10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED March 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM          TO

Commission File Number	Name of Registrant, Address, and Telephone Number			State or other jurisdiction of Incorporation or Organization	I.R.S. Employer Identification  Number
001-09120	Public Service Enterprise Group Incorporated			New Jersey	22-2625848
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000
001-00973	Public Service Electric and Gas Company			New Jersey	22-1212800
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)	Name of Each Exchange On Which Registered
Public Service Enterprise Group Incorporated
	Common Stock without par value	PEG	New York Stock Exchange
Public Service Electric and Gas Company
	8.00% First and Refunding Mortgage Bonds, due 2037	PEG37D	New York Stock Exchange
	5.00% First and Refunding Mortgage Bonds, due 2037	PEG37J	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Public Service Enterprise Group Incorporated	Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
Public Service Electric and Gas Company	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐

(Cover continued on next page)

(Cover continued from previous page)

If any of the registrants is an emerging growth company, indicate by check mark if such registrant has elected not to use

the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 16, 2024, Public Service Enterprise Group Incorporated had outstanding 498,080,467 shares of its sole class of Common Stock, without par value.

As of April 16, 2024, Public Service Electric and Gas Company had issued and outstanding 132,450,344 shares of Common Stock, without nominal or par value, all of which were privately held, beneficially and of record, by Public Service Enterprise Group Incorporated.

Public Service Electric and Gas Company is a wholly owned subsidiary of Public Service Enterprise Group Incorporated and meets the conditions set forth in General Instruction H(1) of Form 10-Q. Public Service Electric and Gas Company is filing its Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.

		Page
FORWARD-LOOKING STATEMENTS		ii
FILING FORMAT		iii
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Public Service Enterprise Group Incorporated	1
	Public Service Electric and Gas Company	7
	Notes to Condensed Consolidated Financial Statements
	Note 1. Organization, Basis of Presentation and Significant Accounting Policies	13
	Note 2. Revenues	14
	Note 3. Variable Interest Entity (VIE)	18
	Note 4. Rate Filings	18
	Note 5. Leases	19
	Note 6. Financing Receivables	19
	Note 7. Trust Investments	21
	Note 8. Pension and Other Postretirement Benefits (OPEB)	27
	Note 9. Commitments and Contingent Liabilities	29
	Note 10. Debt and Credit Facilities	34
	Note 11. Financial Risk Management Activities	35
	Note 12. Fair Value Measurements	40
	Note 13. Net Other Income (Deductions)	44
	Note 14. Income Taxes	45
	Note 15. Accumulated Other Comprehensive Income (Loss), Net of Tax	46
	Note 16. Earnings Per Share (EPS) and Dividends	48
	Note 17. Financial Information by Business Segment	48
	Note 18. Related-Party Transactions	50
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	51
	Executive Overview of 2024 and Future Outlook	51
	Results of Operations	57
	Liquidity and Capital Resources	60
	Capital Requirements	62
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	62
Item 4.	Controls and Procedures	63
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64
Item 5.	Other Information	64
Item 6.	Exhibits	65
	Signatures	66

i

FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

•any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;

•the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;

•any equipment failures, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;

•any inability to recover the carrying amount of our long-lived assets;

•disruptions or cost increases in our supply chain, including labor shortages;

•any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;

•the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;

•a material shift away from natural gas toward increased electrification and a reduction in the use of natural gas;

•failure to attract and retain a qualified workforce;

•increases in the costs of equipment, materials, fuel, services and labor;

•the impact of our covenants in our debt instruments and credit agreements on our business;

•adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements and pension costs;

•any inability to extend certain significant contracts on terms acceptable to us;

•development, adoption and use of Artificial Intelligence by us and our third-party vendors;

•fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;

•our ability to obtain adequate nuclear fuel supply;

•changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;

•third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel;

•any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;

•the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;

ii

•PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;

•our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, production tax credit and/or zero emission certificates program;

•adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;

•risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;

•changes in federal and state environmental laws and regulations and enforcement;

•delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and

•changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage at https://investor.pseg.com/resources/email-alerts/default.aspx. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this Form 10-Q.

FILING FORMAT

This combined Quarterly Report on Form 10-Q is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information relating to any individual company is filed by such company on its own behalf. PSE&G is only responsible for information about itself and its subsidiaries.

Discussions throughout the document refer to PSEG and its direct operating subsidiaries. Depending on the context of each section, references to “we,” “us,” and “our” relate to PSEG or to the specific company or companies being discussed.

iii

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

(Unaudited)

	Three Months Ended
	March 31,
	2024		2023
OPERATING REVENUES	$	2,760	$	3,755
OPERATING EXPENSES
Energy Costs	997		1,082
Operation and Maintenance	783		743
Depreciation and Amortization	295		282
Total Operating Expenses	2,075		2,107
OPERATING INCOME	685		1,648
Income from Equity Method Investments	—		1
Net Gains (Losses) on Trust Investments	95		46
Net Other Income (Deductions)	35		42
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)	19		28
Interest Expense	(205)		(180)
INCOME BEFORE INCOME TAXES	629		1,585
Income Tax Expense	(97)		(298)
NET INCOME	$	532	$	1,287
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC	499		497
DILUTED	500		500
NET INCOME PER SHARE:
BASIC	$	1.07	$	2.59
DILUTED	$	1.06	$	2.58

See Notes to Condensed Consolidated Financial Statements.

1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2024		2023
NET INCOME	$	532	$	1,287
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $6 and $(17) for 2024 and 2023, respectively	(10)		26
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $(7) and $1 for 2024 and 2023, respectively	18		(1)
Pension/OPEB adjustment, net of tax (expense) benefit of $(1) and $(2) for 2024 and 2023, respectively	2		3
Other Comprehensive Income (Loss), net of tax	10		28
COMPREHENSIVE INCOME	$	542	$	1,315

See Notes to Condensed Consolidated Financial Statements.

