Revenues Revenues (Tables)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

	PSE&G			PSEG Power		Other		Eliminations			Consolidated
	Millions
Three Months Ended June 30, 2020
Revenues from Contracts with Customers
Electric Distribution	$	723		$	—	$	—	$	—		$	723
Gas Distribution	278			—		—		(2		)	276
Transmission	378			—		—		—			378
Electricity and Related Product Sales
PJM
Third-Party Sales	—			346		—		—			346
Sales to Affiliates	—			111		—		(111		)	—
New York ISO	—			24		—		—			24
ISO New England	—			25		—		—			25
Gas Sales
Third-Party Sales	—			15		—		—			15
Sales to Affiliates	—			124		—		(124		)	—
Other Revenues from Contracts with Customers (A)	83			14		141		—			238
Total Revenues from Contracts with Customers	1,462			659		141		(237		)	2,025
Revenues Unrelated to Contracts with Customers (B)	(6		)	24		7		—			25
Total Operating Revenues	$	1,456		$	683	$	148	$	(237	)	$	2,050

	PSE&G		PSEG Power		Other		Eliminations			Consolidated
	Millions
Six Months Ended June 30, 2020
Revenues from Contracts with Customers
Electric Distribution	$	1,372	$	—	$	—	$	—		$	1,372
Gas Distribution	1,009		—		—		(4		)	1,005
Transmission	744		—		—		—			744
Electricity and Related Product Sales
PJM
Third-Party Sales	—		714		—		—			714
Sales to Affiliates	—		232		—		(232		)	—
New York ISO	—		49		—		—			49
ISO New England	—		73		—		—			73
Gas Sales
Third-Party Sales	—		44		—		—			44
Sales to Affiliates	—		478		—		(478		)	—
Other Revenues from Contracts with Customers (A)	165		24		285		(1		)	473
Total Revenues from Contracts with Customers	3,290		1,614		285		(715		)	4,474
Revenues Unrelated to Contracts with Customers (B)	49		289		19		—			357
Total Operating Revenues	$	3,339	$	1,903	$	304	$	(715	)	$	4,831

	PSE&G		PSEG Power		Other			Eliminations			Consolidated
	Millions
Three Months Ended June 30, 2019
Revenues from Contracts with Customers
Electric Distribution	$	775	$	—	$	—		$	—		$	775
Gas Distribution	211		—		—			(3		)	208
Transmission	304		—		—			—			304
Electricity and Related Product Sales
PJM
Third-Party Sales	—		423		—			—			423
Sales to Affiliates	—		130		—			(130		)	—
New York ISO	—		29		—			—			29
ISO New England	—		27		—			—			27
Gas Sales
Third-Party Sales	—		11		—			—			11
Sales to Affiliates	—		102		—			(102		)	—
Other Revenues from Contracts with Customers (A)	68		14		134			(1		)	215
Total Revenues from Contracts with Customers	1,358		736		134			(236		)	1,992
Revenues Unrelated to Contracts with Customers (B)	24		347		(47		)	—			324
Total Operating Revenues	$	1,382	$	1,083	$	87		$	(236	)	$	2,316

	PSE&G		PSEG Power		Other			Eliminations			Consolidated
	Millions
Six Months Ended June 30, 2019
Revenues from Contracts with Customers
Electric Distribution	$	1,517	$	—	$	—		$	—		$	1,517
Gas Distribution	1,142		—		—			(6		)	1,136
Transmission	592		—		—			—			592
Electricity and Related Product Sales
PJM
Third-Party Sales	—		938		—			—			938
Sales to Affiliates	—		256		—			(256		)	—
New York ISO	—		70		—			—			70
ISO New England	—		48		—			—			48
Gas Sales
Third-Party Sales	—		58		—			—			58
Sales to Affiliates	—		581		—			(581		)	—
Other Revenues from Contracts with Customers (A)	132		24		265			(2		)	419
Total Revenues from Contracts with Customers	3,383		1,975		265			(845		)	4,778
Revenues Unrelated to Contracts with Customers (B)	31		524		(37		)	—			518
Total Operating Revenues	$	3,414	$	2,499	$	228		$	(845	)	$	5,296

(A) Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other.

(B)

Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other.

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2020:

	Three Months Ended June 30, 2020
	Millions
Balance as of March 31, 2020	$	80
Utility Customer Accounts
Provision	45
Write-offs, net of Recoveries of $1 Million	(4		)
Balance as of June 30, 2020	$	121
	Six Months Ended June 30, 2020
	Millions
Balance as of January 1, 2020 (A)	$	68
Utility Customer Accounts
Provision	77
Write-offs, net of Recoveries of $3 Million	(24		)
Balance as of June 30, 2020	$	121

(A)Includes an $8 million pre-tax increase at adoption of ASU 2016-13. See Note 2. Recent Accounting Standards.

Revenue, Capacity Auction Obligations [Table Text Block]

Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and

incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

 

Delivery Year	$ per MW-Day	MW Cleared
June 2020 to May 2021	$168	7,900
June 2021 to May 2022	$180	7,100

Capacity Payments from the ISO New England Forward Capacity Market (FCM)—The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:

 

Delivery Year	$ per MW-Day (A)	MW Cleared
June 2020 to May 2021	$195	1,330
June 2021 to May 2022	$192	950
June 2022 to May 2023	$179	950
June 2023 to May 2024	$152	930
June 2024 to May 2025	$231	480
June 2025 to May 2026	$231	480