Debt and Credit Facilities

6 Months Ended

Jun. 30, 2021

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2021:

PSE&G

•issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026,

•issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051,

•retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity, and

•retired $134 million of 9.25% Mortgage Bonds, Series CC, at maturity.

PSEG Power

•redeemed in May at par $700 million of 3.00% Senior Notes due to mature in June 2021, and

•redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021.

In August 2021, PSEG Power redeemed its $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Bonds.

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 trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power would expect to redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Any actual redemption price would depend on the applicable treasury rate in effect at such time and the cost of such redemption would be material. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements.

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 June 30, 2021, the total available credit capacity was $3.9 billion.

As of June 30, 2021, no single institution represented more than 9% of the total commitments in the credit facilities.

As of June 30, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing 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 its subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of June 30, 2021 were as follows:

	As of June 30, 2021
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	202	$	1,298	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	202	$	1,298
PSE&G
5-year Credit Facility (B)	$	600	$	18	$	582	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	18	$	582
PSEG Power
3-year Letter of Credit Facility (E)	$	100	$	—	$	100	Sept 2021	Letters of Credit
3-year Letter of Credit Facility	100		86		14		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	$	125	$	1,975
Total	$	4,200	$	345	$	3,855

(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 June 30, 2021, PSEG had $200 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of June 30, 2021.

(E)PSEG Power letter of credit facility was terminated in July 2021.

Short-Term Loans

PSEG

In May and March 2021, PSEG entered into two 364-day variable rate term loan agreements for $750 million and $500 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.

Public Service Electric and Gas Company [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2021:

PSE&G

•issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026,

•issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051,

•retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity, and

•retired $134 million of 9.25% Mortgage Bonds, Series CC, at maturity.

PSEG Power

•redeemed in May at par $700 million of 3.00% Senior Notes due to mature in June 2021, and

•redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021.

In August 2021, PSEG Power redeemed its $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Bonds.

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 trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power would expect to redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Any actual redemption price would depend on the applicable treasury rate in effect at such time and the cost of such redemption would be material. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements.

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 June 30, 2021, the total available credit capacity was $3.9 billion.

As of June 30, 2021, no single institution represented more than 9% of the total commitments in the credit facilities.

As of June 30, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing 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 its subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of June 30, 2021 were as follows:

	As of June 30, 2021
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	202	$	1,298	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	202	$	1,298
PSE&G
5-year Credit Facility (B)	$	600	$	18	$	582	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	18	$	582
PSEG Power
3-year Letter of Credit Facility (E)	$	100	$	—	$	100	Sept 2021	Letters of Credit
3-year Letter of Credit Facility	100		86		14		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	$	125	$	1,975
Total	$	4,200	$	345	$	3,855

(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 June 30, 2021, PSEG had $200 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of June 30, 2021.

(E)PSEG Power letter of credit facility was terminated in July 2021.

Short-Term Loans

PSEG

In May and March 2021, PSEG entered into two 364-day variable rate term loan agreements for $750 million and $500 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.

PSEG Power [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2021:

PSE&G

•issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026,

•issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051,

•retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity, and

•retired $134 million of 9.25% Mortgage Bonds, Series CC, at maturity.

PSEG Power

•redeemed in May at par $700 million of 3.00% Senior Notes due to mature in June 2021, and

•redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021.

In August 2021, PSEG Power redeemed its $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Bonds.

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 trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power would expect to redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Any actual redemption price would depend on the applicable treasury rate in effect at such time and the cost of such redemption would be material. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements.

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 June 30, 2021, the total available credit capacity was $3.9 billion.

As of June 30, 2021, no single institution represented more than 9% of the total commitments in the credit facilities.

As of June 30, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing 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 its subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of June 30, 2021 were as follows:

	As of June 30, 2021
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	202	$	1,298	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	202	$	1,298
PSE&G
5-year Credit Facility (B)	$	600	$	18	$	582	Mar 2024	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	18	$	582
PSEG Power
3-year Letter of Credit Facility (E)	$	100	$	—	$	100	Sept 2021	Letters of Credit
3-year Letter of Credit Facility	100		86		14		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	$	125	$	1,975
Total	$	4,200	$	345	$	3,855

(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 June 30, 2021, PSEG had $200 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of June 30, 2021.

(E)PSEG Power letter of credit facility was terminated in July 2021.

Short-Term Loans

PSEG

In May and March 2021, PSEG entered into two 364-day variable rate term loan agreements for $750 million and $500 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.