operating cash flow decreased $555 million as compared to the same period in 2021. The net decrease was primarily due to a $639 million reduction related to net cash collateral posting requirements at PSEG Power and a net change at PSE&G, as discussed below. In addition, in 2021, there were lower tax refunds at the parent company.

Current economic conditions have adversely impacted residential and C&I customer payment patterns. During the moratorium, as previously discussed, PSE&G has experienced a significant decrease in cash inflow and higher Accounts Receivable aging and an associated increase in bad debt expense, which we expect will extend beyond the duration of the coronavirus pandemic.

PSE&G

PSE&G’s operating cash flow increased $218 million from $518 million to $736 million for the three months ended March 31, 2022, as compared to the same period in 2021, due primarily to higher cash collateral postings received from BGS suppliers, decreases in electric energy and vendor payments, higher tax payments in 2021 and higher earnings in 2022, partially offset by a net increase in regulatory deferrals in 2022 and higher accounts receivable reflecting lower collections due to the economic impacts of the pandemic.

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.

Each of our credit facilities is restricted as to availability and use to the specific companies as listed below; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs.

During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in our daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $1.5 billion at the end of March 2022. Subsequent to March 2022, collateral postings continued to increase and we continued to experience significantly higher variation in our daily collateral requirements. Net cash collateral postings were $2.6 billion at the end of April 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as we satisfy our obligations under those contracts. Proceeds from the sale of Fossil and the closing of a $1.25 billion term loan at PSEG Power have increased our available liquidity to help support our current collateral requirements in 2022.

In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG prepaid the $750 million term loan due in May 2022. These term loans are not included in the credit facility amounts presented in the following table.

In April 2022, PSEG entered into a 364-day variable rate term loan agreement for $1.5 billion.

Our total credit facilities and available liquidity as of March 31, 2022 were as follows:

Company/Facility	As of March 31, 2022
	Total Facility		Usage		Available Liquidity
	Millions
PSEG	$	1,500	$	428	$	1,072
PSE&G	1,000		18		982
PSEG Power	1,350		162		1,188
Total	$	3,850	$	608	$	3,242

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In April 2022, PSEG Power entered into two $100 million letter of credit facilities expiring in April 2024 and 2025, respectively.

We continually monitor our liquidity and seek to add capacity as needed to meet our liquidity requirements, including to satisfy any additional collateral requirements. As of March 31, 2022, our liquidity position, including our credit facilities and access to external financing, was expected to be sufficient to meet our projected stressed requirements over our 12 month planning horizon. PSEG analyzes its liquidity requirements using stress scenarios that consider different events, including changes in commodity prices and the potential impact of PSEG Power losing its investment grade credit rating from S&P or Moody’s, which would represent a two level downgrade from its current Moody’s and S&P ratings. In the event of a deterioration of PSEG Power’s credit rating, certain of PSEG Power’s agreements allow the counterparty to demand further performance assurance. The potential additional collateral that we would be required to post under these agreements if PSEG Power were to lose its investment grade credit rating was approximately $1,270 million and $1,151 million as of March 31, 2022 and December 31, 2021, respectively.

For additional information, see Item 1. Note 12. Debt and Credit Facilities.

Long-Term Debt Financing

During the first quarter of 2022,

•PSE&G issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032, and

•PSEG Power entered into a $1.25 billion variable rate term loan agreement due March 2025.

During the next twelve months,

•PSEG has $700 million of 2.65% Senior Notes maturing in November 2022.

PSEG, PSEG Power, Energy Holdings, PSEG LI and Services participate in a corporate money pool, an aggregation of daily cash balances designed to efficiently manage their respective short-term liquidity needs, which are accounted for as intercompany loans. Long Island Electric Utility Servco, LLC (Servco) does not participate in the corporate money pool. Servco’s short-term liquidity needs are met through an account funded and owned by LIPA.

For additional information see Item 1. Note 12. Debt and Credit Facilities.

Common Stock Dividends

On April 19, 2022, PSEG’s Board of Directors approved a $0.54 per share common stock dividend for the second quarter of 2022. This reflects an indicative annual dividend rate of $2.16 per share. We expect to continue to pay cash dividends on our common stock; however, the declaration and payment of future dividends to holders of our common stock will be at the discretion of the Board of Directors and will depend upon many factors, including our financial condition, earnings, capital requirements of our businesses, alternate investment opportunities, legal requirements, regulatory constraints, industry practice and other factors that the Board of Directors deems relevant. For additional information related to cash dividends on our common stock, see Item 1. Note 18. Earnings Per Share (EPS) and Dividends.

Credit Ratings

If the rating agencies lower or withdraw our credit ratings, such revisions may adversely affect the market price of our securities and serve to materially increase our cost of capital and limit access to capital. Credit Ratings shown are for securities that we typically issue. Outlooks are shown for the credit ratings at each entity and can be Stable, Negative, or Positive. There is no assurance that the ratings will continue for any given period of time or that they will not be revised by the rating agencies, if in their respective judgments, circumstances warrant. Each rating given by an agency should be evaluated independently of the other agencies’ ratings. The ratings should not be construed as an indication to buy, hold or sell any security.

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	Moody’s (A)	S&P (B)
PSEG
Outlook	Stable	Stable
Senior Notes	Baa2	BBB
Commercial Paper	P2	A2
PSE&G
Outlook	Stable	Stable
Mortgage Bonds	A1	A
Commercial Paper	P2	A2
PSEG Power
Outlook	Stable	Stable
Issuer Rating	Baa2	BBB

(A)Moody’s ratings range from Aaa (highest) to C (lowest) for long-term securities and P1 (highest) to NP (lowest) for short-term securities.

(B)S&P ratings range from AAA (highest) to D (lowest) for long-term securities and A1 (highest) to D (lowest) for short-term securities.

CAPITAL REQUIREMENTS

We expect that all of our capital requirements over the next three years will come from a combination of internally generated funds and external debt financing. There were no material changes to our projected capital expenditures as compared to amounts disclosed in our 2021 Form 10-K.

PSE&G

During the three months ended March 31, 2022, PSE&G made capital expenditures of $628 million, primarily for T&D system reliability. This does not include expenditures for cost of removal, net of salvage, of $30 million, which are included in operating cash flows.

Other

During the three months ended March 31, 2022, PSEG made capital expenditures of $25 million, excluding $33 million for nuclear fuel, primarily related to various nuclear projects.

ACCOUNTING MATTERS

For information related to recent accounting matters, see Item 1. Note 2. Recent Accounting Standards.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The risk inherent in our market-risk sensitive instruments and positions is the potential loss arising from adverse changes in commodity prices, equity security prices and interest rates as discussed in the Notes to the Condensed Consolidated Financial Statements. It is our policy to use derivatives to manage risk consistent with business plans and prudent practices. We have a Risk Management Committee comprised of executive officers who utilize a risk oversight function to ensure compliance with our corporate policies and risk management practices.

Additionally, we are exposed to counterparty credit losses in the event of non-performance or non-payment. We have a credit management process, which is used to assess, monitor and mitigate counterparty exposure. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on our financial condition, results of operations or net cash flows.

Commodity Contracts

The availability and price of energy-related commodities are subject to fluctuations from factors such as weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market rules and other events. To reduce price risk caused by market fluctuations, we enter into supply contracts and derivative contracts, including forwards, futures, swaps

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and options with approved counterparties. These contracts, in conjunction with physical sales and other services, help reduce risk and optimize the value of owned electric generation capacity.

Value-at-Risk (VaR) Models

VaR represents the potential losses, under normal market conditions, for instruments or portfolios due to changes in market factors, for a specified time period and confidence level. We estimate VaR across our commodity businesses.

MTM VaR consists of MTM derivatives that are economic hedges. The MTM VaR calculation does not include market risks associated with activities that are subject to accrual accounting, primarily our generating facilities and some load-serving activities.

The VaR models used are variance/covariance models adjusted for the change of positions with 95% and 99.5% confidence levels and a one-day holding period for the MTM activities. The models assume no new positions throughout the holding periods; however, we actively manage our portfolio.

From January through March 2022, MTM VaR varied between a low of $70 million and a high of $112 million at the 95% confidence level. The range of VaR was narrower for the three months ended March 31, 2022 as compared with the year ended December 31, 2021.

	MTM VaR
	Three Months Ended March 31, 2022		Year Ended December 31, 2021
	Millions
95% Confidence Level, Loss could exceed VaR one day in 20 days
Period End	$	78	$	71
Average for the Period	$	86	$	36
High	$	112	$	113
Low	$	70	$	7
99.5% Confidence Level, Loss could exceed VaR one day in 200 days
Period End	$	122	$	112
Average for the Period	$	135	$	57
High	$	175	$	178
Low	$	110	$	11

See Item 1. Note 13. Financial Risk Management Activities for a discussion of credit risk.

ITEM 4.CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

PSEG and PSE&G

We have established and maintain disclosure controls and procedures as defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to provide reasonable assurance that information required to be disclosed in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported and is accumulated and communicated to the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of each respective company, as appropriate, by others within the entities to allow timely decisions regarding required disclosure. We have established a disclosure committee which includes several key management employees and which reports directly to the CFO and CEO of each of PSEG and PSE&G. The committee monitors and evaluates the effectiveness of these disclosure controls and procedures. The CFO and CEO of each of PSEG and PSE&G have evaluated the effectiveness of the disclosure controls and procedures and, based on this evaluation, have concluded that disclosure controls and procedures at each respective company were effective at a reasonable assurance level as of the end of the period covered by the report.

Internal Controls

PSEG and PSE&G

There have been no changes in internal control over financial reporting that occurred during the first quarter of 2022 that have materially affected, or are reasonably likely to materially affect, each registrant’s internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

We are party to various lawsuits and environmental and regulatory matters, including in the ordinary course of business. For information regarding material legal proceedings, including updates to information reported in Item 3 of Part I of the Form 10-K, see Part I, Item 1. Note 11. Commitments and Contingent Liabilities.

ITEM 1A.RISK FACTORS

The discussion of our business and operations in this Quarterly Report on Form 10-Q should be read together with the risk factors contained in Part I, Item 1A of our Form 10-K, which describes various risks and uncertainties that could have a material adverse impact on our business, prospects, financial position, results of operations or cash flows and could cause results to differ materially from those expressed elsewhere in this report. We expect that the risks and uncertainties described in this Form 10-Q and our Form 10-K will be further adversely impacted by the ongoing coronavirus pandemic and any related, sustained economic downturn, which could extend beyond the duration of the pandemic.

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table indicates our common share repurchases during the first quarter of 2022:

Three Months Ended March 31, 2022		Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Program (A)	Approximate Dollar Value of Shares That May Yet be Purchased Under the Program
					Millions
January 1 - January 31	(B)	2,437,621	$65.78	2,437,621	$340
February 1 - February 28	(B)	1,353,542	$66.27	1,353,542	$250
March 1 - March 31	(C)	3,043,214	$65.72	3,043,214	$—
Total		6,834,377	$65.84	6,834,377	$—

(A)On September 27, 2021, PSEG announced a $500 million share repurchase program to be implemented upon the close of the sale of the fossil generation assets. In November 2021, the Board of Directors authorized senior management to implement the $500 million share repurchase program at such time as senior management deemed appropriate in its discretion, without expiration.

(B)On December 13, 2021, under this $500 million share repurchase program authorization, PSEG entered into an open market share repurchase plan for $250 million of our common shares that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. There were no common share repurchases during the fourth quarter of 2021. During January and through February 16, 2022, we purchased the full $250 million of common shares under the open market share repurchase plan and there were no remaining shares available for repurchase under the open market share repurchase plan.

(C)On March 14, 2022, PSEG entered into a Master Confirmation and Supplemental Confirmation with an investment banking firm to effect an accelerated share repurchase agreement (ASR Agreement) of $250 million of shares of PSEG’s outstanding Common Stock. The share repurchases pursuant to the ASR Agreement will be completed under PSEG’s current $500 million share repurchase program authorization. Under the ASR Agreement, PSEG paid $250 million and received initial delivery of the shares of Common Stock reported in the above table in mid-March, representing approximately 80% of the total number of shares of Common Stock initially underlying the ASR Agreement, based on the closing price of the Common Stock of $65.72 on March 11, 2022. The total number of shares that PSEG will repurchase under the ASR Agreement will be determined at the end of the applicable purchase period and will be based on the volume-weighted average price of the Common Stock during the term of the ASR Agreement, less a discount, and subject to potential adjustments pursuant to the terms and conditions of the ASR Agreement. The ASR Agreement provides that termination of the ASR agreement and final settlement of the shares of Common Stock repurchased under the ASR Agreement will generally occur in June 2022, unless the scheduled

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termination date of the ASR Agreement is accelerated. If the final settlement is in PSEG’s favor, the obligations to PSEG will be satisfied by delivery of additional shares of PSEG’s Common Stock and cash payment for any fractional shares. If final settlement is in the investment banking firm’s favor, PSEG’s obligations will be satisfied by delivery of either cash or shares of PSEG’s Common Stock at PSEG’s election.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6.EXHIBITS

A listing of exhibits being filed with this document is as follows:

a. PSEG:
Exhibit 31:	Certification by Ralph Izzo Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 31.1:	Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 32:	Certification by Ralph Izzo Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 32.1:	Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 101.INS:	Inline XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH:	Inline XBRL Taxonomy Extension Schema
Exhibit 101.CAL:	Inline XBRL Taxonomy Extension Calculation Linkbase
Exhibit 101.LAB:	Inline XBRL Taxonomy Extension Labels Linkbase
Exhibit 101.PRE:	Inline XBRL Taxonomy Extension Presentation Linkbase
Exhibit 101.DEF:	Inline XBRL Taxonomy Extension Definition Document
Exhibit 104:	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
b. PSE&G:
Exhibit 4a(15):	Supplemental Indenture dated March 1, 2022
Exhibit 31.2:	Certification by Ralph Izzo Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 31.3:	Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 32.2:	Certification by Ralph Izzo Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 32.3:	Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 101.INS:	Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH:	Inline XBRL Taxonomy Extension Schema
Exhibit 101.CAL:	Inline XBRL Taxonomy Extension Calculation Linkbase
Exhibit 101.LAB:	Inline XBRL Taxonomy Extension Labels Linkbase
Exhibit 101.PRE:	Inline XBRL Taxonomy Extension Presentation Linkbase
Exhibit 101.DEF:	Inline XBRL Taxonomy Extension Definition Document
Exhibit 104:	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Registrant)
By:	/S/ ROSE M. CHERNICK
	Rose M. Chernick Vice President and Controller (Principal Accounting Officer)

Date: May 3, 2022

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
(Registrant)
By:	/S/ ROSE M. CHERNICK
	Rose M. Chernick Vice President and Controller (Principal Accounting Officer)

Date: May 3, 2022

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EX-4.A15

Exhibit 4a(15)

SUPPLEMENTAL MORTGAGE

Supplemental Indenture

Dated March 1, 2022

SUPPLEMENTAL TO

FIRST AND REFUNDING MORTGAGE

DATED AUGUST 1, 1924

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

TO

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

Trustee

333 Thornall Street

Edison, New Jersey 08837

PROVIDING FOR THE ISSUE OF

$3,175,000,000 FIRST AND REFUNDING MORTGAGE BONDS,
MEDIUM-TERM NOTES SERIES P

PREPARED BY, RECORD AND RETURN TO:

JOHN C. WALMSLEY, ESQ.

80 PARK PLAZA, T5

NEWARK, N.J. 07102

TABLE OF CONTENTS
	Page
RECITALS..............................................................................................................................................................	1
FORM OF BOND..........................................................................................................................................	3
FORM OF CERTIFICATE OF AUTHENTICATION.............................................................................................	5
GRANTING CLAUSES...................................................................................................................................	5
ARTICLE I.
BONDS OF THE MEDIUM-TERM NOTES SERIES P
DESCRIPTION OF SERIES.............................................................................................................................	6
ARTICLE II.
REDEMPTION OF BONDS OF MEDIUM-TERM NOTES SERIES P.
SECTION 2.01. Redemption—Redemption Price...................................................................................	6
SECTION 2.02. Redemptions Pursuant to Section 4C of
Article Eight of the Indenture.....................................................................................	6
SECTION 2.03. Interest on Called Bonds to Cease.................................….......................................….	7
SECTION 2.04. Bonds Called in Part......................................................................................................	7
SECTION 2.05. Provisions of Indenture Not Applicable........................................................................	7
ARTICLE III.
CREDITS WITH RESPECT TO BONDS OF THE
MEDIUM-TERM NOTES SERIES P.
SECTION 3.01. Credits...........................................................................................................................	7
SECTION 3.02. Certificate of the Company............................................................................................	7
ARTICLE IV.
MISCELLANEOUS.
SECTION 4.01. Authentication of Bonds of Medium-Term
Notes Series P...........................................................................................................	7
SECTION 4.02. Additional Restrictions on Authentication of
Additional Bonds Under Indenture..........................................................................	8
SECTION 4.03. Restriction on Dividends...............................................................................................	8
SECTION 4.04. Use of Facsimile Seal and Signatures...........................................................................	8
SECTION 4.05. Time for Making of Payment........................................................................................	8
SECTION 4.07. Effect of Approval of Board of Public Utilities	8
of the State of New Jersey.........................…................................................…	8
SECTION 4.08. Execution in Counterparts.............................................................................................	8
SECTION 4.09. Merger or Consolidation of Trustee.............................................................................	8
ACKNOWLEDGEMENTS................................................................................................................................	9
CERTIFICATE OF RESIDENCE.......................................................................................................................	12

1

SUPPLEMENTAL INDENTURE, dated the 1st day of March 2022 for convenience of reference and effective from the time of execution and delivery hereof, between PUBLIC SERVICE ELECTRICAND GAS COMPANY, a corporation organized under the laws of the State of New Jersey, hereinafter called the “Company”, party of the first part, and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, a national banking association organized under the laws of the United States of America, as successor Trustee to Wachovia Bank, National Association (previously known as Fidelity Union Trust Company) under the indenture dated August 1, 1924, below mentioned, hereinafter called the “Trustee”, party of the second part.

WHEREAS, on July 25, 1924, the Company executed and delivered to FIDELITY UNION TRUST COMPANY, a certain indenture dated August 1, 1924 (hereinafter called the “Indenture”) to secure and to provide for the issue of First and Refunding Mortgage Gold Bonds of the Company; and

WHEREAS, the Indenture has been recorded in the following counties of the State of New Jersey, in the offices, and therein in the books and at the pages, as follows:

County	Office	Book Number	Page Number
Atlantic	Clerk’s	1955 of Mortgages	160
Bergen	Clerk’s	94 of Chattel Mortgages	123 etc.
Burlington	Clerk’s	693 of Mortgages 52 of Chattel Mortgages	88 etc. Folio 8 etc.
Camden	Register’s	177 of Mortgages 45 of Chattel Mortgages	Folio 354 etc. 184 etc.
Cumberland	Clerk’s	239 of Mortgages 786 of Mortgages	1 etc. 638 & c.
Essex	Register’s	437 of Chattel Mortgages	1-48
		T-51 of Mortgages	341-392
Gloucester	Clerk’s	34 of Chattel Mortgages	123 etc.
Hudson	Register’s	142 of Mortgages 453 of Chattel Mortgages	7 etc. 9 etc.
		1245 of Mortgages	484, etc.
Hunterdon	Clerk’s	151 of Mortgages	344
Mercer	Clerk’s	67 of Chattel Mortgages	1 etc.
Middlesex	Clerk’s	384 of Mortgages 113 of Chattel Mortgages	1 etc. 3 etc.
		437 of Mortgages	294 etc.
Monmouth	Clerk’s	951 of Mortgages	291 & c.
Morris	Clerk’s	N-3 of Chattel Mortgages	446 etc.
		F-10 of Mortgages	269 etc.
Ocean	Clerk’s	1809 of Mortgages	40
Passaic	Register’s	M-6 of Chattel Mortgages	178, etc.
		R-13 of Mortgages	268 etc.
Salem	Clerk’s	267 of Mortgages	249 etc.
Somerset	Clerk’s	46 of Chattel Mortgages	207 etc.
Sussex	Clerk’s	N-10 of Mortgages 123 of Mortgages	1 etc. 10 & c.
Union	Register’s	664 of Mortgages	259 etc.
Warren	Clerk’s	124 of Mortgages	141 etc.

and

2

WHEREAS, the Indenture has also been recorded in the following counties of the Commonwealth of Pennsylvania, in the offices, and therein in the books and at the pages, as follows:

County	Office	Book Number	Page Number
Adams	Recorder’s	22 of Mortgages	105
Armstrong	Recorder’s	208 of Mortgages	381
Bedford	Recorder’s	90 of Mortgages	917
Blair	Recorder’s	671 of Mortgages	430
Cambria	Recorder’s	407 of Mortgages	352
Cumberland	Recorder’s	500 of Mortgages	136
Franklin	Recorder’s	285 of Mortgages	373
Huntingdon	Recorder’s	128 of Mortgages	47
Indiana	Recorder’s	197 of Mortgages	281
Lancaster	Recorder’s	984 of Mortgages	1
Montgomery	Recorder’s	5053 of Mortgages	1221
Westmoreland	Recorder’s	1281 of Mortgages	198
York	Recorder’s	31-V of Mortgages	446

and

WHEREAS, the Indenture granted, bargained, sold, aliened, remised, released, conveyed, confirmed,

assigned, transferred and set over unto the Trustee certain property of the Company, more fully set forth and described in the Indenture, then owned or which might thereafter be acquired by the Company; and

WHEREAS, the Company, by various supplemental indentures, supplemental to the Indenture, the last of which was dated December 1, 2019, has granted, bargained, sold, aliened, remised, released, conveyed, confirmed, assigned, transferred and set over unto the Trustee certain property of the Company acquired by it after the execution and delivery of the Indenture; and

WHEREAS,since the execution and delivery of said supplemental indenture dated December 1, 2019, the Company has acquired property which, in accordance with the provisions of the Indenture, is subject to the lien thereof and the Company desires to confirm such lien; and

WHEREAS, the Indenture has been amended or supplemented from time to time; and

WHEREAS,it is provided in the Indenture that no bonds other than those of the 5-1/2% Series due 1959 therein authorized may be issued thereunder unless a supplemental indenture providing for the issue of such additional bonds shall have been executed and delivered by the Company to the Trustee; and

WHEREAS,the Company is making provisions for the issuance and sale of its Secured Medium-Term Notes, Series P (the “Series P Notes”), to be issued under an Indenture of Trust (the “Note Indenture”) dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) as predecessor trustee (The Bank of New York Mellon, as successor trustee to the predecessor trustee), as Trustee (the “Note Trustee”); and

WHEREAS, such Note Indenture provides, among other things, for the pledge and delivery by the Company of a series of First and Refunding Mortgage Bonds of the Company to evidence the Company’s obligation to pay the principal and interest with respect to outstanding Series P Notes; and for such purpose and in order to service and secure payment of the principal and interest in respect of the Series P Notes, the Company desires to provide for the issue of $3,175,000,000 aggregate principal amount of bonds under the Indenture of a series to be designated as “First and Refunding Mortgage Bonds, Medium-Term Notes Series P” (hereinafter sometimes called “Bonds of the Medium-Term Notes Series P”); and

WHEREAS, the text of the Bonds of the Medium-Term Notes Series P and of the certificate of authentication to be borne by the Bonds of the Medium-Term Notes Series P shall be substantially of the following tenor:

3

(FORM OF BOND)

This Bond is not transferable except as provided in the Indenture and in the Indenture of Trust dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) (The Bank of New York Mellon, successor trustee) as Trustee.

REGISTERED                                         REGISTERED

NUMBER                                                AMOUNT

R$3,175,000,000

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

FIRST AND REFUNDING MORTGAGE BOND,

MEDIUM-TERM NOTES SERIES P

Public Service Electric and Gas Company (hereinafter called the “Company”), a corporation of the State of New Jersey, for value received, hereby promises to pay to The Bank of New York Mellon (as successor trustee to The Chase Manhattan Bank (National Association)), under the Indenture of Trust dated as of July 1, 1993 between the Company and such trustee, or registered assigns, on the surrender hereof, the principal sum of Three Billion One Hundred Seventy Five Million Dollars, on March 1, 2057, and to pay interest thereon from the date hereof, at the rate of 10% per annum, and until payment of said principal sum, such interest to be payable March 1 and September 1 in each year; provided, however, that the Company shall receive certain credits against such obligations as set forth in the Supplemental Indenture dated March 1, 2022 referred to below.

