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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2022
Debt Instrument [Line Items]  
Schedule Of Consolidated Debt Debt and Credit Facilities
Long-Term Debt
As of December 31,
 Maturity20222021
 Millions
PSEG
Senior Notes:
2.65%2022$— $700 
0.84%2023750 750 
2.88%2024750 750 
0.80%2025550 550 
5.85%2027700 — 
1.60%2030550 550 
2.45%2031750 750 
8.63%(A)203196 96 
Total Senior Notes4,146 4,146 
Principal Amount Outstanding4,146 4,146 
Amounts Due Within One Year(750)(700)
Net Unamortized Discount and Debt Issuance Costs(22)(22)
Total Long-Term Debt of PSEG $3,374 $3,424 
  As of December 31,
 Maturity20222021
  Millions
PSE&G
First and Refunding Mortgage Bonds (B):
8.00%2037$7 $7 
5.00%20378 8 
Total First and Refunding Mortgage Bonds15 15 
Medium-Term Notes (B):
2.38%2023500 500 
3.25%2023325 325 
3.75%2024250 250 
3.15%2024250 250 
3.05%2024250 250 
3.00%2025350 350 
0.95%2026450 450 
2.25%2026425 425 
3.00%2027425 425 
3.70%2028375 375 
3.65%2028325 325 
3.20%2029375 375 
2.45%2030300 300 
1.90%2031425 425 
3.10%2032500 — 
4.90%2032400 — 
5.25%2035250 250 
5.70%2036250 250 
5.80%2037350 350 
5.38%2039250 250 
5.50%2040300 300 
3.95%2042450 450 
3.65%2042350 350 
3.80%2043400 400 
4.00%2044250 250 
4.05%2045250 250 
4.15%2045250 250 
3.80%2046550 550 
3.60%2047350 350 
4.05%2048325 325 
3.85%2049375 375 
3.20%2049400 400 
3.15%2050300 300 
2.70%2050375 375 
2.05%2050375 375 
3.00%2051450 450 
Total MTNs12,775 11,875 
Principal Amount Outstanding12,790 11,890 
Amounts Due Within One Year(825)— 
Net Unamortized Discount and Selling Expense(94)(95)
Total Long-Term Debt of PSE&G$11,871 $11,795 
 As of December 31,
 Maturity20222021
  Millions
PSEG Power
Term Loan:
Variable Rate2025$1,250 $— 
Total Term Loan1,250 — 
Total Long-Term Debt of PSEG Power$1,250 $— 
(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power.
(B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
Long-Term Debt Maturities
The aggregate principal amounts of maturities for each of the five years following December 31, 2022 are as follows:
YearPSEG PSE&GPSEG PowerTotal
 Millions
2023$750 $825 $— $1,575 
2024750 750 — 1,500 
2025550 350 1,250 2,150 
2026— 875 — 875 
2027700 425 — 1,125 
Thereafter1,396 9,565 — 10,961 
Total$4,146 $12,790 $1,250 $18,186 
Long-Term Debt Financing Transactions
During 2022, PSEG and its subsidiaries had the following Long-Term Debt issuances and maturity:
PSEG
•issued $700 million of 5.85% Senior Notes due November 2027, and
•retired $700 million of 2.65% Senior Notes at maturity.
PSE&G
•issued $500 million of 3.10% Secured Medium-Term Notes, Series P, due March 2032, and
•issued $400 million of 4.90% Secured Medium-Term Notes, Series P, due December 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.
The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2022, the total available credit capacity was $3.7 billion.
As of December 31, 2022, no single institution represented more than 10% of the total commitments in the credit facilities.
As of December 31, 2022, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing to meet redemptions.
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 December 31, 2022 were as follows:
As of December 31, 2022 
Company/FacilityTotal
Facility		Usage (B)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
Revolving Credit Facility (A)$1,500 $202 $1,298 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $202 $1,298 
PSE&G
Revolving Credit Facility$1,000 $18 $982 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSE&G$1,000 $18 $982 
PSEG Power
Revolving Credit Facility (A)$1,250 $63 $1,187 Mar 2027Funding/Letters of Credit
Letter of Credit Facility100 32 $68 Apr 2024Letters of Credit
Letter of Credit Facility200 120 $80 Sept 2024Letters of Credit
Letter of Credit Facility100 26 $74 Apr 2025Letters of Credit
Total PSEG Power$1,650 $241 $1,409 
Total (C)$4,150 $461 $3,689 
(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 December 31, 2022, PSEG had $200 million outstanding at a weighted average interest rate of 4.4%. PSE&G had no Commercial Paper outstanding as of December 31, 2022.
