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Long-Term Investments
 12 Months Ended
Dec. 31, 2022
Long-Term Investments [Line Items]  
Long-Term Investments [Text Block] Long-Term Investments
Long-Term Investments as of December 31, 2022 and 2021 included the following:
 As of December 31,
 20222021
 Millions
PSE&G
Life Insurance and Supplemental Benefits$81 $89 
Solar Loans62 92 
PSEG Power & Other
Lease Investments175 187 
Equity Method Investments (A)306 173 
Total Long-Term Investments$624 $541 
(A)During the three years ended December 31, 2022, 2021 and 2020, dividends from these investments were $8 million, $17 million and $15 million, respectively.
Leases
Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily 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 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, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s 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 Consolidated Balance Sheets.
Leveraged leases outstanding as of December 31, 2022 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2022 and 2021.
 As of December 31,
 20222021
 Millions
Lease Receivables (net of Non-Recourse Debt)$249 $274 
Estimated Residual Value of Leased Assets— — 
Total Investment in Rental Receivables249 274 
Unearned and Deferred Income(74)(87)
Gross Investments in Leases175 187 
Deferred Tax Liabilities(39)(42)
Net Investments in Leases$136 $145 
The pre-tax income and income tax effects related to investments in leases, excluding gains and losses on sales and the impacts of the Tax Act, were as follows:
 Years Ended December 31,
 202220212020
 Millions
Pre-Tax Income from Leases$13 $13 $18 
Income Tax Expense on Income from Leases$3 $3 $2 
Equity Method Investment
PSEG had a 25% equity interest in Ørsted’s Ocean Wind 1 project of $225 million and $111 million as of December 31, 2022 and 2021, respectively. For additional information see Note 5. Variable Interest Entities.
PSEG also had a 50% ownership interest in Kalaeloa, a combined-cycle generation facility in Hawaii of $71 million and $62 million as of December 31, 2022 and 2021, respectively.
Public Service Electric and Gas Company  
Long-Term Investments [Line Items]  
Long-Term Investments [Text Block] Long-Term Investments
Long-Term Investments as of December 31, 2022 and 2021 included the following:
 As of December 31,
 20222021
 Millions
PSE&G
Life Insurance and Supplemental Benefits$81 $89 
Solar Loans62 92 
PSEG Power & Other
Lease Investments175 187 
Equity Method Investments (A)306 173 
Total Long-Term Investments$624 $541 
(A)During the three years ended December 31, 2022, 2021 and 2020, dividends from these investments were $8 million, $17 million and $15 million, respectively.
Leases
Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily 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 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, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s 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 Consolidated Balance Sheets.
Leveraged leases outstanding as of December 31, 2022 commenced in or prior to 2000.The following table shows Energy Holdings’ gross and net lease investment as of December 31, 2022 and 2021.
 As of December 31,
 20222021
 Millions
Lease Receivables (net of Non-Recourse Debt)$249 $274 
Estimated Residual Value of Leased Assets— — 
Total Investment in Rental Receivables249 274 
Unearned and Deferred Income(74)(87)
Gross Investments in Leases175 187 
Deferred Tax Liabilities(39)(42)
Net Investments in Leases$136 $145 
The pre-tax income and income tax effects related to investments in leases, excluding gains and losses on sales and the impacts of the Tax Act, were as follows:
 Years Ended December 31,
 202220212020
 Millions
Pre-Tax Income from Leases$13 $13 $18 
Income Tax Expense on Income from Leases$3 $3 $2 
Equity Method Investment
PSEG had a 25% equity interest in Ørsted’s Ocean Wind 1 project of $225 million and $111 million as of December 31, 2022 and 2021, respectively. For additional information see Note 5. Variable Interest Entities.
PSEG also had a 50% ownership interest in Kalaeloa, a combined-cycle generation facility in Hawaii of $71 million and $62 million as of December 31, 2022 and 2021, respectively.