Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule Of Effective Tax Rates

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG	June 30,						June 30,
	2022			2021			2022			2021
	Millions
Pre-Tax Income (Loss)	$	98		$	(239)		$	(56)		$	526
Tax Computed at Statutory Rate @ 21%	$	21		$	(50)		$	(12)		$	110
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	6			(24)			(22)			18
NDT Fund	(18)			9			(24)			18
GPRC-CEF-Energy Efficiency (EE)	(8)			(2)			(14)			(3)
Tax Credit Amortization/ITC Recapture	(2)			35			(4)			31
TAC	(32)			(40)			(106)			(118)
Other	—			10			(3)			(1)
Subtotal	(54)			(12)			(173)			(55)
Total Income Tax Expense (Benefit)	$	(33)		$	(62)		$	(185)		$	55
Effective Income Tax Rate	(33.7)		%	25.9		%	330.4		%	10.5		%

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSE&G	June 30,						June 30,
	2022			2021			2022			2021
	Millions
Pre-Tax Income	$	361		$	370		$	959		$	926
Tax Computed at Statutory Rate @ 21%	$	76		$	78		$	201		$	194
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	25			25			67			63
GPRC-CEF-EE	(8)			(2)			(14)			(3)
TAC	(32)			(40)			(106)			(118)
Other	(5)			—			(3)			4
Subtotal	(20)			(17)			(56)			(54)
Total Income Tax Expense (Benefit)	$	56		$	61		$	145		$	140
Effective Income Tax Rate	15.5		%	16.5		%	15.1		%	15.1		%