Both the principal hereof and interest hereon shall be paid at the principal corporate trust office of U.S. Bank Trust Company, National Association in the Township of Edison, State of New Jersey, or (at the option of the registered owner) at the corporate trust office of any paying agent appointed by the Company, in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts; provided, however, that any such payments of principal and interest shall be subject to receipt of certain credits against such payment obligations as set forth in the Supplemental Indenture dated March 1, 2022 referred to below.

This Bond is one of the First and Refunding Mortgage Bonds of the Company issued and to be issued under and pursuant to, and all equally secured by, an indenture of mortgage or deed of trust dated August 1, 1924, as supplemented and amended by supplemental indentures thereto, including the Supplemental Indenture dated March 1, 2022, duly executed by the Company and U.S. Bank Trust Company, National Association as Trustee. This Bond is one of the Bonds of the Medium-Term Notes Series P, which series is limited to the aggregate principal amount of $3,175,000,000 and is issued pursuant to said Supplemental Indenture dated March 1, 2022. Reference is hereby made to said indenture and all supplements thereto for a specification of the principal amount of Bonds from time to time issuable thereunder, and for a description of the properties mortgaged and conveyed or assigned to said Trustee or its successors, the nature and extent of the security, and the rights of the holders of said Bonds and any coupons appurtenant thereto, and of the Trustee in respect of such security.

In and by said indenture, as amended and supplemented, it is provided that with the written approval of the Company and the Trustee, any of the provisions of said indenture may from time to time be eliminated or modified and other provisions may be added thereto provided the change does not alter the annual interest rate, redemption price or date, date of maturity or amount payable on maturity of any then outstanding Bond or conflict with the Trust Indenture Act of 1939 as then in effect, and provided the holders of 85% in principal amount of the Bonds secured by said indenture and then outstanding (including, if such change affects the Bonds of one or more series but less than all series then outstanding, a like percentage of the then outstanding Bonds of each series affected by such change, and excluding Bonds owned or controlled by the Company or by the parties owning at least 10% of the outstanding voting stock of the Company, as more fully specified in said indenture) consent in writing thereto, all as more fully set forth in said indenture, as amended and supplemented.

4

First and Refunding Mortgage Bonds issuable under said indenture are issuable in series, and the Bonds of any series may be for varying principal amounts and in the form of coupon bonds and of registered bonds without coupons, and the Bonds of any one series may differ from the Bonds of any other series as to date, maturity, interest rate and otherwise, all as in said indenture provided and set forth. The Bonds of the Medium-Term Notes Series P, in which this Bond is included, are designated “First and Refunding Mortgage Bonds, Medium-Term Notes, Series P.”

In case of the happening of an event of default as specified in said indenture and said supplemental indenture dated March 1, 1942, the principal sum of the Bonds of this series may be declared or may become due and payable forthwith, in the manner and with the effect in said indenture provided.

The Bonds of this series are subject to redemption as provided in Article II of the Supplemental Indenture dated March 1, 2022.

This Bond is transferable, but only as provided in said indenture and the Indenture of Trust dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) as predecessor trustee (The Bank of New York Mellon, as successor trustee to the predecessor trustee), as trustee, upon surrender hereof, by the registered owner in person or by attorney duly authorized in writing, at either of said offices where the principal hereof and interest hereon are payable; upon any such transfer a new fully registered Bond similar hereto will be issued to the transferee. This Bond may in like manner be exchanged for one or more new fully registered Bonds of the same series of other authorized denominations but of the same aggregate principal amount. No service charge shall be made for any such transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. The Company and the Trustee hereunder and any paying agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for the purpose of receiving payment of or on account of the principal hereof and the interest hereon and for all other purposes; and neither the Company nor the Trustee hereunder nor any paying agent shall be affected by any notice to the contrary.

The Bonds of this series are issuable only in fully registered form, in any denomination authorized by the Company.

No recourse under or upon any obligation, covenant or agreement contained in said indenture or in any indenture supplemental thereto, or in any Bond issued thereunder, or because of any indebtedness arising thereunder, shall be had against any incorporator, or against any past, present or future stockholder, officer, or director, as such, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, it being expressly agreed and understood that said indenture, any indenture supplemental thereto and the obligations issued thereunder, are solely corporate obligations, and that no personal liability whatever shall attach to, or be incurred by, such incorporators, stockholders, officers or directors, as such, of the Company, or of any successor corporation, or any of them, because of the incurring of the indebtedness thereby authorized, or under or by reason of any of the obligations, covenants or agreements contained in the indenture or in any indenture supplemental thereto or in any of the Bonds issued thereunder, or implied therefrom.

This Bond shall not be entitled to any security or benefit under said indenture, as amended and supplemented, and shall not become valid or obligatory for any purpose, until the certificate of authentication, hereon endorsed, shall have been signed by U.S. Bank Trust Company, National Association as Trustee, or by its successor in trust under said indenture.

[To be executed and attested under seal in accordance with the provisions of the Indenture.]

5

(FORMOFCERTIFICATEOFAUTHENTICATION)

CERTIFICATEOFAUTHENTICATION

[To be authenticated in accordance with the provisions of the Indenture.]

WHEREAS, the execution and delivery of this supplemental indenture have been duly authorized by the Board of Directors of the Company; and

WHEREAS, the Company represents that all things necessary to make the bond of the series hereinafter described, when duly authenticated by the Trustee and issued by the Company, a valid and legal obligation of the Company, and to make this supplemental indenture a valid and binding agreement supplemental to the Indenture, have been done and performed:

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH that the Company, in consideration of the premises and the execution and delivery by the Trustee of this supplemental indenture, and in pursuance of the covenants and agreements contained in the Indenture and for other good and valuable consideration, the receipt of which is hereby acknowledged, has granted, bargained, sold, aliened, remised, released, conveyed, confirmed, assigned, transferred and set over, and by these presents does grant, bargain, sell, alien, remise, release, convey, confirm, assign, transfer and set over unto the Trustee, its successors and assigns, forever, all the right, title and interest of the Company in and to all property of every kind and description (except cash, accounts and bills receivable and all merchandise bought, sold or manufactured for sale in the ordinary course of the Company’s business, stocks, bonds or other corporate obligations or securities, other than such as are described in Part V of the Granting Clauses of the Indenture, not acquired with the proceeds of bonds secured by the Indenture, and except as in the Indenture and herein otherwise expressly excluded) acquired by the Company since the execution and delivery of the supplemental indenture dated December 1, 2019, subsequent to the Indenture (except any such property duly released from, or disposed of, free from the lien of the Indenture, in accordance with the provisions thereof) and all such property which at any time hereafter may be acquired by the Company;

All of which property it is intended shall be included in and granted by this supplemental indenture and covered by the lien of the Indenture as heretofore and hereby amended and supplemented;

UNDER AND SUBJECT to any encumbrances or mortgages existing on property acquired by the Company at the time of such acquisition and not heretofore discharged of record; and

SUBJECT also, to the exceptions, reservations and provisions in the Indenture and in this supplemental indenture recited, and to the liens, reservations, exceptions, limitations, conditions and restrictions imposed by or contained in the several deeds, grants, franchises and contracts or other instruments through which the Company acquired or claims title to the aforesaid property; and Subject, also, to the existing leases, to liens on easements or rights of way, to liens for taxes, assessments and governmental charges not in default or the payment of which is deferred, pending appeal or other contest by legal proceedings, pursuant to Section 4 of Article Five of the Indenture, or the payment of which is deferred pending billing, transfer of title or final determination of amount, to easements for alleys, streets, highways, rights of way and railroads that may run across or encroach upon the said property, to joint pole and similar agreements, to undetermined liens and charges, if any, incidental to construction, and other encumbrances permitted by the Indenture as heretofore and hereby amended and supplemented;

TO HAVE AND TO HOLD the property hereby conveyed or assigned, or intended to be conveyed or assigned, unto the Trustee, its successor or successors and assigns, forever;

IN TRUST, NEVERTHELESS, upon the terms, conditions and trusts set forth in the Indenture as heretofore and hereby amended and supplemented, to the end that the said property shall be subject to the lien of the Indenture as heretofore and hereby amended and supplemented, with the same force and effect as though said property had been included in the Granting Clauses of the Indenture at the time of the execution and delivery thereof;

AND T HIS SUPPLEMENTAL INDENTURE FURTHER WITNESSETH that for the considerations aforesaid, it is hereby covenanted between the Company and the Trustee as follows:

6

ARTICLE I.

BONDS OF THE MEDIUM-TERM NOTES SERIES P.

The series of bonds authorized by this supplemental indenture to be issued under and secured by the Indenture shall be designated “First and Refunding Mortgage Bonds, Medium-Term Notes Series P”; shall be limited to the aggregate principal amount of $3,175,000,000; shall be issued initially to the Note Trustee and shall mature and bear interest as set forth in the form of bond set forth herein; provided, however, that the Company shall receive certain credits against principal and interest as set forth in Section 3.01 hereof. The date of each Bond of the Medium-Term Notes Series P shall be the interest payment date next preceding the date of authentication, unless such date of authentication be an interest payment date, in which case the date shall be the date of authentication, or unless such date of authentication be prior to the first semi-annual interest payment date, in which case the date shall be March 1, 2022.

Bonds of the Medium-Term Notes Series P shall be issuable only in the form of fully registered bonds in any denomination authorized by the Company. Interest on the Bonds of the Medium-Term Notes Series P shall be payable semi-annually in arrears on March 1 and September 1 of each year, payable initially on September 1, 2022, subject to receipt of certain credits against principal and interest as set forth in Section 3.01 hereof and shall be payable as to both principal and interest in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts, at the principal corporate trust office of the Trustee, or at the corporate trust office of any paying agent appointed.

Bonds of the Medium-Term Notes Series P shall be transferable and exchangeable, but only as provided in the Indenture and the Note Indenture, upon surrender thereof for cancellation by the registered owner in person or by attorney duly authorized in writing at either of said offices. The Company hereby waives any right to make a charge for any transfer or exchange of Bonds of the Medium-Term Notes Series P, but the Company may require payment of a sum sufficient to cover any tax or any other governmental charge that may be imposed in relation thereto.

ARTICLE II.

REDEMPTION OF BONDS OF MEDIUM-TERM NOTES SERIES P.

SECTION 2.01. Redemption—Redemption Price. Bonds of the Medium-Term Notes Series P shall be subject to redemption prior to maturity under the conditions, and upon payment of the amounts as may be specified in the following conditions:

(a) at any time in whole or in part at the option of the Company upon receipt by the Trustee of written certification of the Company and of the Note Trustee that the principal amount of the Series P Notes then outstanding under the Note Indenture is not in excess of such principal amount of the Bonds of the Medium-Term Notes Series P as shall remain pledged to the Note Trustee after giving effect to such redemption; (b) at any time by the application of any proceeds of released property or other money held by the Trustee and which, pursuant to Section 4C of Article Eight of the Indenture, as amended and supplemented, are applied to the redemption of Bonds of the Medium-Term Notes Series P, upon payment of 100% of the principal amount thereof, together with interest accrued to the redemption date, provided that any such payment shall be subject to receipt by the Company of certain credits against such obligations as set forth in Section 3.01 hereof or (c) automatically upon failure to pay the principal of any Series P Notes then outstanding under the Note Indenture when due, on their stated maturity date or earlier redemption or repayment date, in a principal amount of Bonds of the Medium-Term Notes Series P equal to the principal amount of such Series P Notes, in each case, at a price equal to 100% of the principal amount thereof, together with accrued interest, if applicable.

SECTION 2.02. Redemptions Pursuant to Section 4C of Article Eight of the Indenture. If, pursuant to Section 4C of Article Eight of the Indenture, as amended and supplemented, any proceeds of released property or other money then held by the Trustee shall be applied to the redemption of the Bonds of the Medium-Term Notes Series P, the Trustee shall give at least 45 days prior written notice of such redemption to the Note Trustee whereupon on the date fixed for redemption such principal amount thereof as is equal to such proceeds shall be redeemed; provided that no such redemption shall be made unless the Trustee shall be in receipt of a written certification of the Company and the Note Trustee that a like principal amount of

7

Series P Notes shall have been theretofore redeemed in accordance with the provisions of the Note Indenture. For purposes of determining which of the Company’s First and Refunding Mortgage Bonds are subject to such mandatory redemption, the Mortgage Trustee shall consider the 10% stated annual interest rate of the Bonds of the Medium-Term Notes Series P, not the weighted average interest rate of outstanding Series P Notes. Bonds of said series so redeemed shall be cancelled.

SECTION 2.03. Interest on Called Bonds to Cease. Each Bond of the Medium-Term Notes Series P or portion thereof called for redemption under Section 2.02 hereof shall be due and payable at the office of the Note Trustee, as paying agent hereunder, at its redemption price and on the specified redemption date, anything herein or in such Bond to the contrary notwithstanding. From and after the date when each Bond of the Medium-Term Notes Series P or portion thereof shall be due and payable as aforesaid (unless upon said date the full amount due thereon shall not be held by the Note Trustee, as paying agent hereunder, and be immediately available for payment), all further interest shall cease to accrue on such bond or on such portion thereof, as the case may be.

SECTION 2.04. Bonds Called in Part. If only a portion of any Bond of the Medium-Term Notes Series P shall be called for redemption pursuant to Section 2.02 hereof, upon payment of the portion so called for redemption, the Note Trustee shall make an appropriate notation upon the Bond of the principal amount so redeemed.

SECTION 2.05. Provisions of Indenture Not Applicable. The provisions of Article Four of the Indenture, as amended and supplemented, shall not apply to the procedure for the exercise of any right of redemption reserved by the Company, or to any mandatory redemption provided, in this Article in respect of the Bonds of the Medium-Term Notes Series P. There shall be no sinking fund for the Bonds of the Medium-Term Notes Series P.

ARTICLE III.

CREDITS WITH RESPECT TO BONDS OF THE MEDIUM-TERM NOTES SERIES P.

SECTION 3.01. Credits. In addition to any other credit, payment or satisfaction to which the Company is entitled with respect to the Bonds of the Medium-Term Notes Series P, the Company shall be entitled to credits against amounts otherwise payable in respect of the Bonds of the Medium-Term Notes Series P in an amount corresponding to (i) the principal amount of any of the Company’s Series P Notes issued under the Note Indenture surrendered to the Note Trustee by the Company, or purchased by the Note Trustee, for cancellation, (ii) the amount of money held by the Note Trustee and available and designated for the payment of principal or redemption price (exclusive of any premium) of, and/or interest on, the Series P Notes, regardless of the source of payment to the Note Trustee of such moneys and (iii) the amount by which principal of and interest due on the Bonds of the Medium-Term Notes Series P exceeds principal of and interest due on the Series P Notes. The Note Trustee shall make notation on such Bonds authorized hereby of any such credit.

SECTION 3.02. Certificate of the Company. A certificate of the Company signed by the President or any Vice President, and attested to by the Secretary or any Assistant Secretary, and consented to by the Note Trustee, stating that the Company is entitled to a credit under Section 3.01 hereof or that Bonds of the Medium-Term Notes Series P have been cancelled, and setting forth the basis therefor in reasonable detail, shall be conclusive evidence of such entitlement, and the Trustee shall accept such certificate as such evidence without further investigation or verification of the matters stated therein.

ARTICLE IV.

MISCELLANEOUS.

SECTION 4.01. Authentication of Bonds of Medium-Term Notes Series P. None of the Bonds of the Medium-Term Notes Series P, the issue of which is provided for by this supplemental indenture, shall be authenticated by or on behalf of the Trustee except in accordance with the provisions of the Indenture, as amended and supplemented, and this supplemental indenture, and upon compliance with the conditions in that behalf therein contained.

8

SECTION 4.02. Additional Restrictions on Authentication of Additional Bonds Under Indenture. The Company covenants that from and after the date of execution of this supplemental indenture no additional bonds (as defined in Section 1 of Article Two of the Indenture) shall be authenticated and delivered by the Trustee under Subdivision A of Section 4 of said Article Two on account of additions or improvements to the mortgaged property;

(1) unless the net earnings of the Company for the period required by Subdivision C of Section 6 of said Article Two shall have been at least twice the fixed charges (in lieu of 1-3/4 times such fixed charges, as required by said Subdivision C); and for the purpose of this condition (a) such fixed charges shall in each case include interest on the bonds applied for, notwithstanding the parenthetical provision contained in clause (4) of said Subdivision C, and (b) in computing such net earnings there shallbe included in expenses of operation (under paragraph (c) of said Subdivision C) all charges against earnings for depreciation, renewals or replacements, and all certificates with respect to net earnings delivered to the Trustee in connection with any authentication of additional bonds under said Article Two shall so state; and (2) except to the extent of 60% (in lieu of 75% as permitted by Subdivision A of Section 7 of said Article Two) of the cost or fair value to the Company of the additions or improvements forming the basis for such authentication of additional bonds.

SECTION 4.03. Restriction on Dividends. The Company will not declare or pay any dividend on any shares of its common stock (other than dividends payable in shares of its common stock) or make any other distribution on any such shares, or purchase or otherwise acquire any such shares (except shares acquired without cost to the Company) whenever such action would reduce the earned surplus of the Company to an amount less than $10,000,000 or such lesser amount as may remain after deducting from said $10,000,000 all amounts appearing in the books of account of the Company on December 31, 1948, which shall thereafter, pursuant to any order or rule of any regulatory body entered after said date, be required to be removed, in whole or in part, from the books of account of the Company by charges to earned surplus.

SECTION 4.04. Use of Facsimile Seal and Signatures. The seal of the Company and any or all signatures of the officers of the Company upon any of the Bonds of the Medium-Term Notes Series P may be facsimiles.

SECTION 4.05. Time for Making of Payment. All payments of principal or redemption price of, and interest on, the Bonds of the Medium-Term Notes Series P shall be made either prior to the due date thereof or on the due date thereof in immediately available funds. In any case where the date of any such payment shall be a Saturday or Sunday or a legal holiday or a day on which banking institutions in the city of payment are authorized by law to close, then such payment need not be made on such date but may be made on the next succeeding business day with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such date.

SECTION 4.06. Effective Period of Supplemental Indenture. The preceding provisions of Articles I, II and III of this supplemental indenture shall remain in effect only so long as any of the Bonds of the Medium- Term Notes Series P shall remain outstanding.

SECTION 4.07. Effect of Approval of Board of Public Utilities of the State of New Jersey. The approval of the Board of Public Utilities of the State of New Jersey of the execution and delivery of these presents and of the issue of any Bond of the Medium-Term Notes Series P shall not be construed as approval of said Board of any other act, matter or thing which requires approval of said Board under the laws of the State of New Jersey.

SECTION 4.08. Execution in Counterparts. For the purpose of facilitating the recording hereof, this supplemental indenture has been executed in several counterparts, each of which shall be and shall be taken to be an original, and all collectively but one instrument.

SECTION 4.09. Merger or Consolidation of Trustee. Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article 6, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

9

IN WITNESS WHEREOF,Public Service Electric and Gas Company, party hereto of the first part, after due corporate and other proceedings, has caused this supplemental indenture to be signed and acknowledged or proved by its President or one of its Vice Presidents and its corporate seal hereunto to be affixed and to be attested by the signature of its Secretary or an Assistant Secretary; and U.S. Bank Trust Company, National Association, as Trustee, party hereto of the second part, has caused this supplemental indenture to be signed and acknowledged or proved by its President or one of its Vice Presidents, and its corporate seal to be hereunto affixed and to be attested by the signature of its Secretary, Assistant Secretary, Vice President, or an Assistant Vice President. Executed and delivered effective as of the 1st day of March 2022.

Attest:

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

By/s/ Bradford Huntington

. . . . . . . . . . . . . . . . . . . . . . . . . . .

Bradford Huntington

Vice President

Attest:

/s/ Rosalyn Pichardo

..............................

Rosalyn Pichardo

Assistant Secretary

10

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

By/s/ Mark DiGiacomo

. . . . . . . . . . . . . . . . . . . . . . . . . . .

Mark DiGiacomo

Vice President

Attest:

/s/ Annette Marsula

...............................

Annette Marsula

Vice President

11

STATE OF NEW JERSEY )

SS:)

COUNTY OF ESSEX )

Be it Remembered, that on this 1st day of March, 2022, before me, the subscriber, a Notary Public of the State of New Jersey, personally appeared Bradford Huntington, who, I am satisfied, is a Vice President of Public Service Electric and Gas Company, one of the corporations named in and which executed the foregoing instrument, and is the person who signed the said instrument as such officer, for and on behalf of such corporation, and I having first made known to him the contents thereof, he did acknowledge that he signed the said instrument as such officer, that the said instrument was made by such corporation and sealed with its corporate seal, that the said instrument is the voluntary act and deed of such corporation, made by virtue of authority from its Board of Directors, and that said corporation, the mortgagor, has received a true copy of said instrument.

/s/ Sarah El Said

.............................................................

Sarah El Said

Notary Public of New Jersey

My Commission Expires March 12, 2023

STATE OFNEW JERSEY)

SS:)

COUNTY OFESSEX)

Be it Remembered, that on this 1st day of March, 2022 before me, the subscriber, a Notary Public of the State of New Jersey, personally appeared Mark DiGiacomo, who, I am satisfied, is a Vice President of U.S. Bank Trust Company, National Association, one of the corporations named in and which executed the foregoing instrument, and is the person who signed the said instrument as such officer, for and on behalf of such corporation, and I having first made known to him the contents thereof, he did acknowledge that he signed the said instrument as such officer, that the said instrument was made by such corporation and sealed with its corporate seal, and that the said instrument is the voluntary act and deed of such corporation, made by virtue of authority from its Board of Directors.

/s/ Annette Marsula

..............................................................

Annette Marsula

Notary Public of New Jersey

Commission # 50128889

My Commission Expires June 9, 2025

12

CERTIFICATE OF RESIDENCE

U.S. Bank Trust Company, National Association, Mortgagee and Trustee within named, hereby certifies that its precise residence is 333 Thornall Street, Edison, New Jersey 08837.

U.S. BANK TRUST COMPANY, NATIONAL

ASSOCIATION

By /s/ Mark DiGiacomo

..............................................................

Mark DiGiacomo

Vice President

EX-31

EXHIBIT 31

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Ralph Izzo, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Enterprise Group Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 3, 2022	/s/ Ralph Izzo
		Ralph Izzo
		Public Service Enterprise Group Incorporated
		Chief Executive Officer

EX-31.1

EXHIBIT 31.1

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Daniel J. Cregg, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Enterprise Group Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 3, 2022	/s/ Daniel J. Cregg
		Daniel J. Cregg
		Public Service Enterprise Group Incorporated
		Chief Financial Officer

EX-31.2

EXHIBIT 31.2

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Ralph Izzo, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Electric and Gas Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 3, 2022	/s/ Ralph Izzo
		Ralph Izzo
		Public Service Electric and Gas Company
		Chief Executive Officer

EX-31.3

EXHIBIT 31.3

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Daniel J. Cregg, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Electric and Gas Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 3, 2022	/s/ Daniel J. Cregg
		Daniel J. Cregg
		Public Service Electric and Gas Company
		Chief Financial Officer

EX-32

EXHIBIT 32

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Ralph Izzo, Chief Executive Officer of Public Service Enterprise Group Incorporated, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Enterprise Group Incorporated on Form 10-Q for the quarter ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Enterprise Group Incorporated.

/s/ Ralph Izzo

Ralph Izzo

Public Service Enterprise Group Incorporated

Chief Executive Officer

May 3, 2022

EX-32.1

EXHIBIT 32.1

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Daniel J. Cregg, Chief Financial Officer of Public Service Enterprise Group Incorporated, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Enterprise Group Incorporated on Form 10-Q for the quarter ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Enterprise Group Incorporated.

/s/ Daniel J. Cregg

Daniel J. Cregg

Public Service Enterprise Group Incorporated

Chief Financial Officer

May 3, 2022

EX-32.2

EXHIBIT 32.2

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Ralph Izzo, Chief Executive Officer of Public Service Electric and Gas Company, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Electric and Gas Company on Form 10-Q for the quarter ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Electric and Gas Company.

/s/ Ralph Izzo

Ralph Izzo

Public Service Electric and Gas Company

Chief Executive Officer

May 3, 2022

EX-32.3

EXHIBIT 32.3

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Daniel J. Cregg, Chief Financial Officer of Public Service Electric and Gas Company, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Electric and Gas Company on Form 10-Q for the quarter ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Electric and Gas Company.

