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Financial Information By Business Segments
 12 Months Ended
Dec. 31, 2017
Segment Reporting Information [Line Items]  
Financial Information By Business Segments
Financial Information by Business Segment
Basis of Organization
PSEG’s, PSE&G’s and Power’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how resources are allocated to each business. PSEG’s reportable segments are PSE&G and Power. PSE&G and Power each represent a single reportable segment and therefore no separate segment information is provided for these Registrants.
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 solar investments, sundry sales, the appliance service business, wholesale transmission services and other miscellaneous services.
Power
Power earns revenues by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load serving entities and by bidding energy, capacity and ancillary services into the markets for these products. A significant portion of Power’s revenue is obtained from the various ISOs in which Power operates. The ISOs act similarly to a clearing house for all of its members in that all revenues paid out are collected from market participants based on their consumption of energy and energy-related products. Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations.
Other
This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,234

 
$
3,930

 
$
466

 
$
(1,546
)
 
$
9,084

 
 
Depreciation and Amortization
 
685

 
1,268

 
33

 
—

 
1,986

 
 
Operating Income (Loss)
 
1,752

 
(359
)
 
36

 
—

 
1,429

 
 
Income from Equity Method Investments
 
—

 
14

 
—

 
—

 
14

 
 
Interest Income
 
24

 
3

 
5

 
(2
)
 
30

 
 
Interest Expense
 
303

 
50

 
40

 
(2
)
 
391

 
 
Income (Loss) before Income Taxes
 
1,536

 
(250
)
 
(18
)
 
—

 
1,268

 
 
Income Tax Expense (Benefit)
 
563

 
(729
)
 
(140
)
 
—

 
(306
)
 
 
Net Income (Loss)
 
973

 
479

 
122

 
—

 
1,574

 
 
Gross Additions to Long-Lived Assets
 
$
2,919

 
$
1,231

 
$
40

 
$
—

 
$
4,190

 
 
As of December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
28,554

 
$
12,418

 
$
2,666

 
$
(922
)
 
$
42,716

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
87

 
$
—

 
$
—

 
$
87

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,221

 
$
4,023

 
$
370

 
$
(1,553
)
 
$
9,061

 
 
Depreciation and Amortization
 
565

 
881

 
30

 
—

 
1,476

 
 
Operating Income (Loss)
 
1,614

 
13

 
(51
)
 
—

 
1,576

 
 
Income from Equity Method Investments
 
—

 
11

 
—

 
—

 
11

 
 
Interest Income
 
24

 
4

 
4

 
(2
)
 
30

 
 
Interest Expense
 
289

 
84

 
14

 
(2
)
 
385

 
 
Income (Loss) before Income Taxes
 
1,404

 
(43
)
 
(63
)
 
—

 
1,298

 
 
Income Tax Expense (Benefit)
 
515

 
(61
)
 
(43
)
 
—

 
411

 
 
Net Income (Loss)
 
889

 
18

 
(20
)
 
—

 
887

 
 
Gross Additions to Long-Lived Assets
 
$
2,816

 
$
1,343

 
$
40

 
$
—

 
$
4,199

 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
26,288

 
$
12,193

 
$
2,373

 
$
(784
)
 
$
40,070

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
102

 
$
—

 
$
—

 
$
102

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,636

 
$
4,928

 
$
462

 
$
(1,611
)
 
$
10,415

 
 
Depreciation and Amortization
 
892

 
291

 
31

 
—

 
1,214

 
 
Operating Income (Loss)
 
1,462

 
1,430

 
70

 
—

 
2,962

 
 
Income from Equity Method Investments
 
—

 
14

 
(2
)
 
—

 
12

 
 
Interest Income
 
25

 
2

 
33

 
(29
)
 
31

 
 
Interest Expense
 
280

 
121

 
21

 
(29
)
 
393

 
 
Income (Loss) before Income Taxes
 
1,257

 
1,367

 
56

 
—

 
2,680

 
 
Income Tax Expense (Benefit)
 
470

 
511

 
20

 
—

 
1,001

 
 
Net Income (Loss)
 
787

 
856

 
36

 
—

 
1,679

 
 
Gross Additions to Long-Lived Assets
 
$
2,692

 
$
1,117

 
$
54

 
$
—

 
$
3,863

 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
23,677

 
$
12,250

 
$
2,810

 
$
(1,202
)
 
