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Pension, OPEB and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Defined Benefit Plans Disclosures The following table provides a roll-forward of the changes in the benefit obligation and the fair value of plan assets during each of the two years in the periods ended December 31, 2022 and 2021. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.
 Pension BenefitsOther Benefits
 2022202120222021
 Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year (A)$7,240 $7,507 $1,197 $1,306 
Service Cost142 151 6 9 
Interest Cost167 140 26 22 
Actuarial (Gain) Loss (B)(1,517)(199)(314)(90)
Gross Benefits Paid(382)(359)(61)(50)
Other(22)— (3)— 
Benefit Obligation at End of Year (A)$5,628 $7,240 $851 $1,197 
Change in Plan Assets
Fair Value of Assets at Beginning of Year$6,906 $6,368 $606 $564 
Actual Return on Plan Assets(1,606)886 (139)79 
Employer Contributions11 11 23 13 
Gross Benefits Paid(382)(359)(61)(50)
Other(18)— — — 
Fair Value of Assets at End of Year$4,911 $6,906 $429 $606 
Funded Status
Funded Status (Plan Assets less Benefit Obligation)$(717)$(334)$(422)$(591)
Additional Amounts Recognized in the Consolidated Balance Sheets
Current Accrued Benefit Cost (C)$(12)$(16)$(12)$(19)
Noncurrent Accrued Benefit Cost(705)(318)(410)(572)
Amounts Recognized$(717)$(334)$(422)$(591)
Additional Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulated Assets and Deferred Assets (D)
Prior Service Credit$— $— $(52)$(181)
Net Actuarial Loss 2,151 1,643 41 193 
Total$2,151 $1,643 $(11)$12 
(A)Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)For pension benefits, the net actuarial gains in 2022 and 2021 were due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2022 was due primarily to an increase in the discount rate and other assumption updates. For OPEB, the net actuarial gain in 2021 was due primarily to an increase in the discount rate coupled with lower than expected claims experience.
(C)Includes ($5) million and ($7) million for pension benefits and other benefits, respectively, as of December 31, 2021 classified as Held for Sale. For additional information, see Note 4. Early Plant Retirements/Asset Dispositions and Impairments.
(D)Includes $594 million ($426 million, after-tax) and $495 million ($355 million, after-tax) in Accumulated Other Comprehensive Loss related to Pension and OPEB as of December 31, 2022 and 2021, respectively. Also includes Regulatory Assets of $1,405 million and Deferred Assets of $141 million as of December 31, 2022 and Regulatory Assets of $1,043 million and Deferred Assets of $117 million as of December 31, 2021.
The following table provides a roll-forward of the changes in Servco’s benefit obligation and the fair value of its plan assets during the years ended December 31, 2022 and 2021. It also provides the funded status of the plans and the amounts recognized and amounts not recognized on the Consolidated Balance Sheets at the end of both years.
 Pension BenefitsOther Benefits
 2022202120222021
 Millions
Change in Benefit Obligation
Benefit Obligation at Beginning of Year (A)$596 $569 $640 $699 
Service Cost38 38 21 23 
Interest Cost17 14 19 18 
Actuarial (Gain) Loss (B)(189)(18)(215)(89)
Gross Benefits Paid(10)(7)(10)(11)
Benefit Obligation at End of Year (A)$452 $596 $455 $640 
Change in Plan Assets
Fair Value of Assets at Beginning of Year$422 $343 $— $— 
Actual Return on Plan Assets(72)49 — — 
Employer Contributions30 37 10 11 
Gross Benefits Paid(10)(7)(10)(11)
Fair Value of Assets at End of Year$370 $422 $— $— 
Funded Status
Funded Status (Plan Assets less Benefit Obligation)$(82)$(174)$(455)$(640)
Additional Amounts Recognized in the Consolidated Balance Sheets
Accrued Pension Costs of Servco$(82)$(174)N/AN/A
OPEB Costs of ServcoN/AN/A(455)(640)
Amounts Recognized (C)$(82)$(174)$(455)$(640)
(A)Represents projected benefit obligation for pension benefits and the accumulated postretirement benefit obligation for other benefits. The vested benefit obligation is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee’s expected date of separation or retirement.
(B)For pension benefits and OPEB, the net actuarial gains in 2022 were due primarily to an increase in the discount rate. For pension benefits, the net actuarial gain in 2021 was due primarily to an increase in the discount rate. For OPEB, the net actuarial gain in 2021 was due primarily to updated assumptions.
