Debt and Credit Facilities

12 Months Ended

Dec. 31, 2020

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Debt and Credit Facilities

Long-Term Debt

			As of December 31,
		Maturity	2020		2019
			Millions
PSEG
Term Loan:
Variable Rate		2020	$	—	$	700
Total Term Loan			—		700
Senior Notes:
2.00%		2021	300		300
2.65%		2022	700		700
2.88%		2024	750		750
0.80%		2025	550		—
1.60%		2030	550		—
8.63%	(A)	2031	96		—
Total Senior Notes			2,946		1,750
Principal Amount Outstanding			2,946		2,450
Amounts Due Within One Year			(300)		(700)
Net Unamortized Discount and Debt Issuance Costs			(17)		(9)
Total Long-Term Debt of PSEG			$	2,629	$	1,741

		As of December 31,
	Maturity	2020		2019
		Millions
PSE&G
First and Refunding Mortgage Bonds (B):
9.25%	2021	$	134	$	134
8.00%	2037	7		7
5.00%	2037	8		8
Total First and Refunding Mortgage Bonds		149		149
Medium-Term Notes (B):
3.50%	2020	—		250
7.04%	2020	—		9
1.90%	2021	300		300
2.38%	2023	500		500
3.25%	2023	325		325
3.75%	2024	250		250
3.15%	2024	250		250
3.05%	2024	250		250
3.00%	2025	350		350
2.25%	2026	425		425
3.00%	2027	425		425
3.70%	2028	375		375
3.65%	2028	325		325
3.20%	2029	375		375
2.45%	2030	300		—
5.25%	2035	250		250
5.70%	2036	250		250
5.80%	2037	350		350
5.38%	2039	250		250
5.50%	2040	300		300
3.95%	2042	450		450
3.65%	2042	350		350
3.80%	2043	400		400
4.00%	2044	250		250
4.05%	2045	250		250
4.15%	2045	250		250
3.80%	2046	550		550
3.60%	2047	350		350
4.05%	2048	325		325
3.85%	2049	375		375
3.20%	2049	400		400
3.15%	2050	300		—
2.70%	2050	375		—
2.05%	2050	375		—
Total MTNs		10,850		9,759
Principal Amount Outstanding		10,999		9,908
Amounts Due Within One Year		(434)		(259)
Net Unamortized Discount and Selling Expense		(90)		(81)
Total Long-Term Debt of PSE&G		$	10,475	$	9,568

			As of December 31,
		Maturity	2020		2019
			Millions
PSEG Power
Senior Notes:
5.13%		2020	$	—	$	406
3.00%		2021	700		700
4.15%		2021	250		250
3.85%		2023	700		700
4.30%		2023	250		250
8.63%	(A)	2031	404		500
Total Senior Notes			2,304		2,806
Pollution Control Notes:
Floating Rate (C)		2022	44		44
Total Pollution Control Notes			44		44
Principal Amount Outstanding			2,348		2,850
Amounts Due Within One Year			(950)		(406)
Net Unamortized Discount and Debt Issuance Costs			(6)		(10)
Total Long-Term Debt of PSEG Power			$	1,392	$	2,434

(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power.

(B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.

(C)The Pennsylvania Economic Development Financing Authority (PEDFA) bond that is serviced and secured by PSEG Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2020 are as follows:

Year	PSEG		PSE&G		PSEG Power		Total
2021	$	300	$	434	$	950	$	1,684
2022	700		—		44		744
2023	—		825		950		1,775
2024	750		750		—		1,500
2025	550		350		—		900
Thereafter	646		8,640		404		9,690
Total	$	2,946	$	10,999	$	2,348	$	16,293

Long-Term Debt Financing Transactions

During 2020, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG

•issued $550 million of 0.80% Senior Notes due August 2025,

•issued $550 million of 1.60% Senior Notes due August 2030,

•issued $96 million of 8.63% Senior Notes due April 2031 in exchange for a like amount of 8.63% Senior Notes due April 2031 originally issued by PSEG Power, and

•retired a $700 million Term Loan at maturity.

PSE&G

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

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

•issued $375 million of 2.70% Secured Medium-Term Notes, Series N, due May 2050,

•issued $375 million of 2.05% Secured Medium-Term Notes, Series N, due August 2050,

•retired $250 million of 3.50% Medium-Term Notes, Series G, at maturity, and

•retired $9 million of 7.04% Medium-Term Notes, Series A, at maturity.

PSEG Power

•retired $406 million of 5.13% Senior Notes at maturity, and

•cancelled $96 million of 8.63% Senior Notes that were exchanged for a like amount of 8.63% Senior Notes due April 2031 issued by PSEG.

Debt Covenants

PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily 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 December 31, 2020, the total available credit capacity was $3.3 billion.

