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Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2021
Debt Instrument [Line Items]  
Schedule Of Consolidated Debt Debt and Credit Facilities
Long-Term Debt
As of December 31,
 Maturity20212020
 Millions
PSEG
Senior Notes:
2.00%2021$— $300 
2.65%2022700 700 
0.84%2023750 — 
2.88%2024750 750 
0.80%2025550 550 
1.60%2030550 550 
2.45%2031750 — 
8.63%(A)203196 96 
Total Senior Notes4,146 2,946 
Principal Amount Outstanding4,146 2,946 
Amounts Due Within One Year(700)(300)
Net Unamortized Discount and Debt Issuance Costs(22)(17)
Total Long-Term Debt of PSEG $3,424 $2,629 
  As of December 31,
 Maturity20212020
  Millions
PSE&G
First and Refunding Mortgage Bonds (B):
9.25%2021$— $134 
8.00%20377 7 
5.00%20378 8 
Total First and Refunding Mortgage Bonds15 149 
Medium-Term Notes (B):
1.90%2021— 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 
0.95%2026450 — 
3.00%2027425 425 
3.70%2028375 375 
3.65%2028325 325 
3.20%2029375 375 
2.45%2030300 300 
1.90%2031425 — 
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 300 
2.70%2050375 375 
2.05%2050375 375 
3.00%2051450 — 
Total MTNs11,875 10,850 
Principal Amount Outstanding11,890 10,999 
Amounts Due Within One Year— (434)
Net Unamortized Discount and Selling Expense(95)(90)
Total Long-Term Debt of PSE&G$11,795 $10,475 
 As of December 31,
 Maturity20212020
  Millions
PSEG Power
Senior Notes:
3.00%2021$— $700 
4.15%2021— 250 
3.85%2023— 700 
4.30%2023— 250 
8.63%(A)2031— 404 
Total Senior Notes (C)— 2,304 
Pollution Control Notes:
Floating Rate (C)2022— 44 
Total Pollution Control Notes— 44 
Principal Amount Outstanding— 2,348 
Amounts Due Within One Year— (950)
Net Unamortized Discount and Debt Issuance Costs— (6)
Total Long-Term Debt of PSEG Power$— $1,392 
(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)All outstanding Senior Notes and the Pennsylvania Economic Development Financing Authority Variable Rate Bonds (PEDFA) of PSEG Power were redeemed during 2021 as described below.
Long-Term Debt Maturities
The aggregate principal amounts of maturities for each of the five years following December 31, 2021 are as follows:
YearPSEG PSE&GTotal
 
2022$700 $— $700 
2023750 825 1,575 
2024750 750 1,500 
2025550 350 900 
2026— 875 875 
Thereafter1,396 9,090 10,486 
Total$4,146 $11,890 $16,036 
Long-Term Debt Financing Transactions
During 2021, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:
PSEG
•issued $750 million of 0.84% Senior Notes due November 2023,
•issued $750 million of 2.45% Senior Notes due November 2031, and
•retired $300 million of 2.00% Senior Notes at maturity.
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,
•issued $425 million of 1.90% Secured Medium-Term Notes, Series N, due August 2031,
•retired $300 million of 1.90% Secured 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,
•redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021, and
•redeemed in August $44 million of PEDFA Variable Rate Bonds.
In October 2021, PSEG redeemed all remaining outstanding Senior Notes of PSEG Power due to covenants that could trigger a default from the sale of PSEG Power’s fossil generating assets. This included $700 million of 3.85% Senior Notes due to mature in June 2023, $250 million of 4.30% Senior Notes due to mature in November 2023, and $404 million of 8.63% Senior Notes due to mature in April 2031. These Senior Notes were redeemed at a redemption price that included a "make-whole" premium of approximately $294 million plus any interest accrued and unpaid to the redemption date, in each case, calculated in accordance with the indenture governing the Senior Notes. The debt redemption and “make whole” premium were funded with a short-term loan from PSEG and borrowings under PSEG Power’s credit facility. In addition, approximately $4 million of other non-cash debt extinguishment costs were recorded in October 2021.
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 $4.1 billion credit facilities are provided by a diverse bank group. As of December 31, 2021, the total available credit capacity was $2.9 billion.
As of December 31, 2021, no single institution represented more than 8% of the total commitments in the credit facilities.