2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

 

	March 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	1,186	$	54
Accounts Receivable, net of allowance of $269 in 2024 and $279 in 2023	1,523		1,482
Tax Receivable	5		10
Unbilled Revenues, net of allowance of $4 in 2024 and 2023	214		244
Fuel	96		264
Materials and Supplies, net	825		759
Prepayments	119		144
Derivative Contracts	74		112
Regulatory Assets	167		273
Other	73		31
Total Current Assets	4,282		3,373
PROPERTY, PLANT AND EQUIPMENT	49,295		48,603
Less: Accumulated Depreciation and Amortization	(10,801)		(10,572)
Net Property, Plant and Equipment	38,494		38,031
NONCURRENT ASSETS
Regulatory Assets	5,374		5,157
Operating Lease Right-of-Use Assets	175		179
Long-Term Investments	271		295
Nuclear Decommissioning Trust (NDT) Fund	2,628		2,524
Long-Term Receivable of Variable Interest Entity (VIE)	637		632
Rabbi Trust Fund	173		179
Derivative Contracts	2		29
Other	352		342
Total Noncurrent Assets	9,612		9,337
TOTAL ASSETS	$	52,388	$	50,741

See Notes to Condensed Consolidated Financial Statements.

3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	March 31, 2024		December 31, 2023
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$	2,500	$	1,500
Commercial Paper and Loans	525		949
Accounts Payable	980		1,214
Derivative Contracts	43		86
Accrued Interest	193		170
Accrued Taxes	37		8
Clean Energy Program	86		145
Obligation to Return Cash Collateral	93		89
Regulatory Liabilities	362		349
Other	569		547
Total Current Liabilities	5,388		5,057
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	6,802		6,671
Regulatory Liabilities	2,043		2,075
Operating Leases	168		173
Asset Retirement Obligations	1,480		1,468
OPEB Costs	335		349
OPEB Costs of Servco	520		514
Accrued Pension Costs	602		606
Accrued Pension Costs of Servco	100		102
Environmental Costs	217		213
Derivative Contracts	16		6
Long-Term Accrued Taxes	37		45
Other	198		201
Total Noncurrent Liabilities	12,518		12,423
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
CAPITALIZATION
LONG-TERM DEBT	18,764		17,784
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2024 and 2023—534 shares	5,003		5,018
Treasury Stock, at cost, 2024 and 2023—35 and 36 shares, respectively	(1,366)		(1,379)
Retained Earnings	12,250		12,017
Accumulated Other Comprehensive Loss	(169)		(179)
Total Stockholders’ Equity	15,718		15,477
Total Capitalization	34,482		33,261
TOTAL LIABILITIES AND CAPITALIZATION	$	52,388	$	50,741

See Notes to Condensed Consolidated Financial Statements.

4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	532	$	1,287
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	295		282
Amortization of Nuclear Fuel	51		48
Provision for Deferred Income Taxes and ITC	40		213
Non-Cash Employee Benefit Plan (Credits) Costs	18		9
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives	258		(771)
Cost of Removal	(45)		(41)
Energy Efficiency Programs Regulatory Investment Expenditures	(118)		(87)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures	27		17
Net Change in Other Regulatory Assets and Liabilities	(47)		5
Net (Gains) Losses and (Income) Expense from NDT Fund	(109)		(58)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable	5		70
Accrued Taxes	11		85
Cash Collateral	(168)		794
Obligation to Return Cash Collateral	4		(186)
Other Current Assets and Liabilities	(97)		169
Employee Benefit Plan Funding and Related Payments	(19)		(12)
Other	23		13
Net Cash Provided By (Used In) Operating Activities	661		1,837
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(797)		(739)
Proceeds from Sales of Trust Investments	369		402
Purchases of Trust Investments	(380)		(415)
Proceeds from Sales of Long-Lived Assets	—		20
Other	23		18
Net Cash Provided By (Used In) Investing Activities	(785)		(714)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	(425)		(200)
Payment of Short-Term Loans	—		(750)
Issuance of Long-Term Debt	2,250		900
Payment of Long-Term Debt	(250)		—
Cash Dividends Paid on Common Stock	(299)		(284)
Other	(27)		(46)
Net Cash Provided By (Used In) Financing Activities	1,249		(380)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	1,125		743
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	99		511
Cash, Cash Equivalents and Restricted Cash at End of Period	$	1,224	$	1,254
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	(4)	$	(72)
Interest Paid, Net of Amounts Capitalized	$	172	$	148
Accrued Property, Plant and Equipment Expenditures	$	408	$	333

See Notes to Condensed Consolidated Financial Statements.

5

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Millions

(Unaudited)

	Common Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	Shs.	Amount		Shs.	Amount						Total
Balance as of December 31, 2023	534	$	5,018	(36)	$	(1,379)	$	12,017	$	(179)	$	15,477
Net Income	—	—		—	—		532		—		532
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(2)	—	—		—	—		—		10		10
Comprehensive Income											542
Cash Dividends at $0.60 per share on Common Stock	—	—		—	—		(299)		—		(299)
Other	—	(15)		1	13		—		—		(2)
Balance as of March 31, 2024	534	$	5,003	(35)	$	(1,366)	$	12,250	$	(169)	$	15,718
Balance as of December 31, 2022	534	$	5,065	(37)	$	(1,377)	$	10,591	$	(550)	$	13,729
Net Income	—	—		—	—		1,287		—		1,287
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(18)	—	—		—	—		—		28		28
Comprehensive Income											1,315
Cash Dividends at $0.57 per share on Common Stock	—	—		—	—		(284)		—		(284)
Other	—	(20)		—	(14)		—		—		(34)
Balance as of March 31, 2023	534	$	5,045	(37)	$	(1,391)	$	11,594	$	(522)	$	14,726

See Notes to Condensed Consolidated Financial Statements.