/s/ Daniel J. Cregg

Daniel J. Cregg

Public Service Electric and Gas Company

Chief Financial Officer

May 3, 2022

XML

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 19, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		499,258,876
Amendment Flag	false
Document Fiscal Year Focus	2022
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	2022
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 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

XML

Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Revenues	$ 2,313	$ 2,889
Operating Expenses [Abstract]
Energy Costs	1,245	1,029
Operation and Maintenance	794	778
Depreciation and Amortization	283	341
(Gains) Losses on Asset Dispositions and Impairments	43	0
Total Operating Expenses	2,365	2,148
OPERATING INCOME (LOSS)	(52)	741
Income from Equity Method Investments	4	3
Net Gains (Losses) on Trust Investments	(68)	60
Other Income (Deductions)	5	25
Non-Operating Pension and OPEB Credits (Costs)	94	82
Interest Expense	(137)	(146)
Income Before Income Taxes	(154)	765
Income Tax Benefit (Expense)	152	(117)
Net Income (Loss)	$ (2)	$ 648
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (shares)	501	504
DILUTED (shares)	501	507
EARNINGS PER SHARE:
BASIC (dollars per share)	$ 0.00	$ 1.29
DILUTED (dollars per share)	$ 0.00	$ 1.28
Public Service Electric and Gas Company [Member]
Operating Revenues	$ 2,284	$ 2,073
Operating Expenses [Abstract]
Energy Costs	968	849
Operation and Maintenance	463	424
Depreciation and Amortization	241	241
Total Operating Expenses	1,672	1,514
OPERATING INCOME (LOSS)	612	559
Net Gains (Losses) on Trust Investments	0	1
Other Income (Deductions)	19	28
Non-Operating Pension and OPEB Credits (Costs)	70	66
Interest Expense	(103)	(98)
Income Before Income Taxes	598	556
Income Tax Benefit (Expense)	(89)	(79)
Net Income (Loss)	$ 509	$ 477

XML

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Income (Loss)	$ (2)	$ 648
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit	(61)	(42)
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit	1	1
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit	0	3
Other Comprehensive Income (Loss), net of tax	(60)	(38)
COMPREHENSIVE INCOME (LOSS)	(62)	610
Public Service Electric and Gas Company [Member]
Net Income (Loss)	509	477
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit	(3)	(3)
Other Comprehensive Income (Loss), net of tax	(3)	(3)
COMPREHENSIVE INCOME (LOSS)	$ 506	$ 474

XML

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unrealized Gains (Losses) on Available-for-Sale Securities, tax	$ 39	$ 26
Unrealized Gains (Losses) on Cash Flow Hedges, Tax	0	0
Pension/OPEB adjustment, tax	0	(2)
Public Service Electric and Gas Company [Member]
Unrealized Gains (Losses) on Available-for-Sale Securities, tax	$ 1	$ 1

XML

Condensed Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and Cash Equivalents	$ 1,603	$ 818
Accounts Receivable, net of allowance	1,728	1,859
Tax Receivable	8	9
Unbilled Revenues, net of allowance	198	217
Fuel	67	296
Materials and Supplies, net	471	448
Prepayments	100	63
Derivative Contracts	144	72
Regulatory Assets	368	364
Assets Held-for-sale	0	2,060
Other	41	44
Total Current Assets	4,728	6,250
PROPERTY, PLANT AND EQUIPMENT	44,303	43,684
Less: Accumulated Depreciation and Amortization	(9,569)	(9,318)
Net Property, Plant and Equipment	34,734	34,366
NONCURRENT ASSETS
Regulatory Assets	3,671	3,605
Operating Lease, Right-of-Use Asset	195	201
Long-Term Investments	534	541
Nuclear Decommissioning Trust (NDT) Fund	2,491	2,637
Long-Term Tax Receivable	47	47
Long-Term Receivable of Variable Interest Entities (VIEs)	833	828
Rabbi Trust Fund	219	242
Other Intangibles	22	20
Derivative Contracts	49	28
Other	251	234
Total Noncurrent Assets	8,312	8,383
Total Assets	47,774	48,999
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	700	700
Commercial Paper and Loans	1,676	3,519
Accounts Payable	956	1,315
Derivative Contracts	159	17
Accrued Interest	144	121
Accrued Taxes	312	67
Clean Energy Program	87	146
Obligation to Return Cash Collateral	384	179
Regulatory Liabilities	369	388
Liabilities Held-for-Sale	0	144
Other	505	476
Total Current Liabilities	5,292	7,072
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	5,463	5,759
Regulatory Liabilities	2,522	2,497
Operating Leases	184	191
Asset Retirement Obligations	1,586	1,573
Environmental Costs	237	245
Derivative Contracts	23	17
Long-Term Accrued Taxes	66	100
Other	176	184
Total Noncurrent Liabilities	11,916	12,270
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	16,968	15,219
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	4,978	5,045
Treasury Stock, at cost	(1,336)	(896)
Retained Earnings	10,366	10,639
Accumulated Other Comprehensive Income (Loss)	(410)	(350)
Total Stockholder's Equity	13,598	14,438
Total Capitalization	30,566	29,657
TOTAL LIABILITIES AND CAPITALIZATION	$ 47,774	$ 48,999
Treasury Stock, Shares	37	30
Consolidated Entity Excluding Variable Interest Entities (VIE)
NONCURRENT LIABILITIES
OPEB Costs	$ 568	$ 572
Accrued Pension Costs	273	318
Variable Interest Entity, Primary Beneficiary
NONCURRENT LIABILITIES
OPEB Costs	647	640
Accrued Pension Costs	171	174
Public Service Electric and Gas Company [Member]
CURRENT ASSETS
Cash and Cash Equivalents	910	294
Accounts Receivable, net of allowance	1,189	1,050
Unbilled Revenues, net of allowance	198	217
Materials and Supplies, net	246	233
Prepayments	20	15
Regulatory Assets	368	364
Other	27	33
Total Current Assets	2,958	2,206
PROPERTY, PLANT AND EQUIPMENT	39,136	38,588
Less: Accumulated Depreciation and Amortization	(7,799)	(7,640)
Net Property, Plant and Equipment	31,337	30,948
NONCURRENT ASSETS
Regulatory Assets	3,671	3,605
Operating Lease, Right-of-Use Asset	91	92
Long-Term Investments	175	181
Rabbi Trust Fund	39	43
Other	128	123
Total Noncurrent Assets	4,104	4,044
Total Assets	38,399	37,198
CURRENT LIABILITIES
Accounts Payable	496	571
Accounts Payable-Affiliated Companies	420	418
Accrued Interest	114	107
Clean Energy Program	87	146
Obligation to Return Cash Collateral	384	179
Regulatory Liabilities	369	388
Other	421	376
Total Current Liabilities	2,291	2,185
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	4,990	4,874
Regulatory Liabilities	2,522	2,497
Operating Leases	81	83
Asset Retirement Obligations	363	363
OPEB Costs	348	354
Accrued Pension Costs	105	132
Environmental Costs	184	191
Long-Term Accrued Taxes	6	6
Other	138	145
Total Noncurrent Liabilities	8,737	8,645
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	12,292	11,795
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	892	892
Contributed Capital	1,170	1,170
Basis Adjustment	986	986
Retained Earnings	12,033	11,524
Accumulated Other Comprehensive Income (Loss)	(2)	1
Total Stockholder's Equity	15,079	14,573
Total Capitalization	27,371	26,368
TOTAL LIABILITIES AND CAPITALIZATION	$ 38,399	$ 37,198

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable, allowance	$ 341	$ 325
Unbilled Revenues, allowance	$ 10	$ 12
Common Stock, authorized	1,000	1,000
Common Stock, issued	534	534
Treasury Stock, Shares	37	30
Public Service Electric and Gas Company [Member]
Accounts Receivable, allowance	$ 341	$ 325
Unbilled Revenues, allowance	$ 10	$ 12
Common Stock, authorized	150	150
Common Stock, issued	132	132
Common Stock, outstanding	132	132

XML

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ (2)	$ 648
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	283	341
Amortization of Nuclear Fuel	50	49
(Gains) Losses on Asset Dispositions and Impairments	43	0
Emission Allowances and Renewable Energy Credit Compliance Accrual	28	43
Provision for Deferred Income Taxes and ITC	(340)	96
Non-Cash Employee Benefit Plan (Credits) Costs	(60)	(44)
Leveraged Lease (Income), (Gains) and Losses, Adjusted for Rents Received and Deferred Taxes	31	16
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives	847	46
Payments for Removal Costs	(30)	(27)
Net Change in Regulatory Assets and Liabilities	(122)	(28)
Net Realized (Gains) Losses and (Income) Expense from NDT Fund	54	(68)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable	1	66
Accrued Taxes	215	(44)
Margin Deposit	(683)	(44)
Obligation to Return Cash Collateral	205	(4)
Other Current Assets and Liabilities	20	(26)
Employee Benefit Plan Funding and Related Payments	(6)	(3)
Other	62	(10)
Net Cash Provided By (Used In) Operating Activities	472	1,027
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(686)	(633)
Proceeds from Sale of Trust Investments	501	662
Purchase of Trust Investments	510	660
Proceeds from Sales of Long-Lived Assets and Lease Investments	1,890	0
Other	(12)	7
Net Cash Provided By (Used In) Investing Activities	1,183	(624)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	(593)	(598)
Proceeds from Short-Term Loan	0	500
Repayments of Short-term Debt	(1,250)	(300)
Proceeds from Issuance of Other Long-term Debt	1,750	900
Redemption of Long-term Debt	0	(300)
Payments for Share Repurchase Program	(500)	0
Cash Dividends Paid on Common Stock	(271)	(258)
Other	(12)	(78)
Net Cash Provided By (Used In) Financing Activities	(876)	(134)
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash	779	269
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	863	572
Cash, Cash Equivalents and Restricted Cash at End of Period	1,642	841
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	0	(25)
Interest Paid, Net of Amounts Capitalized	115	95
Accrued Property, Plant and Equipment Expenditures	295	258
Public Service Electric and Gas Company [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	509	477
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	241	241
Provision for Deferred Income Taxes and ITC	41	32
Non-Cash Employee Benefit Plan (Credits) Costs	(45)	(39)
Payments for Removal Costs	(30)	(27)
Net Change in Regulatory Assets and Liabilities	(122)	(28)
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues	(120)	(39)
Fuel, Materials and Supplies	(13)	(3)
Prepayments	(5)	(8)
Obligation to Return Cash Collateral	205	(4)
Accounts Payable	(26)	(99)
Accounts Receivable/Payable-Affiliated Companies, net	86	9
Other Current Assets and Liabilities	44	39
Employee Benefit Plan Funding and Related Payments	(3)	0
Other	26	33
Net Cash Provided By (Used In) Operating Activities	736	518
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(628)	(586)
Proceeds from Sale of Trust Investments	5	16
Purchase of Trust Investments	4	10
Solar Loan Investments	4	2
Other	2	4
Net Cash Provided By (Used In) Investing Activities	(621)	(574)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	0	(100)
Proceeds from Issuance of Other Long-term Debt	500	900
Redemption of Long-term Debt	0	(300)
Other	(5)	(8)
Net Cash Provided By (Used In) Financing Activities	495	492
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash	610	436
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	339	233
Cash, Cash Equivalents and Restricted Cash at End of Period	949	669
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	0	51
Interest Paid, Net of Amounts Capitalized	95	81
Accrued Property, Plant and Equipment Expenditures	$ 245	$ 218

XML

Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Public Service Electric and Gas Company [Member]	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] 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]
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
Net Income	648			648		477		477
Other Comprehensive Income (Loss), Net of Tax	(38)				(38)	(3)			(3)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	610					474
Dividends, Common Stock, Cash	(258)			(258)	0
Stockholders' Equity, Other	(59)	$ (18)	$ (41)	0	0
Stockholders' Equity, Other Shares		0	0
Other Comprehensive Income (Loss), Tax	24					1
Payments for Share Repurchase Program	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
Shares, Outstanding		534	(30)
Total Stockholder's Equity	14,438	$ 5,045	$ (896)	10,639	(350)	14,573	892	11,524	1	1,170	986
Net Income	(2)			(2)		509		509
Other Comprehensive Income (Loss), Net of Tax	(60)				(60)	(3)			(3)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	(62)					506
Dividends, Common Stock, Cash	(271)			(271)	0
Treasury Stock, Shares, Acquired			(7)
Stockholders' Equity, Other	(7)	$ (17)	$ 10	0	0
Stockholders' Equity, Other Shares		0	0
Other Comprehensive Income (Loss), Tax	39					1
Payments for Share Repurchase Program	(500)	$ (50)	$ (450)
Shares, Outstanding		534	(37)
Total Stockholder's Equity	$ 13,598	$ 4,978	$ (1,336)	$ 10,366	$ (410)	$ 15,079	$ 892	$ 12,033	$ (2)	$ 1,170	$ 986

XML

Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Comprehensive Income (Loss), Tax	$ 39	$ 24
Common Stock, Dividends, Per Share, Cash Paid	$ 0.54	$ 0.51
Public Service Electric and Gas Company [Member]
Other Comprehensive Income (Loss), Tax	$ 1	$ 1

XML

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2022

Organization and Basis of Presentation

Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a carbon-free generation and infrastructure company. PSEG’s two reportable segments 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 an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. 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 Energy Holdings L.L.C. (Energy Holdings), which holds investments in offshore wind ventures and a legacy portfolio of lease investments; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

In August 2021, PSEG entered into two agreements to sell PSEG Power’s 6,750 megawatts (MW) fossil generating portfolio to newly formed subsidiaries of ArcLight Energy Partners Fund VII, L.P., a fund controlled by ArcLight Capital Partners, LLC. In February 2022, PSEG completed the sale of this fossil generating portfolio. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for more details on the transactions.

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, 2021.

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, 2021.

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, 2021) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		Other (A)		Consolidated
	Millions
As of December 31, 2021
Cash and Cash Equivalents	$	294	$	524	$	818
Restricted Cash in Other Current Assets	28		—		28
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	339	$	524	$	863
As of March 31, 2022
Cash and Cash Equivalents	$	910	$	693	$	1,603
Restricted Cash in Other Current Assets	22		—		22
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	949	$	693	$	1,642

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

Property, Plant and Equipment

In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units. While the NRC had previously granted the SLR to the Peach Bottom units, the NRC was responding to pending motions that had not previously been adjudicated. In its decision, the NRC concluded that the previous environmental review required by the National Environmental Policy Act (NEPA) was incomplete because it did not adequately address environmental impacts resulting from extending the units’ licenses by 20 years. As a result, at the direction of the NRC, the NRC staff changed the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NRC directed, however, that the subsequently renewed licenses themselves remain in effect. The NRC also stated that it fully expects that the staff will complete its update of the NEPA analysis before 2033. As such, at this time, PSEG has not adjusted the useful lives or the assumed shutdown probabilities assigned to the Asset Retirement Obligations (ARO) of the units as PSEG believes that the licenses will be updated to reflect the approved 2053 and 2054 expiration dates within the current license period. PSEG will continue to monitor this matter for further developments and any change to the estimated useful lives and ARO probabilities could have an adverse financial statement impact, which may be material.

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 public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a carbon-free generation and infrastructure company. PSEG’s two reportable segments 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 an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. 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 Energy Holdings L.L.C. (Energy Holdings), which holds investments in offshore wind ventures and a legacy portfolio of lease investments; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

In August 2021, PSEG entered into two agreements to sell PSEG Power’s 6,750 megawatts (MW) fossil generating portfolio to newly formed subsidiaries of ArcLight Energy Partners Fund VII, L.P., a fund controlled by ArcLight Capital Partners, LLC. In February 2022, PSEG completed the sale of this fossil generating portfolio. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for more details on the transactions.

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, 2021.

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, 2021.

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, 2021) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		Other (A)		Consolidated
	Millions
As of December 31, 2021
Cash and Cash Equivalents	$	294	$	524	$	818
Restricted Cash in Other Current Assets	28		—		28
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	339	$	524	$	863
As of March 31, 2022
Cash and Cash Equivalents	$	910	$	693	$	1,603
Restricted Cash in Other Current Assets	22		—		22
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	949	$	693	$	1,642

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

Property, Plant and Equipment

In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units. While the NRC had previously granted the SLR to the Peach Bottom units, the NRC was responding to pending motions that had not previously been adjudicated. In its decision, the NRC concluded that the previous environmental review required by the National Environmental Policy Act (NEPA) was incomplete because it did not adequately address environmental impacts resulting from extending the units’ licenses by 20 years. As a result, at the direction of the NRC, the NRC staff changed the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NRC directed, however, that the subsequently renewed licenses themselves remain in effect. The NRC also stated that it fully expects that the staff will complete its update of the NEPA analysis before 2033. As such, at this time, PSEG has not adjusted the useful lives or the assumed shutdown probabilities assigned to the Asset Retirement Obligations (ARO) of the units as PSEG believes that the licenses will be updated to reflect the approved 2053 and 2054 expiration dates within the current license period. PSEG will continue to monitor this matter for further developments and any change to the estimated useful lives and ARO probabilities could have an adverse financial statement impact, which may be material.

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Recent Accounting Standards

3 Months Ended

Mar. 31, 2022

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Recent Accounting Standards

Recent Accounting Standards

New Standards Issued and Adopted

Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options—Accounting Standards Update (ASU) 2021-04

This accounting standard clarifies an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange. It provides guidance on how an issuer would determine whether it should recognize the modification or exchange as an adjustment to equity or an expense.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

Lessors-Certain Leases with Variable Lease Payments—ASU 2021-05

This accounting standard improves an area of the lease guidance related to a lessor’s accounting for certain leases with variable lease payments. It amends the lessor lease classification requirements and, as a result, a lessor is now required to classify and account for a lease with variable payments as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease and (ii) the lessor would have otherwise recognized a day-one loss. A day-one loss or profit is not recognized under operating lease accounting.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

Government Assistance —Disclosures by Business Entities about Government Assistance—ASU 2021-10

This accounting standard increases transparency in financial reporting by requiring business entities to disclose, in notes to financial statements, certain information when they (i) have received government assistance and (ii) use a grant or contribution accounting model by analogy to other accounting guidance.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

New Standards Issued But Not Yet Adopted as of March 31, 2022

Business Combinations—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers—ASU 2021-08

This accounting standard amends the business combination guidance by requiring entities to apply the revenue recognition standard to recognize and measure contract assets and contract liabilities in a business combination.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied prospectively to business combinations occurring on or after the effective date of the amendments. PSEG is currently analyzing the impact of this standard on its financial statements.

Derivative and Hedging: Fair Value Hedging-Portfolio Layer Method—ASU 2022-01

This accounting standard amends the derivative and hedging guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard allows entities to expand their use of the portfolio layer method (previously known as the last of layer method) for fair value hedges of interest rate risk. Under this guidance, entities can now hedge all financial assets under the portfolio layer method and designate multiple hedged layers within a single closed portfolio. The standard also clarifies the accounting for fair value hedge basis adjustments in portfolio layer hedges and how these adjustments should be disclosed.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied: (i) prospectively to designation of multiple hedged layers of a single closed portfolio, (ii) on a modified retrospective basis for amendments related to hedge basis adjustments under the portfolio layer method, and (iii) on a prospective or retrospective basis for the amendments related to disclosures. PSEG is currently analyzing the impact of this standard on its financial statements.

Financial Instruments—Credit Losses: Troubled Debt Restructurings and Vintage Disclosures—ASU 2022-02

This accounting standard eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit losses guidance and enhances the disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. It also amends the guidance on vintage disclosures to require disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied prospectively, except for the transition method related to the recognition and measurement of troubled debt restructurings where there is an option to apply a modified retrospective transition method. PSEG is currently analyzing the impact of this standard on its financial statements.

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

Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options—Accounting Standards Update (ASU) 2021-04

This accounting standard clarifies an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options that remain equity-classified after modification or exchange. It provides guidance on how an issuer would determine whether it should recognize the modification or exchange as an adjustment to equity or an expense.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

Lessors-Certain Leases with Variable Lease Payments—ASU 2021-05

This accounting standard improves an area of the lease guidance related to a lessor’s accounting for certain leases with variable lease payments. It amends the lessor lease classification requirements and, as a result, a lessor is now required to classify and account for a lease with variable payments as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease and (ii) the lessor would have otherwise recognized a day-one loss. A day-one loss or profit is not recognized under operating lease accounting.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

Government Assistance —Disclosures by Business Entities about Government Assistance—ASU 2021-10

This accounting standard increases transparency in financial reporting by requiring business entities to disclose, in notes to financial statements, certain information when they (i) have received government assistance and (ii) use a grant or contribution accounting model by analogy to other accounting guidance.

The standard is effective for fiscal years beginning after December 15, 2021. PSEG adopted this standard prospectively on January 1, 2022. Adoption of this standard did not have an impact on the financial statements of PSEG and PSE&G.

New Standards Issued But Not Yet Adopted as of March 31, 2022

Business Combinations—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers—ASU 2021-08

This accounting standard amends the business combination guidance by requiring entities to apply the revenue recognition standard to recognize and measure contract assets and contract liabilities in a business combination.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied prospectively to business combinations occurring on or after the effective date of the amendments. PSEG is currently analyzing the impact of this standard on its financial statements.

Derivative and Hedging: Fair Value Hedging-Portfolio Layer Method—ASU 2022-01

This accounting standard amends the derivative and hedging guidance on fair value hedge accounting of interest rate risk for portfolios of financial assets. The standard allows entities to expand their use of the portfolio layer method (previously known as the last of layer method) for fair value hedges of interest rate risk. Under this guidance, entities can now hedge all financial assets under the portfolio layer method and designate multiple hedged layers within a single closed portfolio. The standard also clarifies the accounting for fair value hedge basis adjustments in portfolio layer hedges and how these adjustments should be disclosed.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied: (i) prospectively to designation of multiple hedged layers of a single closed portfolio, (ii) on a modified retrospective basis for amendments related to hedge basis adjustments under the portfolio layer method, and (iii) on a prospective or retrospective basis for the amendments related to disclosures. PSEG is currently analyzing the impact of this standard on its financial statements.

Financial Instruments—Credit Losses: Troubled Debt Restructurings and Vintage Disclosures—ASU 2022-02

This accounting standard eliminates the accounting guidance for troubled debt restructurings by creditors that have adopted the current expected credit losses guidance and enhances the disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. It also amends the guidance on vintage disclosures to require disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases.

The standard is effective for fiscal years beginning after December 15, 2022 and early adoption is permitted. Amendments in this standard will be applied prospectively, except for the transition method related to the recognition and measurement of troubled debt restructurings where there is an option to apply a modified retrospective transition method. PSEG is currently analyzing the impact of this standard on its financial statements.

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Revenues Revenues

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Text Block]

Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries 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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

Other

Revenues from Contracts with Customers

Electricity and Related Products—Wholesale load contracts have been executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits 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 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.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 and Impairments 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.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

Prior to the sale of Solar Source in June 2021, PSEG Power entered into bilateral contracts to sell solar power and solar renewable energy certificates (SRECs) from its solar facilities. Contract terms ranged from 15 to 30 years. The performance

obligations were generally solar power and SRECs which were transferred to customers upon generation. Revenue was 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. Prior to the sale of Solar Source, PSEG Power was also a party to solar contracts that qualified as leases and were accounted for in accordance with lease accounting guidance. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

	PSE&G		Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2022
Revenues from Contracts with Customers
Electric Distribution	$	720	$	—	$	—	$	720
Gas Distribution	1,047		—		(1)		1,046
Transmission	392		—		—		392
Electricity and Related Product Sales
PJM
Third-Party Sales	—		582		—		582
Sales to Affiliates	—		56		(56)		—
New York ISO	—		88		—		88
ISO New England	—		86		—		86
Gas Sales
Third-Party Sales	—		136		—		136
Sales to Affiliates	—		526		(526)		—
Other Revenues from Contracts with Customers (B)	85		146		(1)		230
Total Revenues from Contracts with Customers	2,244		1,620		(584)		3,280
Revenues Unrelated to Contracts with Customers (C)	40		(1,007)		—		(967)
Total Operating Revenues	$	2,284	$	613	$	(584)	$	2,313

	PSE&G		Other (A)		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 (B)	75		151		(1)		225
Total Revenues from Contracts with Customers	2,077		1,279		(502)		2,854
Revenues Unrelated to Contracts with Customers (C)	(4)		39		—		35
Total Operating Revenues	$	2,073	$	1,318	$	(502)	$	2,889

(A)Other consists of revenues at PSEG Power, Energy Holdings and PSEG LI.

(B)Includes primarily revenues from appliance repair services and the sale of SRECs at auction at PSE&G, PSEG Power’s energy management fee with LIPA and PSEG LI’s OSA with LIPA in Other. Other also includes PSEG Power’s solar power projects in 2021.

