Schedule Of Consolidated Debt

12 Months Ended

Dec. 31, 2016

Debt and Credit Facilities

Long-Term Debt




		As of December 31,
	Maturity	2016			2015
		Millions
PSEG
Term Loan:
Variable	2017	$	500		$	500
Total Term Loan		500			500
Senior Notes:
1.60%	2019	400			—
2.00%	2021	300			—
Total Senior Notes		700			—
Principal Amount Outstanding		1,200			500
Fair Value of Swaps (A)		—			6
Amounts Due Within One Year		(500		)	(6		)
Net Unamortized Discount and Debt Issuance Costs		(5		)	—
Total Long-Term Debt of PSEG		$	695		$	500




		As of December 31,
	Maturity	2016			2015
		Millions
PSE&G
First and Refunding Mortgage Bonds (B):
6.75%	2016	$	—		$	171
9.25%	2021	134			134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		149			320
Pollution Control Bonds (B):
Floating Rate (C)	2033	—			50
Floating Rate (C)	2046	—			50
Total Pollution Control Bonds		—			100
Medium-Term Notes (MTNs) (B):
5.30%	2018	400			400
2.30%	2018	350			350
1.80%	2019	250			250
2.00%	2019	250			250
7.04%	2020	9			9
3.50%	2020	250			250
1.90%	2021	300			—
2.38%	2023	500			500
3.75%	2024	250			250
3.15%	2024	250			250
3.05%	2024	250			250
3.00%	2025	350			350
2.25%	2026	425			—
5.25%	2035	250			250
5.70%	2036	250			250
5.80%	2037	350			350
5.38%	2039	250			250
5.50%	2040	300			300
3.95%	2042	450			450
3.65%	2042	350			350
3.80%	2043	400			400
4.00%	2044	250			250
4.05%	2045	250			250
4.15%	2045	250			250
3.80%	2046	550			—
Total MTNs		7,734			6,459
Principal Amount Outstanding		7,883			6,879
Amounts Due Within One Year		—			(171		)
Net Unamortized Discount and Debt Issuance Costs		(65		)	(58		)
Total Long-Term Debt of PSE&G		$	7,818		$	6,650




		As of December 31,
	Maturity	2016			2015
		Millions
Power
Senior Notes:
5.32%	2016	$	—		$	303
2.75%	2016	—			250
2.45%	2018	250			250
5.13%	2020	406			406
4.15%	2021	250			250
3.00%	2021	700			—
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,356			2,209
Pollution Control Notes:
Floating Rate (C)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,400			2,253
Amounts Due Within One Year		—			(553		)
Net Unamortized Discount and Debt Issuance Costs		(18		)	(16		)
Total Long-Term Debt of Power		$	2,382		$	1,684


(A)	PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 16. Financial Risk Management Activities.


(B)	Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.


(C)	The Pollution Control Financing Authority of Salem County bonds (Salem Bonds), which were repurchased and retired in 2016, and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, were variable rate bonds that were in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2016 are as




Year	PSEG		PSE&G		Power		Total

2017	$	500	$	—	$	—	$	500
2018	—		750		250		1,000
2019	400		500		44		944
2020	—		259		406		665
2021	300		434		950		1,684
Thereafter	—		5,940		750		6,690
Total	$	1,200	$	7,883	$	2,400	$	11,483

Long-Term Debt Financing Transactions

During 2016, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG


•	issued $400 million of 1.60% Senior Notes due November 2019, and


•	issued $300 million of 2.00% Senior Notes due November 2021

PSE&G


•	issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,


•	issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,


•	issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,


•	retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds Series VV at maturity, and


•	repurchased at par $100 million of Salem Bonds and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.

Power

•issued $700 million of 3.00% Senior Notes due June 2021,

•retired $303 million of 5.32% Senior Notes due September 2016, and

•retired $250 million of 2.75% Senior Notes due September 2016.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2016, the total available credit capacity was $3.5 billion.

As of December 31, 2016, no single institution represented more than 7% of the total commitments in the credit facilities.

