Financial Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule Of Derivative Instruments Fair Value In Balance Sheets

	As of September 30, 2019
	PSEG Power (A)									PSEG (A)			Consolidated
	Not Designated									Cash Flow Hedges
Balance Sheet Location	Energy- Related Contracts			Netting (B)			Total PSEG Power			Interest Rate Swaps			Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	361		$	(343	)	$	18		$	—		$	18
Noncurrent Assets	228			(201		)	27			—			27
Total Mark-to-Market Derivative Assets	$	589		$	(544	)	$	45		$	—		$	45
Derivative Contracts
Current Liabilities	$	(369	)	$	343		$	(26	)	$	(6	)	$	(32	)
Noncurrent Liabilities	(204		)	200			(4		)	(1		)	(5		)
Total Mark-to-Market Derivative (Liabilities)	$	(573	)	$	543		$	(30	)	$	(7	)	$	(37	)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	16		$	(1	)	$	15		$	(7	)	$	8

	As of December 31, 2018
	PSEG Power (A)									Consolidated
	Not Designated
Balance Sheet Location	Energy- Related Contracts			Netting (B)			Total PSEG Power			Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	426		$	(415	)	$	11		$	11
Noncurrent Assets	137			(136		)	1			1
Total Mark-to-Market Derivative Assets	$	563		$	(551	)	$	12		$	12
Derivative Contracts
Current Liabilities	$	(521	)	$	510		$	(11	)	$	(11	)
Noncurrent Liabilities	(198		)	194			(4		)	(4		)
Total Mark-to-Market Derivative (Liabilities)	$	(719	)	$	704		$	(15	)	$	(15	)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(156	)	$	153		$	(3	)	$	(3	)

(A) Substantially all of PSEG Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2019 and December 31, 2018.

(B)

Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2019 and December 31, 2018, PSEG Power had net cash collateral/margin payments to counterparties of $92 million and $393 million, respectively. Of these net cash/collateral margin payments, $(1) million as of September 30, 2019 and $153 million as December 31, 2018 were netted against the corresponding net derivative contract positions. The $(1) million as of September 30, 2019 was netted against noncurrent assets. Of the $153 million as of December 31, 2018, $(2) million was netted against current assets, $(3) million was netted against noncurrent assets, $96 million was netted against current liabilities and $62 million was netted against noncurrent liabilities.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months and nine months ended September 30, 2019 and 2018:

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income
	Three Months Ended					Three Months Ended
	September 30,					September 30,
	2019		2018			2019			2018
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(1	)	$	—
Total PSEG	$	—	$	—		$	(1	)	$	—

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives					Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income
	Nine Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	Millions						Millions
PSEG
Interest Rate Swaps	$	(24	)	$	—	Interest Expense	$	(2	)	$	—
Total PSEG	$	(24	)	$	—		$	(2	)	$	—

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months and nine months ended September 30, 2019, the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(1) million after-tax. The amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income for 2018 was immaterial.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis.

Accumulated Other Comprehensive Income (Loss)	Pre-Tax			After-Tax
	Millions
Balance as of December 31, 2017	$	—		$	—
Loss Recognized in AOCI	(2		)	(1		)
Less: Loss Reclassified into Income	—			—
Balance as of December 31, 2018	$	(2	)	$	(1	)
Loss Recognized in AOCI	(24		)	(17		)
Less: Loss Reclassified into Income	2			1
Balance as of September 30, 2019	$	(24	)	$	(17	)

Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and nine months ended September 30, 2019 and 2018, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that PSEG Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load.

Derivatives Not Designated as Hedges	Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2019			2018			2019			2018
		Millions
PSEG and PSEG Power
Energy-Related Contracts	Operating Revenues	$	(76	)	$	(130	)	$	385		$	(154	)
Energy-Related Contracts	Energy Costs	(3		)	5			(77		)	12
Total PSEG and PSEG Power		$	(79	)	$	(125	)	$	308		$	(142	)

Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of September 30, 2019 and December 31, 2018.

Type	Notional	Total		PSEG	PSEG Power		PSE&G
		Millions
As of September 30, 2019
Natural Gas	Dekatherm (Dth)	405		—	405		—
Electricity	MWh	(61	)	—	(61	)	—
Financial Transmission Rights (FTRs)	MWh	13		—	13		—
Interest Rate Swaps	U.S. Dollars	700		700	—		—
As of December 31, 2018
Natural Gas	Dth	358		—	358		—
Electricity	MWh	(74	)	—	(74	)	—
FTRs	MWh	18		—	18		—

PSEG Power [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule Providing Credit Risk From Others, Net Of Collateral

The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of September 30, 2019. It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of PSEG Power’s credit risk by credit rating of the counterparties.

As of September 30, 2019, 99% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives, NPNS and non-derivatives).

Rating	Current Exposure		Securities held as Collateral		Net Exposure		Number of Counterparties >10%	Net Exposure of Counterparties >10%
	Millions							Millions
Investment Grade	$	226	$	22	$	204	2	$	100	(A)
Non-Investment Grade	2		—		2		—	—
Total	$	228	$	22	$	206	2	$	100

(A) Represents net exposure of $67 million with PSE&G and $33 million with a non-affiliated counterparty.

As of September 30, 2019, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $19 million in letters of credit.

As of September 30, 2019, PSEG Power had 127 active counterparties.