(C)Amounts equal to the accrued pension and OPEB costs of Servco are offset in Long-Term Receivable of VIE on PSEG’s Consolidated Balance Sheets.
Components Of Net Periodic Benefit Cost
The following table provides the components of net periodic benefit relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco for the years ended December 31, 2022, 2021 and 2020. 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 Years Ended December 31,Other Benefits Years Ended December 31,
202220212020202220212020
 Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)$142 $151 $141 $6 $9 $9 
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost167 140 192 26 22 34 
Expected Return on Plan Assets(484)(476)(443)(42)(42)(39)
Amortization of Net
Prior Service Credit— — (10)(129)(129)(128)
Actuarial Loss60 103 92 15 44 47 
Non-Service Components of Pension and OPEB (Credits) Costs(257)(233)(169)(130)(105)(86)
Total Benefit (Credits) Costs$(115)$(82)$(28)$(124)$(96)$(77)
Schedule Of Pension And OPEB Costs
Pension costs and OPEB costs for PSEG and PSE&G are detailed as follows:
 Pension Benefits
Years Ended December 31,		Other Benefits
Years Ended December 31,
 202220212020202220212020
 Millions
PSE&G$(70)$(64)$(27)$(109)$(92)$(76)
PSEG Power & Other(45)(18)(1)(15)(4)(1)
Total Benefit (Credits) Costs $(115)$(82)$(28)$(124)$(96)$(77)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table provides the pre-tax changes recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Deferred Assets:
 PensionOther Benefits
 2022202120222021
 Millions
Net Actuarial (Gain) Loss in Current Period$568 $(608)$(138)$(127)
Amortization of Net Actuarial Gain (Loss)(60)(103)(14)(44)
Prior Service Cost (Credit) in Current Period— — — — 
Amortization of Prior Service Credit— — 129 129 
Total$508 $(711)$(23)$(42)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
Schedule of Assumptions Used
The following assumptions were used to determine the benefit obligations and net periodic benefit costs:
 Pension BenefitsOther Benefits
 202220212020202220212020
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate5.20 %2.94 %2.61 %5.16 %2.82 %2.46 %
Rate of Compensation Increase4.40 %4.40 %4.40 %4.40 %4.40 %4.40 %
Cash Balance Interest Crediting Rate6.00 %6.00 %6.00 %N/AN/AN/A
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Discount Rate2.94 %2.61 %3.30 %2.82 %2.46 %3.20 %
Service Cost Interest Rate3.19 %2.94 %3.49 %3.06 %2.76 %3.50 %
Interest Cost Interest Rate2.37 %1.91 %2.87 %2.21 %1.70 %2.87 %
Expected Return on Plan Assets7.20 %7.70 %7.70 %7.20 %7.69 %7.70 %
Rate of Compensation Increase4.40 %4.40 %3.90 %4.40 %4.40 %3.90 %
Cash Balance Interest Crediting Rate6.00 %6.00 %6.00 %N/AN/AN/A
Assumed Health Care Cost Trend Rates as of December 31
Health Care Costs
Immediate Rate6.98 %6.14 %6.37 %
Ultimate Rate4.75 %4.75 %4.75 %
Year Ultimate Rate Reached203220292029
The following assumptions were used to determine the benefit obligations of Servco:
 Pension BenefitsOther Benefits
 202220212020202220212020
Weighted-Average Assumptions Used to Determine Benefit Obligations as of December 31
Discount Rate5.30 %3.21 %2.98 %5.34 %3.28 %3.08 %
Rate of Compensation Increase3.95 %3.95 %3.95 %3.95 %3.95 %3.95 %
Cash Balance Interest Crediting Rate4.30 %3.75 %3.75 %N/AN/AN/A
Assumed Health Care Cost Trend Rates as of December 31
Health Care Costs
Immediate Rate6.71 %6.48 %6.70 %
Ultimate Rate4.75 %4.75 %4.75 %
Year Ultimate Rate Reached203220292029
Schedule of Allocation of Plan Assets The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2022 and 2021, including the fair value measurements and the levels of inputs used in determining those fair values.
