Related-Party Transactions

6 Months Ended

Jun. 30, 2015

Related Party Transaction [Line Items]

Related-Party Transactions

Related-Party Transactions

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2015		2014		2015		2014
	Millions
Billings from Affiliates:
Billings from Power primarily through BGS and BGSS (A)	$	297	$	297	$	993	$	1,028
Administrative Billings from Services (B)	65		64		131		124
Total Billings from Affiliates	$	362	$	361	$	1,124	$	1,152

	As of		As of
Related-Party Transactions	June 30, 2015		December 31, 2014
	Millions
Receivable from PSEG (C)	$	52	$	274
Payable to Power (A)	$	158	$	313
Payable to Services (B)	57		66
Accounts Payable—Affiliated Companies	$	215	$	379
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	161	$	116

Power

The financial statements for Power include transactions with related parties presented as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2015		2014		2015		2014
	Millions
Billings to Affiliates:
Billings to PSE&G primarily through BGS and BGSS Contracts (A)	$	297	$	297	$	993	$	1,028
Billings from Affiliates:
Administrative Billings from Services (B)	$	46	$	46	$	91	$	88

	As of		As of
Related-Party Transactions	June 30, 2015		December 31, 2014
	Millions
Receivables from PSE&G (A)	$	158	$	313
Payable to Services (B)	$	27	$	23
Payable to PSEG (C)	101		95
Accounts Payable—Affiliated Companies	$	128	$	118
Short-Term Loan (to) from Affiliate (Demand Note (to) PSEG) (E)	$	950	$	584
Working Capital Advances to Services (D)	$	17	$	17
Long-Term Accrued Taxes Payable	$	56	$	41

(A) PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process.

(B) Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies.

(C) PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits.

(D) PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets.

(E) Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial.

PSE And G [Member]

Related Party Transaction [Line Items]

Related-Party Transactions

Related-Party Transactions

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2015		2014		2015		2014
	Millions
Billings from Affiliates:
Billings from Power primarily through BGS and BGSS (A)	$	297	$	297	$	993	$	1,028
Administrative Billings from Services (B)	65		64		131		124
Total Billings from Affiliates	$	362	$	361	$	1,124	$	1,152

	As of		As of
Related-Party Transactions	June 30, 2015		December 31, 2014
	Millions
Receivable from PSEG (C)	$	52	$	274
Payable to Power (A)	$	158	$	313
Payable to Services (B)	57		66
Accounts Payable—Affiliated Companies	$	215	$	379
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	161	$	116

Power

The financial statements for Power include transactions with related parties presented as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2015		2014		2015		2014
	Millions
Billings to Affiliates:
Billings to PSE&G primarily through BGS and BGSS Contracts (A)	$	297	$	297	$	993	$	1,028
Billings from Affiliates:
Administrative Billings from Services (B)	$	46	$	46	$	91	$	88

	As of		As of
Related-Party Transactions	June 30, 2015		December 31, 2014
	Millions
Receivables from PSE&G (A)	$	158	$	313
Payable to Services (B)	$	27	$	23
Payable to PSEG (C)	101		95
Accounts Payable—Affiliated Companies	$	128	$	118
Short-Term Loan (to) from Affiliate (Demand Note (to) PSEG) (E)	$	950	$	584
Working Capital Advances to Services (D)	$	17	$	17
Long-Term Accrued Taxes Payable	$	56	$	41

(A) PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process.

(B) Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies.

(C) PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits.

(D) PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets.

(E) Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial.

Power [Member]

Related Party Transaction [Line Items]

Related-Party Transactions

Related-Party Transactions

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2015		2014		2015		2014
	Millions
Billings from Affiliates:
Billings from Power primarily through BGS and BGSS (A)	$	297	$	297	$	993	$	1,028
Administrative Billings from Services (B)	65		64		131		124
Total Billings from Affiliates	$	362	$	361	$	1,124	$	1,152

	As of		As of
Related-Party Transactions	June 30, 2015		December 31, 2014
	Millions
Receivable from PSEG (C)	$	52	$	274
Payable to Power (A)	$	158	$	313
Payable to Services (B)	57		66
Accounts Payable—Affiliated Companies	$	215	$	379
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	161	$	116

Power

The financial statements for Power include transactions with related parties presented as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2015		2014		2015		2014
	Millions
Billings to Affiliates:
Billings to PSE&G primarily through BGS and BGSS Contracts (A)	$	297	$	297	$	993	$	1,028
Billings from Affiliates:
Administrative Billings from Services (B)	$	46	$	46	$	91	$	88

	As of		As of
Related-Party Transactions	June 30, 2015		December 31, 2014
	Millions
Receivables from PSE&G (A)	$	158	$	313
Payable to Services (B)	$	27	$	23
Payable to PSEG (C)	101		95
Accounts Payable—Affiliated Companies	$	128	$	118
Short-Term Loan (to) from Affiliate (Demand Note (to) PSEG) (E)	$	950	$	584
Working Capital Advances to Services (D)	$	17	$	17
Long-Term Accrued Taxes Payable	$	56	$	41

(A) PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process.

(B) Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies.

(C) PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits.

(D) PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets.

(E) Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial.