Guarantees of Debt

9 Months Ended

Sep. 30, 2019

PSEG Power’s Senior Notes are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following tables present condensed financial information for the guarantor subsidiaries, as well as PSEG Power’s non-guarantor subsidiaries, as of September 30, 2019 and December 31, 2018 and for the three months and nine months ended September 30, 2019 and 2018.




	PSEG Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended September 30, 2019
Operating Revenues	$	—		$	748		$	78		$	(55	)	$	771
Operating Expenses	—			672			75			(55		)	692
Operating Income (Loss)	—			76			3			—			79
Equity Earnings (Losses) of Subsidiaries	69			(10		)	3			(59		)	3
Net Gains (Losses) on Trust Investments	1			(5		)	—			—			(4		)
Other Income (Deductions)	42			53			—			(80		)	15
Non-Operating Pension and OPEB Credits (Costs)	—			7			1			—			8
Interest Expense	(71		)	(27		)	(16		)	80			(34		)
Income Tax Benefit (Expense)	12			(30		)	4			—			(14		)
Net Income (Loss)	$	53		$	64		$	(5	)	$	(59	)	$	53
Comprehensive Income (Loss)	$	48		$	70		$	(5	)	$	(65	)	$	48
Nine Months Ended September 30, 2019
Operating Revenues	$	—		$	3,212		$	200		$	(142	)	$	3,270
Operating Expenses	3			2,914			201			(142		)	2,976
Operating Income (Loss)	(3		)	298			(1		)	—			294
Equity Earnings (Losses) of Subsidiaries	363			(28		)	10			(335		)	10
Net Gains (Losses) on Trust Investments	2			158			—			—			160
Other Income (Deductions)	134			166			—			(257		)	43
Non-Operating Pension and OPEB Credits (Costs)	—			13			1			—			14
Interest Expense	(224		)	(82		)	(36		)	257			(85		)
Income Tax Benefit (Expense)	37			(175		)	11			—			(127		)
Net Income (Loss)	$	309		$	350		$	(15	)	$	(335	)	$	309
Comprehensive Income (Loss)	$	338		$	384		$	(15	)	$	(369	)	$	338
Nine Months Ended September 30, 2019
Net Cash Provided By (Used In) Operating Activities	$	171		$	1,345		$	75		$	(229	)	$	1,362
Net Cash Provided By (Used In) Investing Activities	$	154		$	(708	)	$	(253	)	$	222		$	(585	)
Net Cash Provided By (Used In) Financing Activities	$	(256	)	$	(640	)	$	170		$	7		$	(719	)




	PSEG Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended September 30, 2018
Operating Revenues	$	—		$	849		$	59		$	(40	)	$	868
Operating Expenses	2			733			61			(40		)	756
Operating Income (Loss)	(2		)	116			(2		)	—			112
Equity Earnings (Losses) of Subsidiaries	117			(7		)	5			(110		)	5
Net Gains (Losses) on Trust Investments	—			45			(1		)	—			44
Other Income (Deductions)	40			45			—			(71		)	14
Non-Operating Pension and OPEB Credits (Costs)	—			4			—			—			4
Interest Expense	(65		)	(28		)	(7		)	71			(29		)
Income Tax Benefit (Expense)	35			(64		)	4			—			(25		)
Net Income (Loss)	$	125		$	111		$	(1	)	$	(110	)	$	125
Comprehensive Income (Loss)	$	128		$	107		$	(1	)	$	(106	)	$	128
Nine Months Ended September 30, 2018
Operating Revenues	$	—		$	2,982		$	161		$	(105	)	$	3,038
Operating Expenses	5			2,493			162			(105		)	2,555
Operating Income (Loss)	(5		)	489			(1		)	—			483
Equity Earnings (Losses) of Subsidiaries	406			(14		)	12			(392		)	12
Net Gains (Losses) on Trust Investments	—			31			(1		)	—			30
Other Income (Deductions)	116			118			—			(196		)	38
Non-Operating Pension and OPEB Credits (Costs)	—			10			1			—			11
Interest Expense	(161		)	(64		)	(18		)	196			(47		)
Income Tax Benefit (Expense)	44			(179		)	8			—			(127		)
Net Income (Loss)	$	400		$	391		$	1		$	(392	)	$	400
Comprehensive Income (Loss)	$	400		$	374		$	1		$	(375	)	$	400
Nine Months Ended September 30, 2018
Net Cash Provided By (Used In) Operating Activities	$	(255	)	$	1,169		$	(26	)	$	117		$	1,005
Net Cash Provided By (Used In) Investing Activities	$	(417	)	$	(1,132	)	$	(290	)	$	829		$	(1,010	)
Net Cash Provided By (Used In) Financing Activities	$	672		$	(32	)	$	320		$	(946	)	$	14




