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Related-Party Transactions

3 Months Ended

Mar. 31, 2020

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:




	Three Months Ended
	March 31,
Related-Party Transactions	2020		2019
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	490	$	633
Administrative Billings from Services (B)	78		75
Total Billings from Affiliates	$	568	$	708




	As of		As of
Related-Party Transactions	March 31, 2020		December 31, 2019
	Millions
Receivable from PSEG (C)	$	—	$	1
Payable to PSEG Power (A)	$	284	$	307
Payable to Services (B)	68		83
Payable to PSEG (C)	51		—
Accounts Payable—Affiliated Companies	$	403	$	390
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	114	$	115

PSEG Power

The financial statements for PSEG Power include transactions with related parties presented as follows:




	Three Months Ended
	March 31,
Related-Party Transactions	2020		2019
	Millions
Billings to Affiliates:
Net Billings to PSE&G (A)	$	490	$	633
Billings from Affiliates:
Administrative Billings from Services (B)	$	45	$	45




	As of		As of
Related-Party Transactions	March 31, 2020		December 31, 2019
	Millions
Receivable from PSE&G (A)	$	284	$	307
Receivable from PSEG (C)	75		101
Accounts Receivable—Affiliated Companies	$	359	$	408
Payable to Services (B)	$	24	$	5
Accounts Payable—Affiliated Companies	$	24	$	5
Short-Term Loan to (from) Affiliate (E)	$	514	$	149
Working Capital Advances to Services (D)	$	17	$	17
Long-Term Accrued Taxes Payable	$	113	$	115

(A)

PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.


(B)	Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common costs, which Services pays on behalf of each of the operating companies.

(C)

PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are NOLs and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits.


(D)	PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets.

(E)

PSEG Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial.

Public Service Electric and Gas Company [Member]

Related-Party Transactions

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:




	Three Months Ended
	March 31,
Related-Party Transactions	2020		2019
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	490	$	633
Administrative Billings from Services (B)	78		75
Total Billings from Affiliates	$	568	$	708




	As of		As of
Related-Party Transactions	March 31, 2020		December 31, 2019
	Millions
Receivable from PSEG (C)	$	—	$	1
Payable to PSEG Power (A)	$	284	$	307
Payable to Services (B)	68		83
Payable to PSEG (C)	51		—
Accounts Payable—Affiliated Companies	$	403	$	390
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	114	$	115

PSEG Power

The financial statements for PSEG Power include transactions with related parties presented as follows:




	Three Months Ended
	March 31,
Related-Party Transactions	2020		2019
	Millions
Billings to Affiliates:
Net Billings to PSE&G (A)	$	490	$	633
Billings from Affiliates:
Administrative Billings from Services (B)	$	45	$	45




	As of		As of
Related-Party Transactions	March 31, 2020		December 31, 2019
	Millions
Receivable from PSE&G (A)	$	284	$	307
Receivable from PSEG (C)	75		101
Accounts Receivable—Affiliated Companies	$	359	$	408
Payable to Services (B)	$	24	$	5
Accounts Payable—Affiliated Companies	$	24	$	5
Short-Term Loan to (from) Affiliate (E)	$	514	$	149
Working Capital Advances to Services (D)	$	17	$	17
Long-Term Accrued Taxes Payable	$	113	$	115

(A)


(B)	Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common costs, which Services pays on behalf of each of the operating companies.

(C)


(D)	PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets.

(E)

PSEG Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial.

PSEG Power [Member]

Related-Party Transactions

The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:




	Three Months Ended
	March 31,
Related-Party Transactions	2020		2019
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	490	$	633
Administrative Billings from Services (B)	78		75
Total Billings from Affiliates	$	568	$	708




	As of		As of
Related-Party Transactions	March 31, 2020		December 31, 2019
	Millions
Receivable from PSEG (C)	$	—	$	1
Payable to PSEG Power (A)	$	284	$	307
Payable to Services (B)	68		83
Payable to PSEG (C)	51		—
Accounts Payable—Affiliated Companies	$	403	$	390
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	114	$	115

PSEG Power

The financial statements for PSEG Power include transactions with related parties presented as follows:




	Three Months Ended
	March 31,
Related-Party Transactions	2020		2019
	Millions
Billings to Affiliates:
Net Billings to PSE&G (A)	$	490	$	633
Billings from Affiliates:
Administrative Billings from Services (B)	$	45	$	45




	As of		As of
Related-Party Transactions	March 31, 2020		December 31, 2019
	Millions
Receivable from PSE&G (A)	$	284	$	307
Receivable from PSEG (C)	75		101
Accounts Receivable—Affiliated Companies	$	359	$	408
Payable to Services (B)	$	24	$	5
Accounts Payable—Affiliated Companies	$	24	$	5
Short-Term Loan to (from) Affiliate (E)	$	514	$	149
Working Capital Advances to Services (D)	$	17	$	17
Long-Term Accrued Taxes Payable	$	113	$	115

(A)


(B)	Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common costs, which Services pays on behalf of each of the operating companies.

(C)


(D)	PSE&G and PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets.

(E)

PSEG Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial.