Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]

9 Months Ended

Sep. 30, 2023

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Related-Party Transactions	2023		2022		2023		2022
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	86	$	111	$	761	$	923
Administrative Billings from Services (B)	93		115		313		327
Total Billings from Affiliates	$	179	$	226	$	1,074	$	1,250



	As of		As of
Related-Party Transactions	September 30, 2023		December 31, 2022
	Millions

Receivable from PSEG (C)	$	20	$	—
Accounts Receivable—Affiliated Companies	$	20	$	—
Payable to PSEG Power (A)	$	106	$	313
Payable to Services (B)	63		98
Payable to PSEG (C)	—		74
Accounts Payable—Affiliated Companies	$	169	$	485

Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	9	$	9

(A)PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Since June 1, 2022, PSEG Power had no contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.

(B)Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(C)PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are NOLs and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(D)PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.