$
37,535

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
119

 
$
—

 
$
—

 
$
119

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(A)
Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
(B)
Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 24. Related-Party Transactions.
PSE&G [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segments
Financial Information by Business Segment
Basis of Organization
PSEG’s, PSE&G’s and Power’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how resources are allocated to each business. PSEG’s reportable segments are PSE&G and Power. PSE&G and Power each represent a single reportable segment and therefore no separate segment information is provided for these Registrants.
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 solar investments, sundry sales, the appliance service business, wholesale transmission services and other miscellaneous services.
Power
Power earns revenues by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load serving entities and by bidding energy, capacity and ancillary services into the markets for these products. A significant portion of Power’s revenue is obtained from the various ISOs in which Power operates. The ISOs act similarly to a clearing house for all of its members in that all revenues paid out are collected from market participants based on their consumption of energy and energy-related products. Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations.
Other
This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,234

 
$
3,930

 
$
466

 
$
(1,546
)
 
$
9,084

 
 
Depreciation and Amortization
 
685

 
1,268

 
33

 
—

 
1,986

 
 
Operating Income (Loss)
 
1,752

 
(359
)
 
36

 
—

 
1,429

 
 
Income from Equity Method Investments
 
—

 
14

 
—

 
—

 
14

 
 
Interest Income
 
24

 
3

 
5

 
(2
)
 
30

 
 
Interest Expense
 
303

 
50

 
40

 
(2
)
 
391

 
 
Income (Loss) before Income Taxes
 
1,536

 
(250
)
 
(18
)
 
—

 
1,268

 
 
Income Tax Expense (Benefit)
 
563

 
(729
)
 
(140
)
 
—

 
(306
)
 
 
Net Income (Loss)
 
973

 
479

 
122

 
—

 
1,574

 
 
Gross Additions to Long-Lived Assets
 
$
2,919

 
$
1,231

 
$
40

 
$
—

 
$
4,190

 
 
As of December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
28,554

 
$
12,418

 
$
2,666

 
$
(922
)
 
$
42,716

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
87

 
$
—

 
$
—

 
$
87

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,221

 
$
4,023

 
$
370

 
$
(1,553
)
 
$
9,061

 
 
Depreciation and Amortization
 
565

 
881

 
30

 
—

 
1,476

 
 
Operating Income (Loss)
 
1,614

 
13

 
(51
)
 
—

 
1,576

 
 
Income from Equity Method Investments
 
—

 
11

 
—

 
—

 
11

 
 
Interest Income
 
24

 
4

 
4

 
(2
)
 
30

 
 
Interest Expense
 
289

 
84

 
14

 
(2
)
 
385

 
 
Income (Loss) before Income Taxes
 
1,404

 
(43
)
 
(63
)
 
—

 
1,298

 
 
Income Tax Expense (Benefit)
 
515

 
(61
)
 
(43
)
 
—

 
411

 
 
Net Income (Loss)
 
889

 
18

 
(20
)
 
—

 
887

 
 
Gross Additions to Long-Lived Assets
 
$
2,816

 
$
1,343

 
$
40

 
$
—

 
$
4,199

 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
26,288

 
$
12,193

 
$
2,373

 
$
(784
)
 
$
40,070

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
102

 
$
—

 
$
—

 
$
102

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,636

 
$
4,928

 
$
462

 
$
(1,611
)
 
$
10,415

 
 
Depreciation and Amortization
 
892

 
291

 
31

 
—

 
1,214

 
 
Operating Income (Loss)
 
1,462

 
1,430

 
70

 
—

 
2,962

 
 
Income from Equity Method Investments
 
—

 
14

 
(2
)
 
—

 
12

 
 
Interest Income
 
25

 
2

 
33

 
(29
)
 
31

 
 
Interest Expense
 
280

 
121

 
21

 
(29
)
 
393

 
 
Income (Loss) before Income Taxes
 
1,257

 
1,367

 
56

 
—

 
2,680

 
 
Income Tax Expense (Benefit)
 
470

 
511

 
20

 
—

 
1,001

 
 
Net Income (Loss)
 
787

 
856

 
36

 
—

 
1,679

 
 
Gross Additions to Long-Lived Assets
 
$
2,692

 
$
1,117

 
$
54

 
$
—

 
$
3,863

 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
23,677

 
$
12,250

 
$
2,810

 
$
(1,202
)
 
