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Debt and Credit Facilities (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
As of December 31,
 Maturity20202019
 Millions
PSEG
Term Loan:
Variable Rate2020$— $700 
Total Term Loan— 700 
Senior Notes:
2.00%2021300 300 
2.65%2022700 700 
2.88%2024750 750 
0.80%2025550 — 
1.60%2030550 — 
8.63%(A)203196 — 
Total Senior Notes2,946 1,750 
Principal Amount Outstanding2,946 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,
 Maturity20202019
  Millions
PSE&G
First and Refunding Mortgage Bonds (B):
9.25%2021$134 $134 
8.00%20377 7 
5.00%20378 8 
Total First and Refunding Mortgage Bonds149 149 
Medium-Term Notes (B):
3.50%2020— 250 
7.04%2020— 9 
1.90%2021300 300 
2.38%2023500 500 
3.25%2023325 325 
3.75%2024250 250 
3.15%2024250 250 
3.05%2024250 250 
3.00%2025350 350 
2.25%2026425 425 
3.00%2027425 425 
3.70%2028375 375 
3.65%2028325 325 
3.20%2029375 375 
2.45%2030300 — 
5.25%2035250 250 
5.70%2036250 250 
5.80%2037350 350 
5.38%2039250 250 
5.50%2040300 300 
3.95%2042450 450 
3.65%2042350 350 
3.80%2043400 400 
4.00%2044250 250 
4.05%2045250 250 
4.15%2045250 250 
3.80%2046550 550 
3.60%2047350 350 
4.05%2048325 325 
3.85%2049375 375 
3.20%2049400 400 
3.15%2050300 — 
2.70%2050375 — 
2.05%2050375 — 
Total MTNs10,850 9,759 
Principal Amount Outstanding10,999 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 $9,568 
 As of December 31,
 Maturity20202019
  Millions
PSEG Power
Senior Notes:
5.13%2020$— $406 
3.00%2021700 700 
4.15%2021250 250 
3.85%2023700 700 
4.30%2023250 250 
8.63%(A)2031404 500 
Total Senior Notes2,304 2,806 
Pollution Control Notes:
Floating Rate (C)202244 44 
Total Pollution Control Notes44 44 
Principal Amount Outstanding2,348 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.
Aggregate Principal Amounts Of Maturities
The aggregate principal amounts of maturities for each of the five years following December 31, 2020 are as follows:
YearPSEG PSE&GPSEG PowerTotal
 
2021$300 $434 $950 $1,684 
2022700 — 44 744 
2023— 825 950 1,775 
2024750 750 — 1,500 
2025550 350 — 900 
Thereafter646 8,640 404 9,690 
Total$2,946 $10,999 $2,348 $16,293 
Short-Term Liquidity
The total credit facilities and available liquidity as of December 31, 2020 were as follows:
As of December 31, 2020 
Company/FacilityTotal
Facility		Usage (D)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
5-year Credit Facilities (A)$1,500 $665 $835 Mar 2024Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $665 $835 
PSE&G
5-year Credit Facility (B)$600 $117 $483 Mar 2024Commercial Paper Support/Funding/Letters of Credit
Total PSE&G$600 $117 $483 
PSEG Power
3-year Letter of Credit Facility$100 $48 $52 Sept 2021Letters of Credit
3-year Letter of Credit Facility100 81 19 Sept 2022Letters of Credit
5-year Credit Facilities (C)1,900 39 1,861 Mar 2024Funding/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.
Estimated Fair Values
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, 2020December 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.