Debt and Credit Facilities

3 Months Ended

Mar. 31, 2020

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 three months ended March 31, 2020:

PSE&G

• issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, and

• issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050.

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 and, from time to time, short-term loans. 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 March 31, 2020, the total available credit capacity was $3.2 billion.

As of March 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2020, 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 March 31, 2020 were as follows:

	As of March 31, 2020
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	806	$	694	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	806	$	694
PSE&G
5-year Credit Facility (B)	$	600	$	17	$	583	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	17	$	583
PSEG Power
3-year Letter of Credit Facilities	$	200	$	114	$	86	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2024	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	154	$	1,946
Total	$	4,200	$	977	$	3,223

(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 March 31, 2020, PSEG had $762 million outstanding at a weighted average interest rate of 3.4%. PSE&G had no commercial paper outstanding under its Commercial Paper Program as of March 31, 2020.

Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024.

Short-Term Loans

PSEG

In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.

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 three months ended March 31, 2020:

PSE&G

• issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, and

• issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050.

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 and, from time to time, short-term loans. 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 March 31, 2020, the total available credit capacity was $3.2 billion.

As of March 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2020, 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 March 31, 2020 were as follows:

	As of March 31, 2020
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	806	$	694	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	806	$	694
PSE&G
5-year Credit Facility (B)	$	600	$	17	$	583	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	17	$	583
PSEG Power
3-year Letter of Credit Facilities	$	200	$	114	$	86	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2024	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	154	$	1,946
Total	$	4,200	$	977	$	3,223

(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 March 31, 2020, PSEG had $762 million outstanding at a weighted average interest rate of 3.4%. PSE&G had no commercial paper outstanding under its Commercial Paper Program as of March 31, 2020.

Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024.

Short-Term Loans

PSEG

In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.

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 three months ended March 31, 2020:

PSE&G

• issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, and

• issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050.

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 and, from time to time, short-term loans. 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 March 31, 2020, the total available credit capacity was $3.2 billion.

As of March 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2020, 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 March 31, 2020 were as follows:

	As of March 31, 2020
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	806	$	694	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	806	$	694
PSE&G
5-year Credit Facility (B)	$	600	$	17	$	583	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	17	$	583
PSEG Power
3-year Letter of Credit Facilities	$	200	$	114	$	86	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2024	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	154	$	1,946
Total	$	4,200	$	977	$	3,223

(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 March 31, 2020, PSEG had $762 million outstanding at a weighted average interest rate of 3.4%. PSE&G had no commercial paper outstanding under its Commercial Paper Program as of March 31, 2020.

Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024.

Short-Term Loans

PSEG

In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.