6

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2024		2023
OPERATING REVENUES	$	2,333	$	2,293
OPERATING EXPENSES
Energy Costs	928		984
Operation and Maintenance	465		460
Depreciation and Amortization	257		244
Total Operating Expenses	1,650		1,688
OPERATING INCOME	683		605
Net Other Income (Deductions)	16		21
Net Non-Operating Pension and OPEB Credits (Costs)	19		28
Interest Expense	(138)		(113)
INCOME BEFORE INCOME TAXES	580		541
Income Tax Expense	(92)		(54)
NET INCOME	$	488	$	487

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

7

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2024		2023
NET INCOME	$	488	$	487
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 for 2024 and 2023	—		1
COMPREHENSIVE INCOME	$	488	$	488

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

8

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	March 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	50	$	30
Accounts Receivable, net of allowance of $269 in 2024 and $279 in 2023	1,188		1,076
Unbilled Revenues, net of allowance of $4 in 2024 and 2023	214		244
Materials and Supplies, net	579		519
Prepayments	51		57
Regulatory Assets	167		273
Other	25		31
Total Current Assets	2,274		2,230
PROPERTY, PLANT AND EQUIPMENT	44,349		43,753
Less: Accumulated Depreciation and Amortization	(8,851)		(8,711)
Net Property, Plant and Equipment	35,498		35,042
NONCURRENT ASSETS
Regulatory Assets	5,374		5,157
Operating Lease Right-of-Use Assets	99		99
Long-Term Investments	112		117
Rabbi Trust Fund	31		32
Long-Term Accrued Taxes	1		—
Other	203		196
Total Noncurrent Assets	5,820		5,601
TOTAL ASSETS	$	43,592	$	42,873

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

9

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	March 31, 2024		December 31, 2023
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$	500	$	750
Commercial Paper and Loans	25		425
Accounts Payable	619		780
Accounts Payable—Affiliated Companies	505		504
Accrued Interest	128		139
Clean Energy Program	86		145
Obligation to Return Cash Collateral	93		89
Regulatory Liabilities	362		349
Other	457		434
Total Current Liabilities	2,775		3,615
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC	5,955		5,813
Regulatory Liabilities	2,043		2,075
Operating Leases	88		89
Asset Retirement Obligations	401		401
OPEB Costs	197		210
Accrued Pension Costs	392		396
Environmental Costs	147		151
Long-Term Accrued Taxes	—		2
Other	155		160
Total Noncurrent Liabilities	9,378		9,297
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
CAPITALIZATION
LONG-TERM DEBT	13,903		12,913
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2024 and 2023—132 shares	892		892
Contributed Capital	2,156		2,156
Retained Earnings	14,492		14,004
Accumulated Other Comprehensive Loss	(4)		(4)
Total Stockholder’s Equity	17,536		17,048
Total Capitalization	31,439		29,961
TOTAL LIABILITIES AND CAPITALIZATION	$	43,592	$	42,873

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

10

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)

	Three Months Ended
	March 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	488	$	487
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	257		244
Provision for Deferred Income Taxes and ITC	53		27
Non-Cash Employee Benefit Plan (Credits) Costs	11		3
Cost of Removal	(45)		(41)
Energy Efficiency Programs Regulatory Investment Expenditures	(118)		(87)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures	27		17
Net Change in Other Regulatory Assets and Liabilities	(47)		5
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues	(83)		37
Materials and Supplies	(60)		(45)
Prepayments	6		(10)
Accounts Payable	(87)		(83)
Accounts Receivable/Payable—Affiliated Companies, net	30		8
Obligation to Return Cash Collateral	4		(186)
Other Current Assets and Liabilities	6		31
Employee Benefit Plan Funding and Related Payments	(14)		(7)
Other	(20)		(22)
Net Cash Provided By (Used In) Operating Activities	408		378
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(739)		(676)
Proceeds from Sales of Trust Investments	1		1
Purchases of Trust Investments	(1)		(1)
Other	6		3
Net Cash Provided By (Used In) Investing Activities	(733)		(673)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	(400)		—
Issuance of Long-Term Debt	1,000		900
Redemption of Long-Term Debt	(250)		—
Other	(12)		(8)
Net Cash Provided By (Used In) Financing Activities	338		892
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash	13		597
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	75		266
Cash, Cash Equivalents and Restricted Cash at End of Period	$	88	$	863
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	(1)	$	(10)
Interest Paid, Net of Amounts Capitalized	$	142	$	102
Accrued Property, Plant and Equipment Expenditures	$	322	$	308

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

11

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

Millions

(Unaudited)

	Common Stock		Contributed Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
									Total
Balance as of December 31, 2023	$	892	$	2,156	$	14,004	$	(4)	$	17,048
Net Income	—		—		488		—		488
Comprehensive Income									488
Balance as of March 31, 2024	$	892	$	2,156	$	14,492	$	(4)	$	17,536
Balance as of December 31, 2022	$	892	$	2,156	$	12,639	$	(5)	$	15,682
Net Income	—		—		487		—		487
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0	—		—		—		1		1
Comprehensive Income									488
Balance as of March 31, 2023	$	892	$	2,156	$	13,126	$	(4)	$	16,170

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

•PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate.

PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

Basis of Presentation

The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2023.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2023
Cash and Cash Equivalents	$	30	$	24	$	54
Restricted Cash in Other Current Assets	23		—		23
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	75	$	24	$	99
As of March 31, 2024
Cash and Cash Equivalents	$	50	$	1,136	$	1,186
Restricted Cash in Other Current Assets	16		—		16
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	88	$	1,136	$	1,224

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

Note 2. Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues.

PSE&G

Revenues from Contracts with Customers

Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period.

PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers.

Other Revenues from Contracts with Customers

Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered.

Revenues Unrelated to Contracts with Customers

Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the

14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants.

Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction.

Other Revenues from Contracts with Customers

PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered.