(C)Amounts do not include uncommitted credit facilities.
In September 2022, a subsidiary of PSEG Power entered into an uncommitted credit facility for $200 million, which can be drawn to fund its cash collateral postings. As of December 31, 2022, there were no amounts outstanding under this facility.
Debt Covenants
PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales.
Net Cash Collateral Postings
During the second half of 2021 and continuing throughout 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 December 2022. Subsequent to December 2022, collateral postings have decreased but PSEG Power continued to experience significant fluctuations in its daily collateral requirements. Net cash collateral postings were approximately $700 million as of February 17, 2023. As historical lower-priced trades continue to settle through 2024,
collateral is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil, the closing of a $1.25 billion term loan in March 2022 at PSEG Power, and short-term borrowings at PSEG have contributed to available liquidity to help support PSEG Power’s 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 July 2022, PSEG repaid the $1.25 billion term loan due in August 2022.
In April 2022 and May 2022, PSEG entered into 364-day variable rate term loan agreements for $1.5 billion and $500 million, respectively. In January 2023, PSEG repaid $750 million of the $1.5 billion term loan due in April 2023.
Fair Value of Debt
The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2022 and 2021 are included in the following table and accompanying notes as of December 31, 2022 and 2021. See Note 19. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
 December 31, 2022December 31, 2021
 Carrying
Amount		Fair
Value 		Carrying
Amount		Fair
Value 
 Millions
Long-Term Debt:
PSEG (A)$4,124 $3,808 $4,124 $4,172 
PSE&G (A)12,696 11,106 11,795 13,374 
PSEG Power (B)1,250 1,250 — — 
Total Long-Term Debt$18,070 $16,164 $15,919 $17,546 
(A)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model using market-based measurements that are processed through a rules-based pricing methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
(B)Private term loan with book value approximating fair value (Level 2 measurement).
Public Service Electric and Gas Company  
Debt Instrument [Line Items]  
Schedule Of Consolidated Debt Debt and Credit Facilities
Long-Term Debt
As of December 31,
 Maturity20222021
 Millions
PSEG
Senior Notes:
2.65%2022$— $700 
0.84%2023750 750 
2.88%2024750 750 
0.80%2025550 550 
5.85%2027700 — 
1.60%2030550 550 
2.45%2031750 750 
8.63%(A)203196 96 
Total Senior Notes4,146 4,146 
Principal Amount Outstanding4,146 4,146 
Amounts Due Within One Year(750)(700)
Net Unamortized Discount and Debt Issuance Costs(22)(22)
Total Long-Term Debt of PSEG $3,374 $3,424 
  As of December 31,
 Maturity20222021
  Millions
PSE&G
First and Refunding Mortgage Bonds (B):
8.00%2037$7 $7 
5.00%20378 8 
Total First and Refunding Mortgage Bonds15 15 
Medium-Term Notes (B):
2.38%2023500 500 
3.25%2023325 325 
3.75%2024250 250 
3.15%2024250 250 
3.05%2024250 250 
3.00%2025350 350 
0.95%2026450 450 
2.25%2026425 425 
3.00%2027425 425 
3.70%2028375 375 
3.65%2028325 325 
3.20%2029375 375 
2.45%2030300 300 
1.90%2031425 425 
3.10%2032500 — 
4.90%2032400 — 
5.25%2035250 250 
5.70%2036250 250 
5.80%2037350 350 
5.38%2039250 250 
5.50%2040300 300 
3.95%2042450 450 
3.65%2042350 350 
3.80%2043400 400 
4.00%2044250 250 
4.05%2045250 250 
4.15%2045250 250 
3.80%2046550 550 
3.60%2047350 350 
4.05%2048325 325 
3.85%2049375 375 
3.20%2049400 400 
3.15%2050300 300 
2.70%2050375 375 
2.05%2050375 375 
3.00%2051450 450 
Total MTNs12,775 11,875 
Principal Amount Outstanding12,790 11,890 
Amounts Due Within One Year(825)— 
Net Unamortized Discount and Selling Expense(94)(95)
Total Long-Term Debt of PSE&G$11,871 $11,795 
 As of December 31,
 Maturity20222021
  Millions
PSEG Power
Term Loan:
Variable Rate2025$1,250 $— 
Total Term Loan1,250 — 
Total Long-Term Debt of PSEG Power$1,250 $— 
(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power.