As of December 31, 2016, the total credit capacity was in excess of the anticipated maximum liquidity requirements.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of December 31, 2016 were as follows:




	As of December 31, 2016
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	10	$	490	Mar 2019	Commercial Paper Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		388		112		Apr 2020	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	398	$	602
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Apr 2020	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	195	$	1,405	Mar 2019	Funding/Letters of Credit
5-year Credit Facility (C)	953		3		950		Apr 2020	Funding/Letters of Credit
Total Power	$	2,553	$	198	$	2,355
Total	$	4,153	$	610	$	3,543


(A)	PSEG facility will be reduced by $12 million in March 2018.


(B)	PSE&G facility will be reduced by $14 million in March 2018.


(C)	Power facility will be reduced by $24 million in March 2018.


(D)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2016, PSEG had $388 million outstanding at a weighted average interest rate of 1.03%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2016.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2016 and 2015 are included in the following table and accompanying notes as of December 31, 2016 and 2015. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.




	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	1,195	$	1,185	$	503	$	506
PSE&G (B)	7,818		8,240		6,821		7,235
Power - Recourse Debt (B)	2,382		2,578		2,237		2,508
Energy Holdings:
Project Level, Non-Recourse Debt (C)	—		—		7		7
	$	11,395	$	12,003	$	9,568	$	10,256

(A)

Fair value includes a $500 million floating rate term loan and net offsets. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. As of December 31, 2015, carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.

(B)

Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.


(C)	Non-recourse project debt was valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

PSE&G [Member]

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Debt and Credit Facilities

Long-Term Debt




		As of December 31,
	Maturity	2016			2015
		Millions
PSEG
Term Loan:
Variable	2017	$	500		$	500
Total Term Loan		500			500
Senior Notes:
1.60%	2019	400			—
2.00%	2021	300			—
Total Senior Notes		700			—
Principal Amount Outstanding		1,200			500
Fair Value of Swaps (A)		—			6
Amounts Due Within One Year		(500		)	(6		)
Net Unamortized Discount and Debt Issuance Costs		(5		)	—
Total Long-Term Debt of PSEG		$	695		$	500




		As of December 31,
	Maturity	2016			2015
		Millions
PSE&G
First and Refunding Mortgage Bonds (B):
6.75%	2016	$	—		$	171
9.25%	2021	134			134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		149			320
Pollution Control Bonds (B):
Floating Rate (C)	2033	—			50
Floating Rate (C)	2046	—			50
Total Pollution Control Bonds		—			100
Medium-Term Notes (MTNs) (B):
5.30%	2018	400			400
2.30%	2018	350			350
1.80%	2019	250			250
2.00%	2019	250			250
7.04%	2020	9			9
3.50%	2020	250			250
1.90%	2021	300			—
2.38%	2023	500			500
3.75%	2024	250			250
3.15%	2024	250			250
3.05%	2024	250			250
3.00%	2025	350			350
2.25%	2026	425			—
5.25%	2035	250			250
5.70%	2036	250			250
5.80%	2037	350			350
5.38%	2039	250			250
5.50%	2040	300			300
3.95%	2042	450			450
3.65%	2042	350			350
3.80%	2043	400			400
4.00%	2044	250			250
4.05%	2045	250			250
4.15%	2045	250			250
3.80%	2046	550			—
Total MTNs		7,734			6,459
Principal Amount Outstanding		7,883			6,879
Amounts Due Within One Year		—			(171		)
Net Unamortized Discount and Debt Issuance Costs		(65		)	(58		)
Total Long-Term Debt of PSE&G		$	7,818		$	6,650




		As of December 31,
	Maturity	2016			2015
		Millions
Power
Senior Notes:
5.32%	2016	$	—		$	303
2.75%	2016	—			250
2.45%	2018	250			250
5.13%	2020	406			406
4.15%	2021	250			250
3.00%	2021	700			—
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,356			2,209
Pollution Control Notes:
Floating Rate (C)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,400			2,253
Amounts Due Within One Year		—			(553		)
Net Unamortized Discount and Debt Issuance Costs		(18		)	(16		)
Total Long-Term Debt of Power		$	2,382		$	1,684


(A)	PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 16. Financial Risk Management Activities.