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

As of December 31, 2020, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to capital to meet redemptions.

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 our subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of December 31, 2020 were as follows:

	As of December 31, 2020
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	665	$	835	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	665	$	835
PSE&G
5-year Credit Facility (B)	$	600	$	117	$	483	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	117	$	483
PSEG Power
3-year Letter of Credit Facility	$	100	$	48	$	52	Sept 2021	Letters of Credit
3-year Letter of Credit Facility	100		81		19		Sept 2022	Letters of Credit
5-year Credit Facilities (C)	1,900		39		1,861		Mar 2024	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	168	$	1,932
Total	$	4,200	$	950	$	3,250

(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 December 31, 2020, PSEG had $663 million outstanding at a weighted average interest rate of 0.33%. PSE&G had $100 million outstanding at a weighted average interest rate of 0.28% under its Commercial Paper Program as of December 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, which was prepaid in January 2021. In April 2020, PSEG entered into two 364-day variable rate term loan agreements for $200 million and $300 million which were prepaid in August 2020.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2020 and 2019 are included in the following table and accompanying notes as of December 31, 2020 and 2019. See Note 19. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	2,929	$	3,092	$	2,441	$	2,479
PSE&G (B)	10,909		13,372		9,827		11,107
PSEG Power (B)	2,342		2,679		2,840		3,137
Total Long-Term Debt	$	16,180	$	19,143	$	15,108	$	16,723

(A)Includes a floating-rate term loan of $700 million at PSEG as of December 31, 2019. The fair value of the term loan debt (Level 2 measurement) approximates the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.(B)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

Public Service Electric and Gas Company

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Debt and Credit Facilities

Long-Term Debt

			As of December 31,
		Maturity	2020		2019
			Millions
PSEG
Term Loan:
Variable Rate		2020	$	—	$	700
Total Term Loan			—		700
Senior Notes:
2.00%		2021	300		300
2.65%		2022	700		700
2.88%		2024	750		750
0.80%		2025	550		—
1.60%		2030	550		—
8.63%	(A)	2031	96		—
Total Senior Notes			2,946		1,750
Principal Amount Outstanding			2,946		2,450
Amounts Due Within One Year			(300)		(700)
Net Unamortized Discount and Debt Issuance Costs			(17)		(9)
Total Long-Term Debt of PSEG			$	2,629	$	1,741

		As of December 31,
	Maturity	2020		2019
		Millions
PSE&G
First and Refunding Mortgage Bonds (B):
9.25%	2021	$	134	$	134
8.00%	2037	7		7
5.00%	2037	8		8
Total First and Refunding Mortgage Bonds		149		149
Medium-Term Notes (B):
3.50%	2020	—		250
7.04%	2020	—		9
1.90%	2021	300		300
2.38%	2023	500		500
3.25%	2023	325		325
3.75%	2024	250		250
3.15%	2024	250		250
3.05%	2024	250		250
3.00%	2025	350		350
2.25%	2026	425		425
3.00%	2027	425		425
3.70%	2028	375		375
3.65%	2028	325		325
3.20%	2029	375		375
2.45%	2030	300		—
5.25%	2035	250		250
5.70%	2036	250		250
5.80%	2037	350		350
5.38%	2039	250		250
5.50%	2040	300		300
3.95%	2042	450		450
3.65%	2042	350		350
3.80%	2043	400		400
4.00%	2044	250		250
4.05%	2045	250		250
4.15%	2045	250		250
3.80%	2046	550		550
3.60%	2047	350		350
4.05%	2048	325		325
3.85%	2049	375		375
3.20%	2049	400		400
3.15%	2050	300		—
2.70%	2050	375		—
2.05%	2050	375		—
Total MTNs		10,850		9,759
Principal Amount Outstanding		10,999		9,908
Amounts Due Within One Year		(434)		(259)
Net Unamortized Discount and Selling Expense		(90)		(81)
Total Long-Term Debt of PSE&G		$	10,475	$	9,568

			As of December 31,
		Maturity	2020		2019
			Millions
PSEG Power
Senior Notes:
5.13%		2020	$	—	$	406
3.00%		2021	700		700
4.15%		2021	250		250
3.85%		2023	700		700
4.30%		2023	250		250
8.63%	(A)	2031	404		500
Total Senior Notes			2,304		2,806
Pollution Control Notes:
Floating Rate (C)		2022	44		44
Total Pollution Control Notes			44		44
Principal Amount Outstanding			2,348		2,850
Amounts Due Within One Year			(950)		(406)
Net Unamortized Discount and Debt Issuance Costs			(6)		(10)
Total Long-Term Debt of PSEG Power			$	1,392	$	2,434

(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power.

(B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.