	PSEG Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Total
	Millions
As of September 30, 2019
Current Assets	$	4,142	$	1,459	$	327	$	(4,497	)	$	1,431
Property, Plant and Equipment, net	44		4,484		3,967		—			8,495
Investment in Subsidiaries	5,184		1,078		—		(6,262		)	—
Noncurrent Assets	289		2,526		116		(304		)	2,627
Total Assets	$	9,659	$	9,547	$	4,410	$	(11,063	)	$	12,553
Current Liabilities	$	903	$	2,467	$	2,153	$	(4,497	)	$	1,026
Noncurrent Liabilities	550		2,216		859		(304		)	3,321
Long-Term Debt	2,433		—		—		—			2,433
Member’s Equity	5,773		4,864		1,398		(6,262		)	5,773
Total Liabilities and Member’s Equity	$	9,659	$	9,547	$	4,410	$	(11,063	)	$	12,553
As of December 31, 2018
Current Assets	$	4,317	$	1,479	$	304	$	(4,593	)	$	1,507
Property, Plant and Equipment, net	49		4,971		3,822		—			8,842
Investment in Subsidiaries	5,062		1,107		—		(6,169		)	—
Noncurrent Assets	273		2,109		101		(238		)	2,245
Total Assets	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594
Current Liabilities	$	437	$	2,971	$	2,027	$	(4,593	)	$	842
Noncurrent Liabilities	513		1,996		730		(238		)	3,001
Long-Term Debt	2,791		—		—		—			2,791
Member’s Equity	5,960		4,699		1,470		(6,169		)	5,960
Total Liabilities and Member’s Equity	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594

PSEG Power [Member]

Debt Instrument [Line Items]

Guarantees of Debt




	PSEG Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended September 30, 2019
Operating Revenues	$	—		$	748		$	78		$	(55	)	$	771
Operating Expenses	—			672			75			(55		)	692
Operating Income (Loss)	—			76			3			—			79
Equity Earnings (Losses) of Subsidiaries	69			(10		)	3			(59		)	3
Net Gains (Losses) on Trust Investments	1			(5		)	—			—			(4		)
Other Income (Deductions)	42			53			—			(80		)	15
Non-Operating Pension and OPEB Credits (Costs)	—			7			1			—			8
Interest Expense	(71		)	(27		)	(16		)	80			(34		)
Income Tax Benefit (Expense)	12			(30		)	4			—			(14		)
Net Income (Loss)	$	53		$	64		$	(5	)	$	(59	)	$	53
Comprehensive Income (Loss)	$	48		$	70		$	(5	)	$	(65	)	$	48
Nine Months Ended September 30, 2019
Operating Revenues	$	—		$	3,212		$	200		$	(142	)	$	3,270
Operating Expenses	3			2,914			201			(142		)	2,976
Operating Income (Loss)	(3		)	298			(1		)	—			294
Equity Earnings (Losses) of Subsidiaries	363			(28		)	10			(335		)	10
Net Gains (Losses) on Trust Investments	2			158			—			—			160
Other Income (Deductions)	134			166			—			(257		)	43
Non-Operating Pension and OPEB Credits (Costs)	—			13			1			—			14
Interest Expense	(224		)	(82		)	(36		)	257			(85		)
Income Tax Benefit (Expense)	37			(175		)	11			—			(127		)
Net Income (Loss)	$	309		$	350		$	(15	)	$	(335	)	$	309
Comprehensive Income (Loss)	$	338		$	384		$	(15	)	$	(369	)	$	338
Nine Months Ended September 30, 2019
Net Cash Provided By (Used In) Operating Activities	$	171		$	1,345		$	75		$	(229	)	$	1,362
Net Cash Provided By (Used In) Investing Activities	$	154		$	(708	)	$	(253	)	$	222		$	(585	)
Net Cash Provided By (Used In) Financing Activities	$	(256	)	$	(640	)	$	170		$	7		$	(719	)