(B)	Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.


(C)	The Pollution Control Financing Authority of Salem County bonds (Salem Bonds), which were repurchased and retired in 2016, and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, were variable rate bonds that were in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2016 are as




Year	PSEG		PSE&G		Power		Total

2017	$	500	$	—	$	—	$	500
2018	—		750		250		1,000
2019	400		500		44		944
2020	—		259		406		665
2021	300		434		950		1,684
Thereafter	—		5,940		750		6,690
Total	$	1,200	$	7,883	$	2,400	$	11,483

Long-Term Debt Financing Transactions

During 2016, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG


•	issued $400 million of 1.60% Senior Notes due November 2019, and


•	issued $300 million of 2.00% Senior Notes due November 2021

PSE&G


•	issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,


•	issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,


•	issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,


•	retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds Series VV at maturity, and


•	repurchased at par $100 million of Salem Bonds and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.

Power

•issued $700 million of 3.00% Senior Notes due June 2021,

•retired $303 million of 5.32% Senior Notes due September 2016, and

•retired $250 million of 2.75% Senior Notes due September 2016.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2016, the total available credit capacity was $3.5 billion.

As of December 31, 2016, no single institution represented more than 7% of the total commitments in the credit facilities.

As of December 31, 2016, the total credit capacity was in excess of the anticipated maximum liquidity requirements.

The total credit facilities and available liquidity as of December 31, 2016 were as follows:




	As of December 31, 2016
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	10	$	490	Mar 2019	Commercial Paper Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		388		112		Apr 2020	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	398	$	602
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Apr 2020	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	195	$	1,405	Mar 2019	Funding/Letters of Credit
5-year Credit Facility (C)	953		3		950		Apr 2020	Funding/Letters of Credit
Total Power	$	2,553	$	198	$	2,355
Total	$	4,153	$	610	$	3,543


(A)	PSEG facility will be reduced by $12 million in March 2018.


(B)	PSE&G facility will be reduced by $14 million in March 2018.


(C)	Power facility will be reduced by $24 million in March 2018.


(D)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2016, PSEG had $388 million outstanding at a weighted average interest rate of 1.03%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2016.

Fair Value of Debt




	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	1,195	$	1,185	$	503	$	506
PSE&G (B)	7,818		8,240		6,821		7,235
Power - Recourse Debt (B)	2,382		2,578		2,237		2,508
Energy Holdings:
Project Level, Non-Recourse Debt (C)	—		—		7		7
	$	11,395	$	12,003	$	9,568	$	10,256

(A)

(B)


(C)	Non-recourse project debt was valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

Power [Member]

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Debt and Credit Facilities

Long-Term Debt




		As of December 31,
	Maturity	2016			2015
		Millions
PSEG
Term Loan:
Variable	2017	$	500		$	500
Total Term Loan		500			500
Senior Notes:
1.60%	2019	400			—
2.00%	2021	300			—
Total Senior Notes		700			—
Principal Amount Outstanding		1,200			500
Fair Value of Swaps (A)		—			6
Amounts Due Within One Year		(500		)	(6		)
Net Unamortized Discount and Debt Issuance Costs		(5		)	—
Total Long-Term Debt of PSEG		$	695		$	500