(C)The Pennsylvania Economic Development Financing Authority (PEDFA) bond that is serviced and secured by PSEG Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2020 are as follows:

Year	PSEG		PSE&G		PSEG Power		Total
2021	$	300	$	434	$	950	$	1,684
2022	700		—		44		744
2023	—		825		950		1,775
2024	750		750		—		1,500
2025	550		350		—		900
Thereafter	646		8,640		404		9,690
Total	$	2,946	$	10,999	$	2,348	$	16,293

Long-Term Debt Financing Transactions

During 2020, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG

•issued $550 million of 0.80% Senior Notes due August 2025,

•issued $550 million of 1.60% Senior Notes due August 2030,

•issued $96 million of 8.63% Senior Notes due April 2031 in exchange for a like amount of 8.63% Senior Notes due April 2031 originally issued by PSEG Power, and

•retired a $700 million Term Loan at maturity.

PSE&G

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

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

•issued $375 million of 2.70% Secured Medium-Term Notes, Series N, due May 2050,

•issued $375 million of 2.05% Secured Medium-Term Notes, Series N, due August 2050,

•retired $250 million of 3.50% Medium-Term Notes, Series G, at maturity, and

•retired $9 million of 7.04% Medium-Term Notes, Series A, at maturity.

PSEG Power

•retired $406 million of 5.13% Senior Notes at maturity, and

•cancelled $96 million of 8.63% Senior Notes that were exchanged for a like amount of 8.63% Senior Notes due April 2031 issued by PSEG.

Debt Covenants

PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily 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 December 31, 2020, the total available credit capacity was $3.3 billion.

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

As of December 31, 2020, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to capital to meet redemptions.

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 our subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of December 31, 2020 were as follows:

	As of December 31, 2020
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	665	$	835	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	665	$	835
PSE&G
5-year Credit Facility (B)	$	600	$	117	$	483	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	117	$	483
PSEG Power
3-year Letter of Credit Facility	$	100	$	48	$	52	Sept 2021	Letters of Credit
3-year Letter of Credit Facility	100		81		19		Sept 2022	Letters of Credit
5-year Credit Facilities (C)	1,900		39		1,861		Mar 2024	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	168	$	1,932
Total	$	4,200	$	950	$	3,250

(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 December 31, 2020, PSEG had $663 million outstanding at a weighted average interest rate of 0.33%. PSE&G had $100 million outstanding at a weighted average interest rate of 0.28% under its Commercial Paper Program as of December 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, which was prepaid in January 2021. In April 2020, PSEG entered into two 364-day variable rate term loan agreements for $200 million and $300 million which were prepaid in August 2020.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2020 and 2019 are included in the following table and accompanying notes as of December 31, 2020 and 2019. See Note 19. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	2,929	$	3,092	$	2,441	$	2,479
PSE&G (B)	10,909		13,372		9,827		11,107
PSEG Power (B)	2,342		2,679		2,840		3,137
Total Long-Term Debt	$	16,180	$	19,143	$	15,108	$	16,723

(A)Includes a floating-rate term loan of $700 million at PSEG as of December 31, 2019. The fair value of the term loan debt (Level 2 measurement) approximates the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.(B)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

PSEG Power LLC

Debt Instrument [Line Items]

Schedule Of Consolidated Debt

Debt and Credit Facilities

Long-Term Debt

			As of December 31,
		Maturity	2020		2019
			Millions
PSEG
Term Loan:
Variable Rate		2020	$	—	$	700
Total Term Loan			—		700
Senior Notes:
2.00%		2021	300		300
2.65%		2022	700		700
2.88%		2024	750		750
0.80%		2025	550		—
1.60%		2030	550		—
8.63%	(A)	2031	96		—
Total Senior Notes			2,946		1,750
Principal Amount Outstanding			2,946		2,450
Amounts Due Within One Year			(300)		(700)
Net Unamortized Discount and Debt Issuance Costs			(17)		(9)
Total Long-Term Debt of PSEG			$	2,629	$	1,741

		As of December 31,
	Maturity	2020		2019
		Millions
PSE&G
First and Refunding Mortgage Bonds (B):
9.25%	2021	$	134	$	134
8.00%	2037	7		7
5.00%	2037	8		8
Total First and Refunding Mortgage Bonds		149		149
Medium-Term Notes (B):
3.50%	2020	—		250
7.04%	2020	—		9
1.90%	2021	300		300
2.38%	2023	500		500
3.25%	2023	325		325
3.75%	2024	250		250
3.15%	2024	250		250
3.05%	2024	250		250
3.00%	2025	350		350
2.25%	2026	425		425
3.00%	2027	425		425
3.70%	2028	375		375
3.65%	2028	325		325
3.20%	2029	375		375
2.45%	2030	300		—
5.25%	2035	250		250
5.70%	2036	250		250
5.80%	2037	350		350
5.38%	2039	250		250
5.50%	2040	300		300
3.95%	2042	450		450
3.65%	2042	350		350
3.80%	2043	400		400
4.00%	2044	250		250
4.05%	2045	250		250
4.15%	2045	250		250
3.80%	2046	550		550
3.60%	2047	350		350
4.05%	2048	325		325
3.85%	2049	375		375
3.20%	2049	400		400
3.15%	2050	300		—
2.70%	2050	375		—
2.05%	2050	375		—
Total MTNs		10,850		9,759
Principal Amount Outstanding		10,999		9,908
Amounts Due Within One Year		(434)		(259)
Net Unamortized Discount and Selling Expense		(90)		(81)
Total Long-Term Debt of PSE&G		$	10,475	$	9,568