As of December 31, 2021, the total credit capacity was in excess of the 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 December 31, 2021 were as follows:
As of December 31, 2021 
Company/FacilityTotal
Facility		Usage (E)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
5-year Credit Facilities (A)$1,500 $1,022 $478 Mar 2024Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $1,022 $478 
PSE&G
5-year Credit Facility (B)$600 $18 $582 Mar 2024Commercial Paper Support/Funding/Letters of Credit
Total PSE&G$600 $18 $582 
PSEG Power
3-year Letter of Credit Facility (C)$100 $87 $13 Sept 2023Letters of Credit
5-year Credit Facilities (D)1,900 58 1,842 Mar 2024Funding/Letters of Credit
Total PSEG Power$2,000 $145 $1,855 
Total$4,100 $1,185 $2,915 
(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)In December 2021, PSEG Power extended its letter of credit facility for one year from September 2022 to September 2023.
(D)PSEG Power facilities will be reduced by $12 million in March 2022.
(E)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, 2021, PSEG had $1.0 billion outstanding at a weighted average interest rate of 0.33%. PSE&G had no Commercial Paper outstanding as of December 31, 2021.
Debt Covenants
PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. In March 2021, each of PSEG and 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 Loans
PSEG
In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.
During the second half of 2021, PSEG Power experienced a substantial increase in net cash collateral postings related to hedge positions that are out-of-the-money due to an increase in energy market prices, from $343 million at the end of June to $844 million at the end of December. PSEG issued short-term borrowings, including commercial paper, in order to satisfy the increase in collateral postings and to prepare for the PSEG Power debt redemption. In October, PSEG Power borrowed $755 million from its credit facility to support its Senior Notes redemption and additional cash collateral postings, as needed. In November, PSEG issued $1.5 billion of Senior Notes, using a portion of the funds to provide support to PSEG Power for paying off the $755 million loan from the credit facility.
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, 2021 and 2020 are included in the following table and accompanying notes as of December 31, 2021 and 2020. 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, 2021December 31, 2020
 Carrying
Amount		Fair
Value 		Carrying
Amount		Fair
Value 
 Millions
Long-Term Debt (A):
PSEG $4,124 $4,172 $2,929 $3,092 
PSE&G 11,795 13,374 10,909 13,372 
PSEG Power (B)— — 2,342 2,679 
Total Long-Term Debt$15,919 $17,546 $16,180 $19,143 
(A)Given that these bonds do not trade actively, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
(B)In October 2021, PSEG redeemed all of PSEG Power’s outstanding Senior Notes.
Public Service Electric and Gas Company  
Debt Instrument [Line Items]  
Schedule Of Consolidated Debt Debt and Credit Facilities
Long-Term Debt
As of December 31,
 Maturity20212020
 Millions
PSEG
Senior Notes:
2.00%2021$— $300 
2.65%2022700 700 
0.84%2023750 — 
2.88%2024750 750 
0.80%2025550 550 
1.60%2030550 550 
2.45%2031750 — 
8.63%(A)203196 96 
Total Senior Notes4,146 2,946 
Principal Amount Outstanding4,146 2,946 
Amounts Due Within One Year(700)(300)
Net Unamortized Discount and Debt Issuance Costs(22)(17)
Total Long-Term Debt of PSEG $3,424 $2,629 
  As of December 31,
 Maturity20212020
  Millions
PSE&G
First and Refunding Mortgage Bonds (B):
9.25%2021$— $134 
8.00%20377 7 
5.00%20378 8 
Total First and Refunding Mortgage Bonds15 149 
Medium-Term Notes (B):
1.90%2021— 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 
0.95%2026450 — 
3.00%2027425 425 
3.70%2028375 375 
3.65%2028325 325 
3.20%2029375 375 
2.45%2030300 300 
1.90%2031425 — 
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 300 
2.70%2050375 375 
2.05%2050375 375 
3.00%2051450 — 
Total MTNs11,875 10,850 
Principal Amount Outstanding11,890 10,999 
Amounts Due Within One Year— (434)
Net Unamortized Discount and Selling Expense(95)(90)
Total Long-Term Debt of PSE&G$11,795 $10,475 
 As of December 31,
 Maturity20212020
  Millions
PSEG Power
Senior Notes:
3.00%2021$— $700 
4.15%2021— 250 
3.85%2023— 700 
4.30%2023— 250 
8.63%(A)2031— 404 
Total Senior Notes (C)— 2,304 
Pollution Control Notes:
Floating Rate (C)2022— 44 
Total Pollution Control Notes— 44 
Principal Amount Outstanding— 2,348 
Amounts Due Within One Year— (950)
Net Unamortized Discount and Debt Issuance Costs— (6)
Total Long-Term Debt of PSEG Power$— $1,392 
(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)All outstanding Senior Notes and the Pennsylvania Economic Development Financing Authority Variable Rate Bonds (PEDFA) of PSEG Power were redeemed during 2021 as described below.
