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Debt and Credit Facilities
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022:
PSE&G
•issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032.
PSEG Power
•entered into a $1.25 billion variable rate term loan agreement due March 2025.
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.
In March 2022, PSEG and PSEG Power amended and consolidated revolving credit agreements with total borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 2027 and provides for $2.75 billion of credit capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. Sub-limits can be adjusted subject to the terms of the Master Credit Facility. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. In March 2022, PSE&G amended its existing $600 million revolving credit agreement to extend the maturity through March 2027 and provide for $1.0 billion of credit capacity.
In July 2022, PSEG Power increased its $100 million letter of credit facility expiring in September 2023 to $200 million and extended its expiration to September 2024.
In September 2022, a subsidiary of PSEG Power entered into an uncommitted credit facility for $200 million, which can be drawn to fund its cash collateral postings.
The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of September 30, 2022, the total available credit capacity was $3.4 billion.
As of September 30, 2022, no single institution represented more than 10% of the total commitments in the credit facilities.
As of September 30, 2022, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12 month planning horizon.
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 September 30, 2022 were as follows:
As of September 30, 2022
Company/FacilityTotal
Facility		Usage (B)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
Revolving Credit Facility (A) $1,500 $237 $1,263 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $237 $1,263 
PSE&G
Revolving Credit Facility$1,000 $18 $982 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSE&G$1,000 $18 $982 
PSEG Power
Revolving Credit Facility (A)$1,250 $117 $1,133 Mar 2027Funding/Letters of Credit
Letter of Credit Facility200 196 4 Sept 2024Letters of Credit
Letter of Credit Facility100 85 15 Apr 2024Letters of Credit
Letter of Credit Facility100 91 9 Apr 2025Letters of Credit
Total PSEG Power$1,650 $489 $1,161 
Total (C)$4,150 $744 $3,406 
(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power.
(B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of September 30, 2022, PSEG had $235 million outstanding at a weighted average interest rate of 3.10%. PSE&G had no Commercial Paper outstanding as of September 30, 2022.
(C)Amounts do not include uncommitted credit facilities.
Net Cash Collateral Postings
During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in PSEG Power’s daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $2.2 billion at the end of September 2022. Subsequent to September 2022, collateral postings have decreased but PSEG Power continued to experience significant fluctuations in its daily collateral requirements. Net cash collateral postings were $1.7 billion as of October 28, 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil, the closing of a $1.25 billion term loan in March 2022 at PSEG Power, and short-term borrowings at PSEG have contributed to available liquidity to help support PSEG Power’s current collateral requirements in 2022.
Short-Term Loans
PSEG
In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG repaid the $750 million term loan due in May 2022. In July 2022, PSEG repaid the $1.25 billion term loan due in August 2022.
In April 2022 and May 2022, PSEG entered into 364-day variable rate term loan agreements for $1.5 billion and $500 million, respectively.
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 nine months ended September 30, 2022:
PSE&G
•issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032.
PSEG Power
•entered into a $1.25 billion variable rate term loan agreement due March 2025.
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.
In March 2022, PSEG and PSEG Power amended and consolidated revolving credit agreements with total borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 2027 and provides for $2.75 billion of credit capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. Sub-limits can be adjusted subject to the terms of the Master Credit Facility. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. In March 2022, PSE&G amended its existing $600 million revolving credit agreement to extend the maturity through March 2027 and provide for $1.0 billion of credit capacity.
In July 2022, PSEG Power increased its $100 million letter of credit facility expiring in September 2023 to $200 million and extended its expiration to September 2024.
In September 2022, a subsidiary of PSEG Power entered into an uncommitted credit facility for $200 million, which can be drawn to fund its cash collateral postings.
The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of September 30, 2022, the total available credit capacity was $3.4 billion.
As of September 30, 2022, no single institution represented more than 10% of the total commitments in the credit facilities.
As of September 30, 2022, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12 month planning horizon.
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 September 30, 2022 were as follows:
As of September 30, 2022
Company/FacilityTotal
Facility		Usage (B)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
Revolving Credit Facility (A) $1,500 $237 $1,263 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $237 $1,263 
PSE&G
Revolving Credit Facility$1,000 $18 $982 Mar 2027Commercial Paper Support/Funding/Letters of Credit
Total PSE&G$1,000 $18 $982 
PSEG Power
Revolving Credit Facility (A)$1,250 $117 $1,133 Mar 2027Funding/Letters of Credit
Letter of Credit Facility200 196 4 Sept 2024Letters of Credit
Letter of Credit Facility100 85 15 Apr 2024Letters of Credit
Letter of Credit Facility100 91 9 Apr 2025Letters of Credit
Total PSEG Power$1,650 $489 $1,161 
Total (C)$4,150 $744 $3,406 
(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power.
(B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of September 30, 2022, PSEG had $235 million outstanding at a weighted average interest rate of 3.10%. PSE&G had no Commercial Paper outstanding as of September 30, 2022.
(C)Amounts do not include uncommitted credit facilities.
Net Cash Collateral Postings
During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in PSEG Power’s daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $2.2 billion at the end of September 2022. Subsequent to September 2022, collateral postings have decreased but PSEG Power continued to experience significant fluctuations in its daily collateral requirements. Net cash collateral postings were $1.7 billion as of October 28, 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil, the closing of a $1.25 billion term loan in March 2022 at PSEG Power, and short-term borrowings at PSEG have contributed to available liquidity to help support PSEG Power’s current collateral requirements in 2022.
Short-Term Loans
PSEG
In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG repaid the $750 million term loan due in May 2022. In July 2022, PSEG repaid the $1.25 billion term loan due in August 2022.
In April 2022 and May 2022, PSEG entered into 364-day variable rate term loan agreements for $1.5 billion and $500 million, respectively.