$
37,535

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
119

 
$
—

 
$
—

 
$
119

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(A)
Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
(B)
Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 24. Related-Party Transactions.
Power [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segments
Financial Information by Business Segment
Basis of Organization
PSEG’s, PSE&G’s and Power’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how resources are allocated to each business. PSEG’s reportable segments are PSE&G and Power. PSE&G and Power each represent a single reportable segment and therefore no separate segment information is provided for these Registrants.
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 solar investments, sundry sales, the appliance service business, wholesale transmission services and other miscellaneous services.
Power
Power earns revenues by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load serving entities and by bidding energy, capacity and ancillary services into the markets for these products. A significant portion of Power’s revenue is obtained from the various ISOs in which Power operates. The ISOs act similarly to a clearing house for all of its members in that all revenues paid out are collected from market participants based on their consumption of energy and energy-related products. Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations.
Other
This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,234

 
$
3,930

 
$
466

 
$
(1,546
)
 
$
9,084

 
 
Depreciation and Amortization
 
685

 
1,268

 
33

 
—

 
1,986

 
 
Operating Income (Loss)
 
1,752

 
(359
)
 
36

 
—

 
1,429

 
 
Income from Equity Method Investments
 
—

 
14

 
—

 
—

 
14

 
 
Interest Income
 
24

 
3

 
5

 
(2
)
 
30

 
 
Interest Expense
 
303

 
50

 
40

 
(2
)
 
391

 
 
Income (Loss) before Income Taxes
 
1,536

 
(250
)
 
(18
)
 
—

 
1,268

 
 
Income Tax Expense (Benefit)
 
563

 
(729
)
 
(140
)
 
—

 
(306
)
 
 
Net Income (Loss)
 
973

 
479

 
122

 
—

 
1,574

 
 
Gross Additions to Long-Lived Assets
 
$
2,919

 
$
1,231

 
$
40

 
$
—

 
$
4,190

 
 
As of December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
28,554

 
$
12,418

 
$
2,666

 
$
(922
)
 
$
42,716

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
87

 
$
—

 
$
—

 
$
87

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,221

 
$
4,023

 
$
370

 
$
(1,553
)
 
$
9,061

 
 
Depreciation and Amortization
 
565

 
881

 
30

 
—

 
1,476

 
 
Operating Income (Loss)
 
1,614

 
13

 
(51
)
 
—

 
1,576

 
 
Income from Equity Method Investments
 
—

 
11

 
—

 
—

 
11

 
 
Interest Income
 
24

 
4

 
4

 
(2
)
 
30

 
 
Interest Expense
 
289

 
84

 
14

 
(2
)
 
385

 
 
Income (Loss) before Income Taxes
 
1,404

 
(43
)
 
(63
)
 
—

 
1,298

 
 
Income Tax Expense (Benefit)
 
515

 
(61
)
 
(43
)
 
—

 
411

 
 
Net Income (Loss)
 
889

 
18

 
(20
)
 
—

 
887

 
 
Gross Additions to Long-Lived Assets
 
$
2,816

 
$
1,343

 
$
40

 
$
—

 
$
4,199

 
 
As of December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
26,288

 
$
12,193

 
$
2,373

 
$
(784
)
 
$
40,070

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
102

 
$
—

 
$
—

 
$
102

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PSE&G
 
Power
 
Other (A)
 
Eliminations (B)
 
Consolidated
Total
 
 
 
 
Millions
 
 
Year Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
6,636

 
$
4,928

 
$
462

 
$
(1,611
)
 
$
10,415

 
 
Depreciation and Amortization
 
892

 
291

 
31

 
—

 
1,214

 
 
Operating Income (Loss)
 
1,462

 
1,430

 
70

 
—

 
2,962

 
 
Income from Equity Method Investments
 
—

 
14

 
(2
)
 
—

 
12

 
 
Interest Income
 
25

 
2

 
33

 
(29
)
 
31

 
 
Interest Expense
 
280

 
121

 
21

 
(29
)
 
393

 
 
Income (Loss) before Income Taxes
 
1,257

 
1,367

 
56

 
—

 
2,680

 
 
Income Tax Expense (Benefit)
 
470

 
511

 
20

 
—

 
1,001

 
 
Net Income (Loss)
 
787

 
856

 
36

 
—

 
1,679

 
 
Gross Additions to Long-Lived Assets
 
$
2,692

 
$
1,117

 
$
54

 
$
—

 
$
3,863

 
 
As of December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
$
23,677

 
$
12,250

 
$
2,810

 
$
(1,202
)
 
$
37,535

 
 
Investments in Equity Method Subsidiaries
 
$
—

 
$
119

 
$
—

 
$
—

 
$
119

 
 
 
 
 
 
 
 
 
 
 
 
 
 

(A)
Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
(B)
Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 24. Related-Party Transactions.