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Goodwill And Other Intangibles
 12 Months Ended
Dec. 31, 2020
Goodwill [Line Items]  
Goodwill And Other Intangibles Goodwill and Other Intangibles
In 2019, PSEG Power determined its fair value using a market-based enterprise valuation technique. Based on the results of the annual impairment test, PSEG Power determined that its entire goodwill was impaired and recorded a loss of $16 million in O&M Expense. The decrease in the fair value was primarily due to the continued decline in wholesale power market pricing.
As of December 31, 2020 and 2019, PSEG Power had intangible assets of $158 million and $149 million, respectively, related to emissions allowances and RECs. Emissions allowances and RECs are recorded at cost and evaluated for impairment at least annually. Emissions expense includes impairments of emissions allowances, if any, and costs for emissions, which is recorded as emissions occur. As load is served under contracts requiring energy from renewable sources, the related expense is recorded.
The changes to PSEG Power’s intangible assets during 2019 and 2020 are as follows:
Emissions AllowancesRECsTotal Other Intangibles
Millions
Balance as of January 1, 2019$84 $59 $143 
Retirements(6)(83)(89)
Purchases26 72 98 
Sales and Transfers, net— (3)(3)
Balance as of December 31, 2019$104 $45 $149 
Retirements(9)(93)(102)
Purchases17 94 111 
Balance as of December 31, 2020$112 $46 $158 
PSEG Power LLC  
Goodwill [Line Items]  
Goodwill And Other Intangibles Goodwill and Other Intangibles
In 2019, PSEG Power determined its fair value using a market-based enterprise valuation technique. Based on the results of the annual impairment test, PSEG Power determined that its entire goodwill was impaired and recorded a loss of $16 million in O&M Expense. The decrease in the fair value was primarily due to the continued decline in wholesale power market pricing.
As of December 31, 2020 and 2019, PSEG Power had intangible assets of $158 million and $149 million, respectively, related to emissions allowances and RECs. Emissions allowances and RECs are recorded at cost and evaluated for impairment at least annually. Emissions expense includes impairments of emissions allowances, if any, and costs for emissions, which is recorded as emissions occur. As load is served under contracts requiring energy from renewable sources, the related expense is recorded.
The changes to PSEG Power’s intangible assets during 2019 and 2020 are as follows:
Emissions AllowancesRECsTotal Other Intangibles
Millions
Balance as of January 1, 2019$84 $59 $143 
Retirements(6)(83)(89)
Purchases26 72 98 
Sales and Transfers, net— (3)(3)
Balance as of December 31, 2019$104 $45 $149 
Retirements(9)(93)(102)
Purchases17 94 111 
Balance as of December 31, 2020$112 $46 $158