Schedule Of Consolidated Debt

12 Months Ended

Dec. 31, 2017

Debt and Credit Facilities

Long-Term Debt




		As of December 31,
	Maturity	2017			2016
		Millions
PSEG
Term Loan:
Variable	2017	$	—		$	500
Variable	2019	700			—
Total Term Loan		700			500
Senior Notes:
1.60%	2019	400			400
2.00%	2021	300			300
2.65%	2022	700			—
Total Senior Notes		1,400			700
Principal Amount Outstanding		2,100			1,200
Amounts Due Within One Year		—			(500		)
Net Unamortized Discount and Debt Issuance Costs		(9		)	(5		)
Total Long-Term Debt of PSEG		$	2,091		$	695




		As of December 31,
	Maturity	2017			2016
		Millions
PSE&G
First and Refunding Mortgage Bonds (A):
9.25%	2021	$	134		$	134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		149			149
Medium-Term Notes (MTNs) (A):
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			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			425
3.00%	2027	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			550
3.60%	2047	350			—
Total MTNs		8,509			7,734
Principal Amount Outstanding		8,658			7,883
Amounts Due Within One Year		(750		)	—
Net Unamortized Discount and Debt Issuance Costs		(67		)	(65		)
Total Long-Term Debt of PSE&G		$	7,841		$	7,818




		As of December 31,
	Maturity	2017			2016
		Millions
Power
Senior Notes:
2.45%	2018	$	250		$	250
5.13%	2020	406			406
4.15%	2021	250			250
3.00%	2021	700			700
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,356			2,356
Pollution Control Notes:
Floating Rate (B)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,400			2,400
Amounts Due Within One Year		(250		)	—
Net Unamortized Discount and Debt Issuance Costs		(14		)	(18		)
Total Long-Term Debt of Power		$	2,136		$	2,382


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


(B)	The Pennsylvania Economic Development Authority (PEDFA) bond that is serviced and secured by Power Pollution Control Notes, is a variable rate bond that is in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2017 are as follows:




Year	PSEG		PSE&G		Power		Total

2018	$	—	$	750	$	250	$	1,000
2019	1,100		500		44		1,644
2020	—		259		406		665
2021	300		434		950		1,684
2022	700		—		—		700
Thereafter	—		6,715		750		7,465
Total	$	2,100	$	8,658	$	2,400	$	13,158

Long-Term Debt Financing Transactions

During 2017, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG


•	entered into an agreement for a new term loan maturing June 2019. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.80% and can be terminated at any time without penalty,


•	issued $700 million of 2.65% Senior Notes due November 2022, and


•	redeemed at maturity a $500 million term loan at an interest rate of 1 month LIBOR + 0.875% due November 2017.

PSE&G


•	issued $425 million of 3.00% Secured Medium-Term Notes, Series L due May 2027, and


•	issued $350 million of 3.60% Secured Medium-Term Notes, Series L due December 2047.

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, 2017, the total available credit capacity was $3.5 billion.

As of December 31, 2017, no single institution represented more than 8% of the total commitments in the credit facilities.

As of December 31, 2017, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon.

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, 2017 were as follows:




	As of December 31, 2017
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	556	$	944	Mar 2022	Commercial Paper Support/Funding/Letters of Credit (LC)
Total PSEG	$	1,500	$	556	$	944
PSE&G
5-year Credit Facility (A)	$	600	$	15	$	585	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	15	$	585
Power
3-year LC Facilities	$	200	$	112	$	88	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		39		1,861		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	151	$	1,949
Total	$	4,200	$	722	$	3,478


(A)	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, 2017, PSEG had $542 million outstanding at a weighted average interest rate of 1.89%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2017.

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, 2017 and 2016 are included in the following table and accompanying notes as of December 31, 2017 and 2016. 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, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	2,091	$	2,081	$	1,195	$	1,185
PSE&G (B)	8,591		9,322		7,818		8,240
Power (B)	2,386		2,659		2,382		2,578
	$	13,068	$	14,062	$	11,395	$	12,003


(A)	As of December 31, 2017 and 2016, fair value includes floating rate term loans of $700 million and $500 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.