(C)Includes primarily alternative revenues at PSE&G, derivative contracts 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, 2022 and December 31, 2021. 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 20% and 21% of accounts receivable (including unbilled revenues) as of March 31, 2022 and December 31, 2021, 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, 2022. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. As of March 31, 2022, PSE&G has a deferred balance of $145 million from electric bad debts recorded as a Regulatory Asset. In addition, PSE&G has deferred incremental gas bad debt expense of $66 million as a Regulatory Asset 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, 2022 and 2021:

		2022		2021
		Millions
Balance at Beginning of Year		$	337	$	206
Utility Customer and Other Accounts
	Provision	33		44
	Write-offs, net of Recoveries of $8 million and $2 million in 2022 and 2021, respectively	(19)		(11)
Balance at End of Period		$	351	$	239

Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2022 and December 31, 2021.

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, 2022 or December 31, 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of March 31, 2022 and December 31, 2021.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records 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:

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 was held in June 2021 and the 2023/2024 auction will be held in June 2022. 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 2021 to May 2022	$142	3,700
June 2022 to May 2023	$97	3,300

Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $56 million.

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2022 is approximately $40 million and is updated each year based on the change in the Consumer Price Index.

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 which PSEG and its subsidiaries 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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

Other

Revenues from Contracts with Customers

Electricity and Related Products—Wholesale load contracts have been executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits 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 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.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 and Impairments 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.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

Prior to the sale of Solar Source in June 2021, PSEG Power entered into bilateral contracts to sell solar power and solar renewable energy certificates (SRECs) from its solar facilities. Contract terms ranged from 15 to 30 years. The performance

obligations were generally solar power and SRECs which were transferred to customers upon generation. Revenue was 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. Prior to the sale of Solar Source, PSEG Power was also a party to solar contracts that qualified as leases and were accounted for in accordance with lease accounting guidance. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

	PSE&G		Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2022
Revenues from Contracts with Customers
Electric Distribution	$	720	$	—	$	—	$	720
Gas Distribution	1,047		—		(1)		1,046
Transmission	392		—		—		392
Electricity and Related Product Sales
PJM
Third-Party Sales	—		582		—		582
Sales to Affiliates	—		56		(56)		—
New York ISO	—		88		—		88
ISO New England	—		86		—		86
Gas Sales
Third-Party Sales	—		136		—		136
Sales to Affiliates	—		526		(526)		—
Other Revenues from Contracts with Customers (B)	85		146		(1)		230
Total Revenues from Contracts with Customers	2,244		1,620		(584)		3,280
Revenues Unrelated to Contracts with Customers (C)	40		(1,007)		—		(967)
Total Operating Revenues	$	2,284	$	613	$	(584)	$	2,313

	PSE&G		Other (A)		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 (B)	75		151		(1)		225
Total Revenues from Contracts with Customers	2,077		1,279		(502)		2,854
Revenues Unrelated to Contracts with Customers (C)	(4)		39		—		35
Total Operating Revenues	$	2,073	$	1,318	$	(502)	$	2,889

(A)Other consists of revenues at PSEG Power, Energy Holdings and PSEG LI.

(B)Includes primarily revenues from appliance repair services and the sale of SRECs at auction at PSE&G, PSEG Power’s energy management fee with LIPA and PSEG LI’s OSA with LIPA in Other. Other also includes PSEG Power’s solar power projects in 2021.

(C)Includes primarily alternative revenues at PSE&G, derivative contracts 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, 2022 and December 31, 2021. 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 20% and 21% of accounts receivable (including unbilled revenues) as of March 31, 2022 and December 31, 2021, 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, 2022. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. As of March 31, 2022, PSE&G has a deferred balance of $145 million from electric bad debts recorded as a Regulatory Asset. In addition, PSE&G has deferred incremental gas bad debt expense of $66 million as a Regulatory Asset 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, 2022 and 2021:

		2022		2021
		Millions
Balance at Beginning of Year		$	337	$	206
Utility Customer and Other Accounts
	Provision	33		44
	Write-offs, net of Recoveries of $8 million and $2 million in 2022 and 2021, respectively	(19)		(11)
Balance at End of Period		$	351	$	239

Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2022 and December 31, 2021.

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, 2022 or December 31, 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of March 31, 2022 and December 31, 2021.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records 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:

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 was held in June 2021 and the 2023/2024 auction will be held in June 2022. 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 2021 to May 2022	$142	3,700
June 2022 to May 2023	$97	3,300

Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $56 million.

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2022 is approximately $40 million and is updated each year based on the change in the Consumer Price Index.

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Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions

3 Months Ended

Mar. 31, 2022

Early Plant Retirements [Abstract]

Early Plant Retirements/Asset Dispositions

Early Plant Retirements/Asset Dispositions and Impairments

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 receiving 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 an additional three years starting June 2022. The terms and conditions of this April 2021 ZEC award are the same as 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 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.

In May 2021, the New Jersey Rate Counsel filed an appeal with the New Jersey Appellate Division of the BPU’s April 2021 decision. 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 and will incur associated costs and accounting charges. These may include, among other things, one-time impairment charges or accelerated Depreciation and Amortization Expense on the remaining carrying value of the plants, potential penalties associated with the early termination of capacity obligations and fuel contracts, accelerated asset retirement costs, severance costs, environmental remediation costs and, in certain circumstances potential additional funding of the Nuclear Decommissioning Trust Fund, which would result in a material adverse impact on PSEG’s results of operations.

Non-Nuclear

In August 2021, PSEG entered into two agreements to sell PSEG Power’s 6,750 MW fossil generating portfolio, one agreement for the sale of assets in New Jersey and Maryland and another agreement for the sale of assets located in New York and Connecticut, to newly formed subsidiaries of ArcLight Energy Partners Fund VII, L.P., a fund controlled by ArcLight Capital Partners, LLC for aggregate consideration of approximately $1,920 million. In February 2022, PSEG completed the sale of this fossil generating portfolio. PSEG Power has retained ownership of certain assets and liabilities excluded from the transactions primarily related to obligations under certain environmental regulations, including possible remediation obligations under the New Jersey Industrial Site Recovery Act and the Connecticut Transfer Act. The amounts for any such environmental remediation are not currently estimable, but may be material.

In 2021, PSEG had recorded a pre-tax impairment loss on sale of approximately $2,691 million as the purchase price was lower than the carrying value. As defined in each agreement, further adjustments were required as a result of purchase price and working capital adjustments, including an adjustment for positive or negative cash flow of the fossil generating assets based on actual performance starting after December 31, 2021 through the respective closing dates. As a result, in 2022, PSEG Power recorded an additional pre-tax impairment of approximately $43 million. Further amounts may be recorded as a result of any

additional purchase price or working capital adjustments as defined in each agreement; however, these adjustments are not expected to be material.

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Variable Interest Entities (VIEs)

3 Months Ended

Mar. 31, 2022

Variable Interest Entity [Line Items]

Variable Interest Entities (VIEs)

Variable Interest Entities (VIEs)

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 for each of the three months ended March 31, 2022 and 2021 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.

VIE for which PSEG is not the Primary Beneficiary

PSEG holds a 25% equity interest in Ocean Wind JV HoldCo, LLC (OWH), which holds the Ocean Wind 1 project that is expected to achieve full commercial operation in 2025. OWH is considered a VIE since its equity investments at risk are not sufficient to permit this entity to finance its activities without additional subordinated financial support. Since PSEG does not have voting control or the power to direct the activities of OWH that most significantly impact its economic performance, PSEG has determined that it is not the primary beneficiary and therefore accounts for this investment under the equity method. As of March 31, 2022 and December 31, 2021, PSEG’s carrying amount of its investment in OWH was $124 million and $111 million, respectively, which is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. PSEG’s maximum exposure to loss is limited to the carrying amount of its investment and additional planned funding of approximately $250 million to support continued project development to its final investment decision.

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Rate Filings

3 Months Ended

Mar. 31, 2022

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, 2021.

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:

Basic Generation Service (BGS)—In January 2022, the BPU approved changes to BGS rates as a result of the FERC-approved changes to transmission charges, primarily as a result of the decrease in PSE&G’s transmission formula rate return on equity. PSE&G’s BGS customers are being credited over a 12-month period effective February 1, 2022.

BGSS—In April 2022, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of approximately 41 cents per therm which had been provisionally approved effective February 1, 2022.

Clean Energy Future (CEF)-Energy Cloud (EC) or Advanced Metering Infrastructure (AMI) Initiative—As a result of PSE&G’s approved CEF-EC filing in 2021 to provide smart meters to its electric customers, PSE&G expects to retire most of its current solid state electric meters by the end of 2024. As of March 31, 2022 and December 31, 2021, the net book value of these meters was $188 million and $192 million, respectively. The filing also approved the recovery of and on the stranded costs associated with the retirement of the existing meters.

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, 2022 of approximately $120 million for net incremental costs, including $66 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 2022, PSE&G updated its pending Energy Strong II petition to request a change in its previously filed electric revenue requirement. The updated petition seeks annual electric and gas revenue increases of $17 million and $1 million, respectively, with rates effective no earlier than May 1, 2022. This matter is pending.

Gas System Modernization Program (GSMP II)—In March 2022, PSE&G updated its petition previously filed in December 2021 seeking BPU approval to recover in gas base rates an annual revenue increase of approximately $25 million effective June 1, 2022 representing the return on and of GSMP II investments placed in service through February 2022.

Remediation Adjustment Charge (RAC)—In March 2022, PSE&G filed its RAC 29 petition with the BPU seeking recovery of $44 million of net Manufactured Gas Plant (MGP) remediation expenditures incurred from August 1, 2020 through July 31, 2021. This matter is pending.

ZEC Program—In April 2022, the BPU approved PSE&G’s petition to refund a total of $4 million, including interest, for overcollections resulting from the ZEC program for the energy year ended May 31, 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, 2021.

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:

Basic Generation Service (BGS)—In January 2022, the BPU approved changes to BGS rates as a result of the FERC-approved changes to transmission charges, primarily as a result of the decrease in PSE&G’s transmission formula rate return on equity. PSE&G’s BGS customers are being credited over a 12-month period effective February 1, 2022.

BGSS—In April 2022, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of approximately 41 cents per therm which had been provisionally approved effective February 1, 2022.

Clean Energy Future (CEF)-Energy Cloud (EC) or Advanced Metering Infrastructure (AMI) Initiative—As a result of PSE&G’s approved CEF-EC filing in 2021 to provide smart meters to its electric customers, PSE&G expects to retire most of its current solid state electric meters by the end of 2024. As of March 31, 2022 and December 31, 2021, the net book value of these meters was $188 million and $192 million, respectively. The filing also approved the recovery of and on the stranded costs associated with the retirement of the existing meters.

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, 2022 of approximately $120 million for net incremental costs, including $66 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 2022, PSE&G updated its pending Energy Strong II petition to request a change in its previously filed electric revenue requirement. The updated petition seeks annual electric and gas revenue increases of $17 million and $1 million, respectively, with rates effective no earlier than May 1, 2022. This matter is pending.

Gas System Modernization Program (GSMP II)—In March 2022, PSE&G updated its petition previously filed in December 2021 seeking BPU approval to recover in gas base rates an annual revenue increase of approximately $25 million effective June 1, 2022 representing the return on and of GSMP II investments placed in service through February 2022.

Remediation Adjustment Charge (RAC)—In March 2022, PSE&G filed its RAC 29 petition with the BPU seeking recovery of $44 million of net Manufactured Gas Plant (MGP) remediation expenditures incurred from August 1, 2020 through July 31, 2021. This matter is pending.

ZEC Program—In April 2022, the BPU approved PSE&G’s petition to refund a total of $4 million, including interest, for overcollections resulting from the ZEC program for the energy year ended May 31, 2021.

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Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years.

Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable.

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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million.

The following is the operating lease income for the three months ended March 31, 2022 and 2021:

Operating Lease Income
	Millions
Three Months Ended March 31, 2022
Fixed Lease Income	$	8
Variable Lease Income	—
Total Operating Lease Income	$	8
Three Months Ended March 31, 2021
Fixed Lease Income	$	5
Variable Lease Income	5
Total Operating Lease Income	$	10

Leases

Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years.

Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable.

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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million.

The following is the operating lease income for the three months ended March 31, 2022 and 2021:

Operating Lease Income
	Millions
Three Months Ended March 31, 2022
Fixed Lease Income	$	8
Variable Lease Income	—
Total Operating Lease Income	$	8
Three Months Ended March 31, 2021
Fixed Lease Income	$	5
Variable Lease Income	5
Total Operating Lease Income	$	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, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years.

Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable.

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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million.

The following is the operating lease income for the three months ended March 31, 2022 and 2021:

Operating Lease Income
	Millions
Three Months Ended March 31, 2022
Fixed Lease Income	$	8
Variable Lease Income	—
Total Operating Lease Income	$	8
Three Months Ended March 31, 2021
Fixed Lease Income	$	5
Variable Lease Income	5
Total Operating Lease Income	$	10

Leases

Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2022, 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, 2021 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, is the lessor in an operating lease for certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years.

Prior to the sale in June 2021 of PSEG Solar Source LLC, an indirect wholly owned subsidiary of PSEG Power, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable.

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 and real estate assets with remaining terms through 2049. As of March 31, 2022, Energy Holdings’ property subject to these leases had a total carrying value of $123 million.

The following is the operating lease income for the three months ended March 31, 2022 and 2021:

Operating Lease Income
	Millions
Three Months Ended March 31, 2022
Fixed Lease Income	$	8
Variable Lease Income	—
Total Operating Lease Income	$	8
Three Months Ended March 31, 2021
Fixed Lease Income	$	5
Variable Lease Income	5
Total Operating Lease Income	$	10

XML

Financing Receivables

3 Months Ended

Mar. 31, 2022

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, 2022, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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, 2022		December 31, 2021
	Millions
Commercial/Industrial	$	113	$	116
Residential	5		5
Total	118		121
Current Portion (included in Accounts Receivable)	(30)		(29)
Noncurrent Portion (included in Long-Term Investments)	$	88	$	92

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2022		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	14	prior to 2013	10 years	15 years
Solar Loan II	55		prior to 2015	10 years	15 years
Solar Loan III	49		largely funded as of March 31, 2022	10 years	10 years
Total	$	118

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, 2022 and have an average remaining life of approximately four years. There are no remaining residential loans outstanding under the Solar Loan 1 program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in assets subject 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, 2022 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2022 and December 31, 2021.

	As of
	March 31, 2022		December 31, 2021
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	249	$	274
Unearned and Deferred Income	(84)		(87)
Gross Investments in Leases	165		187
Deferred Tax Liabilities	(40)		(42)
Net Investments in Leases	$	125	$	145

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 Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2022
	As of March 31, 2022
	Millions
AA	$	8
A-	47
BBB+ to BBB	194
Total	$	249

PSEG recorded no credit losses for the leveraged leases existing on March 31, 2022. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

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, 2022, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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, 2022		December 31, 2021
	Millions
Commercial/Industrial	$	113	$	116
Residential	5		5
Total	118		121
Current Portion (included in Accounts Receivable)	(30)		(29)
Noncurrent Portion (included in Long-Term Investments)	$	88	$	92

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2022		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	14	prior to 2013	10 years	15 years
Solar Loan II	55		prior to 2015	10 years	15 years
Solar Loan III	49		largely funded as of March 31, 2022	10 years	10 years
Total	$	118

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, 2022 and have an average remaining life of approximately four years. There are no remaining residential loans outstanding under the Solar Loan 1 program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in assets subject 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, 2022 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of March 31, 2022 and December 31, 2021.

	As of
	March 31, 2022		December 31, 2021
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	249	$	274
Unearned and Deferred Income	(84)		(87)
Gross Investments in Leases	165		187
Deferred Tax Liabilities	(40)		(42)
Net Investments in Leases	$	125	$	145

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 Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2022
	As of March 31, 2022
	Millions
AA	$	8
A-	47
BBB+ to BBB	194
Total	$	249

PSEG recorded no credit losses for the leveraged leases existing on March 31, 2022. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

XML

Trust Investments

3 Months Ended

Mar. 31, 2022

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	496	$	326	$	(3)	$	819
International	333		98		(18)		413
Total Equity Securities	829		424		(21)		1,232
Available-for-Sale Debt Securities
Government	676		2		(38)		640
Corporate	649		3		(35)		617
Total Available-for-Sale Debt Securities	1,325		5		(73)		1,257
Total NDT Fund Investments (A)	$	2,154	$	429	$	(94)	$	2,489

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of March 31, 2022, which is part of the NDT Fund.

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	491	$	363	$	(3)	$	851
International	346		119		(15)		450
Total Equity Securities	837		482		(18)		1,301
Available-for-Sale Debt Securities
Government	683		12		(8)		687
Corporate	637		16		(6)		647
Total Available-for-Sale Debt Securities	1,320		28		(14)		1,334
Total NDT Fund Investments (A)	$	2,157	$	510	$	(32)	$	2,635

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2021, which is part of the NDT Fund.

Net unrealized losses on debt securities of $(40) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2022. The portion of net unrealized losses recognized in the first three months of 2022 related to equity securities still held as of March 31, 2022 was $(47) 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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	18	$	11
Accounts Payable	$	10	$	11

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	62	$	(3)	$	—	$	—	$	69	$	(3)	$	—	$	—
International	91		(15)		9		(3)		76		(13)		9		(2)
Total Equity Securities	153		(18)		9		(3)		145		(16)		9		(2)
Available-for-Sale Debt Securities
Government (B)	448		(26)		118		(12)		332		(5)		67		(3)
Corporate (C)	420		(26)		74		(9)		306		(4)		30		(2)
Total Available-for-Sale Debt Securities	868		(52)		192		(21)		638		(9)		97		(5)
NDT Trust Investments	$	1,021	$	(70)	$	201	$	(24)	$	783	$	(25)	$	106	$	(7)

(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,
	2022		2021
	Millions
Proceeds from NDT Fund Sales (A)	$	473	$	597
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	29	$	79
Gross Realized Losses	(34)		(15)
Net Realized Gains (Losses) on NDT Fund (B)	(5)		64
Net Unrealized Gains (Losses) on Equity Securities	(61)		(7)
Net Gains (Losses) on NDT Fund Investments	$	(66)	$	57

(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.

The NDT Fund debt securities held as of March 31, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	324
6 - 10 years	226
11 - 15 years	70
16 - 20 years	109
Over 20 years	508
Total NDT Available-for-Sale Debt Securities	$	1,257

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	15	$	10	$	—	$	25
Available-for-Sale Debt Securities
Government	111		—		(8)		103
Corporate	96		1		(6)		91
Total Available-for-Sale Debt Securities	207		1		(14)		194
Total Rabbi Trust Investments	$	222	$	11	$	(14)	$	219

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	12	$	—	$	26
Available-for-Sale Debt Securities
Government	107		1		(1)		107
Corporate	105		5		(1)		109
Total Available-for-Sale Debt Securities	212		6		(2)		216
Total Rabbi Trust Investments	$	226	$	18	$	(2)	$	242

Net unrealized losses on debt securities of $(10) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2022. The portion of net unrealized losses recognized during the first three months of 2022 related to equity securities still held as of March 31, 2022 was $(1) million.

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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	2	$	1
Accounts Payable	$	—	$	—

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	86	$	(6)	$	15	$	(2)	$	57	$	—	$	16	$	(1)
Corporate (B)	64		(5)		6		(1)		40		(1)		5		—
Total Available-for-Sale Debt Securities	150		(11)		21		(3)		97		(1)		21		(1)
Rabbi Trust Investments	$	150	$	(11)	$	21	$	(3)	$	97	$	(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,
	2022		2021
	Millions
Proceeds from Rabbi Trust Sales	$	28	$	65
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	5
Gross Realized Losses	(2)		(2)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		3
Net Unrealized Gains (Losses) on Equity Securities	(1)		—
Net Gains (Losses) on Rabbi Trust Investments	$	(2)	$	3

(A)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of March 31, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	—
1 - 5 years	35
6 - 10 years	26
11 - 15 years	8
16 - 20 years	21
Over 20 years	104
Total Rabbi Trust Available-for-Sale Debt Securities	$	194

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 PSEG and PSE&G is detailed as follows:

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
PSE&G	$	39	$	43
Other	180		199
Total Rabbi Trust Investments	$	219	$	242

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	496	$	326	$	(3)	$	819
International	333		98		(18)		413
Total Equity Securities	829		424		(21)		1,232
Available-for-Sale Debt Securities
Government	676		2		(38)		640
Corporate	649		3		(35)		617
Total Available-for-Sale Debt Securities	1,325		5		(73)		1,257
Total NDT Fund Investments (A)	$	2,154	$	429	$	(94)	$	2,489

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of March 31, 2022, which is part of the NDT Fund.

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	491	$	363	$	(3)	$	851
International	346		119		(15)		450
Total Equity Securities	837		482		(18)		1,301
Available-for-Sale Debt Securities
Government	683		12		(8)		687
Corporate	637		16		(6)		647
Total Available-for-Sale Debt Securities	1,320		28		(14)		1,334
Total NDT Fund Investments (A)	$	2,157	$	510	$	(32)	$	2,635

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2021, which is part of the NDT Fund.

Net unrealized losses on debt securities of $(40) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2022. The portion of net unrealized losses recognized in the first three months of 2022 related to equity securities still held as of March 31, 2022 was $(47) 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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	18	$	11
Accounts Payable	$	10	$	11

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	62	$	(3)	$	—	$	—	$	69	$	(3)	$	—	$	—
International	91		(15)		9		(3)		76		(13)		9		(2)
Total Equity Securities	153		(18)		9		(3)		145		(16)		9		(2)
Available-for-Sale Debt Securities
Government (B)	448		(26)		118		(12)		332		(5)		67		(3)
Corporate (C)	420		(26)		74		(9)		306		(4)		30		(2)
Total Available-for-Sale Debt Securities	868		(52)		192		(21)		638		(9)		97		(5)
NDT Trust Investments	$	1,021	$	(70)	$	201	$	(24)	$	783	$	(25)	$	106	$	(7)

(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,
	2022		2021
	Millions
Proceeds from NDT Fund Sales (A)	$	473	$	597
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	29	$	79
Gross Realized Losses	(34)		(15)
Net Realized Gains (Losses) on NDT Fund (B)	(5)		64
Net Unrealized Gains (Losses) on Equity Securities	(61)		(7)
Net Gains (Losses) on NDT Fund Investments	$	(66)	$	57

(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.

The NDT Fund debt securities held as of March 31, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	324
6 - 10 years	226
11 - 15 years	70
16 - 20 years	109
Over 20 years	508
Total NDT Available-for-Sale Debt Securities	$	1,257

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	15	$	10	$	—	$	25
Available-for-Sale Debt Securities
Government	111		—		(8)		103
Corporate	96		1		(6)		91
Total Available-for-Sale Debt Securities	207		1		(14)		194
Total Rabbi Trust Investments	$	222	$	11	$	(14)	$	219

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	12	$	—	$	26
Available-for-Sale Debt Securities
Government	107		1		(1)		107
Corporate	105		5		(1)		109
Total Available-for-Sale Debt Securities	212		6		(2)		216
Total Rabbi Trust Investments	$	226	$	18	$	(2)	$	242

Net unrealized losses on debt securities of $(10) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2022. The portion of net unrealized losses recognized during the first three months of 2022 related to equity securities still held as of March 31, 2022 was $(1) million.

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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	2	$	1
Accounts Payable	$	—	$	—

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	86	$	(6)	$	15	$	(2)	$	57	$	—	$	16	$	(1)
Corporate (B)	64		(5)		6		(1)		40		(1)		5		—
Total Available-for-Sale Debt Securities	150		(11)		21		(3)		97		(1)		21		(1)
Rabbi Trust Investments	$	150	$	(11)	$	21	$	(3)	$	97	$	(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,
	2022		2021
	Millions
Proceeds from Rabbi Trust Sales	$	28	$	65
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	5
Gross Realized Losses	(2)		(2)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		3
Net Unrealized Gains (Losses) on Equity Securities	(1)		—
Net Gains (Losses) on Rabbi Trust Investments	$	(2)	$	3

(A)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of March 31, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	—
1 - 5 years	35
6 - 10 years	26
11 - 15 years	8
16 - 20 years	21
Over 20 years	104
Total Rabbi Trust Available-for-Sale Debt Securities	$	194

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 PSEG and PSE&G is detailed as follows:

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
PSE&G	$	39	$	43
Other	180		199
Total Rabbi Trust Investments	$	219	$	242

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Pension and OPEB

3 Months Ended

Mar. 31, 2022

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 and PSE&G 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 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 credits 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,
	2022		2021		2022		2021
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	35	$	38	$	2	$	2
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	42		35		6		5
Expected Return on Plan Assets	(121)		(119)		(11)		(10)
Amortization of Net
Prior Service Credit	—		—		(32)		(32)
Actuarial Loss	15		26		4		11
Non-Service Components of Pension and OPEB (Credits) Costs	(64)		(58)		(33)		(26)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

Pension and OPEB credits for PSEG and PSE&G are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	Millions
PSE&G	$	(18)	$	(16)	$	(27)	$	(23)
Other	(11)		(4)		(4)		(1)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

PSEG does not plan to contribute to its pension and OPEB plans in 2022.