Revenues Unrelated to Contracts with Customers

PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

15

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2024
Revenues from Contracts with Customers
Electric Distribution	$	781	$	—	$	—	$	781
Gas Distribution	922		—		—		922
Transmission	436		—		—		436
Electricity and Related Product Sales
PJM
Third-Party Sales	—		227		—		227
Sales to Affiliates	—		30		(30)		—
ISO-New England (NE)	—		3		—		3
Gas Sales
Third-Party Sales	—		76		—		76
Sales to Affiliates	—		414		(414)		—
Other Revenues from Contracts with Customers (B)	84		174		(1)		257
Total Revenues from Contracts with Customers	2,223		924		(445)		2,702
Revenues Unrelated to Contracts with Customers (C)	110		(52)		—		58
Total Operating Revenues	$	2,333	$	872	$	(445)	$	2,760

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2023
Revenues from Contracts with Customers
Electric Distribution	$	730	$	—	$	—	$	730
Gas Distribution	959		—		(1)		958
Transmission	425		—		—		425
Electricity and Related Product Sales
PJM
Third-Party Sales	—		276		—		276
Sales to Affiliates	—		31		(31)		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		86		—		86
Sales to Affiliates	—		533		(533)		—
Other Revenues from Contracts with Customers (B)	78		153		—		231
Total Revenues from Contracts with Customers	2,192		1,082		(565)		2,709
Revenues Unrelated to Contracts with Customers (C)	101		945		—		1,046
Total Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

16

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Contract Balances

PSE&G

PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2024 and December 31, 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 18% of accounts receivable (including unbilled revenues) as of March 31, 2024 and December 31, 2023, respectively.

Accounts Receivable—Allowance for Credit Losses

PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of March 31, 2024. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of March 31, 2024, PSE&G had a deferred balance of $152 million from electric bad debts recorded as a Regulatory Asset. In addition, as of March 31, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 4. Rate Filings for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2024 and 2023:

		2024		2023
		Millions
Balance as of Beginning of Year		$	283	$	339
Utility Customer and Other Accounts
	Provision	26		9
	Write-offs, net of Recoveries of $7 million in 2024 and 2023	(36)		(29)
Balance as of End of Period		$	273	$	319

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2024 and December 31, 2023.

PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets.

PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2024 or December 31, 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of March 31, 2024 and December 31, 2023.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows:

17

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per Megawatt (MW)-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$65	3,700

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position.

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2024 is approximately $44 million and is updated each year based on the change in the Consumer Price Index.

Note 3. Variable Interest Entity (VIE)

VIE for which PSEG LI is the Primary Beneficiary

PSEG LI consolidates Servco, a marginally capitalized VIE, which was created for the purpose of operating LIPA’s T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco’s economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG.

Pursuant to the OSA, Servco’s operating costs are paid entirely by LIPA, and therefore, PSEG LI’s risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to payment of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contract management fee, in certain situations, could be partially offset by Servco’s annual storm costs that are denied reimbursement by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics.

For transactions in which Servco acts as principal and controls the services provided to LIPA, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. Servco recorded $150 million and $128 million for the three months ended March 31, 2024 and 2023, respectively, of O&M Expense, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG’s Condensed Consolidated Statement of Operations.

Note 4. Rate Filings

This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023.

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU are as follows:

BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm.

CIP—In February 2024, PSE&G filed its annual electric CIP petition seeking BPU approval to recover estimated deficient electric revenues of approximately $99 million based on the 12-month period ending May 31, 2024 with new rates proposed to be effective June 1, 2024. This matter is pending.

In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023.

COVID-19 Deferral—As of March 31, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts

18

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders. PSE&G’s COVID-19 recovery filing is pending.

Energy Strong II—In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates to be effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023.

Green Program Recovery Charges (GPRC)—In February 2024, PSE&G updated its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $49 million and $15 million in annual electric and gas revenues, respectively. This matter is pending.

Infrastructure Advancement Program (IAP)—In February 2024, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million effective May 1, 2024. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. This matter is pending.

SBC—In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. This order deferred the review and recovery of incremental electric bad debt expense as a result of COVID-19 collection moratoriums pending resolution of the COVID-19 proceeding described above.

Tax Adjustment Credit (TAC)—In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024.

Note 5. Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2024, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 6. Financing Receivables. There was no significant change in amounts reported in Note 7. Leases in the Annual Report on Form 10-K for the year ended December 31, 2023 for operating leases in which PSEG and its subsidiaries are lessees.

PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities and real estate assets. Rental income from these leases is included in Operating Revenues.

A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years.

Energy Holdings is the lessor in leveraged leases. See Note 6. Financing Receivables.

Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of March 31, 2024, Energy Holdings’ property subject to the lease had a total carrying value of $10 million.

The following is the operating lease income for the three months ended March 31, 2024 and 2023:

		Three Months Ended March 31,
		2024		2023
	Millions
Fixed Lease Income		$	3	$	6
Total Operating Lease Income		$	3	$	6

Note 6. Financing Receivables

PSE&G

PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of March 31, 2024, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A

19

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

	As of
Outstanding Loans by Class of Customers	March 31, 2024		December 31, 2023
	Millions
Commercial/Industrial	$	56	$	60
Residential	3		3
Total	59		63
Current Portion (included in Accounts Receivable)	(21)		(23)
Noncurrent Portion (included in Long-Term Investments)	$	38	$	40

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2024		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	4	prior to 2013	10 years	15 years
Solar Loan II	28		prior to 2015	10 years	15 years
Solar Loan III	27		prior to 2022	10 years	10 years
Total	$	59

The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2024 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets.

Leveraged leases outstanding as of March 31, 2024 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of March 31, 2024 and December 31, 2023.

	As of
	March 31, 2024		December 31, 2023
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	200	$	223
Unearned and Deferred Income	(58)		(62)
Gross Investments in Leases	142		161
Deferred Tax Liabilities	(34)		(36)
Net Investments in Leases	$	108	$	125

20

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2024
	As of March 31, 2024
	Millions
AA	$	7
A-	39
BBB+ to BBB	154
Total	$	200

PSEG recorded no credit losses for the leveraged leases existing on March 31, 2024. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

Note 7. Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	514	$	362	$	(2)	$	874
International	418		137		(14)		541
Total Equity Securities	932		499		(16)		1,415
Available-for-Sale Debt Securities
Government	771		1		(82)		690
Corporate	555		4		(37)		522
Total Available-for-Sale Debt Securities	1,326		5		(119)		1,212
Total NDT Fund Investments (A)	$	2,258	$	504	$	(135)	$	2,627

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2024, which is part of the NDT Fund.

