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Leases (Tables)

12 Months Ended

Dec. 31, 2023

The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the years ended December 31, 2023, 2022 and 2021 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.



	PSE&G			PSEG Power & Other			Total
	Millions
Operating Lease Costs





Year Ended December 31, 2023
Long-term Lease Costs	$	34		$	19		$	53
Short-term Lease Costs	21			6			27
Variable Lease Costs	2			13			15
Total Operating Lease Costs	$	57		$	38		$	95



Year Ended December 31, 2023
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	17		$	17		$	34

Weighted Average Remaining Lease Term in Years	10			7			8
Weighted Average Discount Rate	4.0		%	4.2		%	4.1		%



	PSE&G			PSEG Power & Other			Total
	Millions
Operating Lease Costs





Year Ended December 31, 2022
Long-term Lease Costs	$	31		$	25		$	56
Short-term Lease Costs	21			5			26
Variable Lease Costs	2			11			13
Total Operating Lease Costs	$	54		$	41		$	95



Year Ended December 31, 2022
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	17		$	25		$	42

Weighted Average Remaining Lease Term in Years	11			7			9
Weighted Average Discount Rate	3.5		%	4.1		%	3.9		%



	PSE&G			PSEG Power & Other			Total
	Millions
Operating Lease Costs





Year Ended December 31, 2021
Long-term Lease Costs	$	24		$	26		$	50
Short-term Lease Costs	36			6			42
Variable Lease Costs	2			18			20
Total Operating Lease Costs	$	62		$	50		$	112



Year Ended December 31, 2021
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	17		$	26		$	43

Weighted Average Remaining Lease Term in Years	12			8			9
Weighted Average Discount Rate	3.4		%	4.1		%	3.8		%

Lessee, Operating Lease, Liability, Maturity

Operating lease liabilities as of December 31, 2023 had the following maturities on an undiscounted basis:



	PSE&G		PSEG Power & Other		Total
	Millions
2024	$	18	$	17	$	35
2025	15		17		32
2026	13		16		29
2027	12		17		29
2028	10		16		26
Thereafter	57		28		85
Total Minimum Lease Payments	$	125	$	111	$	236

The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:



	As of December 31, 2023
	PSE&G		PSEG Power & Other		Total
	Millions
Undiscounted Cash Flows	$	125	$	111	$	236
Reconciling Amount due to Discount Rate	(21)		(15)		(36)
Total Discounted Operating Lease Liabilities	$	104	$	96	$	200

	As of December 31, 2022
	PSE&G		PSEG Power & Other		Total
	Millions
Undiscounted Cash Flows	$	109	$	126	$	235
Reconciling Amount due to Discount Rate	(20)		(18)		(38)
Total Discounted Operating Lease Liabilities	$	89	$	108	$	197

Operating Lease, Lease Income

The following is the operating lease income for the years ended December 31, 2023, 2022 and 2021:



Operating Lease Income	Millions




Year Ended December 31, 2023
Fixed Lease Income	$	24
Variable Lease Income	—
Total Operating Lease Income	$	24

Year Ended December 31, 2022
Fixed Lease Income	$	31
Variable Lease Income	—
Total Operating Lease Income	$	31

Year Ended December 31, 2021
Fixed Lease Income	$	23
Variable Lease Income	12
Total Operating Lease Income	$	35

Lessor, Operating Lease, Payments to be Received, Maturity

Operating leases had the following minimum future fixed lease receipts as of December 31, 2023:



	Millions
2024	$	14
2025	14
2026	14
2027	14
2028	13
Thereafter	110
Total Minimum Future Lease Receipts	$	179