	PSEG Power			Guarantor Subsidiaries			Other Subsidiaries			Consolidating Adjustments			Total
	Millions
Three Months Ended September 30, 2018
Operating Revenues	$	—		$	849		$	59		$	(40	)	$	868
Operating Expenses	2			733			61			(40		)	756
Operating Income (Loss)	(2		)	116			(2		)	—			112
Equity Earnings (Losses) of Subsidiaries	117			(7		)	5			(110		)	5
Net Gains (Losses) on Trust Investments	—			45			(1		)	—			44
Other Income (Deductions)	40			45			—			(71		)	14
Non-Operating Pension and OPEB Credits (Costs)	—			4			—			—			4
Interest Expense	(65		)	(28		)	(7		)	71			(29		)
Income Tax Benefit (Expense)	35			(64		)	4			—			(25		)
Net Income (Loss)	$	125		$	111		$	(1	)	$	(110	)	$	125
Comprehensive Income (Loss)	$	128		$	107		$	(1	)	$	(106	)	$	128
Nine Months Ended September 30, 2018
Operating Revenues	$	—		$	2,982		$	161		$	(105	)	$	3,038
Operating Expenses	5			2,493			162			(105		)	2,555
Operating Income (Loss)	(5		)	489			(1		)	—			483
Equity Earnings (Losses) of Subsidiaries	406			(14		)	12			(392		)	12
Net Gains (Losses) on Trust Investments	—			31			(1		)	—			30
Other Income (Deductions)	116			118			—			(196		)	38
Non-Operating Pension and OPEB Credits (Costs)	—			10			1			—			11
Interest Expense	(161		)	(64		)	(18		)	196			(47		)
Income Tax Benefit (Expense)	44			(179		)	8			—			(127		)
Net Income (Loss)	$	400		$	391		$	1		$	(392	)	$	400
Comprehensive Income (Loss)	$	400		$	374		$	1		$	(375	)	$	400
Nine Months Ended September 30, 2018
Net Cash Provided By (Used In) Operating Activities	$	(255	)	$	1,169		$	(26	)	$	117		$	1,005
Net Cash Provided By (Used In) Investing Activities	$	(417	)	$	(1,132	)	$	(290	)	$	829		$	(1,010	)
Net Cash Provided By (Used In) Financing Activities	$	672		$	(32	)	$	320		$	(946	)	$	14




	PSEG Power		Guarantor Subsidiaries		Other Subsidiaries		Consolidating Adjustments			Total
	Millions
As of September 30, 2019
Current Assets	$	4,142	$	1,459	$	327	$	(4,497	)	$	1,431
Property, Plant and Equipment, net	44		4,484		3,967		—			8,495
Investment in Subsidiaries	5,184		1,078		—		(6,262		)	—
Noncurrent Assets	289		2,526		116		(304		)	2,627
Total Assets	$	9,659	$	9,547	$	4,410	$	(11,063	)	$	12,553
Current Liabilities	$	903	$	2,467	$	2,153	$	(4,497	)	$	1,026
Noncurrent Liabilities	550		2,216		859		(304		)	3,321
Long-Term Debt	2,433		—		—		—			2,433
Member’s Equity	5,773		4,864		1,398		(6,262		)	5,773
Total Liabilities and Member’s Equity	$	9,659	$	9,547	$	4,410	$	(11,063	)	$	12,553
As of December 31, 2018
Current Assets	$	4,317	$	1,479	$	304	$	(4,593	)	$	1,507
Property, Plant and Equipment, net	49		4,971		3,822		—			8,842
Investment in Subsidiaries	5,062		1,107		—		(6,169		)	—
Noncurrent Assets	273		2,109		101		(238		)	2,245
Total Assets	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594
Current Liabilities	$	437	$	2,971	$	2,027	$	(4,593	)	$	842
Noncurrent Liabilities	513		1,996		730		(238		)	3,001
Long-Term Debt	2,791		—		—		—			2,791
Member’s Equity	5,960		4,699		1,470		(6,169		)	5,960
Total Liabilities and Member’s Equity	$	9,701	$	9,666	$	4,227	$	(11,000	)	$	12,594