XML 44 R29.htm IDEA: XBRL DOCUMENT v3.22.2.2
Related-Party Transactions
 9 Months Ended
Sep. 30, 2022
Related Party Transaction [Line Items]  
Related-Party Transactions Related-Party Transactions
The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.
PSE&G
The financial statements for PSE&G include transactions with related parties presented as follows:
Three Months EndedNine Months Ended
September 30,September 30,
Related-Party Transactions2022202120222021
Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)$111 $121 $923 $788 
Administrative Billings from Services (B)115 102 327 281 
Total Billings from Affiliates$226 $223 $1,250 $1,069 
As ofAs of
Related-Party TransactionsSeptember 30, 2022December 31, 2021
Millions
Payable to PSEG Power (A)$22 $244 
Payable to Services (B)87 111 
Payable to PSEG (C)35 63 
Accounts Payable—Affiliated Companies$144 $418 
Working Capital Advances to Services (D)$33 $33 
Long-Term Accrued Taxes Payable
$4 $6 
(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. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. As of June 1, 2022, PSEG Power has no BGS contracts supplying PSE&G. 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.
(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.
Public Service Electric and Gas Company [Member]  
Related Party Transaction [Line Items]  
Related-Party Transactions Related-Party Transactions
The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP.
PSE&G
The financial statements for PSE&G include transactions with related parties presented as follows:
Three Months EndedNine Months Ended
September 30,September 30,
Related-Party Transactions2022202120222021
Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)$111 $121 $923 $788 
Administrative Billings from Services (B)115 102 327 281 
Total Billings from Affiliates$226 $223 $1,250 $1,069 
As ofAs of
Related-Party TransactionsSeptember 30, 2022December 31, 2021
Millions
Payable to PSEG Power (A)$22 $244 
Payable to Services (B)87 111 
Payable to PSEG (C)35 63 
Accounts Payable—Affiliated Companies$144 $418 
Working Capital Advances to Services (D)$33 $33 
Long-Term Accrued Taxes Payable
$4 $6 
(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. PSEG Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process and sells ZECs to PSE&G under the ZEC program. As of June 1, 2022, PSEG Power has no BGS contracts supplying PSE&G. 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.
(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.