21

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	482	$	300	$	(2)	$	780
International	423		118		(11)		530
Total Equity Securities	905		418		(13)		1,310
Available-for-Sale Debt Securities
Government	759		4		(72)		691
Corporate	555		6		(39)		522
Total Available-for-Sale Debt Securities	1,314		10		(111)		1,213
Total NDT Fund Investments (A)	$	2,219	$	428	$	(124)	$	2,523

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(67) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2024. The portion of net unrealized gains (losses) recognized in the first three months of 2024 related to equity securities still held as of March 31, 2024 was $92 million.

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	23	$	19
Accounts Payable	$	17	$	6

22

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	22	$	(1)	$	5	$	(1)	$	44	$	(1)	$	4	$	—
International	61		(8)		18		(6)		35		(4)		28		(8)
Total Equity Securities	83		(9)		23		(7)		79		(5)		32		(8)
Available-for-Sale Debt Securities
Government (B)	153		(2)		429		(80)		90		(1)		432		(71)
Corporate (C)	48		—		300		(37)		19		—		329		(39)
Total Available-for-Sale Debt Securities	201		(2)		729		(117)		109		(1)		761		(110)
NDT Trust Investments	$	284	$	(11)	$	752	$	(124)	$	188	$	(6)	$	793	$	(118)

(A)Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.

(B)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(C)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

23

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The proceeds from the sales of and the net gains on securities in the NDT Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from NDT Fund Sales (A)	$	360	$	396
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	31	$	21
Gross Realized Losses	(14)		(27)
Net Realized Gains (Losses) on NDT Fund (B)	17		(6)
Net Unrealized Gains (Losses) on Equity Securities	78		51
Net Gains (Losses) on NDT Fund Investments	$	95	$	45

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	18
1 - 5 years	335
6 - 10 years	204
11 - 15 years	64
16 - 20 years	95
Over 20 years	496
Total NDT Available-for-Sale Debt Securities	$	1,212

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

Rabbi Trust

PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.”

24

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	9	$	9	$	—	$	18
Available-for-Sale Debt Securities
Government	108		—		(21)		87
Corporate	78		—		(10)		68
Total Available-for-Sale Debt Securities	186		—		(31)		155
Total Rabbi Trust Investments	$	195	$	9	$	(31)	$	173

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	10	$	8	$	—	$	18
Available-for-Sale Debt Securities
Government	110		—		(19)		91
Corporate	80		—		(10)		70
Total Available-for-Sale Debt Securities	190		—		(29)		161
Total Rabbi Trust Investments	$	200	$	8	$	(29)	$	179

Net unrealized gains (losses) on debt securities of $(23) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2024. The portion of net unrealized gains (losses) recognized during the first three months of 2024 related to equity securities still held as of March 31, 2024 was less than $1 million.

The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	—	$	—

25

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	6	$	—	$	80	$	(21)	$	3	$	—	$	83	$	(19)
Corporate (B)	5		—		57		(10)		3		—		60		(10)
Total Available-for-Sale Debt Securities	11		—		137		(31)		6		—		143		(29)
Rabbi Trust Investments	$	11	$	—	$	137	$	(31)	$	6	$	—	$	143	$	(29)

(A)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(B)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains on securities in the Rabbi Trust Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from Rabbi Trust Sales	$	9	$	6
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	1
Gross Realized Losses	(1)		(1)
Net Realized Gains (Losses) on Rabbi Trust (A)	—		—
Net Unrealized Gains (Losses) on Equity Securities	—		1
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	1

(A)The cost of these securities was determined on the basis of specific identification.

26

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Rabbi Trust debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	26
6 - 10 years	17
11 - 15 years	9
16 - 20 years	18
Over 20 years	78
Total Rabbi Trust Available-for-Sale Debt Securities	$	155

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
PSE&G	$	31	$	32
PSEG Power & Other	142		147
Total Rabbi Trust Investments	$	173	$	179

Note 8. Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.

PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

27

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	22	$	1	$	1
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	56		69		9		10
Expected Return on Plan Assets	(80)		(95)		(9)		(8)
Amortization of Net
Prior Service Credit	—		—		—		(13)
Actuarial Loss (Gain)	18		24		—		(1)
Non-Service Components of Pension and OPEB (Credits) Costs	(6)		(2)		—		(12)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
PSE&G	$	11	$	13	$	—	$	(10)
PSEG Power & Other	6		7		1		(1)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

PSEG plans to contribute $5 million to its OPEB plan and does not plan to contribute to its pension plan in 2024.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG.

Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco’s pension-related revenues and costs were $6 million and $5 million for the three months ended March 31, 2024 and 2023, respectively. The OPEB-related revenues earned and costs incurred were $3 million for each of the three months ended March 31, 2024 and 2023.

Servco plans to contribute $25 million into its pension plan in 2024.

28

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 9. Commitments and Contingent Liabilities

Guaranteed Obligations

PSEG Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, letters of credit or guarantees as a form of collateral.

PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to

•support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and

•obtain credit.

PSEG Power is subject to

•counterparty collateral calls related to commodity contracts of its subsidiaries, and

•certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries.

Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction.

In order for PSEG Power to incur a liability for the face value of the outstanding guarantees,

•its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and

•the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties).

PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted.

Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules.

In addition to the guarantees discussed above, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations.

29

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2024 and December 31, 2023.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Face Value of Outstanding Guarantees	$	1,351	$	1,381
Exposure under Current Guarantees	$	66	$	118
Letters of Credit Margin Posted	$	10	$	10
Letters of Credit Margin Received	$	39	$	91
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(1)	$	(2)
Net Broker Balance Deposited (Received)	$	282	$	115
Additional Amounts Posted
Other Letters of Credit	$	159	$	180

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively.

In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table.

Environmental Matters

Passaic River

Lower Passaic River Study Area    

The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power.

The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work.

Occidental Chemical Corporation (Occidental) has voluntarily commenced design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

The EPA has announced a proposed settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer.

As of March 31, 2024, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Environmental Costs Liability of $13 million.

30

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs.

Newark Bay Study Area

The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 21 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site.

Natural Resource Damage Claims

New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter.

