Financial Risk Management Activities (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule Of Derivative Instruments Fair Value In Balance Sheets

	As of September 30, 2020
	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	$	383	$	(337)	$	46	$	—	$	46
Noncurrent Assets	133		(116)		17		—		17
Total Mark-to-Market Derivative Assets	$	516	$	(453)	$	63	$	—	$	63
Derivative Contracts
Current Liabilities	$	(333)	$	327	$	(6)	$	(2)	$	(8)
Noncurrent Liabilities	(126)		125		(1)		—		(1)
Total Mark-to-Market Derivative (Liabilities)	$	(459)	$	452	$	(7)	$	(2)	$	(9)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	57	$	(1)	$	56	$	(2)	$	54

	As of December 31, 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	$	636	$	(523)	$	113	$	—	$	113
Noncurrent Assets	163		(139)		24		—		24
Total Mark-to-Market Derivative Assets	$	799	$	(662)	$	137	$	—	$	137
Derivative Contracts
Current Liabilities	$	(553)	$	522	$	(31)	$	(5)	$	(36)
Noncurrent Liabilities	(139)		138		(1)		—		(1)
Total Mark-to-Market Derivative (Liabilities)	$	(692)	$	660	$	(32)	$	(5)	$	(37)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	107	$	(2)	$	105	$	(5)	$	100

(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, 2020 and December 31, 2019.

(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) 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, 2020 and December 31, 2019, PSEG Power had net cash collateral (receipts) payments to counterparties of $56 million and $44 million, respectively. Of these net cash collateral (receipts) payments, $(1) million and $(2) million as of September 30, 2020 and December 31, 2019, respectively, were netted against the corresponding net derivative contract positions. Of the $(1) million as of September 30, 2020, $(11) million was netted against current assets, $(1) million was netted against noncurrent assets, and $11 million was netted against noncurrent liabilities. Of the $(2) million as of December 31, 2019, $(1) million was netted against current assets and $(1) million was netted against noncurrent assets

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, 2020 and 2019:

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,
	2020		2019			2020		2019
	Millions					Millions
PSEG
Interest Rate Swaps	$	—	$	—	Interest Expense	$	(5)	$	(1)
Total PSEG	$	—	$	—		$	(5)	$	(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,
	2020		2019			2020		2019
	Millions					Millions
PSEG
Interest Rate Swaps	$	(6)	$	(24)	Interest Expense	$	(11)	$	(2)
Total PSEG	$	(6)	$	(24)		$	(11)	$	(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, 2020, the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(4) million and $(8) million after-tax, respectively. The amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income for the three months and nine months ended September 30, 2019 was $(1) million

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, 2018	$	(2)	$	(1)
Loss Recognized in AOCI	(23)		(17)
Less: Loss Reclassified into Income	4		3
Balance as of December 31, 2019	$	(21)	$	(15)
Loss Recognized in AOCI	(6)		(4)
Less: Loss Reclassified into Income	11		8
Balance as of September 30, 2020	$	(16)	$	(11)

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, 2020 and 2019, 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,
		2020		2019		2020		2019
		Millions
PSEG and PSEG Power
Energy-Related Contracts	Operating Revenues	$	(49)	$	(76)	$	155	$	385
Energy-Related Contracts	Energy Costs	15		(3)		(51)		(77)
Total PSEG and PSEG Power		$	(34)	$	(79)	$	104	$	308

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, 2020 and December 31, 2019.

Type	Notional	Total	PSEG	PSEG Power	PSE&G
		Millions
As of September 30, 2020
Natural Gas	Dekatherm (Dth)	266	—	266	—
Electricity	MWh	(58)	—	(58)	—
Financial Transmission Rights (FTRs)	MWh	26	—	26	—
Interest Rate Swaps	U.S. Dollars	700	700	—	—
As of December 31, 2019
Natural Gas	Dth	341	—	341	—
Electricity	MWh	(62)	—	(62)	—
FTRs	MWh	13	—	13	—
Interest Rate Swaps	U.S. Dollars	700	700	—	—

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, 2020. 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, 2020, 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	$	244	$	34	$	210	3	$	120	(A)
Non-Investment Grade	2		—		2		—	—
Total	$	246	$	34	$	212	3	$	120

(A)Represents net exposure of $50 million with PSE&G and $70 million with two non-affiliated counterparties.

As of September 30, 2020, collateral held from counterparties where PSEG Power had credit exposure included $1 million in cash collateral and $33 million in letters of credit.

As of September 30, 2020, PSEG Power had 128 active counterparties.

^[1]

[1] Represents net exposure of $50 million with PSE&G and $70 million with two non-affiliated counterparties.