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Financial Risk Management Activities (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure Financial Risk Management Activities [Abstract]  
Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges
 
 
 
 
 
 
 
 
As of December 31,
 
 
 
2014
 
2013
 
 
 
Millions
 
 
Fair Value of Cash Flow Hedges
$
18

 
$
(4
)
 
 
Impact on Accumulated Other Comprehensive Income (Loss) (after tax)
$
10

 
$
(1
)
 
 
 
 
 
 
 
Schedule Of Derivative Instruments Fair Value In Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2014
 
 
 
Power (A)
 
PSE&G (A)
 
PSEG (A)
 
Consolidated
 
 
 
Cash Flow
Hedges
 
Not Designated
 
 
 
 
 
Not Designated
 
Fair Value
Hedges
 
 
 
 
Balance Sheet Location
Energy-
Related
Contracts
 
Energy-
Related
Contracts
 
Netting
(B)
 
Total
Power
 
Energy-
Related
Contracts
 
Interest
Rate
Swaps
 
Total
Derivatives
 
 
 
Millions
 
 
Derivative Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets
$
18

 
$
597

 
$
(408
)
 
$
207

 
$
18

 
$
15

 
$
240

 
 
Noncurrent Assets
—

 
171

 
(109
)
 
62

 
8

 
7

 
77

 
 
Total Mark-to-Market Derivative Assets
$
18

 
$
768

 
$
(517
)
 
$
269

 
$
26

 
$
22

 
$
317

 
 
Derivative Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
$
—

 
$
(568
)
 
$
436

 
$
(132
)
 
$
—

 
$
—

 
$
(132
)
 
 
Noncurrent Liabilities
—

 
(138
)
 
105

 
(33
)
 
—

 
—

 
(33
)
 
 
Total Mark-to-Market Derivative (Liabilities)
$
—

 
$
(706
)
 
$
541

 
$
(165
)
 
$
—

 
$
—

 
$
(165
)
 
 
Total Net Mark-to-Market Derivative Assets (Liabilities)
$
18

 
$
62

 
$
24

 
$
104

 
$
26

 
$
22

 
$
152

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2013
 
 
 
Power (A)
 
PSE&G (A)
 
PSEG (A)
 
Consolidated
 
 
 
Cash Flow
Hedges
 
Not Designated
 
 
 
 
 
Not Designated
 
Fair Value
Hedges
 
 
 
 
Balance Sheet Location
Energy-
Related
Contracts
 
Energy-
Related
Contracts
 
Netting
(B)
 
Total
Power
 
Energy-
Related
Contracts
 
Interest
Rate
Swaps
 
Total
Derivatives
 
 
 
Millions
 
 
Derivative Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Assets
$
—

 
$
323

 
$
(266
)
 
$
57

 
$
25

 
$
16

 
$
98

 
 
Noncurrent Assets
—

 
155

 
(83
)
 
72

 
69

 
22

 
163

 
 
Total Mark-to-Market Derivative Assets
$
—

 
$
478

 
$
(349
)
 
$
129

 
$
94

 
$
38

 
$
261

 
 
Derivative Contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current Liabilities
$
(4
)
 
$
(343
)
 
$
271

 
$
(76
)
 
$
—

 
$
—

 
$
(76
)
 
 
Noncurrent Liabilities
—

 
(111
)
 
80

 
(31
)
 
—

 
—

 
(31
)
 
 
Total Mark-to-Market Derivative (Liabilities)
$
(4
)
 
$
(454
)
 
$
351

 
$
(107
)
 
$
—

 
$
—

 
$
(107
)
 
 
Total Net Mark-to-Market Derivative Assets (Liabilities)
$
(4
)
 
$
24

 
$
2

 
$
22

 
$
94

 
$
38

 
$
154

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A)
Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2014 and 2013. PSE&G does not have any derivative contracts subject to master netting or similar agreements.
(B)
Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Consolidated Balance Sheets. As of December 31, 2014 and 2013, net cash collateral paid of $24 million and $2 million, respectively, were netted against the corresponding net derivative contract positions. Of the $24 million as of December 31, 2014, $(4) million and $(8) million were netted against current assets and noncurrent assets, respectively, and $32 million and $4 million were netted against current liabilities and noncurrent liabilities, respectively. Of the $2 million as of December 31, 2013, cash collateral of $(3) million and $5 million were netted against noncurrent assets and current liabilities, respectivel
Schedule Of Derivative Instruments Designated As Cash Flow Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of Pre-Tax
Gain (Loss)
Recognized in AOCI on Derivatives
(Effective Portion)
 
Location of
Pre-Tax
Gain (Loss)
Reclassified from
AOCI into Income
 
Amount of Pre-Tax
Gain (Loss)
Reclassified from
AOCI into Income
(Effective Portion)
 
Amount of Pre-Tax
Gain (Loss)
Recognized in Income on Derivatives
(Ineffective Portion)
 
 
Derivatives in Cash Flow Hedging Relationships
Years Ended
December 31,
 
 
 
Years Ended
December 31,
 
Years Ended
December 31,
 
 
 