(B)

Given that these bonds do not trade actively, 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.

PSE&G [Member]

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Debt and Credit Facilities

Long-Term Debt




		As of December 31,
	Maturity	2017			2016
		Millions
PSEG
Term Loan:
Variable	2017	$	—		$	500
Variable	2019	700			—
Total Term Loan		700			500
Senior Notes:
1.60%	2019	400			400
2.00%	2021	300			300
2.65%	2022	700			—
Total Senior Notes		1,400			700
Principal Amount Outstanding		2,100			1,200
Amounts Due Within One Year		—			(500		)
Net Unamortized Discount and Debt Issuance Costs		(9		)	(5		)
Total Long-Term Debt of PSEG		$	2,091		$	695




		As of December 31,
	Maturity	2017			2016
		Millions
PSE&G
First and Refunding Mortgage Bonds (A):
9.25%	2021	$	134		$	134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		149			149
Medium-Term Notes (MTNs) (A):
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			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			425
3.00%	2027	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			550
3.60%	2047	350			—
Total MTNs		8,509			7,734
Principal Amount Outstanding		8,658			7,883
Amounts Due Within One Year		(750		)	—
Net Unamortized Discount and Debt Issuance Costs		(67		)	(65		)
Total Long-Term Debt of PSE&G		$	7,841		$	7,818




		As of December 31,
	Maturity	2017			2016
		Millions
Power
Senior Notes:
2.45%	2018	$	250		$	250
5.13%	2020	406			406
4.15%	2021	250			250
3.00%	2021	700			700
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,356			2,356
Pollution Control Notes:
Floating Rate (B)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,400			2,400
Amounts Due Within One Year		(250		)	—
Net Unamortized Discount and Debt Issuance Costs		(14		)	(18		)
Total Long-Term Debt of Power		$	2,136		$	2,382


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


(B)	The Pennsylvania Economic Development Authority (PEDFA) bond that is serviced and secured by Power Pollution Control Notes, is a variable rate bond that is in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2017 are as follows:




Year	PSEG		PSE&G		Power		Total

2018	$	—	$	750	$	250	$	1,000
2019	1,100		500		44		1,644
2020	—		259		406		665
2021	300		434		950		1,684
2022	700		—		—		700
Thereafter	—		6,715		750		7,465
Total	$	2,100	$	8,658	$	2,400	$	13,158

Long-Term Debt Financing Transactions

During 2017, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG


•	entered into an agreement for a new term loan maturing June 2019. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.80% and can be terminated at any time without penalty,


•	issued $700 million of 2.65% Senior Notes due November 2022, and


•	redeemed at maturity a $500 million term loan at an interest rate of 1 month LIBOR + 0.875% due November 2017.

PSE&G


•	issued $425 million of 3.00% Secured Medium-Term Notes, Series L due May 2027, and


•	issued $350 million of 3.60% Secured Medium-Term Notes, Series L due December 2047.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2017, the total available credit capacity was $3.5 billion.

As of December 31, 2017, no single institution represented more than 8% of the total commitments in the credit facilities.

As of December 31, 2017, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon.

The total credit facilities and available liquidity as of December 31, 2017 were as follows:




	As of December 31, 2017
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	556	$	944	Mar 2022	Commercial Paper Support/Funding/Letters of Credit (LC)
Total PSEG	$	1,500	$	556	$	944
PSE&G
5-year Credit Facility (A)	$	600	$	15	$	585	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	15	$	585
Power
3-year LC Facilities	$	200	$	112	$	88	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		39		1,861		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	151	$	1,949
Total	$	4,200	$	722	$	3,478


(A)	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, 2017, PSEG had $542 million outstanding at a weighted average interest rate of 1.89%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2017.

Fair Value of Debt




	December 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	2,091	$	2,081	$	1,195	$	1,185
PSE&G (B)	8,591		9,322		7,818		8,240
Power (B)	2,386		2,659		2,382		2,578
	$	13,068	$	14,062	$	11,395	$	12,003


(A)	As of December 31, 2017 and 2016, fair value includes floating rate term loans of $700 million and $500 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.