Hackensack River

In 2022, the EPA announced it had designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. In 2024, the EPA identified PSE&G and four other parties as PRPs for the site and requested that they voluntarily perform a technical study of a portion of the river designated as “Operable Unit 2.” The EPA estimates that the technical study will cost $55 million to complete and PSE&G and PSEG Power have offered to participate in the technical study, subject to negotiation of further details. PSE&G and PSEG Power do not believe participation in the technical study will have a material impact on their results of operations and financial condition based upon EPA’s estimate of the study costs; however, future costs related to this matter could be material.

Manufactured Gas Plant (MGP) Remediation Program

PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $204 million and $223 million on an undiscounted basis, including its $53 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $204 million as of March 31, 2024. Of this amount, $61 million was recorded in Other Current Liabilities and $143 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $204 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. PSE&G completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy.

Legacy Environmental Obligations at Former Fossil Generating Sites

PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA) to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015.

PSEG Power is in the process of fulfilling its obligations under the New Jersey ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. At this stage in the remediation process, the full remediation costs are not estimable, but given the number and operating history of the facilities in the portfolio, the full remediation costs will likely be material in the aggregate. The costs

31

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

could potentially include costs for, among other things, excavating soil, implementation of institutional controls, and the construction, operation and maintenance of engineering controls.

Clean Water Act (CWA) Section 316(b) Rule

The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day.

In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility.

Basic Generation Service (BGS), BGSS and ZECs

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards.

The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2024 is $378.21 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2024 of $330.72 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period.

PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:

	Auction Year
	2021	2022	2023	2024
36-Month Terms Ending	May 2024	May 2025	May 2026	May 2027	(A)
Load (MW)	2,900	2,800	2,800	2,900
$ per MWh	$64.80	$76.30	$93.11	$80.88

(A)Prices set in the 2024 BGS auction will become effective on June 1, 2024 when the 2021 BGS auction agreements expire.

PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for PSEG Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 18. Related-Party Transactions.

Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year.

32

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Minimum Fuel Purchase Requirements

PSEG Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. PSEG Power’s minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom.

PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G.

As of March 31, 2024, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2028
	Millions
Nuclear Fuel
Uranium	$	373
Enrichment	$	341
Fabrication	$	183
Natural Gas	$	1,214

Pending FERC Matters

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

BPU Audit of PSE&G

In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which addresses, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021. The BPU Audit Staff submitted the final audit report to the BPU in June 2023. The BPU is currently considering public comments on the audit report and has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter.

Litigation

Sewaren 7 Construction

In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter.

33

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Other Litigation and Legal Proceedings

PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG and PSE&G generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter.

In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s or PSE&G’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s or PSE&G’s results of operations or liquidity for any particular reporting period.

Note 10. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2024:

PSEG

•issued $750 million of 5.20% Senior Notes due April 2029, and

•issued $500 million of 5.45% Senior Notes due April 2034.

PSE&G

•issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034,

•issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054, and

•retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity.

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 facility.

The commitments under the $4.0 billion credit facilities are provided by a diverse bank group. As of March 31, 2024, the total available credit capacity was $3.8 billion. In March 2024, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2028.

As of March 31, 2024, no single institution represented more than 10% of the total commitments in the credit facilities.

As of March 31, 2024, 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.

34

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The total committed credit facilities and available liquidity as of March 31, 2024 were as follows:

	As of March 31, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	2	$	1,498	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	2	$	1,498
PSE&G
Revolving Credit Facility	$	1,000	$	45	$	955	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	45	$	955
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2028	Funding/Letters of Credit
Letter of Credit Facility	75		45		30		Apr 2026	Letters of Credit
Letter of Credit Facility	200		83		117		Sept 2024	Letters of Credit
Total PSEG Power	$	1,525	$	167	$	1,358
Total (C)	$	4,025	$	214	$	3,811

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. 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.

(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 March 31, 2024, PSEG had no outstanding commercial paper and PSE&G had $25 million outstanding at a weighted average interest rate of 5.45%.

(C)Amounts do not include uncommitted credit facilities or 364-day term loans.

PSEG Power has an uncommitted credit facility for $100 million, which can be utilized for letters of credit. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. As of March 31, 2024, there were no outstanding balances under these facilities.

Short-Term Loans

In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.

Note 11. Financial Risk Management Activities

Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings.

Commodity Prices

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk primarily relating to changes in the market price of electricity, natural gas and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses

35

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 9. Commitments and Contingent Liabilities. Additionally, prospective changes in the fair market value of these derivative contracts are recorded in earnings.

Interest Rates

PSEG, PSE&G and PSEG Power are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements.

Cash Flow Hedges

PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments.

As of March 31, 2024, PSEG had interest rate hedges outstanding totaling $1.75 billion which were executed to convert PSEG Power’s $1.25 billion variable rate term loan due March 2025 and PSEG’s $500 million variable rate term loan due April 2024 into fixed rate loans. The fair value of these hedges was $9 million and $5 million as of March 31, 2024 and December 31, 2023, respectively.

In the first quarter of 2024, PSEG unwound interest rate treasury locks totaling $1 billion in connection with the $1.25 billion long-term debt issuances at PSEG that occurred in March 2024. See Note 10. Debt and Credit Facilities for additional information. The settlement payment of $4 million received for these treasury locks was recorded in Accumulated Other Comprehensive Income (Loss) and will be amortized into earnings to match the term and timing of the hedged debt.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $21 million and $3 million as of March 31, 2024 and December 31, 2023, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months is $8 million.

