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Financial Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Financial Risk Management Activities [Abstract]

Schedule Of Derivative Instruments Fair Value In Balance Sheets



	As of December 31, 2021
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	816	$	(744)	$	72
Noncurrent Assets	546		(518)		28
Total Mark-to-Market Derivative Assets	$	1,362	$	(1,262)	$	100
Derivative Contracts
Current Liabilities	$	(1,055)	$	1,038	$	(17)
Noncurrent Liabilities	(856)		839		(17)
Total Mark-to-Market Derivative (Liabilities)	$	(1,911)	$	1,877	$	(34)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(549)	$	615	$	66



	As of December 31, 2020
	Not Designated
Balance Sheet Location	Energy- Related Contracts		Netting (A)		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	464	$	(404)	$	60
Noncurrent Assets	93		(84)		9
Total Mark-to-Market Derivative Assets	$	557	$	(488)	$	69
Derivative Contracts
Current Liabilities	$	(412)	$	391	$	(21)
Noncurrent Liabilities	(109)		105		(4)
Total Mark-to-Market Derivative (Liabilities)	$	(521)	$	496	$	(25)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	36	$	8	$	44

(A) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Consolidated Balance Sheets. As of December 31, 2021 and 2020, PSEG Power had net cash collateral payments to counterparties of $844 million and $54 million, respectively. Of these net cash collateral (receipts) payments, $615 million as of December 31, 2021 and $8 million as of December 31, 2020 were netted against the corresponding net derivative contract positions. Of the $615 million as of December 31, 2021, $(30) million was netted against current assets, $(13) million was netted against non-current assets, $323 million was netted against current liabilities and $335 million was netted against noncurrent liabilities. Of the $8 million as of December 31, 2020, $(13) million was netted against current assets and $21 million was netted against noncurrent liabilities.

Schedule Of Derivative Instruments Designated As Cash Flow Hedges

The following shows the effect on the Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the years ended December 31, 2021, 2020 and 2019.



	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives						Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
Derivatives in Cash Flow Hedging Relationships	Years Ended December 31,							Years Ended December 31,
	2021		2020		2019			2021		2020		2019
	Millions							Millions
Interest Rate Swaps	$	—	$	(6)	$	(23)	Interest Expense	$	(4)	$	(14)	$	(4)
Total	$	—	$	(6)	$	(23)		$	(4)	$	(14)	$	(4)

Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the AOCL of PSEG on a pre-tax and after-tax basis.



Accumulated Other Comprehensive Income (Loss)	Pre-Tax		After-Tax
	Millions
Balance as of December 31, 2019	$	(21)	$	(15)
Loss Recognized in AOCI	(6)		(4)
Less: Loss Reclassified into Income	14		10
Balance as of December 31, 2020	$	(13)	$	(9)
Loss Recognized in AOCI	—		—
Less: Loss Reclassified into Income	4		3
Balance as of December 31, 2021	$	(9)	$	(6)

Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations

The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the years ended December 31, 2021, 2020 and 2019. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that PSEG Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load.



Derivatives Not Designated as Hedges	Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Years Ended December 31,
		2021		2020		2019
		Millions
Energy-Related Contracts	Operating Revenues	$	993	$	279	$	560
Energy-Related Contracts	Energy Costs	(126)		(142)		(119)
Total		$	867	$	137	$	441

Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of December 31, 2021 and 2020.



		As of December 31,
Type	Notional	2021	2020
		Millions
Natural Gas	Dekatherm (Dth)	47	321
Electricity	MWh	(76)	(66)
Financial Transmission Rights (FTRs)	MWh	27	20

Schedule Providing Credit Risk From Others, Net Of Collateral



Rating	Current Exposure		Securities held as Collateral		Net Exposure		Number of Counterparties >10%	Net Exposure of Counterparties >10% (A)
	Millions							Millions
Investment Grade	$	356	$	185	$	171	1	$	143
Non-Investment Grade	2		1		1		—	—
Total	$	358	$	186	$	172	1	$	143

(A)Represents net exposure with PSE&G.

- Definition

Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note).

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