 
2014
 
2013
 
2012
 
  
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
 
 
 
Millions
 
 
 
Millions
 
 
PSEG
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy-Related Contracts
 
$
12

 
$
(4
)
 
$
32

 
Operating Revenues
 
$
(9
)
 
$
13

 
$
79

 
$
—

 
$
(1
)
 
$
1

 
 
Energy-Related Contracts
 
—

 
—

 
(4
)
 
Energy Costs
 
—

 
—

 
(9
)
 
—

 
—

 
—

 
 
Interest Rate Swaps (A)
 
—

 
—

 
—

 
Interest Expense
 
—

 
(1
)
 
—

 
—

 
—

 
—

 
 
Total PSEG
 
$
12

 
$
(4
)
 
$
28

 
 
 
$
(9
)
 
$
12

 
$
70

 
$
—

 
$
(1
)
 
$
1

 
 
Power
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Energy-Related Contracts
 
$
12

 
$
(4
)
 
$
32

 
Operating Revenues
 
$
(9
)
 
$
13

 
$
79

 
$
—

 
$
(1
)
 
$
1

 
 
Energy-Related Contracts
 
—

 
—

 
(4
)
 
Energy Costs
 
—

 
—

 
(9
)
 
—

 
—

 
—

 
 
Total Power
 
$
12

 
$
(4
)
 
$
28

 
 
 
$
(9
)
 
$
13

 
$
70

 
$
—

 
$
(1
)
 
$
1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A)
Includes amounts for PSEG parent.
 
Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income
 
Pre-Tax
 
After-Tax
 
 
 
 
Millions
 
 
Balance as of December 31, 2012
 
$
12

 
$
7

 
 
Loss Recognized in AOCI
 
(4
)
 
(2
)
 
 
Less: Gain Reclassified into Income
 
(12
)
 
(7
)
 
 
Balance as of December 31, 2013
 
$
(4
)
 
$
(2
)
 
 
Gain Recognized in AOCI
 
12

 
7

 
 
Plus: Loss Reclassified into Income
 
9

 
5

 
 
Balance as of December 31, 2014
 
$
17

 
$
10

 
 
 
 
 
 
 
 
Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Derivatives Not Designated as Hedges
 
Location of Pre-Tax
Gain (Loss)
Recognized in Income
on Derivatives
 
Pre-Tax Gain (Loss)
Recognized in Income
on Derivatives
 
 
 
 
 
 
Years Ended December 31,
 
 
 
 
 
 
2014
 
2013
 
2012
 
 
 
 
 
 
Millions
 
 
PSEG and Power
 
 
 
 
 
 
 
 
 
 
Energy-Related Contracts
 
Operating Revenues
 
$
(348
)
 
$
(128
)
 
$
232

 
 
Energy-Related Contracts
 
Energy Costs
 
32

 
106

 
(19
)
 
 
Total PSEG and Power
 
 
 
$
(316
)
 
$
(22
)
 
$
213

 
 
 
 
 
 
 
 
 
 
 
 
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts
The following reflects the gross volume, on an absolute value basis, of derivatives as of December 31, 2014 and 2013:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Type
 
Notional
 
Total
 
PSEG
 
Power
 
PSE&G
 
 
 
 
Millions
 
 
As of December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
Dth
 
274

 
—

 
216

 
58

 
 
Electricity
 
MWh
 
310

 
—

 
310

 
—

 
 
Financial Transmission Rights (FTRs)
 
MWh
 
15

 
—

 
15

 
—

 
 
Interest Rate Swaps
 
U.S. Dollars
 
850

 
850

 
—

 
—

 
 
As of December 31, 2013
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
Dth
 
614

 
—

 
466

 
148

 
 
Electricity
 
MWh
 
243

 
—

 
243

 
—

 
 
FTRs
 
MWh
 
16

 
—

 
16

 
—

 
 
Interest Rate Swaps
 
U.S. Dollars
 
850

 
850

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule Providing Credit Risk From Others, Net Of Collateral
.
The following table provides information on Power’s credit risk from others, net of cash collateral, as of December 31, 2014. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rating
 
Current
Exposure
 
Securities
held as
Collateral
 
Net
Exposure
 
Number of
Counterparties
>10%
 
Net Exposure of
Counterparties
>10%
 
 
 
 
 
Millions
 
 
 
Millions
 
 
 
Investment Grade—External Rating
 
$
436

 
$
51

 
$
425

 
2

 
$
259

(A) 
 
 
Non-Investment Grade—External Rating
 
2

 
—

 
1

 
—

 
—

  
 
 
Investment Grade—No External Rating
 
6

 
—

 
6

 
—

 
—

  
 
 
Non-Investment Grade—No External Rating
 
—

 
—

 
—

 
—

 
—

  
 
 
Total
 
$
444

 
$
51

 
$
432

 
2

 
$
259

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(A)
Includes net exposure of $206 million with PSE&G. The remaining net exposure of $53 million is with a nonaffiliated power purchaser which is a regulated investment grade counterparty.