		As of December 31,
	Maturity	2016			2015
		Millions
PSE&G
First and Refunding Mortgage Bonds (B):
6.75%	2016	$	—		$	171
9.25%	2021	134			134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		149			320
Pollution Control Bonds (B):
Floating Rate (C)	2033	—			50
Floating Rate (C)	2046	—			50
Total Pollution Control Bonds		—			100
Medium-Term Notes (MTNs) (B):
5.30%	2018	400			400
2.30%	2018	350			350
1.80%	2019	250			250
2.00%	2019	250			250
7.04%	2020	9			9
3.50%	2020	250			250
1.90%	2021	300			—
2.38%	2023	500			500
3.75%	2024	250			250
3.15%	2024	250			250
3.05%	2024	250			250
3.00%	2025	350			350
2.25%	2026	425			—
5.25%	2035	250			250
5.70%	2036	250			250
5.80%	2037	350			350
5.38%	2039	250			250
5.50%	2040	300			300
3.95%	2042	450			450
3.65%	2042	350			350
3.80%	2043	400			400
4.00%	2044	250			250
4.05%	2045	250			250
4.15%	2045	250			250
3.80%	2046	550			—
Total MTNs		7,734			6,459
Principal Amount Outstanding		7,883			6,879
Amounts Due Within One Year		—			(171		)
Net Unamortized Discount and Debt Issuance Costs		(65		)	(58		)
Total Long-Term Debt of PSE&G		$	7,818		$	6,650




		As of December 31,
	Maturity	2016			2015
		Millions
Power
Senior Notes:
5.32%	2016	$	—		$	303
2.75%	2016	—			250
2.45%	2018	250			250
5.13%	2020	406			406
4.15%	2021	250			250
3.00%	2021	700			—
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,356			2,209
Pollution Control Notes:
Floating Rate (C)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,400			2,253
Amounts Due Within One Year		—			(553		)
Net Unamortized Discount and Debt Issuance Costs		(18		)	(16		)
Total Long-Term Debt of Power		$	2,382		$	1,684


(A)	PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 16. Financial Risk Management Activities.


(B)	Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.


(C)	The Pollution Control Financing Authority of Salem County bonds (Salem Bonds), which were repurchased and retired in 2016, and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, were variable rate bonds that were in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2016 are as




Year	PSEG		PSE&G		Power		Total

2017	$	500	$	—	$	—	$	500
2018	—		750		250		1,000
2019	400		500		44		944
2020	—		259		406		665
2021	300		434		950		1,684
Thereafter	—		5,940		750		6,690
Total	$	1,200	$	7,883	$	2,400	$	11,483

Long-Term Debt Financing Transactions

During 2016, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG


•	issued $400 million of 1.60% Senior Notes due November 2019, and


•	issued $300 million of 2.00% Senior Notes due November 2021

PSE&G


•	issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,


•	issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,


•	issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,


•	retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds Series VV at maturity, and


•	repurchased at par $100 million of Salem Bonds and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.

Power

•issued $700 million of 3.00% Senior Notes due June 2021,

•retired $303 million of 5.32% Senior Notes due September 2016, and

•retired $250 million of 2.75% Senior Notes due September 2016.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2016, the total available credit capacity was $3.5 billion.

As of December 31, 2016, no single institution represented more than 7% of the total commitments in the credit facilities.

As of December 31, 2016, the total credit capacity was in excess of the anticipated maximum liquidity requirements.

The total credit facilities and available liquidity as of December 31, 2016 were as follows:




	As of December 31, 2016
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	10	$	490	Mar 2019	Commercial Paper Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		388		112		Apr 2020	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	398	$	602
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Apr 2020	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	195	$	1,405	Mar 2019	Funding/Letters of Credit
5-year Credit Facility (C)	953		3		950		Apr 2020	Funding/Letters of Credit
Total Power	$	2,553	$	198	$	2,355
Total	$	4,153	$	610	$	3,543


(A)	PSEG facility will be reduced by $12 million in March 2018.


(B)	PSE&G facility will be reduced by $14 million in March 2018.


(C)	Power facility will be reduced by $24 million in March 2018.


(D)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2016, PSEG had $388 million outstanding at a weighted average interest rate of 1.03%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2016.

Fair Value of Debt




	December 31, 2016				December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	1,195	$	1,185	$	503	$	506
PSE&G (B)	7,818		8,240		6,821		7,235
Power - Recourse Debt (B)	2,382		2,578		2,237		2,508
Energy Holdings:
Project Level, Non-Recourse Debt (C)	—		—		7		7
	$	11,395	$	12,003	$	9,568	$	10,256

(A)

(B)


(C)	Non-recourse project debt was valued as equivalent to the amortized cost and is classified as a Level 3 measurement.