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 Entities. 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’s pension-related revenues and costs were $8 million and $9 million for the three months ended March 31, 2022 and 2021, respectively. The OPEB-related revenues earned and costs incurred were $2 million and $3 million for the three months ended March 31, 2022 and 2021, respectively.

Servco plans to contribute $30 million into its pension plan during 2022.

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 and PSE&G 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 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 credits 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,
	2022		2021		2022		2021
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	35	$	38	$	2	$	2
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	42		35		6		5
Expected Return on Plan Assets	(121)		(119)		(11)		(10)
Amortization of Net
Prior Service Credit	—		—		(32)		(32)
Actuarial Loss	15		26		4		11
Non-Service Components of Pension and OPEB (Credits) Costs	(64)		(58)		(33)		(26)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

Pension and OPEB credits for PSEG and PSE&G are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	Millions
PSE&G	$	(18)	$	(16)	$	(27)	$	(23)
Other	(11)		(4)		(4)		(1)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

PSEG does not plan to contribute to its pension and OPEB plans in 2022.

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 Entities. 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’s pension-related revenues and costs were $8 million and $9 million for the three months ended March 31, 2022 and 2021, respectively. The OPEB-related revenues earned and costs incurred were $2 million and $3 million for the three months ended March 31, 2022 and 2021, respectively.

Servco plans to contribute $30 million into its pension plan during 2022.

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Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021.

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
Face Value of Outstanding Guarantees	$	1,914	$	1,959
Exposure under Current Guarantees	$	188	$	176
Letters of Credit Margin Posted	$	83	$	80
Letters of Credit Margin Received	$	21	$	242
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	32	$	60
Counterparty Cash Collateral Received	$	(1)	$	(1)
Net Broker Balance Deposited (Received)	$	1,496	$	785
Additional Amounts Posted
Other Letters of Credit	$	82	$	67

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 September 2021, the EPA 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 October 2021, the EPA announced a Record of Decision (ROD) outlining its selection of an adaptive management scenario for the upper 9 miles from the options presented in the FS (the Upper 9 ROD Remedy). Specifically, the Upper 9 ROD Remedy calls for dredging and capping contaminated sediments from certain areas of the upper 9 miles at an estimated cost of $550 million, and then assessing the results. Based on the results, the EPA may determine that additional remediation work will be required in the future.

Separately, the EPA has released a ROD for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (the Lower 8.3 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. The allocation currently involves settlement discussions among various parties and the EPA. Certain parties have announced a settlement in principle with the EPA, but the identity of the parties and the terms of the settlement in principle are unknown. It is also unknown whether the settlement in principle will be successfully consummated. PSE&G and PSEG Power were not included in the settlement in principle, but the EPA sent PSE&G, Occidental Chemical Corporation, and several other PRPs a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. Depending on the parties’ response, the EPA may commence the remediation itself and seek to recover the costs from PSE&G or others, or it may take enforcement action to compel PSE&G or others to fund or participate in the remediation. PSE&G is currently evaluating its response, and cannot predict the EPA’s actions or their impact on PSE&G.

Occidental Chemical Corporation has commenced the design of the Lower 8.3 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, 2022, PSEG has approximately $66 million accrued for this matter. Of this amount, PSE&G has an Environmental Costs Liability of $53 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.

Hackensack River

In March 2022, the EPA announced it had nominated the Hackensack River for inclusion on the list of federal Superfund sites. The EPA’s nomination is subject to public review and comment. The ultimate impact of this action on PSE&G and PSEG Power is currently unknown, but could be material.

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, 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 $221 million and $249 million on an undiscounted basis, including its $53 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 $221 million as of March 31, 2022. Of this amount, $40 million was recorded in Other Current Liabilities and $181 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $221 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 in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any 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. 

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.

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 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 became the responsibility of the New Jersey EDCs, and is no longer 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 had 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, 2022 is $276.26 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2022 of $351.06 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
	2019	2020	2021	2022
36-Month Terms Ending	May 2022	May 2023	May 2024	May 2025	(A)
Load (MW)	2,800	2,800	2,900	2,800
$ per MWh	$98.04	$102.16	$64.80	$76.30

(A)Prices set in the 2022 BGS auction will become effective on June 1, 2022 when the 2019 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 2022 and a significant portion through 2023 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.

As of March 31, 2022, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2026
	Millions
Nuclear Fuel
Uranium	$	318
Enrichment	$	314
Fabrication	$	183
Natural Gas	$	1,248

Pending FERC Matter

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. We are unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

Pending Tropical Storm Matter

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. In June 2021, LIPA and PSEG LI executed a non-binding term sheet, which is expected to guide amendments to the OSA. The term sheet includes several changes to the OSA, including shifting a portion of PSEG LI’s fixed revenues to incentive compensation and subjecting a portion of revenue to the potential imposition of penalties by the Department of Public Service (DPS) within the New York State Public Service Commission due to certain performance failures by PSEG LI, and resolves all of LIPA’s claims related to Tropical Storm Isaias and the DPS investigation. An amended OSA based on the term sheet was agreed to by both parties and approved by the LIPA Board in December 2021. In January 2022, the New York Attorney General approved the amended OSA and on April 1, 2022 the New York Comptroller approved the amended OSA. As a result, the amended OSA is effective and is of retroactive effect to January 1, 2022 for purposes of compensation. The OSA contract term continues through 2025, but can be extended for five years subject to a mutual agreement of the parties.

BPU Audit of PSE&G

In September 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. 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. The audit officially began in late May 2021 and is in the data collection phase. 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 and PSE&G 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 or PSE&G’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 or PSE&G’s results of operations or liquidity for any particular reporting period.

Ongoing Coronavirus Pandemic

The ongoing coronavirus ( COVID-19) pandemic and associated government actions and economic effects continue to impact our businesses. PSEG and its subsidiaries have incurred additional expenses to protect our employees and customers, and PSE&G is experiencing significantly higher bad debts and lower cash collections from customers due to the moratorium on shutoffs for residential customers that was extended through March 15, 2022. Although collections and shut-offs re-commenced in mid-March 2022, in late March 2022, New Jersey passed legislation that provides protection from shut-offs to customers who apply for payment assistance programs by June 15, 2022. Those applying for assistance will be protected from shut-offs while awaiting their application determination. PSE&G has deferred the impact of the COVID-19 costs for future recovery. The potential future impact of the pandemic and the associated economic impacts, which could extend beyond the duration of the pandemic, could have risks that drive certain accounting considerations. The ultimate impact of the ongoing coronavirus pandemic is highly uncertain and cannot be predicted at this time.

Public Service Electric and Gas Company [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, 2022 and December 31, 2021.

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
Face Value of Outstanding Guarantees	$	1,914	$	1,959
Exposure under Current Guarantees	$	188	$	176
Letters of Credit Margin Posted	$	83	$	80
Letters of Credit Margin Received	$	21	$	242
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	32	$	60
Counterparty Cash Collateral Received	$	(1)	$	(1)
Net Broker Balance Deposited (Received)	$	1,496	$	785
Additional Amounts Posted
Other Letters of Credit	$	82	$	67

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 September 2021, the EPA 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 October 2021, the EPA announced a Record of Decision (ROD) outlining its selection of an adaptive management scenario for the upper 9 miles from the options presented in the FS (the Upper 9 ROD Remedy). Specifically, the Upper 9 ROD Remedy calls for dredging and capping contaminated sediments from certain areas of the upper 9 miles at an estimated cost of $550 million, and then assessing the results. Based on the results, the EPA may determine that additional remediation work will be required in the future.

Separately, the EPA has released a ROD for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (the Lower 8.3 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. The allocation currently involves settlement discussions among various parties and the EPA. Certain parties have announced a settlement in principle with the EPA, but the identity of the parties and the terms of the settlement in principle are unknown. It is also unknown whether the settlement in principle will be successfully consummated. PSE&G and PSEG Power were not included in the settlement in principle, but the EPA sent PSE&G, Occidental Chemical Corporation, and several other PRPs a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. Depending on the parties’ response, the EPA may commence the remediation itself and seek to recover the costs from PSE&G or others, or it may take enforcement action to compel PSE&G or others to fund or participate in the remediation. PSE&G is currently evaluating its response, and cannot predict the EPA’s actions or their impact on PSE&G.

Occidental Chemical Corporation has commenced the design of the Lower 8.3 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, 2022, PSEG has approximately $66 million accrued for this matter. Of this amount, PSE&G has an Environmental Costs Liability of $53 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.

Hackensack River

In March 2022, the EPA announced it had nominated the Hackensack River for inclusion on the list of federal Superfund sites. The EPA’s nomination is subject to public review and comment. The ultimate impact of this action on PSE&G and PSEG Power is currently unknown, but could be material.

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, 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 $221 million and $249 million on an undiscounted basis, including its $53 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 $221 million as of March 31, 2022. Of this amount, $40 million was recorded in Other Current Liabilities and $181 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $221 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 in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any 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. 

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.

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 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 became the responsibility of the New Jersey EDCs, and is no longer 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 had 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, 2022 is $276.26 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2022 of $351.06 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
	2019	2020	2021	2022
36-Month Terms Ending	May 2022	May 2023	May 2024	May 2025	(A)
Load (MW)	2,800	2,800	2,900	2,800
$ per MWh	$98.04	$102.16	$64.80	$76.30

(A)Prices set in the 2022 BGS auction will become effective on June 1, 2022 when the 2019 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 2022 and a significant portion through 2023 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.

As of March 31, 2022, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2026
	Millions
Nuclear Fuel
Uranium	$	318
Enrichment	$	314
Fabrication	$	183
Natural Gas	$	1,248

Pending FERC Matter

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. We are unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

Pending Tropical Storm Matter

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. In June 2021, LIPA and PSEG LI executed a non-binding term sheet, which is expected to guide amendments to the OSA. The term sheet includes several changes to the OSA, including shifting a portion of PSEG LI’s fixed revenues to incentive compensation and subjecting a portion of revenue to the potential imposition of penalties by the Department of Public Service (DPS) within the New York State Public Service Commission due to certain performance failures by PSEG LI, and resolves all of LIPA’s claims related to Tropical Storm Isaias and the DPS investigation. An amended OSA based on the term sheet was agreed to by both parties and approved by the LIPA Board in December 2021. In January 2022, the New York Attorney General approved the amended OSA and on April 1, 2022 the New York Comptroller approved the amended OSA. As a result, the amended OSA is effective and is of retroactive effect to January 1, 2022 for purposes of compensation. The OSA contract term continues through 2025, but can be extended for five years subject to a mutual agreement of the parties.

BPU Audit of PSE&G

In September 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. 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. The audit officially began in late May 2021 and is in the data collection phase. 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 and PSE&G 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 or PSE&G’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 or PSE&G’s results of operations or liquidity for any particular reporting period.

Ongoing Coronavirus Pandemic

The ongoing coronavirus ( COVID-19) pandemic and associated government actions and economic effects continue to impact our businesses. PSEG and its subsidiaries have incurred additional expenses to protect our employees and customers, and PSE&G is experiencing significantly higher bad debts and lower cash collections from customers due to the moratorium on shutoffs for residential customers that was extended through March 15, 2022. Although collections and shut-offs re-commenced in mid-March 2022, in late March 2022, New Jersey passed legislation that provides protection from shut-offs to customers who apply for payment assistance programs by June 15, 2022. Those applying for assistance will be protected from shut-offs while awaiting their application determination. PSE&G has deferred the impact of the COVID-19 costs for future recovery. The potential future impact of the pandemic and the associated economic impacts, which could extend beyond the duration of the pandemic, could have risks that drive certain accounting considerations. The ultimate impact of the ongoing coronavirus pandemic is highly uncertain and cannot be predicted at this time.

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Debt and Credit Facilities

3 Months Ended

Mar. 31, 2022

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, 2022:

PSE&G

•issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032.

PSEG Power

•entered into a $1.25 billion variable rate term loan agreement due March 2025.

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.

In March 2022, PSEG and PSEG Power amended and consolidated revolving credit agreements with total borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 2027 and provides for $2.75 billion of credit capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. Sub-limits can be adjusted subject to the terms of

the Master Credit Facility. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. In March 2022, PSE&G amended its existing $600 million revolving credit agreement to extend the maturity through March 2027 and provide for $1.0 billion of credit capacity.

The commitments under the $3.9 billion credit facilities are provided by a diverse bank group. As of March 31, 2022, the total available credit capacity was $3.2 billion.

As of March 31, 2022, no single institution represented more than 8% of the total commitments in the credit facilities.

As of March 31, 2022, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12 month planning horizon.

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, 2022 were as follows:

	As of March 31, 2022
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	428	$	1,072	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	428	$	1,072
PSE&G
Revolving Credit Facility	$	1,000	$	18	$	982	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	18	$	982
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	79	$	1,171	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		83		17		Sept 2023	Letters of Credit
Total PSEG Power	$	1,350	$	162	$	1,188
Total	$	3,850	$	608	$	3,242

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power.

(B)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, 2022, PSEG had $426 million outstanding at a weighted average interest rate of 0.44%. PSE&G had no Commercial Paper outstanding as of March 31, 2022.

In April 2022, PSEG Power entered into two $100 million letter of credit facilities expiring in April 2024 and 2025, respectively.

Net Cash Collateral Postings

During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in PSEG Power’s daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $1.5 billion at the end of March 2022. Subsequent to March 2022, collateral postings continued to increase and PSEG Power continued to experience significantly higher variation in its daily collateral requirements. Net cash collateral postings were $2.6 billion at the end of April 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil and the closing of a $1.25 billion term loan at PSEG Power have increased PSEG Power’s available liquidity to help support its current collateral requirements in 2022.

Short-Term Loans

PSEG

In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG repaid the $750 million term loan due in May 2022.

In April 2022, PSEG entered into a 364-day variable rate term loan agreement for $1.5 billion.

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, 2022:

PSE&G

•issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032.

PSEG Power

•entered into a $1.25 billion variable rate term loan agreement due March 2025.

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.

In March 2022, PSEG and PSEG Power amended and consolidated revolving credit agreements with total borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 2027 and provides for $2.75 billion of credit capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. Sub-limits can be adjusted subject to the terms of

the Master Credit Facility. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. In March 2022, PSE&G amended its existing $600 million revolving credit agreement to extend the maturity through March 2027 and provide for $1.0 billion of credit capacity.

The commitments under the $3.9 billion credit facilities are provided by a diverse bank group. As of March 31, 2022, the total available credit capacity was $3.2 billion.

As of March 31, 2022, no single institution represented more than 8% of the total commitments in the credit facilities.

As of March 31, 2022, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12 month planning horizon.

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, 2022 were as follows:

	As of March 31, 2022
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	428	$	1,072	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	428	$	1,072
PSE&G
Revolving Credit Facility	$	1,000	$	18	$	982	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	18	$	982
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	79	$	1,171	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		83		17		Sept 2023	Letters of Credit
Total PSEG Power	$	1,350	$	162	$	1,188
Total	$	3,850	$	608	$	3,242

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power.

(B)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, 2022, PSEG had $426 million outstanding at a weighted average interest rate of 0.44%. PSE&G had no Commercial Paper outstanding as of March 31, 2022.

In April 2022, PSEG Power entered into two $100 million letter of credit facilities expiring in April 2024 and 2025, respectively.

Net Cash Collateral Postings

During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in PSEG Power’s daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $1.5 billion at the end of March 2022. Subsequent to March 2022, collateral postings continued to increase and PSEG Power continued to experience significantly higher variation in its daily collateral requirements. Net cash collateral postings were $2.6 billion at the end of April 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil and the closing of a $1.25 billion term loan at PSEG Power have increased PSEG Power’s available liquidity to help support its current collateral requirements in 2022.

Short-Term Loans

PSEG

In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG repaid the $750 million term loan due in May 2022.

In April 2022, PSEG entered into a 364-day variable rate term loan agreement for $1.5 billion.

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Financial Risk Management Activities

3 Months Ended

Mar. 31, 2022

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 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, natural gas 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, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use 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. There were no outstanding interest rate hedges as of March 31, 2022 and December 31, 2021.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(5) million and $(6) million as of March 31, 2022 and December 31, 2021, 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. For additional information see Note 14. Fair Value Measurements.

Substantially all 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, 2022 and December 31, 2021. The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of March 31, 2022
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	2,228	$	(2,084)	$	144
Noncurrent Assets	816		(767)		49
Total Mark-to-Market Derivative Assets	$	3,044	$	(2,851)	$	193
Derivative Contracts
Current Liabilities	$	(3,051)	$	2,892	$	(159)
Noncurrent Liabilities	(1,303)		1,280		(23)
Total Mark-to-Market Derivative (Liabilities)	$	(4,354)	$	4,172	$	(182)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(1,310)	$	1,321	$	11

	As of December 31, 2021
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	816	$	(744)	$	72
Noncurrent Assets	546		(518)		28
Total Mark-to-Market Derivative Assets	$	1,362	$	(1,262)	$	100
Derivative Contracts
Current Liabilities	$	(1,055)	$	1,038	$	(17)
Noncurrent Liabilities	(856)		839		(17)
Total Mark-to-Market Derivative (Liabilities)	$	(1,911)	$	1,877	$	(34)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(549)	$	615	$	66

(A)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, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $1,527 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,321 million and $615 million as of March 31, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,321 million as of March 31, 2022, $(22) million was netted against current assets, $(15) million was netted against noncurrent assets, $830 million was netted against current liabilities and $528 million was netted against noncurrent liabilities. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against noncurrent assets, $323 million was netted against current liabilities and $335 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 two level downgrade from its current Moody’s and S&P ratings. 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 $206 million as of March 31, 2022 and $75 million as of December 31, 2021. As of March 31, 2022 and December 31, 2021, PSEG Power had the contractual right of offset of $28 million and $29 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 $178 million and $46 million as of March 31, 2022 and December 31, 2021, 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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2022 and 2021:

Derivatives in Cash Flow Hedging Relationships	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
	March 31,					March 31,
	2022		2021			2022		2021
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(1)	$	(1)
Total PSEG	$	—	$	—		$	(1)	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2022 and 2021, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the 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, 2020	$	(13)	$	(9)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	4		3
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	1		1
Balance as of March 31, 2022	$	(8)	$	(5)

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, 2022 and 2021, 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 Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended
		March 31,
		2022		2021
		Millions
Energy-Related Contracts	Operating Revenues	$	(1,044)	$	(46)
Energy-Related Contracts	Energy Costs	—		6
Total		$	(1,044)	$	(40)

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2022 and December 31, 2021.

		As of	As of
Type	Notional	March 31, 2022	December 31, 2021
		Millions
Natural Gas	Dekatherm (Dth)	53	47
Electricity	MWh	(75)	(76)
Financial Transmission Rights (FTRs)	MWh	18	27

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’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, 2022. 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, 2022, 96% 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 Exposure		Securities Held as Collateral		Net Exposure		Number of Counterparties >10%	Net Exposure of Counterparties >10% (A)
	Millions							Millions
Investment Grade	$	270	$	9	$	261	1	$	148
Non-Investment Grade	14		2		12		—	—
Total	$	284	$	11	$	273	1	$	148

(A)Represents net exposure of $148 million with PSE&G.

As of March 31, 2022, collateral held from counterparties where PSEG Power had credit exposure included $11 million in letters of credit.

As of March 31, 2022, PSEG Power had 102 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, 2022, PSEG held parental guaranties, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2022, PSE&G had credit exposure of $179 million with its suppliers. PSE&G had no credit exposure with 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 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, natural gas 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, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use 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. There were no outstanding interest rate hedges as of March 31, 2022 and December 31, 2021.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to terminated interest rate derivatives designated as cash flow hedges was $(5) million and $(6) million as of March 31, 2022 and December 31, 2021, 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. For additional information see Note 14. Fair Value Measurements.

Substantially all 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, 2022 and December 31, 2021. The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of March 31, 2022
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	2,228	$	(2,084)	$	144
Noncurrent Assets	816		(767)		49
Total Mark-to-Market Derivative Assets	$	3,044	$	(2,851)	$	193
Derivative Contracts
Current Liabilities	$	(3,051)	$	2,892	$	(159)
Noncurrent Liabilities	(1,303)		1,280		(23)
Total Mark-to-Market Derivative (Liabilities)	$	(4,354)	$	4,172	$	(182)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(1,310)	$	1,321	$	11

	As of December 31, 2021
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	816	$	(744)	$	72
Noncurrent Assets	546		(518)		28
Total Mark-to-Market Derivative Assets	$	1,362	$	(1,262)	$	100
Derivative Contracts
Current Liabilities	$	(1,055)	$	1,038	$	(17)
Noncurrent Liabilities	(856)		839		(17)
Total Mark-to-Market Derivative (Liabilities)	$	(1,911)	$	1,877	$	(34)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(549)	$	615	$	66

(A)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, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $1,527 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,321 million and $615 million as of March 31, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,321 million as of March 31, 2022, $(22) million was netted against current assets, $(15) million was netted against noncurrent assets, $830 million was netted against current liabilities and $528 million was netted against noncurrent liabilities. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against noncurrent assets, $323 million was netted against current liabilities and $335 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 two level downgrade from its current Moody’s and S&P ratings. 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 $206 million as of March 31, 2022 and $75 million as of December 31, 2021. As of March 31, 2022 and December 31, 2021, PSEG Power had the contractual right of offset of $28 million and $29 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 $178 million and $46 million as of March 31, 2022 and December 31, 2021, 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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2022 and 2021:

Derivatives in Cash Flow Hedging Relationships	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
	March 31,					March 31,
	2022		2021			2022		2021
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(1)	$	(1)
Total PSEG	$	—	$	—		$	(1)	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2022 and 2021, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the 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, 2020	$	(13)	$	(9)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	4		3
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	1		1
Balance as of March 31, 2022	$	(8)	$	(5)

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, 2022 and 2021, 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 Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended
		March 31,
		2022		2021
		Millions
Energy-Related Contracts	Operating Revenues	$	(1,044)	$	(46)
Energy-Related Contracts	Energy Costs	—		6
Total		$	(1,044)	$	(40)

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2022 and December 31, 2021.

		As of	As of
Type	Notional	March 31, 2022	December 31, 2021
		Millions
Natural Gas	Dekatherm (Dth)	53	47
Electricity	MWh	(75)	(76)
Financial Transmission Rights (FTRs)	MWh	18	27

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’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, 2022. 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, 2022, 96% 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 Exposure		Securities Held as Collateral		Net Exposure		Number of Counterparties >10%	Net Exposure of Counterparties >10% (A)
	Millions							Millions
Investment Grade	$	270	$	9	$	261	1	$	148
Non-Investment Grade	14		2		12		—	—
Total	$	284	$	11	$	273	1	$	148

(A)Represents net exposure of $148 million with PSE&G.

As of March 31, 2022, collateral held from counterparties where PSEG Power had credit exposure included $11 million in letters of credit.

As of March 31, 2022, PSEG Power had 102 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, 2022, PSEG held parental guaranties, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2022, PSE&G had credit exposure of $179 million with its suppliers. PSE&G had no credit exposure with 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.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

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 and PSE&G 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.

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, 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.

	Recurring Fair Value Measurements as of March 31, 2022
Description	Total		Netting (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,535	$	—	$	1,535	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	193	$	(2,851)	$	25	$	3,018	$	1
NDT Fund (C)
Equity Securities	$	1,232	$	—	$	1,232	$	—	$	—
Debt Securities—U.S. Treasury	$	289	$	—	$	—	$	289	$	—
Debt Securities—Govt Other	$	351	$	—	$	—	$	351	$	—
Debt Securities—Corporate	$	617	$	—	$	—	$	617	$	—
Rabbi Trust (C)
Equity Securities	$	25	$	—	$	25	$	—	$	—
Debt Securities—U.S. Treasury	$	71	$	—	$	—	$	71	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	91	$	—	$	—	$	91	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(182)	$	4,172	$	(58)	$	(4,288)	$	(8)
PSE&G
Assets:
Cash Equivalents (A)	$	875	$	—	$	875	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	16	$	—	$	—	$	16	$	—

	Recurring Fair Value Measurements as of December 31, 2021
Description	Total		Netting  (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	615	$	—	$	615	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	100	$	(1,262)	$	25	$	1,336	$	1
NDT Fund (C)
Equity Securities	$	1,301	$	—	$	1,301	$	—	$	—
Debt Securities—U.S. Treasury	$	314	$	—	$	—	$	314	$	—
Debt Securities—Govt Other	$	373	$	—	$	—	$	373	$	—
Debt Securities—Corporate	$	647	$	—	$	—	$	647	$	—
Rabbi Trust (C)
Equity Securities	$	26	$	—	$	26	$	—	$	—
Debt Securities—U.S. Treasury	$	73	$	—	$	—	$	73	$	—
Debt Securities—Govt Other	$	34	$	—	$	—	$	34	$	—
Debt Securities—Corporate	$	109	$	—	$	—	$	109	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(34)	$	1,877	$	(26)	$	(1,880)	$	(5)
PSE&G
Assets:
Cash Equivalents (A)	$	250	$	—	$	250	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	5	$	—	$	5	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	19	$	—	$	—	$	19	$	—

(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 foreign currency of $2 million in the NDT Fund as of March 31, 2022 and December 31, 2021. 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. 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.

