Financial Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule Of Derivative Instruments Fair Value In Balance Sheets

	As of June 30, 2022
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	2,942	$	(2,811)	$	131
Noncurrent Assets	874		(815)		59
Total Mark-to-Market Derivative Assets	$	3,816	$	(3,626)	$	190
Derivative Contracts
Current Liabilities	$	(3,878)	$	3,658	$	(220)
Noncurrent Liabilities	(1,404)		1,374		(30)
Total Mark-to-Market Derivative (Liabilities)	$	(5,282)	$	5,032	$	(250)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(1,466)	$	1,406	$	(60)

	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 June 30, 2022 and December 31, 2021, PSEG Power had net cash collateral (receipts) payments to counterparties of $2,088 million and $844 million, respectively. Of these net cash collateral (receipts) payments, $1,406 million and $615 million as of June 30, 2022 and December 31, 2021, respectively, were netted against the corresponding net derivative contract positions. Of the $1,406 million as of June 30, 2022, $(92) million was netted against current assets, $(39) million was netted against noncurrent assets, $939 million was netted against current liabilities and $598 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 and six months ended June 30, 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
	June 30,					June 30,
	2022		2021			2022		2021
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(1)	$	(1)
Total PSEG	$	—	$	—		$	(1)	$	(1)

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
	Six Months Ended					Six Months Ended
	June 30,					June 30,
	2022		2021			2022		2021
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(2)	$	(2)
Total PSEG	$	—	$	—		$	(2)	$	(2)

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 six months ended June 30, 2022 and 2021, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $(1) million after-tax.

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 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	2		1
Balance as of June 30, 2022	$	(7)	$	(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 and six months ended June 30, 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				Six Months Ended
		June 30,				June 30,
		2022		2021		2022		2021
		Millions				Millions
Energy-Related Contracts	Operating Revenues	$	(354)	$	(373)	$	(1,398)	$	(419)
Energy-Related Contracts	Energy Costs	(1)		75		(1)		81
Total		$	(355)	$	(298)	$	(1,399)	$	(338)

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 June 30, 2022 and December 31, 2021.

		As of	As of
Type	Notional	June 30, 2022	December 31, 2021
		Millions
Natural Gas	Dekatherm (Dth)	51	47
Electricity	MWh	(69)	(76)
Financial Transmission Rights (FTRs)	MWh	42	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 June 30, 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 June 30, 2022, nearly 100% 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	$	123	$	5	$	118	2	$	49
Non-Investment Grade	1		1		—		—	—
Total	$	124	$	6	$	118	2	$	49

(A)Represents net exposure of $36 million with PSE&G and $13 million with a non-affiliated counterparty.

As of June 30, 2022, collateral held from counterparties where PSEG Power had credit exposure included $6 million in letters of credit.

As of June 30, 2022, PSEG Power had 90 active counterparties.

^[1]

[1] Represents net exposure of $36 million with PSE&G and $13 million with a non-affiliated counterparty.