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Financial Information By Business Segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting Information [Line Items]  
Financial Information By Business Segments Financial Information by Business Segment
PSE&G
PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.
PSEG Power & Other
This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants generate PTCs beginning in 2024 and receive ZEC revenue from the EDCs in New Jersey, including PSE&G.
This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.
PSE&GPSEG Power & OtherEliminations (A)Consolidated Total
Millions
Three Months Ended June 30, 2024
Operating Revenues$1,863 $685 $(125)$2,423 
Net Income (B)302 132 — 434 
Gross Additions to Long-Lived Assets746 91 — 837 
Six Months Ended June 30, 2024
Operating Revenues$4,196 $1,557 $(570)$5,183 
Net Income (B)790 176 — 966 
Gross Additions to Long-Lived Assets1,485 149 — 1,634 
Three Months Ended June 30, 2023
Operating Revenues$1,662 $902 $(143)$2,421 
Net Income (B)336 255 — 591 
Gross Additions to Long-Lived Assets660 45 — 705 
Six Months Ended June 30, 2023
Operating Revenues$3,955 $2,929 $(708)$6,176 
Net Income (B)823 1,055 — 1,878 
Gross Additions to Long-Lived Assets1,336 108 — 1,444 
As of June 30, 2024
Total Assets$44,490 $8,393 $(501)$52,382 
Investments in Equity Method Subsidiaries$— $20 $— $20 
As of December 31, 2023
Total Assets$42,873 $8,407 $(539)$50,741 
Investments in Equity Method Subsidiaries$— $17 $— $17 
(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.
(B)Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.
Public Service Electric and Gas Company [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segments Financial Information by Business Segment
PSE&G
PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.
PSEG Power & Other
This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants generate PTCs beginning in 2024 and receive ZEC revenue from the EDCs in New Jersey, including PSE&G.
This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.
PSE&GPSEG Power & OtherEliminations (A)Consolidated Total
Millions
Three Months Ended June 30, 2024
Operating Revenues$1,863 $685 $(125)$2,423 
Net Income (B)302 132 — 434 
Gross Additions to Long-Lived Assets746 91 — 837 
Six Months Ended June 30, 2024
Operating Revenues$4,196 $1,557 $(570)$5,183 
Net Income (B)790 176 — 966 
Gross Additions to Long-Lived Assets1,485 149 — 1,634 
Three Months Ended June 30, 2023
Operating Revenues$1,662 $902 $(143)$2,421 
Net Income (B)336 255 — 591 
Gross Additions to Long-Lived Assets660 45 — 705 
Six Months Ended June 30, 2023
Operating Revenues$3,955 $2,929 $(708)$6,176 
Net Income (B)823 1,055 — 1,878 
Gross Additions to Long-Lived Assets1,336 108 — 1,444 
As of June 30, 2024
Total Assets$44,490 $8,393 $(501)$52,382 
Investments in Equity Method Subsidiaries$— $20 $— $20 
As of December 31, 2023
Total Assets$42,873 $8,407 $(539)$50,741 
Investments in Equity Method Subsidiaries$— $17 $— $17 
(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.
(B)Includes net after-tax gains (losses) of $114 million and $212 million for the three months and $(72) million and $767 million for the six months ended June 30, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.