Fair Values of Derivative Instruments

The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 12. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of March 31, 2024 and December 31, 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

36

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of March 31, 2024
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	9	$	697	$	(632)	$	65	$	74
Noncurrent Assets	—		444		(442)		2		2
Total Mark-to-Market Derivative Assets	$	9	$	1,141	$	(1,074)	$	67	$	76
Derivative Contracts
Current Liabilities	$	—	$	(790)	$	747	$	(43)	$	(43)
Noncurrent Liabilities	—		(541)		525		(16)		(16)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,331)	$	1,272	$	(59)	$	(59)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	9	$	(190)	$	198	$	8	$	17

	As of December 31, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	6	$	912	$	(806)	$	106	$	112
Noncurrent Assets	—		440		(411)		29		29
Total Mark-to-Market Derivative Assets	$	6	$	1,352	$	(1,217)	$	135	$	141
Derivative Contracts
Current Liabilities	$	(16)	$	(890)	$	820	$	(70)	$	(86)
Noncurrent Liabilities	(1)		(424)		419		(5)		(6)
Total Mark-to-Market Derivative (Liabilities)	$	(17)	$	(1,314)	$	1,239	$	(75)	$	(92)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(11)	$	38	$	22	$	60	$	49

(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 Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $281 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $198 million and $22 million as of March 31, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $198 million as of March 31, 2024, $115 million was netted against current liabilities and $83 million against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These

37

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

credit risk-related contingent features stipulate that if PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a two level downgrade from its current Moody’s and S&P ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements.

The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $86 million as of March 31, 2024 and $77 million as of December 31, 2023. As of March 31, 2024 and December 31, 2023, PSEG Power had the contractual right of offset of $42 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $44 million and $74 million as of March 31, 2024 and December 31, 2023, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral.

The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2024 and 2023:

Derivatives in Cash Flow Hedging Relationships	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
	Three Months Ended					Three Months Ended
	March 31,					March 31,
	2024		2023			2024		2023
	Millions					Millions
PSEG
Interest Rate Derivatives	$	28	$	(3)	Interest Expense	$	3	$	(1)
Total PSEG	$	28	$	(3)		$	3	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2024 and 2023, the amount of gain (loss) on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $2 million and $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in 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, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	13		9
Less: Gain Reclassified into Income	(5)		(3)
Balance as of December 31, 2023	$	4	$	3
Gain Recognized in AOCL	28		20
Less: Gain Reclassified into Income	(3)		(2)
Balance as of March 31, 2024	$	29	$	21

38

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2024 and 2023, respectively. 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.

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
		Three Months Ended
		March 31,
		2024		2023
		Millions
Energy-Related Contracts	Operating Revenues	$	(148)	$	902
Energy-Related Contracts	Energy Costs	1		1
Total		$	(147)	$	903

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2024 and December 31, 2023.

		As of	As of
Type	Notional	March 31, 2024	December 31, 2023
		Millions
Natural Gas	Dekatherm (Dth)	86	66
Electricity	MWh	(62)	(60)
Financial Transmission Rights (FTRs)	MWh	16	19
Interest Rate Derivatives	U.S. Dollars	1,750	2,000

Credit Risk

Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG’s financial condition, results of operations or net cash flows.

As of March 31, 2024, nearly 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 18. Related-Party Transactions for additional information.

PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guarantee or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of March 31, 2024, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2024, PSE&G had $15 million in unsecured mark-to-market credit exposure with its suppliers.

PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates.

39

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 12. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels:

Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG and PSE&G have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX.

Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities.

Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts.

Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable.

The following tables present information about PSEG’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G.

40

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Recurring Fair Value Measurements as of March 31, 2024
Description	Total		Netting (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,065	$	—	$	1,065	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	67	$	(1,074)	$	2	$	1,139	$	—
Interest Rate Derivatives (C)	$	9	$	—	$	—	$	9	$	—
NDT Fund (D)
Equity Securities	$	1,415	$	—	$	1,415	$	—	$	—
Debt Securities—U.S. Treasury	$	303	$	—	$	—	$	303	$	—
Debt Securities—Govt Other	$	387	$	—	$	—	$	387	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	30	$	—	$	—	$	30	$	—
Debt Securities—Corporate	$	68	$	—	$	—	$	68	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(59)	$	1,272	$	(2)	$	(1,329)	$	—
PSE&G
Assets:
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	5	$	—	$	—	$	5	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

41

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Recurring Fair Value Measurements as of December 31, 2023
Description	Total		Netting  (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	135	$	(1,217)	$	13	$	1,339	$	—
Interest Rate Derivatives (C)	$	6	$	—	$	—	$	6	$	—
NDT Fund (D)
Equity Securities	$	1,310	$	—	$	1,310	$	—	$	—
Debt Securities—U.S. Treasury	$	293	$	—	$	—	$	293	$	—
Debt Securities—Govt Other	$	398	$	—	$	—	$	398	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	70	$	—	$	—	$	70	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(75)	$	1,239	$	(1)	$	(1,311)	$	(2)
Interest Rate Derivatives (C)	$	(17)	$	—	$	—	$	(17)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

(A)Represents money market mutual funds.

(B)Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.

Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.

Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs.

(C)Interest rate derivatives are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of March 31, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities.

42

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction.

Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.

(E)Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail.

Additional Information Regarding Level 3 Measurements

For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG considers credit and non-performance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements.

As of March 31, 2024, PSEG carried $3.9 billion of net assets that are measured at fair value on a recurring basis.

As of March 31, 2023, PSEG carried $3.7 billion of net assets that are measured at fair value on a recurring basis, of which $6 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

There were no transfers to or from Level 3 during the three months ended March 31, 2024 and 2023, respectively.

43

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of March 31, 2024 and December 31, 2023 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	5,611	$	5,448	$	4,371	$	4,240
PSE&G (A)	14,403		12,983		13,663		12,460
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	21,264	$	19,681	$	19,284	$	17,950

(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 using market-based measurements that are processed through a rules-based pricing 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)Private term loan with book value approximating fair value (Level 2 measurement).

Note 13. Net Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2024
NDT Fund Interest and Dividends	$	—	$	17	$	17
Allowance for Funds Used During Construction	11		—		11
Solar Loan Interest	2		—		2
Other Interest	2		5		7
Other	1		(3)		(2)
Total Net Other Income (Deductions)	$	16	$	19	$	35
Three Months Ended March 31, 2023
NDT Fund Interest and Dividends	$	—	$	15	$	15
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	2		8		10
Other	2		(2)		—
Total Net Other Income (Deductions)	$	21	$	21	$	42

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.