			As of December 31,
		Maturity	2020		2019
			Millions
PSEG Power
Senior Notes:
5.13%		2020	$	—	$	406
3.00%		2021	700		700
4.15%		2021	250		250
3.85%		2023	700		700
4.30%		2023	250		250
8.63%	(A)	2031	404		500
Total Senior Notes			2,304		2,806
Pollution Control Notes:
Floating Rate (C)		2022	44		44
Total Pollution Control Notes			44		44
Principal Amount Outstanding			2,348		2,850
Amounts Due Within One Year			(950)		(406)
Net Unamortized Discount and Debt Issuance Costs			(6)		(10)
Total Long-Term Debt of PSEG Power			$	1,392	$	2,434

(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power.

(B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.

(C)The Pennsylvania Economic Development Financing Authority (PEDFA) bond that is serviced and secured by PSEG Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.

Long-Term Debt Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2020 are as follows:

Year	PSEG		PSE&G		PSEG Power		Total
2021	$	300	$	434	$	950	$	1,684
2022	700		—		44		744
2023	—		825		950		1,775
2024	750		750		—		1,500
2025	550		350		—		900
Thereafter	646		8,640		404		9,690
Total	$	2,946	$	10,999	$	2,348	$	16,293

Long-Term Debt Financing Transactions

During 2020, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:

PSEG

•issued $550 million of 0.80% Senior Notes due August 2025,

•issued $550 million of 1.60% Senior Notes due August 2030,

•issued $96 million of 8.63% Senior Notes due April 2031 in exchange for a like amount of 8.63% Senior Notes due April 2031 originally issued by PSEG Power, and

•retired a $700 million Term Loan at maturity.

PSE&G

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

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

•issued $375 million of 2.70% Secured Medium-Term Notes, Series N, due May 2050,

•issued $375 million of 2.05% Secured Medium-Term Notes, Series N, due August 2050,

•retired $250 million of 3.50% Medium-Term Notes, Series G, at maturity, and

•retired $9 million of 7.04% Medium-Term Notes, Series A, at maturity.

PSEG Power

•retired $406 million of 5.13% Senior Notes at maturity, and

•cancelled $96 million of 8.63% Senior Notes that were exchanged for a like amount of 8.63% Senior Notes due April 2031 issued by PSEG.

Debt Covenants

PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily 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 December 31, 2020, the total available credit capacity was $3.3 billion.

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

As of December 31, 2020, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to capital to meet redemptions.

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 our subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of December 31, 2020 were as follows:

	As of December 31, 2020
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	665	$	835	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	665	$	835
PSE&G
5-year Credit Facility (B)	$	600	$	117	$	483	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	117	$	483
PSEG Power
3-year Letter of Credit Facility	$	100	$	48	$	52	Sept 2021	Letters of Credit
3-year Letter of Credit Facility	100		81		19		Sept 2022	Letters of Credit
5-year Credit Facilities (C)	1,900		39		1,861		Mar 2024	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	168	$	1,932
Total	$	4,200	$	950	$	3,250

(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 December 31, 2020, PSEG had $663 million outstanding at a weighted average interest rate of 0.33%. PSE&G had $100 million outstanding at a weighted average interest rate of 0.28% under its Commercial Paper Program as of December 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, which was prepaid in January 2021. In April 2020, PSEG entered into two 364-day variable rate term loan agreements for $200 million and $300 million which were prepaid in August 2020.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2020 and 2019 are included in the following table and accompanying notes as of December 31, 2020 and 2019. See Note 19. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

	December 31, 2020				December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A) (B)	$	2,929	$	3,092	$	2,441	$	2,479
PSE&G (B)	10,909		13,372		9,827		11,107
PSEG Power (B)	2,342		2,679		2,840		3,137
Total Long-Term Debt	$	16,180	$	19,143	$	15,108	$	16,723

(A)Includes a floating-rate term loan of $700 million at PSEG as of December 31, 2019. The fair value of the term loan debt (Level 2 measurement) approximates the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.(B)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.