Long-Term Debt Maturities
The aggregate principal amounts of maturities for each of the five years following December 31, 2021 are as follows:
YearPSEG PSE&GTotal
 
2022$700 $— $700 
2023750 825 1,575 
2024750 750 1,500 
2025550 350 900 
2026— 875 875 
Thereafter1,396 9,090 10,486 
Total$4,146 $11,890 $16,036 
Long-Term Debt Financing Transactions
During 2021, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions:
PSEG
•issued $750 million of 0.84% Senior Notes due November 2023,
•issued $750 million of 2.45% Senior Notes due November 2031, and
•retired $300 million of 2.00% Senior Notes at maturity.
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,
•issued $425 million of 1.90% Secured Medium-Term Notes, Series N, due August 2031,
•retired $300 million of 1.90% Secured 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,
•redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021, and
•redeemed in August $44 million of PEDFA Variable Rate Bonds.
In October 2021, PSEG redeemed all remaining outstanding Senior Notes of PSEG Power due to covenants that could trigger a default from the sale of PSEG Power’s fossil generating assets. This included $700 million of 3.85% Senior Notes due to mature in June 2023, $250 million of 4.30% Senior Notes due to mature in November 2023, and $404 million of 8.63% Senior Notes due to mature in April 2031. These Senior Notes were redeemed at a redemption price that included a "make-whole" premium of approximately $294 million plus any interest accrued and unpaid to the redemption date, in each case, calculated in accordance with the indenture governing the Senior Notes. The debt redemption and “make whole” premium were funded with a short-term loan from PSEG and borrowings under PSEG Power’s credit facility. In addition, approximately $4 million of other non-cash debt extinguishment costs were recorded in October 2021.
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 $4.1 billion credit facilities are provided by a diverse bank group. As of December 31, 2021, the total available credit capacity was $2.9 billion.
As of December 31, 2021, no single institution represented more than 8% of the total commitments in the credit facilities.
As of December 31, 2021, the total credit capacity was in excess of the 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 December 31, 2021 were as follows:
As of December 31, 2021 
Company/FacilityTotal
Facility		Usage (E)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
5-year Credit Facilities (A)$1,500 $1,022 $478 Mar 2024Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $1,022 $478 
PSE&G
5-year Credit Facility (B)$600 $18 $582 Mar 2024Commercial Paper Support/Funding/Letters of Credit
Total PSE&G$600 $18 $582 
PSEG Power
3-year Letter of Credit Facility (C)$100 $87 $13 Sept 2023Letters of Credit
5-year Credit Facilities (D)1,900 58 1,842 Mar 2024Funding/Letters of Credit
Total PSEG Power$2,000 $145 $1,855 
Total$4,100 $1,185 $2,915 
(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)In December 2021, PSEG Power extended its letter of credit facility for one year from September 2022 to September 2023.
(D)PSEG Power facilities will be reduced by $12 million in March 2022.
(E)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, 2021, PSEG had $1.0 billion outstanding at a weighted average interest rate of 0.33%. PSE&G had no Commercial Paper outstanding as of December 31, 2021.
Debt Covenants
PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. In March 2021, each of PSEG and 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 Loans
PSEG
In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.
During the second half of 2021, PSEG Power experienced a substantial increase in net cash collateral postings related to hedge positions that are out-of-the-money due to an increase in energy market prices, from $343 million at the end of June to $844 million at the end of December. PSEG issued short-term borrowings, including commercial paper, in order to satisfy the increase in collateral postings and to prepare for the PSEG Power debt redemption. In October, PSEG Power borrowed $755 million from its credit facility to support its Senior Notes redemption and additional cash collateral postings, as needed. In November, PSEG issued $1.5 billion of Senior Notes, using a portion of the funds to provide support to PSEG Power for paying off the $755 million loan from the credit facility.
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, 2021 and 2020 are included in the following table and accompanying notes as of December 31, 2021 and 2020. 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, 2021December 31, 2020
 Carrying
Amount		Fair
Value 		Carrying
Amount		Fair
Value 
 Millions
Long-Term Debt (A):
PSEG $4,124 $4,172 $2,929 $3,092 
PSE&G 11,795 13,374 10,909 13,372 
PSEG Power (B)— — 2,342 2,679 
Total Long-Term Debt$15,919 $17,546 $16,180 $19,143 
(A)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.
(B)In October 2021, PSEG redeemed all of PSEG Power’s outstanding Senior Notes.