As of March 31, 2022, PSEG carried $4.3 billion of net assets that are measured at fair value on a recurring basis, of which $7 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

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 and are considered immaterial.

There were no transfers to or from Level 3 during the three months ended March 31, 2022 and 2021, respectively.

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, 2022 and December 31, 2021 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,126	$	3,964	$	4,124	$	4,172
PSE&G (A)	12,292		12,432		11,795		13,374
PSEG Power (B)	1,250		1,250		—		—
Total Long-Term Debt	$	17,668	$	17,646	$	15,919	$	17,546

(A)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed

through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

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 and PSE&G 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.

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, 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.

	Recurring Fair Value Measurements as of March 31, 2022
Description	Total		Netting (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,535	$	—	$	1,535	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	193	$	(2,851)	$	25	$	3,018	$	1
NDT Fund (C)
Equity Securities	$	1,232	$	—	$	1,232	$	—	$	—
Debt Securities—U.S. Treasury	$	289	$	—	$	—	$	289	$	—
Debt Securities—Govt Other	$	351	$	—	$	—	$	351	$	—
Debt Securities—Corporate	$	617	$	—	$	—	$	617	$	—
Rabbi Trust (C)
Equity Securities	$	25	$	—	$	25	$	—	$	—
Debt Securities—U.S. Treasury	$	71	$	—	$	—	$	71	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	91	$	—	$	—	$	91	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(182)	$	4,172	$	(58)	$	(4,288)	$	(8)
PSE&G
Assets:
Cash Equivalents (A)	$	875	$	—	$	875	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	16	$	—	$	—	$	16	$	—

	Recurring Fair Value Measurements as of December 31, 2021
Description	Total		Netting  (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	615	$	—	$	615	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	100	$	(1,262)	$	25	$	1,336	$	1
NDT Fund (C)
Equity Securities	$	1,301	$	—	$	1,301	$	—	$	—
Debt Securities—U.S. Treasury	$	314	$	—	$	—	$	314	$	—
Debt Securities—Govt Other	$	373	$	—	$	—	$	373	$	—
Debt Securities—Corporate	$	647	$	—	$	—	$	647	$	—
Rabbi Trust (C)
Equity Securities	$	26	$	—	$	26	$	—	$	—
Debt Securities—U.S. Treasury	$	73	$	—	$	—	$	73	$	—
Debt Securities—Govt Other	$	34	$	—	$	—	$	34	$	—
Debt Securities—Corporate	$	109	$	—	$	—	$	109	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(34)	$	1,877	$	(26)	$	(1,880)	$	(5)
PSE&G
Assets:
Cash Equivalents (A)	$	250	$	—	$	250	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	5	$	—	$	5	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	19	$	—	$	—	$	19	$	—

(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 foreign currency of $2 million in the NDT Fund as of March 31, 2022 and December 31, 2021. 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. 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.

As of March 31, 2022, PSEG carried $4.3 billion of net assets that are measured at fair value on a recurring basis, of which $7 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

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 and are considered immaterial.

There were no transfers to or from Level 3 during the three months ended March 31, 2022 and 2021, respectively.

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, 2022 and December 31, 2021 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,126	$	3,964	$	4,124	$	4,172
PSE&G (A)	12,292		12,432		11,795		13,374
PSEG Power (B)	1,250		1,250		—		—
Total Long-Term Debt	$	17,668	$	17,646	$	15,919	$	17,546

(A)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed

through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions)

3 Months Ended

Mar. 31, 2022

Component of Other Income (Deductions) [Line Items]

Other Income (Deductions)

Other Income (Deductions)

	PSE&G		Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2022
NDT Fund Interest and Dividends	$	—	$	14	$	14
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other	1		(1)		—
Total Other Income (Deductions)	$	19	$	(14)	$	5
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		—		2
Total Other Income (Deductions)	$	28	$	(3)	$	25

(A)Other consists of activity at PSEG (as parent company), PSEG Power, 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		Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2022
NDT Fund Interest and Dividends	$	—	$	14	$	14
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other	1		(1)		—
Total Other Income (Deductions)	$	19	$	(14)	$	5
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		—		2
Total Other Income (Deductions)	$	28	$	(3)	$	25

(A)Other consists of activity at PSEG (as parent company), PSEG Power, Energy Holdings, Services, PSEG LI and intercompany eliminations.

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Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes [Line Items]

Income Taxes

Income Taxes

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSEG	March 31,
	2022			2021
	Millions
Pre-Tax Income (Loss)	$	(154)		$	765
Tax Computed at Statutory Rate @ 21%	$	(32)		$	161
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(29)			41
NDT Fund	(6)			8
Audit Settlement	—			(7)
Green Program Recovery Charges (GPRC)-CEF-Energy Efficiency (EE)	(6)			(1)
Tax Adjustment Credit (TAC)	(73)			(78)
Other	(6)			(7)
Subtotal	(120)			(44)
Total Income Tax Expense (Benefit)	$	(152)		$	117
Effective Income Tax Rate	98.7		%	15.3		%

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSE&G	March 31,
	2022			2021
	Millions
Pre-Tax Income	$	598		$	556
Tax Computed at Statutory Rate @ 21%	$	126		$	117
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(6)			(1)
TAC	(73)			(78)
Other	1			3
Subtotal	(37)			(38)
Total Income Tax Expense (Benefit)	$	89		$	79
Effective Income Tax Rate	14.9		%	14.2		%

PSEG expects that a prolonged economic recovery may result in additional federal and state tax legislation that can have a material impact on PSEG’s and PSE&G’s effective tax rate and cash tax position.

Amounts recorded under the Tax Cuts and Jobs Act of 2017 and Coronavirus Aid, Relief, and Economic Security Act are subject to change based on several factors, including whether the Internal Revenue Service or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s and PSE&G’s financial statements.

As of March 31, 2022, PSE&G had a $7 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. PSEG had a $46 million state NOL due to the sale of PSEG Power’s fossil generating portfolio that is expected to be fully realized in the future.

Public Service Electric and Gas Company [Member]

Income Taxes [Line Items]

Income Taxes

Income Taxes

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSEG	March 31,
	2022			2021
	Millions
Pre-Tax Income (Loss)	$	(154)		$	765
Tax Computed at Statutory Rate @ 21%	$	(32)		$	161
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(29)			41
NDT Fund	(6)			8
Audit Settlement	—			(7)
Green Program Recovery Charges (GPRC)-CEF-Energy Efficiency (EE)	(6)			(1)
Tax Adjustment Credit (TAC)	(73)			(78)
Other	(6)			(7)
Subtotal	(120)			(44)
Total Income Tax Expense (Benefit)	$	(152)		$	117
Effective Income Tax Rate	98.7		%	15.3		%

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSE&G	March 31,
	2022			2021
	Millions
Pre-Tax Income	$	598		$	556
Tax Computed at Statutory Rate @ 21%	$	126		$	117
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(6)			(1)
TAC	(73)			(78)
Other	1			3
Subtotal	(37)			(38)
Total Income Tax Expense (Benefit)	$	89		$	79
Effective Income Tax Rate	14.9		%	14.2		%

PSEG expects that a prolonged economic recovery may result in additional federal and state tax legislation that can have a material impact on PSEG’s and PSE&G’s effective tax rate and cash tax position.

Amounts recorded under the Tax Cuts and Jobs Act of 2017 and Coronavirus Aid, Relief, and Economic Security Act are subject to change based on several factors, including whether the Internal Revenue Service or state taxing authorities issue additional guidance and/or further clarification. Any further guidance or clarification could impact PSEG’s and PSE&G’s financial statements.

As of March 31, 2022, PSE&G had a $7 million New Jersey Corporate Business Tax net operating loss (NOL) that is expected to be fully realized in the future. PSEG had a $46 million state NOL due to the sale of PSEG Power’s fossil generating portfolio that is expected to be fully realized in the future.

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Accumulated Other Comprehensive Income (Loss), Net of Tax

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss), Net of Tax

PSEG
	Three Months Ended March 31, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2021	$	(6)	$	(355)	$	11	$	(350)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(65)		(65)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		—		4		5
Net Current Period Other Comprehensive Income (Loss)	1		—		(61)		(60)
Balance as of March 31, 2022	$	(5)	$	(355)	$	(50)	$	(410)
	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		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended
		March 31, 2022
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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)	(5)		1		(4)
Total Pension and OPEB Plans		—		—		—
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(6)		2		(4)
Total Available-for-Sale Debt Securities		(6)		2		(4)
Total		$	(7)	$	2	$	(5)

PSEG		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended
		March 31, 2021
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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)

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Earnings Per Share (EPS) and Dividends

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share (EPS) and Dividends

Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income (Loss) by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income (Loss)	$	(2)	$	(2)	$	648	$	648
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	501		501		504		504
Effect of Stock Based Compensation Awards	—		—		—		3
Total Shares	501		501		504		507
EPS
Net Income (Loss)	$	0.00	$	0.00	$	1.29	$	1.28

Approximately 3 million potentially dilutive shares were excluded from total shares used to calculate the diluted loss per share for the three months ended March 31, 2022 as their impact was antidilutive.

In 2021, the Board of Directors authorized senior management to implement a $500 million share repurchase program. In December 2021, under this authorization PSEG entered into an open market share repurchase plan for $250 million of our common shares that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. There were no common share repurchases during the fourth quarter of 2021. During January and through February 16, 2022, PSEG purchased the full $250 million of common shares under the open market share repurchase plan.

In March 2022, PSEG entered into a Master Confirmation and Supplemental Confirmation with an investment banking firm to effect an accelerated share repurchase agreement (ASR Agreement) of $250 million of shares of PSEG’s outstanding Common Stock. The share repurchases pursuant to the ASR Agreement will be completed under PSEG’s current share repurchase authorization. Under the ASR Agreement, PSEG received initial delivery of approximately 3.0 million shares of Common Stock in mid-March, representing approximately 80% of the total number of shares of Common Stock initially underlying the ASR Agreement, based on the closing price of the Common Stock of $65.72 on March 11, 2022. The total number of shares that PSEG will repurchase under the ASR Agreement will be based on the volume-weighted average price of the Common Stock during the term of the ASR Agreement, less a discount, and subject to potential adjustments pursuant to the terms and conditions of the ASR Agreement. The ASR Agreement provides that final settlement of the shares of Common Stock repurchased under the ASR Agreement will generally occur in June 2022, unless the scheduled termination date of the ASR Agreement is accelerated. If the final settlement is in PSEG’s favor, the obligations to PSEG will be satisfied by delivery of additional shares of PSEG’s Common Stock and cash payment for any fractional shares. If final settlement is in the investment banking firm’s favor, PSEG’s obligations will be satisfied by delivery of either cash or shares of PSEG’s Common Stock at PSEG’s election.

Dividends

	Three Months Ended
	March 31,
Dividend Payments on Common Stock	2022		2021
Per Share	$	0.54	$	0.51
In Millions	$	271	$	258

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Financial Information By Business Segments

3 Months Ended

Mar. 31, 2022

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, 2022
Operating Revenues	$	2,284	$	460	$	153	$	(584)	$	2,313
Net Income (Loss)	509		(519)		8		—		(2)
Gross Additions to Long-Lived Assets	628		56		2		—		686
Three Months Ended March 31, 2021
Operating Revenues	$	2,073	$	1,167	$	151	$	(502)	$	2,889
Net Income (Loss)	477		161		10		—		648
Gross Additions to Long-Lived Assets	586		46		1		—		633
As of March 31, 2022
Total Assets	$	38,399	$	7,536	$	3,135	$	(1,296)	$	47,774
Investments in Equity Method Subsidiaries	$	—	$	65	$	124	$	—	$	189
As of December 31, 2021
Total Assets	$	37,198	$	9,777	$	5,150	$	(3,126)	$	48,999
Investments in Equity Method Subsidiaries	$	—	$	62	$	111	$	—	$	173

(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.

(B)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.

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, 2022
Operating Revenues	$	2,284	$	460	$	153	$	(584)	$	2,313
Net Income (Loss)	509		(519)		8		—		(2)
Gross Additions to Long-Lived Assets	628		56		2		—		686
Three Months Ended March 31, 2021
Operating Revenues	$	2,073	$	1,167	$	151	$	(502)	$	2,889
Net Income (Loss)	477		161		10		—		648
Gross Additions to Long-Lived Assets	586		46		1		—		633
As of March 31, 2022
Total Assets	$	38,399	$	7,536	$	3,135	$	(1,296)	$	47,774
Investments in Equity Method Subsidiaries	$	—	$	65	$	124	$	—	$	189
As of December 31, 2021
Total Assets	$	37,198	$	9,777	$	5,150	$	(3,126)	$	48,999
Investments in Equity Method Subsidiaries	$	—	$	62	$	111	$	—	$	173

(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.

(B)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.

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Related-Party Transactions

3 Months Ended

Mar. 31, 2022

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		2022		2021
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	580	$	495
Administrative Billings from Services (B)		99		87
Total Billings from Affiliates		$	679	$	582

	As of		As of
Related-Party Transactions	March 31, 2022		December 31, 2021
	Millions
Payable to PSEG Power (A)	$	195	$	244
Payable to Services (B)	87		111
Payable to PSEG (C)	138		63
Accounts Payable—Affiliated Companies	$	420	$	418
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	6	$	6

(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 at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(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 has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

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		2022		2021
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	580	$	495
Administrative Billings from Services (B)		99		87
Total Billings from Affiliates		$	679	$	582

	As of		As of
Related-Party Transactions	March 31, 2022		December 31, 2021
	Millions
Payable to PSEG Power (A)	$	195	$	244
Payable to Services (B)	87		111
Payable to PSEG (C)	138		63
Accounts Payable—Affiliated Companies	$	420	$	418
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	6	$	6

(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 at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(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 has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

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Organization and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2022

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, 2021.

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, 2021.

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, 2021) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		Other (A)		Consolidated
	Millions
As of December 31, 2021
Cash and Cash Equivalents	$	294	$	524	$	818
Restricted Cash in Other Current Assets	28		—		28
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	339	$	524	$	863
As of March 31, 2022
Cash and Cash Equivalents	$	910	$	693	$	1,603
Restricted Cash in Other Current Assets	22		—		22
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	949	$	693	$	1,642

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

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units. While the NRC had previously granted the SLR to the Peach Bottom units, the NRC was responding to pending motions that had not previously been adjudicated. In its decision, the NRC concluded that the previous environmental review required by the National Environmental Policy Act (NEPA) was incomplete because it did not adequately address environmental impacts resulting from extending the units’ licenses by 20 years. As a result, at the direction of the NRC, the NRC staff changed the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NRC directed, however, that the subsequently renewed licenses themselves remain in effect. The NRC also stated that it fully expects that the staff will complete its update of the NEPA analysis before 2033. As such, at this time, PSEG has not adjusted the useful lives or the assumed shutdown probabilities assigned to the Asset Retirement Obligations (ARO) of the units as PSEG believes that the licenses will be updated to reflect the approved 2053 and 2054 expiration dates within the current license period. PSEG will continue to monitor this matter for further developments and any change to the estimated useful lives and ARO probabilities could have an adverse financial statement impact, which may be material.

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Revenues Revenues (Policies)

3 Months Ended

Mar. 31, 2022

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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

Other

Revenues from Contracts with Customers

Electricity and Related Products—Wholesale load contracts have been executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits 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 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.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 and Impairments 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.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

Prior to the sale of Solar Source in June 2021, PSEG Power entered into bilateral contracts to sell solar power and solar renewable energy certificates (SRECs) from its solar facilities. Contract terms ranged from 15 to 30 years. The performance

obligations were generally solar power and SRECs which were transferred to customers upon generation. Revenue was 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. Prior to the sale of Solar Source, PSEG Power was also a party to solar contracts that qualified as leases and were accounted for in accordance with lease accounting guidance. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

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Organization and Basis of Presentation Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		Other (A)		Consolidated
	Millions
As of December 31, 2021
Cash and Cash Equivalents	$	294	$	524	$	818
Restricted Cash in Other Current Assets	28		—		28
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	339	$	524	$	863
As of March 31, 2022
Cash and Cash Equivalents	$	910	$	693	$	1,603
Restricted Cash in Other Current Assets	22		—		22
Restricted Cash in Other Noncurrent Assets	17		—		17
Cash, Cash Equivalents and Restricted Cash	$	949	$	693	$	1,642

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

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Revenues Revenues (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

gregation of Revenues

	PSE&G		Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2022
Revenues from Contracts with Customers
Electric Distribution	$	720	$	—	$	—	$	720
Gas Distribution	1,047		—		(1)		1,046
Transmission	392		—		—		392
Electricity and Related Product Sales
PJM
Third-Party Sales	—		582		—		582
Sales to Affiliates	—		56		(56)		—
New York ISO	—		88		—		88
ISO New England	—		86		—		86
Gas Sales
Third-Party Sales	—		136		—		136
Sales to Affiliates	—		526		(526)		—
Other Revenues from Contracts with Customers (B)	85		146		(1)		230
Total Revenues from Contracts with Customers	2,244		1,620		(584)		3,280
Revenues Unrelated to Contracts with Customers (C)	40		(1,007)		—		(967)
Total Operating Revenues	$	2,284	$	613	$	(584)	$	2,313

	PSE&G		Other (A)		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 (B)	75		151		(1)		225
Total Revenues from Contracts with Customers	2,077		1,279		(502)		2,854
Revenues Unrelated to Contracts with Customers (C)	(4)		39		—		35
Total Operating Revenues	$	2,073	$	1,318	$	(502)	$	2,889

(A)Other consists of revenues at PSEG Power, Energy Holdings and PSEG LI.

(B)Includes primarily revenues from appliance repair services and the sale of SRECs at auction at PSE&G, PSEG Power’s energy management fee with LIPA and PSEG LI’s OSA with LIPA in Other. Other also includes PSEG Power’s solar power projects in 2021.

(C)Includes primarily alternative revenues at PSE&G, derivative contracts 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, 2022 and 2021:

		2022		2021
		Millions
Balance at Beginning of Year		$	337	$	206
Utility Customer and Other Accounts
	Provision	33		44
	Write-offs, net of Recoveries of $8 million and $2 million in 2022 and 2021, respectively	(19)		(11)
Balance at End of Period		$	351	$	239

Other

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 was held in June 2021 and the 2023/2024 auction will be held in June 2022. 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 2021 to May 2022	$142	3,700
June 2022 to May 2023	$97	3,300

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Leases Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Operating Lease, Lease Income

The following is the operating lease income for the three months ended March 31, 2022 and 2021:

Operating Lease Income
	Millions
Three Months Ended March 31, 2022
Fixed Lease Income	$	8
Variable Lease Income	—
Total Operating Lease Income	$	8
Three Months Ended March 31, 2021
Fixed Lease Income	$	5
Variable Lease Income	5
Total Operating Lease Income	$	10

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Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022		December 31, 2021
	Millions
Commercial/Industrial	$	113	$	116
Residential	5		5
Total	118		121
Current Portion (included in Accounts Receivable)	(30)		(29)
Noncurrent Portion (included in Long-Term Investments)	$	88	$	92

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2022		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	14	prior to 2013	10 years	15 years
Solar Loan II	55		prior to 2015	10 years	15 years
Solar Loan III	49		largely funded as of March 31, 2022	10 years	10 years
Total	$	118

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, 2022 and have an average remaining life of approximately four years. There are no remaining residential loans outstanding under the Solar Loan 1 program.

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, 2022 and December 31, 2021.

	As of
	March 31, 2022		December 31, 2021
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	249	$	274
Unearned and Deferred Income	(84)		(87)
Gross Investments in Leases	165		187
Deferred Tax Liabilities	(40)		(42)
Net Investments in Leases	$	125	$	145

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 Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2022
	As of March 31, 2022
	Millions
AA	$	8
A-	47
BBB+ to BBB	194
Total	$	249

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Trust Investments (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	496	$	326	$	(3)	$	819
International	333		98		(18)		413
Total Equity Securities	829		424		(21)		1,232
Available-for-Sale Debt Securities
Government	676		2		(38)		640
Corporate	649		3		(35)		617
Total Available-for-Sale Debt Securities	1,325		5		(73)		1,257
Total NDT Fund Investments (A)	$	2,154	$	429	$	(94)	$	2,489

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of March 31, 2022, which is part of the NDT Fund.

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	491	$	363	$	(3)	$	851
International	346		119		(15)		450
Total Equity Securities	837		482		(18)		1,301
Available-for-Sale Debt Securities
Government	683		12		(8)		687
Corporate	637		16		(6)		647
Total Available-for-Sale Debt Securities	1,320		28		(14)		1,334
Total NDT Fund Investments (A)	$	2,157	$	510	$	(32)	$	2,635

(A)The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2021, which is part of the NDT Fund.

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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	18	$	11
Accounts Payable	$	10	$	11

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	62	$	(3)	$	—	$	—	$	69	$	(3)	$	—	$	—
International	91		(15)		9		(3)		76		(13)		9		(2)
Total Equity Securities	153		(18)		9		(3)		145		(16)		9		(2)
Available-for-Sale Debt Securities
Government (B)	448		(26)		118		(12)		332		(5)		67		(3)
Corporate (C)	420		(26)		74		(9)		306		(4)		30		(2)
Total Available-for-Sale Debt Securities	868		(52)		192		(21)		638		(9)		97		(5)
NDT Trust Investments	$	1,021	$	(70)	$	201	$	(24)	$	783	$	(25)	$	106	$	(7)

(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,
	2022		2021
	Millions
Proceeds from NDT Fund Sales (A)	$	473	$	597
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	29	$	79
Gross Realized Losses	(34)		(15)
Net Realized Gains (Losses) on NDT Fund (B)	(5)		64
Net Unrealized Gains (Losses) on Equity Securities	(61)		(7)
Net Gains (Losses) on NDT Fund Investments	$	(66)	$	57

(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.

Amount Of Available-For-Sale Debt Securities By Maturity Periods

The NDT Fund debt securities held as of March 31, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	324
6 - 10 years	226
11 - 15 years	70
16 - 20 years	109
Over 20 years	508
Total NDT Available-for-Sale Debt Securities	$	1,257

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, 2022								As of December 31, 2021
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	86	$	(6)	$	15	$	(2)	$	57	$	—	$	16	$	(1)
Corporate (B)	64		(5)		6		(1)		40		(1)		5		—
Total Available-for-Sale Debt Securities	150		(11)		21		(3)		97		(1)		21		(1)
Rabbi Trust Investments	$	150	$	(11)	$	21	$	(3)	$	97	$	(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.

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, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	15	$	10	$	—	$	25
Available-for-Sale Debt Securities
Government	111		—		(8)		103
Corporate	96		1		(6)		91
Total Available-for-Sale Debt Securities	207		1		(14)		194
Total Rabbi Trust Investments	$	222	$	11	$	(14)	$	219

	As of December 31, 2021
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	12	$	—	$	26
Available-for-Sale Debt Securities
Government	107		1		(1)		107
Corporate	105		5		(1)		109
Total Available-for-Sale Debt Securities	212		6		(2)		216
Total Rabbi Trust Investments	$	226	$	18	$	(2)	$	242

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, 2022		December 31, 2021
	Millions
Accounts Receivable	$	2	$	1
Accounts Payable	$	—	$	—

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,
	2022		2021
	Millions
Proceeds from Rabbi Trust Sales	$	28	$	65
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	5
Gross Realized Losses	(2)		(2)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		3
Net Unrealized Gains (Losses) on Equity Securities	(1)		—
Net Gains (Losses) on Rabbi Trust Investments	$	(2)	$	3

(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, 2022 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	—
1 - 5 years	35
6 - 10 years	26
11 - 15 years	8
16 - 20 years	21
Over 20 years	104
Total Rabbi Trust Available-for-Sale Debt Securities	$	194

Fair Value Of The Rabbi Trusts

The fair value of the Rabbi Trust related to PSEG and PSE&G is detailed as follows:

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
PSE&G	$	39	$	43
Other	180		199
Total Rabbi Trust Investments	$	219	$	242

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Pension and OPEB (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Components Of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit credits 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,
	2022		2021		2022		2021
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	35	$	38	$	2	$	2
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	42		35		6		5
Expected Return on Plan Assets	(121)		(119)		(11)		(10)
Amortization of Net
Prior Service Credit	—		—		(32)		(32)
Actuarial Loss	15		26		4		11
Non-Service Components of Pension and OPEB (Credits) Costs	(64)		(58)		(33)		(26)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

Schedule Of Pension And OPEB Costs

Pension and OPEB credits for PSEG and PSE&G are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2022		2021		2022		2021
	Millions
PSE&G	$	(18)	$	(16)	$	(27)	$	(23)
Other	(11)		(4)		(4)		(1)
Total Benefit (Credits) Costs	$	(29)	$	(20)	$	(31)	$	(24)

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Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021.