 Recurring Fair Value Measurements as of December 31, 2022
 Quoted Market Prices
for Identical Assets		Significant Other
Observable Inputs
DescriptionTotal(Level 1)(Level 2)
 Millions
Cash Equivalents (A)$36 $36 $— 
Equity Securities
  Common Stock (B)1,231 1,231 — 
  Commingled (C)1,346 — 1,346 
Debt Securities (D)
  U.S. Treasury 1,351 — 1,351 
  Commingled4 4 — 
Subtotal Fair Value$3,968 $1,271 $2,697 
Measured at net asset value practical expedient
Commingled—Equities (E)965 
Real Estate Investment (F)395 
Private Equity (G)3 
Total Fair Value (H)$5,331 
Recurring Fair Value Measurements as of December 31, 2021
 Quoted Market Prices
for Identical Assets		Significant Other
Observable Inputs
DescriptionTotal(Level 1)(Level 2)
 Millions
Cash Equivalents (A)$45 $45 $— 
Equity Securities
  Common Stock (B)1,959 1,959 — 
  Commingled (C)1,948 1,085 863 
  Preferred Stock (B)2 2 — 
  Other (I)2 2 — 
Debt Securities (D)
  U.S. Treasury 1,761 — 1,761 
  Commingled4 4 — 
Subtotal Fair Value$5,721 $3,097 $2,624 
Measured at net asset value practical expedient
Commingled—Equities (E)1,403 
Real Estate Investment (F) 372 
Private Equity (G)3 
Total Fair Value (H)$7,499 
(A)The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1).
(B)Common stocks and preferred stocks are measured using observable data in active markets and considered Level 1.
(C)Commingled Funds that allow daily redemption at their daily published NAV without restrictions are classified as Level 1. Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2.
(D)Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach 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 or the most recent quotes for similar securities which are a Level 2 measure.
(E)Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index.
(F)The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both.
(G)Private equity investments primarily include various limited partnerships that invest in either operating companies through acquisitions or developing a portfolio of non-U.S. distressed investments to maximize total return on capital. These investments are valued at NAV (or its equivalent) on a quarterly basis and have significant redemption restrictions preventing redemption until fund liquidation and limited ability to sell these investments. Fund liquidation is not expected to occur for several more years. These investments are not included in the fair value hierarchy in accordance with the guidance on NAV practical expedient.
(H)Excludes net receivables of $7 million and $11 million as of December 31, 2022 and 2021, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $2 million as of each of December 31, 2022 and 2021.
(I)Investment in a publicly traded limited partnership.
The following tables present information about Servco’s investments measured at fair value on a recurring basis as of December 31, 2022 and 2021, including the fair value measurements and the levels of inputs used in determining those fair values.
 Recurring Fair Value Measurements as of December 31, 2022
 Quoted Market Prices
for Identical Assets		Significant Other
Observable Inputs
DescriptionTotal(Level 1)(Level 2)
 Millions
Cash Equivalents $1 $1 $— 
Equity Securities
   Common Stock (A)25 25 — 
   Commingled (B)251 — 251 
Commingled Bonds (B)93 — 93 
Total$370 $26 $344 
 Recurring Fair Value Measurements as of December 31, 2021
 Quoted Market Prices
for Identical Assets		Significant Other
Observable  Inputs
DescriptionTotal(Level 1)(Level 2)
 Millions
Cash Equivalents$1 $1 $— 
Equity Securities
Common Stock (A)34 34 — 
Commingled (B)
285 — 285 
Commingled Bonds (B)
102 — 102 
Total$422 $35 $387 
(A)Common stocks are measured using observable data in active markets and considered Level 1.
(B)Investments in commingled equity and bond funds have a readily determinable fair value as they publish a daily NAV available to investors which is the basis for current transactions and contain certain redemption restrictions requiring advance notice of one to two days for withdrawals (Level 2).
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets The following tables present information about the investments measured at fair value on a recurring basis as of December 31, 2022 and 2021, including the fair value measurements and the levels of inputs used in determining those fair values.
 Recurring Fair Value Measurements as of December 31, 2022
 Quoted Market Prices
for Identical Assets		Significant Other
Observable Inputs
DescriptionTotal(Level 1)(Level 2)
 Millions
Cash Equivalents (A)$36 $36 $— 
Equity Securities
  Common Stock (B)1,231 1,231 — 
  Commingled (C)1,346 — 1,346 
Debt Securities (D)
  U.S. Treasury 1,351 — 1,351 
  Commingled4 4 — 
Subtotal Fair Value$3,968 $1,271 $2,697 
Measured at net asset value practical expedient
Commingled—Equities (E)965 
Real Estate Investment (F)395 
Private Equity (G)3 
Total Fair Value (H)$5,331 
Recurring Fair Value Measurements as of December 31, 2021
 Quoted Market Prices
for Identical Assets		Significant Other
Observable Inputs
DescriptionTotal(Level 1)(Level 2)
 Millions
Cash Equivalents (A)$45 $45 $— 
Equity Securities
  Common Stock (B)1,959 1,959 — 
  Commingled (C)1,948 1,085 863 
  Preferred Stock (B)2 2 — 
  Other (I)2 2 — 
Debt Securities (D)
  U.S. Treasury 1,761 — 1,761 
  Commingled4 4 — 
Subtotal Fair Value$5,721 $3,097 $2,624 
Measured at net asset value practical expedient
Commingled—Equities (E)1,403 
Real Estate Investment (F) 372 
Private Equity (G)3 
Total Fair Value (H)$7,499 
(A)The Collective Investment Fund publishes a daily net asset value (NAV) which participants may use for daily redemptions without restrictions (Level 1).
