Debt and Credit Facilities

6 Months Ended

Jun. 30, 2019

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2019:

PSEG

• issued $750 million of 2.875% Senior Notes due June 2024, and

• repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019.

PSE&G

• issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,

• issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and

• retired $250 million of 1.80% Medium-Term Notes at maturity.

PSEG Power

PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, has now been extended through March 2022.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 June 30, 2019, the total available credit capacity was $3.6 billion.

As of June 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities.

As of June 30, 2019, total credit capacity was in excess of the total 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2019 were as follows:

	As of June 30, 2019
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	188	$	1,312	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	188	$	1,312
PSE&G
5-year Credit Facility (B)	$	600	$	206	$	394	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	206	$	394
PSEG Power
3-year Letter of Credit Facilities	$	200	$	129	$	71	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2023	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	169	$	1,931
Total	$	4,200	$	563	$	3,637

(A) PSEG facilities will be reduced by $9 million in March 2022.

(B) PSE&G facility will be reduced by $4 million in March 2022.

(C) PSEG Power facilities will be reduced by $12 million in March 2022.

(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 June 30, 2019, PSEG had $175 million outstanding at a weighted average interest rate of 2.57%. PSE&G had $190 million outstanding at a weighted average interest rate of 2.55% under its Commercial Paper Program as of June 30, 2019.

Public Service Electric and Gas Company [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2019:

PSEG

• issued $750 million of 2.875% Senior Notes due June 2024, and

• repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019.

PSE&G

• issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,

• issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and

• retired $250 million of 1.80% Medium-Term Notes at maturity.

PSEG Power

PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, has now been extended through March 2022.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 June 30, 2019, the total available credit capacity was $3.6 billion.

As of June 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities.

As of June 30, 2019, total credit capacity was in excess of the total 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2019 were as follows:

	As of June 30, 2019
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	188	$	1,312	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	188	$	1,312
PSE&G
5-year Credit Facility (B)	$	600	$	206	$	394	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	206	$	394
PSEG Power
3-year Letter of Credit Facilities	$	200	$	129	$	71	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2023	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	169	$	1,931
Total	$	4,200	$	563	$	3,637

(A) PSEG facilities will be reduced by $9 million in March 2022.

(B) PSE&G facility will be reduced by $4 million in March 2022.

(C) PSEG Power facilities will be reduced by $12 million in March 2022.

(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 June 30, 2019, PSEG had $175 million outstanding at a weighted average interest rate of 2.57%. PSE&G had $190 million outstanding at a weighted average interest rate of 2.55% under its Commercial Paper Program as of June 30, 2019.

PSEG Power [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2019:

PSEG

• issued $750 million of 2.875% Senior Notes due June 2024, and

• repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80% that was scheduled to mature in June 2019.

PSE&G

• issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,

• issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and

• retired $250 million of 1.80% Medium-Term Notes at maturity.

PSEG Power

PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, has now been extended through March 2022.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 June 30, 2019, the total available credit capacity was $3.6 billion.

As of June 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities.

As of June 30, 2019, total credit capacity was in excess of the total 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2019 were as follows:

	As of June 30, 2019
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	188	$	1,312	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	188	$	1,312
PSE&G
5-year Credit Facility (B)	$	600	$	206	$	394	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	206	$	394
PSEG Power
3-year Letter of Credit Facilities	$	200	$	129	$	71	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2023	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	169	$	1,931
Total	$	4,200	$	563	$	3,637

(A) PSEG facilities will be reduced by $9 million in March 2022.

(B) PSE&G facility will be reduced by $4 million in March 2022.

(C) PSEG Power facilities will be reduced by $12 million in March 2022.

(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 June 30, 2019, PSEG had $175 million outstanding at a weighted average interest rate of 2.57%. PSE&G had $190 million outstanding at a weighted average interest rate of 2.55% under its Commercial Paper Program as of June 30, 2019.