(B)

Power [Member]

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Debt and Credit Facilities

Long-Term Debt




		As of December 31,
	Maturity	2017			2016
		Millions
PSEG
Term Loan:
Variable	2017	$	—		$	500
Variable	2019	700			—
Total Term Loan		700			500
Senior Notes:
1.60%	2019	400			400
2.00%	2021	300			300
2.65%	2022	700			—
Total Senior Notes		1,400			700
Principal Amount Outstanding		2,100			1,200
Amounts Due Within One Year		—			(500		)
Net Unamortized Discount and Debt Issuance Costs		(9		)	(5		)
Total Long-Term Debt of PSEG		$	2,091		$	695




		As of December 31,
	Maturity	2017			2016
		Millions
PSE&G
First and Refunding Mortgage Bonds (A):
9.25%	2021	$	134		$	134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		149			149
Medium-Term Notes (MTNs) (A):
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			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			425
3.00%	2027	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			550
3.60%	2047	350			—
Total MTNs		8,509			7,734
Principal Amount Outstanding		8,658			7,883
Amounts Due Within One Year		(750		)	—
Net Unamortized Discount and Debt Issuance Costs		(67		)	(65		)
Total Long-Term Debt of PSE&G		$	7,841		$	7,818




		As of December 31,
	Maturity	2017			2016
		Millions
Power
Senior Notes:
2.45%	2018	$	250		$	250
5.13%	2020	406			406
4.15%	2021	250			250
3.00%	2021	700			700
4.30%	2023	250			250
8.63%	2031	500			500
Total Senior Notes		2,356			2,356
Pollution Control Notes:
Floating Rate (B)	2019	44			44
Total Pollution Control Notes		44			44
Principal Amount Outstanding		2,400			2,400
Amounts Due Within One Year		(250		)	—
Net Unamortized Discount and Debt Issuance Costs		(14		)	(18		)
Total Long-Term Debt of Power		$	2,136		$	2,382


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


(B)	The Pennsylvania Economic Development Authority (PEDFA) bond that is serviced and secured by Power Pollution Control Notes, is a variable rate bond that is in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2017 are as follows:




Year	PSEG		PSE&G		Power		Total

2018	$	—	$	750	$	250	$	1,000
2019	1,100		500		44		1,644
2020	—		259		406		665
2021	300		434		950		1,684
2022	700		—		—		700
Thereafter	—		6,715		750		7,465
Total	$	2,100	$	8,658	$	2,400	$	13,158

Long-Term Debt Financing Transactions

During 2017, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG


•	entered into an agreement for a new term loan maturing June 2019. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.80% and can be terminated at any time without penalty,


•	issued $700 million of 2.65% Senior Notes due November 2022, and


•	redeemed at maturity a $500 million term loan at an interest rate of 1 month LIBOR + 0.875% due November 2017.

PSE&G


•	issued $425 million of 3.00% Secured Medium-Term Notes, Series L due May 2027, and


•	issued $350 million of 3.60% Secured Medium-Term Notes, Series L due December 2047.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2017, the total available credit capacity was $3.5 billion.

As of December 31, 2017, no single institution represented more than 8% of the total commitments in the credit facilities.

As of December 31, 2017, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon.

The total credit facilities and available liquidity as of December 31, 2017 were as follows:




	As of December 31, 2017
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	556	$	944	Mar 2022	Commercial Paper Support/Funding/Letters of Credit (LC)
Total PSEG	$	1,500	$	556	$	944
PSE&G
5-year Credit Facility (A)	$	600	$	15	$	585	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	15	$	585
Power
3-year LC Facilities	$	200	$	112	$	88	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		39		1,861		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	151	$	1,949
Total	$	4,200	$	722	$	3,478


(A)	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, 2017, PSEG had $542 million outstanding at a weighted average interest rate of 1.89%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2017.

Fair Value of Debt




	December 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	2,091	$	2,081	$	1,195	$	1,185
PSE&G (B)	8,591		9,322		7,818		8,240
Power (B)	2,386		2,659		2,382		2,578
	$	13,068	$	14,062	$	11,395	$	12,003


(A)	As of December 31, 2017 and 2016, fair value includes floating rate term loans of $700 million and $500 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying values because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.

(B)