(B)Common stocks and preferred stocks are measured using observable data in active markets and considered Level 1.
(C)Commingled Funds that allow daily redemption at their daily published NAV without restrictions are classified as Level 1. Commingled Funds that publish daily NAV but with certain near-term redemption restrictions which prevent redemption at the published daily NAV are classified as Level 2.
(D)Debt securities include mainly U.S. Treasury obligations. These investments are valued using an evaluated pricing approach 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 or the most recent quotes for similar securities which are a Level 2 measure.
(E)Certain commingled equity funds are not included in the fair value hierarchy as they are measured at fair value using the NAV per share (or its equivalent) practical expedient. These funds do not meet the definition of readily determinable fair value due to the frequency of publishing NAV (monthly). The objectives of these funds are mainly tracking the S&P Index or achieving long-term growth through investment in foreign equity securities and the Morgan Stanley Capital International Index.
(F)The unlisted real estate fund invests in office, apartment, industrial and retail space. The fund is valued using the NAV per unit of funds. The investment value of the real estate properties is determined on a quarterly basis by independent market appraisers engaged by the board of directors of the fund. The ability to redeem funds is subject to the availability of cash arising from net investment income, allocations and the sale of investments in the normal course of business. The fund’s NAV is published quarterly. In addition, redemptions require one quarter advance notice prior to redemption and are fulfilled quarterly. The fund, therefore, does not meet the definition of readily determinable fair value. The purpose of the fund is to acquire, own, hold for investment and ultimately dispose of investments in real estate and real estate-related assets with the intention of achieving current income, capital appreciation or both.
(G)Private equity investments primarily include various limited partnerships that invest in either operating companies through acquisitions or developing a portfolio of non-U.S. distressed investments to maximize total return on capital. These investments are valued at NAV (or its equivalent) on a quarterly basis and have significant redemption restrictions preventing redemption until fund liquidation and limited ability to sell these investments. Fund liquidation is not expected to occur for several more years. These investments are not included in the fair value hierarchy in accordance with the guidance on NAV practical expedient.
(H)Excludes net receivables of $7 million and $11 million as of December 31, 2022 and 2021, respectively, which consist of interest, dividends and receivables and payables related to pending securities sales and purchases. In addition, the table excludes cash and foreign currency of $2 million as of each of December 31, 2022 and 2021.
(I)Investment in a publicly traded limited partnership.
Schedule Of Percentage Of Fair Value Of Total Plan Assets
The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans as of the measurement date, December 31:
 As of December 31,
Investments20222021
Equity Securities67 %71 %
Debt Securities25 23 
Other Investments8 6 
Total Percentage100 %100 %
The following table provides the percentage of fair value of total plan assets for each major category of plan assets held for the qualified pension and OPEB plans of Servco as of the measurement date, December 31:
 As of December 31,
Investments20222021
Equity Securities75 %76 %
Debt Securities25 24 
Total Percentage100 %100 %
Schedule of Expected Benefit Payments The following pension benefit and postretirement benefit payments are expected to be paid to plan participants.
YearPension
Benefits		Other Benefits
 Millions
2023$424 $77 
2024400 75 
2025405 74 
2026411 72 
2027418 70 
2028-20322,124 309 
Total$4,182 $677 
The following pension benefit and postretirement benefit payments are expected to be paid to Servco’s plan participants:
YearPension
Benefits		Other Benefits
 Millions
2023$12 $10 
202414 12 
202517 14 
202619 15 
202722 17 
2028-2032149 112 
Total$233 $180 
Schedule Of Amount Paid For Employer Matching Contributions The amounts paid for employer matching contributions to the plans for PSEG and PSE&G are detailed as follows:
Thrift Plan and Savings Plan
Years Ended December 31,
 202220212020
 Millions
PSE&G$28 $28 $27 
PSEG Power & Other14 16 16 
Total Employer Matching Contributions$42 $44 $43