(B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
Long-Term Debt Maturities
The aggregate principal amounts of maturities for each of the five years following December 31, 2022 are as follows:
YearPSEG PSE&GPSEG PowerTotal
 Millions
2023$750 $825 $— $1,575 
2024750 750 — 1,500 
2025550 350 1,250 2,150 
2026— 875 — 875 
2027700 425 — 1,125 
Thereafter1,396 9,565 — 10,961 
Total$4,146 $12,790 $1,250 $18,186 
Long-Term Debt Financing Transactions
During 2022, PSEG and its subsidiaries had the following Long-Term Debt issuances and maturity:
PSEG
•issued $700 million of 5.85% Senior Notes due November 2027, and
•retired $700 million of 2.65% Senior Notes at maturity.
PSE&G
•issued $500 million of 3.10% Secured Medium-Term Notes, Series P, due March 2032, and
•issued $400 million of 4.90% Secured Medium-Term Notes, Series P, due December 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.
The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2022, the total available credit capacity was $3.7 billion.
As of December 31, 2022, no single institution represented more than 10% of the total commitments in the credit facilities.
As of December 31, 2022, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing to meet redemptions.
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 December 31, 2022 were as follows:
As of December 31, 2022 
Company/FacilityTotal
Facility		Usage (B)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
Revolving Credit Facility (A)$1,500 $202 $1,298 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $202 $1,298 
PSE&G
Revolving Credit Facility$1,000 $18 $982 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSE&G$1,000 $18 $982 
PSEG Power
Revolving Credit Facility (A)$1,250 $63 $1,187 Mar 2027Funding/Letters of Credit
Letter of Credit Facility100 32 $68 Apr 2024Letters of Credit
Letter of Credit Facility200 120 $80 Sept 2024Letters of Credit
Letter of Credit Facility100 26 $74 Apr 2025Letters of Credit
Total PSEG Power$1,650 $241 $1,409 
Total (C)$4,150 $461 $3,689 
(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 December 31, 2022, PSEG had $200 million outstanding at a weighted average interest rate of 4.4%. PSE&G had no Commercial Paper outstanding as of December 31, 2022.
(C)Amounts do not include uncommitted credit facilities.
In September 2022, a subsidiary of PSEG Power entered into an uncommitted credit facility for $200 million, which can be drawn to fund its cash collateral postings. As of December 31, 2022, there were no amounts outstanding under this facility.
Debt Covenants
PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales.
Net Cash Collateral Postings
During the second half of 2021 and continuing throughout 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 December 2022. Subsequent to December 2022, collateral postings have decreased but PSEG Power continued to experience significant fluctuations in its daily collateral requirements. Net cash collateral postings were approximately $700 million as of February 17, 2023. As historical lower-priced trades continue to settle through 2024,
collateral is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil, the closing of a $1.25 billion term loan in March 2022 at PSEG Power, and short-term borrowings at PSEG have contributed to available liquidity to help support PSEG Power’s 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 July 2022, PSEG repaid the $1.25 billion term loan due in August 2022.
In April 2022 and May 2022, PSEG entered into 364-day variable rate term loan agreements for $1.5 billion and $500 million, respectively. In January 2023, PSEG repaid $750 million of the $1.5 billion term loan due in April 2023.
Fair Value of Debt
The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2022 and 2021 are included in the following table and accompanying notes as of December 31, 2022 and 2021. See Note 19. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
 December 31, 2022December 31, 2021
 Carrying
Amount		Fair
Value 		Carrying
Amount		Fair
Value 
 Millions
Long-Term Debt:
PSEG (A)$4,124 $3,808 $4,124 $4,172 
PSE&G (A)12,696 11,106 11,795 13,374 
PSEG Power (B)1,250 1,250 — — 
Total Long-Term Debt$18,070 $16,164 $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).