	As of		As of
	March 31, 2022		December 31, 2021
	Millions
Face Value of Outstanding Guarantees	$	1,914	$	1,959
Exposure under Current Guarantees	$	188	$	176
Letters of Credit Margin Posted	$	83	$	80
Letters of Credit Margin Received	$	21	$	242
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	32	$	60
Counterparty Cash Collateral Received	$	(1)	$	(1)
Net Broker Balance Deposited (Received)	$	1,496	$	785
Additional Amounts Posted
Other Letters of Credit	$	82	$	67

Total Minimum Purchase Commitments

As of March 31, 2022, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2026
	Millions
Nuclear Fuel
Uranium	$	318
Enrichment	$	314
Fabrication	$	183
Natural Gas	$	1,248

Public Service Electric and Gas Company [Member]

Loss Contingencies [Line Items]

Contract For Anticipated BGS-Fixed Price Eligible Load

	Auction Year
	2019	2020	2021	2022
36-Month Terms Ending	May 2022	May 2023	May 2024	May 2025	(A)
Load (MW)	2,800	2,800	2,900	2,800
$ per MWh	$98.04	$102.16	$64.80	$76.30

(A)Prices set in the 2022 BGS auction will become effective on June 1, 2022 when the 2019 BGS auction agreements expire.

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Debt and Credit Facilities Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 were as follows:

	As of March 31, 2022
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	428	$	1,072	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	428	$	1,072
PSE&G
Revolving Credit Facility	$	1,000	$	18	$	982	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	18	$	982
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	79	$	1,171	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		83		17		Sept 2023	Letters of Credit
Total PSEG Power	$	1,350	$	162	$	1,188
Total	$	3,850	$	608	$	3,242

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power.

(B)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, 2022, PSEG had $426 million outstanding at a weighted average interest rate of 0.44%. PSE&G had no Commercial Paper outstanding as of March 31, 2022.

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Financial Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule Of Derivative Instruments Fair Value In Balance Sheets

	As of March 31, 2022
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	2,228	$	(2,084)	$	144
Noncurrent Assets	816		(767)		49
Total Mark-to-Market Derivative Assets	$	3,044	$	(2,851)	$	193
Derivative Contracts
Current Liabilities	$	(3,051)	$	2,892	$	(159)
Noncurrent Liabilities	(1,303)		1,280		(23)
Total Mark-to-Market Derivative (Liabilities)	$	(4,354)	$	4,172	$	(182)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(1,310)	$	1,321	$	11

	As of December 31, 2021
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	816	$	(744)	$	72
Noncurrent Assets	546		(518)		28
Total Mark-to-Market Derivative Assets	$	1,362	$	(1,262)	$	100
Derivative Contracts
Current Liabilities	$	(1,055)	$	1,038	$	(17)
Noncurrent Liabilities	(856)		839		(17)
Total Mark-to-Market Derivative (Liabilities)	$	(1,911)	$	1,877	$	(34)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(549)	$	615	$	66

(A)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, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $1,527 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,321 million and $615 million as of March 31, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,321 million as of March 31, 2022, $(22) million was netted against current assets, $(15) million was netted against noncurrent assets, $830 million was netted against current liabilities and $528 million was netted against noncurrent liabilities. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against noncurrent assets, $323 million was netted against current liabilities and $335 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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2022 and 2021:

Derivatives in Cash Flow Hedging Relationships	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
	March 31,					March 31,
	2022		2021			2022		2021
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(1)	$	(1)
Total PSEG	$	—	$	—		$	(1)	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2022 and 2021, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $(1) million after-tax, respectively.

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 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, 2020	$	(13)	$	(9)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	4		3
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	1		1
Balance as of March 31, 2022	$	(8)	$	(5)

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, 2022 and 2021, 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 Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended
		March 31,
		2022		2021
		Millions
Energy-Related Contracts	Operating Revenues	$	(1,044)	$	(46)
Energy-Related Contracts	Energy Costs	—		6
Total		$	(1,044)	$	(40)

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, 2022 and December 31, 2021.

		As of	As of
Type	Notional	March 31, 2022	December 31, 2021
		Millions
Natural Gas	Dekatherm (Dth)	53	47
Electricity	MWh	(75)	(76)
Financial Transmission Rights (FTRs)	MWh	18	27

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, 2022. 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, 2022, 96% 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 Exposure		Securities Held as Collateral		Net Exposure		Number of Counterparties >10%	Net Exposure of Counterparties >10% (A)
	Millions							Millions
Investment Grade	$	270	$	9	$	261	1	$	148
Non-Investment Grade	14		2		12		—	—
Total	$	284	$	11	$	273	1	$	148

(A)Represents net exposure of $148 million with PSE&G.

As of March 31, 2022, collateral held from counterparties where PSEG Power had credit exposure included $11 million in letters of credit.

As of March 31, 2022, PSEG Power had 102 active counterparties.

^[1]

[1] Represents net exposure of $148 million with PSE&G.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, 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.

	Recurring Fair Value Measurements as of March 31, 2022
Description	Total		Netting (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,535	$	—	$	1,535	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	193	$	(2,851)	$	25	$	3,018	$	1
NDT Fund (C)
Equity Securities	$	1,232	$	—	$	1,232	$	—	$	—
Debt Securities—U.S. Treasury	$	289	$	—	$	—	$	289	$	—
Debt Securities—Govt Other	$	351	$	—	$	—	$	351	$	—
Debt Securities—Corporate	$	617	$	—	$	—	$	617	$	—
Rabbi Trust (C)
Equity Securities	$	25	$	—	$	25	$	—	$	—
Debt Securities—U.S. Treasury	$	71	$	—	$	—	$	71	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	91	$	—	$	—	$	91	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(182)	$	4,172	$	(58)	$	(4,288)	$	(8)
PSE&G
Assets:
Cash Equivalents (A)	$	875	$	—	$	875	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	16	$	—	$	—	$	16	$	—

	Recurring Fair Value Measurements as of December 31, 2021
Description	Total		Netting  (D)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	615	$	—	$	615	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	100	$	(1,262)	$	25	$	1,336	$	1
NDT Fund (C)
Equity Securities	$	1,301	$	—	$	1,301	$	—	$	—
Debt Securities—U.S. Treasury	$	314	$	—	$	—	$	314	$	—
Debt Securities—Govt Other	$	373	$	—	$	—	$	373	$	—
Debt Securities—Corporate	$	647	$	—	$	—	$	647	$	—
Rabbi Trust (C)
Equity Securities	$	26	$	—	$	26	$	—	$	—
Debt Securities—U.S. Treasury	$	73	$	—	$	—	$	73	$	—
Debt Securities—Govt Other	$	34	$	—	$	—	$	34	$	—
Debt Securities—Corporate	$	109	$	—	$	—	$	109	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(34)	$	1,877	$	(26)	$	(1,880)	$	(5)
PSE&G
Assets:
Cash Equivalents (A)	$	250	$	—	$	250	$	—	$	—
Rabbi Trust (C)
Equity Securities	$	5	$	—	$	5	$	—	$	—
Debt Securities—U.S. Treasury	$	13	$	—	$	—	$	13	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	19	$	—	$	—	$	19	$	—

(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 foreign currency of $2 million in the NDT Fund as of March 31, 2022 and December 31, 2021. 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. 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 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, 2022 and December 31, 2021 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,126	$	3,964	$	4,124	$	4,172
PSE&G (A)	12,292		12,432		11,795		13,374
PSEG Power (B)	1,250		1,250		—		—
Total Long-Term Debt	$	17,668	$	17,646	$	15,919	$	17,546

(A)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed

through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions) (Tables)

3 Months Ended

Mar. 31, 2022

Other Income and Expenses [Abstract]

Schedule Of Other Income (Deductions)

	PSE&G		Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2022
NDT Fund Interest and Dividends	$	—	$	14	$	14
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other	1		(1)		—
Total Other Income (Deductions)	$	19	$	(14)	$	5
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		—		2
Total Other Income (Deductions)	$	28	$	(3)	$	25

(A)Other consists of activity at PSEG (as parent company), PSEG Power, Energy Holdings, Services, PSEG LI and intercompany eliminations.

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule Of Effective Tax Rates

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSEG	March 31,
	2022			2021
	Millions
Pre-Tax Income (Loss)	$	(154)		$	765
Tax Computed at Statutory Rate @ 21%	$	(32)		$	161
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(29)			41
NDT Fund	(6)			8
Audit Settlement	—			(7)
Green Program Recovery Charges (GPRC)-CEF-Energy Efficiency (EE)	(6)			(1)
Tax Adjustment Credit (TAC)	(73)			(78)
Other	(6)			(7)
Subtotal	(120)			(44)
Total Income Tax Expense (Benefit)	$	(152)		$	117
Effective Income Tax Rate	98.7		%	15.3		%

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended
PSE&G	March 31,
	2022			2021
	Millions
Pre-Tax Income	$	598		$	556
Tax Computed at Statutory Rate @ 21%	$	126		$	117
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(6)			(1)
TAC	(73)			(78)
Other	1			3
Subtotal	(37)			(38)
Total Income Tax Expense (Benefit)	$	89		$	79
Effective Income Tax Rate	14.9		%	14.2		%

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Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2021	$	(6)	$	(355)	$	11	$	(350)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(65)		(65)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		—		4		5
Net Current Period Other Comprehensive Income (Loss)	1		—		(61)		(60)
Balance as of March 31, 2022	$	(5)	$	(355)	$	(50)	$	(410)
	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)

Reclassifications out of Accumulated Other Comprehensive Income

PSEG		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended
		March 31, 2022
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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)	(5)		1		(4)
Total Pension and OPEB Plans		—		—		—
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(6)		2		(4)
Total Available-for-Sale Debt Securities		(6)		2		(4)
Total		$	(7)	$	2	$	(5)

PSEG		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended
		March 31, 2021
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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)

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Earnings Per Share (EPS) and Dividends (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Basic And Diluted Earnings Per Share Computation

The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income (Loss)	$	(2)	$	(2)	$	648	$	648
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	501		501		504		504
Effect of Stock Based Compensation Awards	—		—		—		3
Total Shares	501		501		504		507
EPS
Net Income (Loss)	$	0.00	$	0.00	$	1.29	$	1.28

Dividend Payments On Common Stock

Dividends

	Three Months Ended
	March 31,
Dividend Payments on Common Stock	2022		2021
Per Share	$	0.54	$	0.51
In Millions	$	271	$	258

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Financial Information By Business Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Financial Information By Business Segments

	PSE&G		PSEG Power		Other (A)		Eliminations (B)		Consolidated Total
	Millions
Three Months Ended March 31, 2022
Operating Revenues	$	2,284	$	460	$	153	$	(584)	$	2,313
Net Income (Loss)	509		(519)		8		—		(2)
Gross Additions to Long-Lived Assets	628		56		2		—		686
Three Months Ended March 31, 2021
Operating Revenues	$	2,073	$	1,167	$	151	$	(502)	$	2,889
Net Income (Loss)	477		161		10		—		648
Gross Additions to Long-Lived Assets	586		46		1		—		633
As of March 31, 2022
Total Assets	$	38,399	$	7,536	$	3,135	$	(1,296)	$	47,774
Investments in Equity Method Subsidiaries	$	—	$	65	$	124	$	—	$	189
As of December 31, 2021
Total Assets	$	37,198	$	9,777	$	5,150	$	(3,126)	$	48,999
Investments in Equity Method Subsidiaries	$	—	$	62	$	111	$	—	$	173

(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.

(B)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.

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Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]

3 Months Ended

Mar. 31, 2022

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		2022		2021
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	580	$	495
Administrative Billings from Services (B)		99		87
Total Billings from Affiliates		$	679	$	582

Schedule Of Related Party Transactions, Payables

	As of		As of
Related-Party Transactions	March 31, 2022		December 31, 2021
	Millions
Payable to PSEG Power (A)	$	195	$	244
Payable to Services (B)	87		111
Payable to PSEG (C)	138		63
Accounts Payable—Affiliated Companies	$	420	$	418
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	6	$	6

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Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents		$ 1,603	$ 818
Cash, Cash Equivalents and Restricted Cash		1,642	863	$ 841	$ 572
Public Service Electric and Gas Company [Member]
Cash and Cash Equivalents		910	294
Restricted Cash in Other Current Assets		22	28
Restricted Cash in Other Noncurrent Assets		17	17
Cash, Cash Equivalents and Restricted Cash		949	339	$ 669	$ 233
Other Entities [Member]
Cash and Cash Equivalents	[1]	693	524
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]	693	524
Other Current Assets [Member]
Restricted Cash in Other Current Assets		22	28
Other Noncurrent Assets [Member]
Restricted Cash in Other Noncurrent Assets		$ 17	$ 17

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

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Revenues Revenues (Details) $ in Millions		3 Months Ended
		Mar. 31, 2022 USD ($) $ / mwd MW	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Revenues [Line Items]
Revenue from Contract with Customers		$ 3,280	$ 2,854
Revenues Unrelated to Contracts with Customers	[1]	(967)	35
Total Operating Revenues		2,313	2,889
Regulatory Assets		3,671		$ 3,605
Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(584)	(502)
Revenues Unrelated to Contracts with Customers	[1]	0	0
Total Operating Revenues	[2]	(584)	(502)
Electric Distribution Contracts [Member]
Revenues [Line Items]
Revenue from Contract with Customers		720	707
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		1,046	893
Gas Distribution [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(1)	(3)
Electric Transmission [Member]
Revenues [Line Items]
Revenue from Contract with Customers		392	399
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		582	471
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		(56)	(88)
Electricity and Related Products [Member] | NY ISO [Member]
Revenues [Line Items]
Revenue from Contract with Customers		88	48
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		86	51
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		136	60
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		(526)	(410)
Other Revenues from Contracts with Customers [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3]	230	225
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		2,244	2,077
Revenues Unrelated to Contracts with Customers	[1]	40	(4)
Total Operating Revenues		$ 2,284	2,073
Allowances percentage of accounts receivable		20.00%		21.00%
Public Service Electric and Gas Company [Member] | Electric Distribution Contracts [Member]
Revenues [Line Items]
Revenue from Contract with Customers		$ 720	707
Public Service Electric and Gas Company [Member] | Gas Distribution [Member]
Revenues [Line Items]
Revenue from Contract with Customers		1,047	896
Public Service Electric and Gas Company [Member] | Electric Transmission [Member]
Revenues [Line Items]
Revenue from Contract with Customers		392	399
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]	85	75
PSEG Power [Member]
Revenues [Line Items]
Anticipated Contract Revenues		$ 56
PSEG Power [Member] | PJM [Member] | June 2021 to May 2022 [Member]
Revenues [Line Items]
Dollars Per Megawatt-Day | $ / mwd		142
Load (MW) | MW		3,700
PSEG Power [Member] | PJM [Member] | June 2022 to May 2023 [Member]
Revenues [Line Items]
Dollars Per Megawatt-Day | $ / mwd		97
Load (MW) | MW		3,300
Other [Member] | LIPA OSA contract fixed component [Member]
Revenues [Line Items]
Anticipated Contract Revenues		$ 40
Other Segments
Revenues [Line Items]
Revenue from Contract with Customers	[4]	1,620	1,279
Revenues Unrelated to Contracts with Customers	[4]	(1,007)	39
Total Operating Revenues	[4]	613	1,318
Other Segments | Electric Distribution Contracts [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0
Other Segments | Gas Distribution [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0
Other Segments | Electric Transmission [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0
Other Segments | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	582	471
Other Segments | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	56	88
Other Segments | Electricity and Related Products [Member] | NY ISO [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	88	48
Other Segments | Electricity and Related Products [Member] | ISO New England [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	86	51
Other Segments | Gas Sales [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	136	60
Other Segments | Gas Sales [Member] | Sales to Affiliates [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	526	410
Other Segments | Other Revenues from Contracts with Customers [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3],[4]	146	151
Public Service Electric and Gas Company [Member]
Revenues [Line Items]
Total Operating Revenues		2,284	2,073
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		337	206
Provision for Other Credit Losses		33	44
Accounts Receivable, Allowance for Credit Loss, Writeoff		(19)	(11)
Accounts Receivable, Allowance for Credit Loss, Recovery		8	2
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		351	239
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		351	$ 239	$ 337
Regulatory Assets		3,671		$ 3,605
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion
Revenues [Line Items]
Regulatory Assets		66
Public Service Electric and Gas Company [Member] | Societal Benefits Charges Sbc | Electric Bad Debt Deferral
Revenues [Line Items]
Regulatory Assets		$ 145

[1] Includes primarily alternative revenues at PSE&G, derivative contracts 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 SRECs at auction at PSE&G, PSEG Power’s energy management fee with LIPA and PSEG LI’s OSA with LIPA in Other. Other also includes PSEG Power’s solar power projects in 2021.

[4] Other consists of revenues at PSEG Power, Energy Holdings and PSEG LI.

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Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Early Plant Retirements [Abstract]
ZEC Charge per kwh	$ 0.004
Proceeds from Divestiture of Businesses	1,920,000,000
Impairment of Long-Lived Assets to be Disposed of	43,000,000	$ 2,691,000,000
ZEC Charge per MWh	$ 10

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Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Operating Revenues	$ 2,313	$ 2,889
Operation and Maintenance	794	778
Long Island ServCo [Member]
Variable Interest Entity [Line Items]
Operating Revenues	123	123
Operation and Maintenance	123	$ 123
Ocean Wind JV Holdco
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	124		$ 111
Ocean Wind JV Holdco | Anticipated Spend
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	$ 250

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Rate Filings (Details) $ in Millions	1 Months Ended
	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		$ 3,671	$ 3,605
Regulatory Assets		368	364
Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		3,671	3,605
Regulatory Assets		368	364
Public Service Electric and Gas Company [Member] | Electric meters to be retired
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Property, Plant and Equipment, Transmission and Distribution		188	$ 192
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		66
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		25
COVID-19 deferrals [Member] | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		120
Remediation Adjustment Clause | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount		$ 44
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | ZEC Liability
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount	$ (4)
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | Basic Gas Supply Service
Regulatory Assets And Liabilities [Line Items]
Approved BGSS rate per therm	0.41
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | Energy Strong II Electric
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount	$ 17
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | Energy Strong II Gas
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount	$ 1

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Leases Operating Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Lease Income
Fixed Lease Income	$ 8	$ 5
Variable Lease Income	0	5
Total Operating Lease Income	8	$ 10
Energy Holdings | Subsidiaries
Operating Lease Income
Lessor, Operating Lease, Payments to be Received	$ 123

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Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Average Loan Repayment Period	8 years
Outstanding Loans by Class of Customer	$ 118	$ 121
Current Portion of Outstanding Loans	30	29
Noncurrent Portion of Outstanding Loans	$ 88	92
Average Loan Remaining Repayment Period	4 years
Commercial/Industrial [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 113	116
Residential [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	5	$ 5
Solar Loan I [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 14
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	$ 55
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	$ 49
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

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Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 249	$ 274
Unearned and Deferred Income	(84)	(87)
Gross Investments in Leases	165	187
Deferred Tax Liabilities	(40)	(42)
Net Investments in Leases	$ 125	$ 145

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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, 2022	Dec. 31, 2021
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 249	$ 274
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)	47
Standard & Poor's, BBB plus - BBB - Rating [Member]
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 194

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Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Energy Holdings [Member]
Schedule of Financial Receivables [Line Items]
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net	$ 125	$ 145

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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, 2022		Dec. 31, 2021
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Trust Investments, Cost	$ 2,154		$ 2,157
Gross Unrealized Gains	429		510
Gross Unrealized Losses	(94)		(32)
Trust Investments, Fair Value	2,489	[1]	2,635	[2]
NDT Fund Foreign Currency	2		2
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Trust Investments, Cost	222		226
Gross Unrealized Gains	11		18
Gross Unrealized Losses	(14)		(2)
Trust Investments, Fair Value	219		242
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	1,325		1,320
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	5		28
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(73)		(14)
Debt Securities, Available-for-Sale, Fair Value	1,257		1,334
Total Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	207		212
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1		6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(14)		(2)
Debt Securities, Available-for-Sale, Fair Value	194		216
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	829		837
Equity Securities, Accumulated Gross Unrealized Gain	424		482
Equity Securities, FV-NI, Unrealized Loss	(21)		(18)
Equity Securities, Fair Value	1,232		1,301
Unrealized Gains (Losses) on Equity Securities still held	(47)
Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	(1)
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	649		637
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	3		16
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(35)		(6)
Debt Securities, Available-for-Sale, Fair Value	617		647
Corporate Debt Obligations [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	96		105
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1		5
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(6)		(1)
Debt Securities, Available-for-Sale, Fair Value	91		109
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	676		683
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2		12
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(38)		(8)
Debt Securities, Available-for-Sale, Fair Value	640		687
Government Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	111		107
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(8)		(1)
Debt Securities, Available-for-Sale, Fair Value	103		107
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	333		346
Equity Securities, Accumulated Gross Unrealized Gain	98		119
Equity Securities, FV-NI, Unrealized Loss	(18)		(15)
Equity Securities, Fair Value	413		450
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	496		491
Equity Securities, Accumulated Gross Unrealized Gain	326		363
Equity Securities, FV-NI, Unrealized Loss	(3)		(3)
Equity Securities, Fair Value	819		851
Domestic Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	15		14
Equity Securities, Accumulated Gross Unrealized Gain	10		12
Equity Securities, FV-NI, Unrealized Loss	0		0
Equity Securities, Fair Value	25		$ 26
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	(40)
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains recognized in AOCI	$ (10)

[1] The NDT Fund Investments table excludes foreign currency of $2 million as of March 31, 2022, which is part of the NDT Fund.

[2] The NDT Fund Investments table excludes foreign currency of $2 million as of December 31, 2021, which is part of the NDT Fund.

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Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Accounts Receivable	$ 18	$ 11
Accounts Payable	10	11
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Accounts Receivable	2	1
Accounts Payable	$ 0	$ 0

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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, 2022	Dec. 31, 2021
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		$ 1,021	$ 783
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(70)	(25)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		201	106
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(24)	(7)
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		150	97
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(11)	(1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		21	21
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(3)	(1)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	153	145
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	(18)	(16)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[1]	9	9
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[1]	(3)	(2)
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		868	638
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(52)	(9)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		192	97
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(21)	(5)
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		150	97
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(11)	(1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		21	21
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(3)	(1)
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	62	69
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	(3)	(3)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[1]	0	0
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[1]	0	0
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	91	76
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	(15)	(13)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[1]	9	9
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[1]	(3)	(2)
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[2]	448	332
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[2]	(26)	(5)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[2]	118	67
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[2]	(12)	(3)
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		86	57
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		15	16
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(2)	(1)
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[3]	420	306
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[3]	(26)	(4)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[3]	74	30
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[3]	(9)	(2)
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		64	40
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(5)	(1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		6	5
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		$ (1)	$ 0

[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 (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.

[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 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.

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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, 2022	Mar. 31, 2021
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments		$ 501	$ 662
Net Gains (Losses) on Trust Investments		(68)	60
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments	[1]	473	597
Gross Realized Gains		29	79
Gross Realized Losses		(34)	(15)
Net Realized Gains (Losses)	[2]	(5)	64
Unrealized Gain (Loss) on Equity Securities		(61)	(7)
Net Gains (Losses) on Trust Investments		(66)	57
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments		28	65
Gross Realized Gains		1	5
Gross Realized Losses		(2)	(2)
Net Realized Gains (Losses)		(1)	3
Unrealized Gain (Loss) on Equity Securities		(1)	0
Net Gains (Losses) on Trust Investments		$ (2)	$ 3

[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.

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Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions	Mar. 31, 2022 USD ($)
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Total Available-for-Sale Debt Securities	$ 1,257
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Total Available-for-Sale Debt Securities	194
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Less than one year	20
1 - 5 years	324
6 - 10 years	226
11 - 15 years	70
16 - 20 years	109
Over 20 years	508
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Less than one year	0
1 - 5 years	35
6 - 10 years	26
11 - 15 years	8
16 - 20 years	21
Over 20 years	$ 104

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Trust Investments (Fair Value Of Rabbi Trust) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	$ 219	$ 242
Public Service Electric and Gas Company [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	39	43
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	219	242
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	39	43
Rabbi Trust [Member] | Other Entities [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	$ 180	$ 199

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Trust Investments (Narrative) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) Facility	Dec. 31, 2021 USD ($)
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	$ 2	$ 2
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	(40)
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains recognized in AOCI	(10)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	(47)
Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	$ (1)

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Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 35	$ 38
Interest Cost	42	35
Expected Return on Plan Assets	(121)	(119)
Amortization of Prior Service Cost	0	0
Amortization of Actuarial Loss	15	26
Non-Operating Pension and OPEB (Credits) Costs	(64)	(58)
Total Benefit (Credits) Costs	(29)	(20)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	2	2
Interest Cost	6	5
Expected Return on Plan Assets	(11)	(10)
Amortization of Prior Service Cost	(32)	(32)
Amortization of Actuarial Loss	4	11
Non-Operating Pension and OPEB (Credits) Costs	(33)	(26)
Total Benefit (Credits) Costs	$ (31)	$ (24)

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Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	$ (29)	$ (20)
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	(18)	(16)
Pension Benefits [Member] | Other Entities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	(11)	(4)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	(31)	(24)
OPEB [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	(27)	(23)
OPEB [Member] | Other Entities [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	$ (4)	$ (1)

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Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	$ 30
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	(29)	$ (20)
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	(31)	(24)
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	8	9
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	$ 2	$ 3

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Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - PSEG Power [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Face Value of Outstanding Guarantees	$ 1,914	$ 1,959
Exposure under Current Guarantees	188	176
Letters of Credit Margin Posted	83	80
Letters of Credit Margin Received	21	242
Counterparty Cash Collateral Deposited	32	60
Counterparty Cash Collateral Received	(1)	(1)
Net Broker Balance Deposited (Received)	1,496	785
Other Letters of Credit	$ 82	$ 67

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Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions	Mar. 31, 2022 USD ($) Plant mi
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	$ 66
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	$ 53
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	$ 40
Remediation Liability Recorded As Other Noncurrent Liabilities	181
Regulatory Assets	221
Passaic River Site Upper 9 Miles
Site Contingency [Line Items]
Estimated Cleanup Costs EPA Preferred Method	550
Minimum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	221
Accrual for Environmental Loss Contingencies	221
Maximum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 249

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Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions	3 Months Ended
	Mar. 31, 2022 USD ($) cf $ / mwd $ / MWh MW
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%
ZEC Charge per kwh | $	$ 0.004
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 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	351.06
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	276.26
Load (MW) | MW	2,900
Dollars Per Megawatt Hour | $ / MWh	64.80
Public Service Electric and Gas Company [Member] | Auction Year 2022
Long-term Purchase Commitment [Line Items]
Load (MW) | MW	2,800
Dollars Per Megawatt Hour | $ / MWh	76.30	[1]

[1] Prices set in the 2022 BGS auction will become effective on June 1, 2022 when the 2019 BGS auction agreements expire.

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Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - PSEG Power [Member] $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
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	$ 318
Nuclear Fuel Enrichment [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	314
Nuclear Fuel Fabrication [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	183
Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	$ 1,248

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Commitments And Contingent Liabilities (Litigation) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Jan. 31, 2021
LIPA complaint | Maximum [Member]
Loss Contingencies [Line Items]
Complaint amount	$ 70
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]
Complaint amount		$ 68

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Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 1,750	$ 900
Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	500	$ 900
Medium Term Notes Green Bond Three Point One Zero due Two Thousand Thirty Two | Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 500
Debt Instrument, Interest Rate, Stated Percentage	3.10%
Three Year Variable rate term loan | PSEG Power [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 1,250

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Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
		Apr. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Commercial Paper			$ 1,676				$ 3,519
Commitments of Single Institution as Percentage of Total Commitments			8.00%
Line of Credit Facility, Remaining Borrowing Capacity			$ 3,242
Line of Credit Facility, Maximum Borrowing Capacity			3,850
Line of Credit Facility, Fair Value of Amount Outstanding	[1]		608
Proceeds from Short-Term Loan			0			$ 500
Repayments of Short-term Debt			1,250			300
Collateral Already Posted, Aggregate Fair Value			1,527				844
Net Change in Commercial Paper and Loans			(593)			(598)
Public Service Electric and Gas Company [Member]
Line of Credit Facility, Remaining Borrowing Capacity			982
Line of Credit Facility, Maximum Borrowing Capacity			1,000
Line of Credit Facility, Fair Value of Amount Outstanding			18
Net Change in Commercial Paper and Loans			0			(100)
PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity			1,188
Line of Credit Facility, Maximum Borrowing Capacity			1,350
Line of Credit Facility, Fair Value of Amount Outstanding			162
Collateral Already Posted, Aggregate Fair Value			1,500				343
PSEG Power [Member] | Subsequent Event [Member]
Collateral Already Posted, Aggregate Fair Value		$ 2,600
Five Year Credit Facility Maturing March 2023 [Member] | Public Service Electric and Gas Company [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 982
Debt Instrument, Maturity Date, Description			Mar 2027
Line of Credit Facility, Maximum Borrowing Capacity			$ 1,000				600
Line of Credit Facility, Fair Value of Amount Outstanding	[1]		18
Five Year Credit Facility Maturing March 2023 [Member] | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 1,171
Debt Instrument, Maturity Date, Description			Mar 2027
Line of Credit Facility, Maximum Borrowing Capacity	[2]		$ 1,250
Line of Credit Facility, Fair Value of Amount Outstanding			79
Five Year Credit Facility Maturing March 2023 [Member] | Parent and PSEG Power
Line of Credit Facility, Maximum Borrowing Capacity			2,750				$ 3,400
Letter of Credit Facilities expiring September 2022 | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 17
Debt Instrument, Maturity Date, Description			Sept 2023
Line of Credit Facility, Maximum Borrowing Capacity			$ 100
Line of Credit Facility, Fair Value of Amount Outstanding			83
Letter of Credit Facilities expiring April 2024 | PSEG Power [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity		100
Letter of Credit Facilities expiring April 2025 | PSEG Power [Member] | Subsequent Event [Member]
Line of Credit Facility, Maximum Borrowing Capacity		100
March 2021 Term Loan
Repayments of Short-term Debt						$ 500
May 2021 Term Loan
Repayments of Short-term Debt					$ 750
August 2021 Term Loan
Proceeds from Short-Term Loan				$ 1,250
April 2022 Term Loan | Subsequent Event [Member]
Proceeds from Short-Term Loan		$ 1,500
PSEG [Member]
Line of Credit Facility, Remaining Borrowing Capacity			1,072
Line of Credit Facility, Maximum Borrowing Capacity			1,500
Line of Credit Facility, Fair Value of Amount Outstanding			428
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Line of Credit Facility, Remaining Borrowing Capacity			$ 1,072
Debt Instrument, Maturity Date, Description			Mar 2027
Line of Credit Facility, Maximum Borrowing Capacity	[2]		$ 1,500
Line of Credit Facility, Fair Value of Amount Outstanding	[1]		428
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Commercial Paper			$ 426
Short-term Debt, Weighted Average Interest Rate, at Point in Time			0.44%

[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, 2022, PSEG had $426 million outstanding at a weighted average interest rate of 0.44%. PSE&G had no Commercial Paper outstanding as of March 31, 2022.

[2] Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power.

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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, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	$ 0	$ 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion	(1)	(1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(5)	(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)	$ (3)
Interest Expense [Member] | Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	0	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion	$ (1)	$ (1)

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Financial Risk Management Activities (Narrative) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax		$ (5)	$ (6)
Unrealized Loss to be Reclassified to Earnings During the Next Twelve Months		(3)
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	1,321	615
Derivative, Fair Value, Net		11	66
PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Securities held as Collateral		11
Fair Value of Derivatives with credit-risk related contingent features		206	75
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral		28	29
Additional collateral aggregate fair value		$ 178	$ 46

[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, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $1,527 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,321 million and $615 million as of March 31, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,321 million as of March 31, 2022, $(22) million was netted against current assets, $(15) million was netted against noncurrent assets, $830 million was netted against current liabilities and $528 million was netted against noncurrent liabilities. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against noncurrent assets, $323 million was netted against current liabilities and $335 million was netted against noncurrent liabilities.

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Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions		Mar. 31, 2022		Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Collateral Already Posted, Aggregate Fair Value		$ 1,527		$ 844
Derivative Contracts, Current Assets		144		72
Derivative Contracts, Noncurrent Assets		49		28
Total Mark-to-Market Derivative Assets		193		100
Derivative Contracts, Current Liabilities		(159)		(17)
Derivative Contracts, Noncurrent Liabilities		(23)		(17)
Total Mark-to-Market Derivative (Liabilities)		(182)		(34)
Net Mark-to-Market Derivative Assets (Liabilities)		11		66
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	1,321		615
PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Collateral Already Posted, Aggregate Fair Value		1,500		343
Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		528		335
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		(22)		(30)
Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		(15)		(13)
Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		830		323
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Contracts, Current Assets		2,228		816
Derivative Contracts, Noncurrent Assets		816		546
Total Mark-to-Market Derivative Assets		3,044		1,362
Derivative Contracts, Current Liabilities		(3,051)		(1,055)
Derivative Contracts, Noncurrent Liabilities		(1,303)		(856)
Total Mark-to-Market Derivative (Liabilities)		(4,354)		(1,911)
Net Mark-to-Market Derivative Assets (Liabilities)		(1,310)		(549)
Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	1,280		839
Energy-Related Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	(2,084)		(744)
Energy-Related Contracts [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	(767)		(518)
Energy-Related Contracts [Member] | Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1],[2],[3]	(2,851)		(1,262)
Energy-Related Contracts [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	2,892		1,038
Energy-Related Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1],[3]	$ 4,172	[4]	$ 1,877	[2]

[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, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $1,527 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,321 million and $615 million as of March 31, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,321 million as of March 31, 2022, $(22) million was netted against current assets, $(15) million was netted against noncurrent assets, $830 million was netted against current liabilities and $528 million was netted against noncurrent liabilities. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against noncurrent assets, $323 million was netted against current liabilities and $335 million was netted against noncurrent liabilities.

[2] 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.

[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.

[4] Private term loan with book value approximating fair value (Level 2 measurement).

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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, 2022	Mar. 31, 2021	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Less: Loss Reclassified into Income	$ (7)	$ (3)
Loss Recognized in AOCL	(65)	(40)
Less: Loss Reclassified into Income	(5)	(2)
Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Balance at Beginning of Period	(9)	(13)	$ (13)
Loss Recognized in AOCL	0		0
Less: Loss Reclassified into Income	(1)		(4)
Pre-Tax Balance at End of Period	(8)		(9)
After-Tax Balance at Beginning of Period	(6)	(9)	(9)
Loss Recognized in AOCL	0	0	0
Less: Loss Reclassified into Income	(1)	$ (1)	(3)
After-Tax Balance at End of Period	$ (5)		$ (6)

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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, 2022	Mar. 31, 2021
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (1,044)	$ (40)
Operating Revenues [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(1,044)	(46)
Energy Costs [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 0	$ 6

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Financial Risk Management Activities (Schedule Of Net Notional Volume For Open Derivative Contracts) (Detail) - PSEG Power [Member] $ / mwh in Millions, $ / DTH in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 $ / mwh $ / DTH	Dec. 31, 2021 $ / DTH $ / mwh
Natural Gas Dth [Member]
Derivative [Line Items]
Net notional volume of derivative transactions | $ / DTH	53	47
Electricity MWh [Member]
Derivative [Line Items]
Net notional volume of derivative transactions	(75)	(76)
FTRs MWh [Member]
Derivative [Line Items]
Net notional volume of derivative transactions	18	27

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Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) Counterparty
PSEG Power [Member]
Derivative [Line Items]
Current Exposure	$ 284
Securities held as Collateral	11
Net exposure	$ 273
Number of Counterparties greater than 10% | Counterparty	1
Number Of Active Counterparties On Credit Risk Derivatives | Counterparty	102
PSEG Power [Member] | Investment Grade - External Rating [Member]
Derivative [Line Items]
Percentage Of Credit Exposure	96.00%
PSEG Power [Member] | Investment Grade [Member]
Derivative [Line Items]
Current Exposure	$ 270
Securities held as Collateral	9
Net exposure	$ 261
Number of Counterparties greater than 10% | Counterparty	1
Amount Of Net Credit Exposure Greater Than Ten Percent	$ 148
PSEG Power [Member] | External Credit Rating, Non Investment Grade [Member]
Derivative [Line Items]
Current Exposure	14
Securities held as Collateral	2
Amount Of Net Credit Exposure Greater Than Ten Percent	0
PSEG Power [Member] | Non-Investment Grade [Member]
Derivative [Line Items]
Net exposure	$ 12
Number of Counterparties greater than 10% | Counterparty	0
Public Service Electric and Gas Company [Member]
Derivative [Line Items]
Current Exposure	$ 179
Letter of Credit [Member] | PSEG Power [Member]
Derivative [Line Items]
Securities held as Collateral	11
Public Service Electric and Gas Company [Member] | PSEG Power [Member] | Investment Grade [Member]
Derivative [Line Items]
Amount Of Net Credit Exposure Greater Than Ten Percent	$ 148

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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, 2022		Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral Already Posted, Aggregate Fair Value		$ 1,527		$ 844
Total Mark-to-Market Derivative Assets		193		100
Total Mark-to-Market Derivative (Liabilities)		(182)		(34)
Collateral netted against assets and liabilities	[1]	(1,321)		(615)
PSEG Power [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral Already Posted, Aggregate Fair Value		1,500		343
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		1,535	[2]	615	[3]
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	[2]	875		250
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		0	[2]	0	[3]
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	[2]	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		0	[2]	0	[3]
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	[2]	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		1,535	[2]	615	[3]
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	[2]	875		250
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]	25		25
Total Mark-to-Market Derivative (Liabilities)		(58)	[5]	(26)	[4]
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]	3,018		1,336
Total Mark-to-Market Derivative (Liabilities)		(4,288)	[5]	(1,880)	[4]
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]	1		1
Total Mark-to-Market Derivative (Liabilities)		(8)	[5]	(5)	[4]
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]	193		100
Total Mark-to-Market Derivative (Liabilities)		(182)	[5]	(34)	[4]
Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[6]	0	[2]	0	[3]
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	[2],[6]	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	[1],[4],[6]	2,851		1,262
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	[1],[6]	(4,172)	[5]	(1,877)	[4]
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	[6]	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	[6]	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	[7]	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	[7]	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	[7]	91		109
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	[7]	16		19
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	[7]	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	[7]	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	[7]	91		109
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	[7]	16		19
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	[6]	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	[6]	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	[7]	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	[7]	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	[7]	32		34
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	[7]	6		6
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	[7]	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	[7]	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	[7]	32		34
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	[7]	6		6
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	[6]	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	[6]	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	[7]	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	[7]	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	[7]	71		73
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	[7]	13		13
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	[7]	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	[7]	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	[7]	71		73
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	[7]	13		13
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	[6]	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	[6]	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	[7]	25		26
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	[7]	4		5
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	[7]	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	[7]	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	[7]	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	[7]	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	[7]	25		26
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	[7]	4		5
Corporate Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[6]	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	[7]	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	[7]	617		647
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	[7]	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	[7]	617		647
Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[6]	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	[7]	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	[7]	351		373
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	[7]	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	[7]	351		373
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[6]	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	[7]	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	[7]	289		314
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	[7]	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	[7]	289		314
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[6]	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	[7]	1,232		1,301
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	[7]	0		0
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	[7]	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	[7]	1,232		1,301
Nuclear Decommissioning Trust (NDT) Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
NDT Fund Foreign Currency		$ 2		$ 2

[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, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $1,527 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,321 million and $615 million as of March 31, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,321 million as of March 31, 2022, $(22) million was netted against current assets, $(15) million was netted against noncurrent assets, $830 million was netted against current liabilities and $528 million was netted against noncurrent liabilities. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against noncurrent assets, $323 million was netted against current liabilities and $335 million was netted against noncurrent liabilities.

[2] Represents money market mutual funds.

[3] Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

[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] Private term loan with book value approximating fair value (Level 2 measurement).

[6] 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.

[7] The fair value measurement table excludes foreign currency of $2 million in the NDT Fund as of March 31, 2022 and December 31, 2021. 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. 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.

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Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - Net Derivative Assets (Liabilities) [Member] $ in Millions	Mar. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Opening Balance	$ (1)
Closing Balance	$ (7)

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Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	$ 4,300		$ 3,400
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	(7)		$ (1)
Nuclear Decommissioning Trust (NDT) Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
NDT Fund Foreign Currency	$ 2	$ 2

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Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount		$ 17,668	$ 15,919
Long-Term Debt, Fair Value		17,646	17,546
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	[1]	12,292	11,795
Long-Term Debt, Fair Value	[1]	12,432	13,374
PSEG Power [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount	[2]	1,250	0
Long-Term Debt, Fair Value	[2]	1,250	0
PSEG [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount	[1]	4,126	4,124
Long-Term Debt, Fair Value	[1]	$ 3,964	$ 4,172

[1] Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

[2] Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Component of Other Income (Deductions) [Line Items]
NDT Fund Interest and Dividends		$ 14	$ 13
Allowance for Funds Used During Construction		15	23
Solar Loan Interest		3	3
Purchase of Tax Losses		(27)	(16)
Other		0	2
Other Income (Deductions)		5	25
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		15	23
Solar Loan Interest		3	3
Purchase of Tax Losses		0	0
Other		1	2
Other Income (Deductions)		19	28
Other Entities [Member]
Component of Other Income (Deductions) [Line Items]
NDT Fund Interest and Dividends	[1]	14	13
Allowance for Funds Used During Construction	[1]	0	0
Solar Loan Interest	[1]	0	0
Purchase of Tax Losses	[1]	(27)	(16)
Other	[1]	(1)	0
Other Income (Deductions)	[1]	$ (14)	$ (3)

[1] Other consists of activity at PSEG (as parent company), PSEG Power, Energy Holdings, Services, PSEG LI and intercompany eliminations.

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Income Taxes (Schedule Of Effective Tax Rates) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Line Items]
Pre-Tax Income	$ (154)	$ 765
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	(32)	161
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	(29)	41
Income Tax Reconciliation Deductions Nuclear Decommissioning Trust	(6)	8
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Amount	0	(7)
Effective Income Tax Rate Reconciliation, GPRC	(6)	(1)
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount	(73)	(78)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(6)	(7)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(120)	(44)
Income Tax Provision	$ (152)	$ 117
Effective tax rate	98.70%	15.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Public Service Electric and Gas Company [Member]
Income Taxes [Line Items]
Pre-Tax Income	$ 598	$ 556
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	126	117
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	41	38
Effective Income Tax Rate Reconciliation, GPRC	(6)	(1)
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount	(73)	(78)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	1	3
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(37)	(38)
Income Tax Provision	$ 89	$ 79
Effective tax rate	14.90%	14.20%

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Income Taxes (Narrative) (Detail) $ in Millions	Mar. 31, 2022 USD ($)
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 46
Public Service Electric and Gas Company [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 7

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Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ (350)	$ (504)	$ (504)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(65)	(40)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	5	2
Other Comprehensive Income (Loss), net of tax	(60)	(38)
Accumulated Other Comprehensive Income (Loss), Ending Balance	(410)	(542)	(350)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(6)	(9)	(9)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1	1	3
Other Comprehensive Income (Loss), net of tax	1	1
Accumulated Other Comprehensive Income (Loss), Ending Balance	(5)	(8)	(6)
Pension and OPEB Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(355)	(545)	(545)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	0	3
Other Comprehensive Income (Loss), net of tax	0	3
Accumulated Other Comprehensive Income (Loss), Ending Balance	(355)	(542)	(355)
Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	11	50	50
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(65)	(40)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	4	(2)
Other Comprehensive Income (Loss), net of tax	(61)	(42)
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (50)	$ 8	$ 11

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Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Less: Loss Reclassified into Income	$ (7)	$ (3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	2	1
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(5)	(2)
Cash Flow Hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cash Flow Hedge, Pre-tax	(1)	(1)
Cash Flow Hedge, Tax	0	0
Cash Flow Hedge, After Tax	(1)	(1)
Less: Loss Reclassified into Income	(1)		$ (4)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(1)	(1)	$ (3)
Pension and OPEB Plans [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax	0	(5)
Reclassification Adjustment from AOCI, Pension and OPEB, Tax	0	2
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax	0	(3)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	0	(3)
Available-for-Sale Securities [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for Available for Sale Securities, Pre-Tax	(6)	3
Reclassification for Available for Sale Securities, Tax	2	(1)
Reclassification for Available for Sale Securities, After-Tax	(4)	2
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(4)	2
Interest Expense [Member] | Cash Flow Hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cash Flow Hedge, Pre-tax	(1)	(1)
Cash Flow Hedge, Tax	0	0
Cash Flow Hedge, After 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	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	(5)	(10)
Amortization of Actuarial Loss, Tax	1	3
Amortization of Actuarial Loss, After-Tax	(4)	(7)
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	(6)	3
Reclassification for Available for Sale Securities, Tax	2	(1)
Reclassification for Available for Sale Securities, After-Tax	$ (4)	$ 2

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Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2022	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stock Repurchase Program, Authorized Amount					$ 500
Accelerated Share Repurchases, Settlement (Payment) or Receipt	$ 250		$ 250
Accelerated Share Repurchase percentage of initial shares received	80.00%
Payments for Repurchase of Common Stock		$ 250	$ 500	$ 0
Accelerated Share Repurchases, Initial Price Paid Per Share	$ 65.72
Treasury Stock, Shares, Acquired	3,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			3,000
Net Income			$ (2)	$ 648
Weighted Average Common Shares Outstanding, Basic (shares)			501,000	504,000
Effect of Stock Based Compensation Awards, Basic (shares)			0	0
Total Shares, Basic (shares)			501,000	504,000
Net Income, Basic (dollars per share)			$ 0.00	$ 1.29
Weighted Average Common Shares Outstanding, Diluted (shares)			501,000	504,000
Effect of Stock Based Compensation Awards, Diluted (shares)			0	3,000
Total Shares, Diluted (shares)			501,000	507,000
Net Income, Diluted (dollars per share)			$ 0.00	$ 1.28

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Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock, Dividends, Per Share, Cash Paid	$ 0.54	$ 0.51
Dividend Payments on Common Stock	$ 271	$ 258

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Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating Revenues		$ 2,313	$ 2,889
Net Income (Loss)		(2)	648
Property, Plant and Equipment, Additions		686	633
Total Assets		47,774		$ 48,999
Investments in Equity Method Subsidiaries		189		173
Public Service Electric and Gas Company [Member]
Segment Reporting Information [Line Items]
Operating Revenues		2,284	2,073
Operating Segments [Member] | Public Service Electric and Gas Company [Member]
Segment Reporting Information [Line Items]
Operating Revenues		2,284	2,073
Net Income (Loss)		509	477
Property, Plant and Equipment, Additions		628	586
Total Assets		38,399		37,198
Investments in Equity Method Subsidiaries		0		0
Operating Segments [Member] | PSEG Power [Member]
Segment Reporting Information [Line Items]
Operating Revenues		460	1,167
Net Income (Loss)		(519)	161
Property, Plant and Equipment, Additions		56	46
Total Assets		7,536		9,777
Investments in Equity Method Subsidiaries		65		62
Operating Segments [Member] | Other [Member]
Segment Reporting Information [Line Items]
Operating Revenues	[1]	153	151
Net Income (Loss)	[1]	8	10
Property, Plant and Equipment, Additions	[1]	2	1
Total Assets	[1]	3,135		5,150
Investments in Equity Method Subsidiaries	[1]	124		111
Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	[2]	(584)	(502)
Net Income (Loss)	[2]	0	0
Property, Plant and Equipment, Additions	[2]	0	$ 0
Total Assets	[2]	(1,296)		(3,126)
Investments in Equity Method Subsidiaries	[2]	$ 0		$ 0

[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.

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Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Net Billings from Power primarily through BGS and BGSS	$ 580	$ 495
Administrative Billings from Services	99	87
Total Billings from Affiliates	$ 679	$ 582

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Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Payable To PSEG Power	$ 195	$ 244
Payable To Services	87	111
Payable to PSEG	138	63
Accounts Payable - Affiliated Companies	420	418
Working Capital Advances to Services	33	33
Long-Term Accrued Taxes Payable	$ 6	$ 6