44

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 14. Income Taxes

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
PSEG	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	629		$	1,585
Tax Computed at Statutory Rate @ 21%	$	132		$	333
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	40			108
Uncertain Tax Positions	1			(6)
Leasing Activities	—			(17)
GPRC-Clean Energy Future (CEF)-EE	(15)			(16)
Estimated Annual Effective Tax Rate Interim Period Adjustment	(17)			(23)
TAC	(43)			(75)
Other	(1)			(6)
Subtotal	(35)			(35)
Total Income Tax Expense	$	97		$	298
Effective Income Tax Rate	15.4		%	18.8		%

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
PSE&G	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	580		$	541
Tax Computed at Statutory Rate @ 21%	$	122		$	114
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(15)			(16)
TAC	(43)			(75)
Other	(13)			(7)
Subtotal	(30)			(60)
Total Income Tax Expense	$	92		$	54
Effective Income Tax Rate	15.9		%	10.0		%

45

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, and made certain changes to existing energy tax credit laws. For 2023 and the first quarter of 2024, PSEG and PSE&G recorded their best estimates of the impact of the CAMT. Certain changes to the energy tax credit laws include: a new PTC for existing nuclear generation facilities, effective 2024 through 2032, a new technology neutral energy tax credit, which includes new nuclear units and increases to nuclear generation capacity, effective 2025, and the transferability of the energy tax credits, effective 2023. The PTC for a given nuclear facility can be increased by five times if prevailing wage rules are met and is designed to phase down as the facility’s gross receipts increase. The PTC rate and phase down amount are subject to the Internal Revenue Service’s determination of annual inflation.

Despite the issuance of various Notices that provide interim guidance related to the CAMT, the rules related to the PTC for existing nuclear generation facilities and the CAMT remain unclear and are in need of further guidance; therefore, their impact on PSEG's and PSE&G's financial statements is subject to continued evaluation.

The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact

PSEG’s and PSE&G’s financial statements.

As of March 31, 2024, PSEG had a $27 million state net operating loss (NOL) and PSE&G had a $73 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

Note 15. Accumulated Other Comprehensive Income (Loss), Net of Tax

	Three Months Ended March 31, 2024
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2023	$	3	$	(102)	$	(80)	$	(179)
Other Comprehensive Income (Loss) before Reclassifications	20		—		(12)		8
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)		2		2		2
Net Current Period Other Comprehensive Income (Loss)	18		2		(10)		10
Balance as of March 31, 2024	$	21	$	(100)	$	(90)	$	(169)
	Three Months Ended March 31, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2022	$	(3)	$	(426)	$	(121)	$	(550)
Other Comprehensive Income (Loss) before Reclassifications	(2)		—		20		18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		3		6		10
Net Current Period Other Comprehensive Income (Loss)	(1)		3		26		28
Balance as of March 31, 2023	$	(4)	$	(423)	$	(95)	$	(522)

46

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

			Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations
			Three Months Ended
			March 31, 2024
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
		Millions
Cash Flow Hedges
Interest Rate Derivatives	Interest Expense		$	3	$	(1)	$	2
Total Cash Flow Hedges			3		(1)		2
Pension and OPEB Plans
Amortization of Net Actuarial Loss	Net Non-Operating Pension and OPEB Credits (Costs)		(3)		1		(2)
Total Pension and OPEB Plans			(3)		1		(2)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments		(4)		2		(2)
Total Available-for-Sale Debt Securities			(4)		2		(2)
Total			$	(4)	$	2	$	(2)

			Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations
			Three Months Ended
			March 31, 2023
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
		Millions
Cash Flow Hedges
Interest Rate Derivatives	Interest Expense		$	(1)	$	—	$	(1)
Total Cash Flow Hedges			(1)		—		(1)
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Net Non-Operating Pension and OPEB Credits (Costs)		2		—		2
Amortization of Net Actuarial Loss	Net Non-Operating Pension and OPEB Credits (Costs)		(7)		2		(5)
Total Pension and OPEB Plans			(5)		2		(3)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments		(10)		4		(6)
Total Available-for-Sale Debt Securities			(10)		4		(6)
Total			$	(16)	$	6	$	(10)

47

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 16. Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended March 31,
	2024				2023
	Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income	$	532	$	532	$	1,287	$	1,287
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	499		499		497		497
Effect of Stock Based Compensation Awards	—		1		—		3
Total Shares	499		500		497		500
EPS
Net Income	$	1.07	$	1.06	$	2.59	$	2.58

Dividends

	Three Months Ended
	March 31,
Dividend Payments on Common Stock	2024		2023
Per Share	$	0.60	$	0.57
In Millions	$	299	$	284

On April 16, 2024, PSEG’s Board of Directors approved a $0.60 per share common stock dividend for the second quarter of 2024.

Note 17. Financial Information by Business Segment

PSE&G

PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an

48

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended March 31, 2024
Operating Revenues	$	2,333	$	872	$	(445)	$	2,760
Net Income (B)	488		44		—		532
Gross Additions to Long-Lived Assets	739		58		—		797
Three Months Ended March 31, 2023
Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755
Net Income (B)	487		800		—		1,287
Gross Additions to Long-Lived Assets	676		63		—		739
As of March 31, 2024
Total Assets	$	43,592	$	9,335	$	(539)	$	52,388
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17
As of December 31, 2023
Total Assets	$	42,873	$	8,407	$	(539)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17

(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

49

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 18. 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 Ended
		March 31,
Related-Party Transactions		2024		2023
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	444	$	561
Administrative Billings from Services (B)		117		102
Total Billings from Affiliates		$	561	$	663

	As of		As of
Related-Party Transactions	March 31, 2024		December 31, 2023
	Millions
Payable to PSEG Power (A)	$	245	$	264
Payable to Services (B)	89		121
Payable to PSEG (C)	171		119
Accounts Payable—Affiliated Companies	$	505	$	504
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Receivable (Payable)	$	1	$	(2)

(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. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. 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 separate return 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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(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.

50

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

This combined MD&A is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is filed by such company on its own behalf.

PSEG’s business consists of two reportable segments, PSE&G and PSEG Power LLC (PSEG Power) & Other, primarily comprised of our principal direct wholly owned subsidiaries, which are:

•PSE&G—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC), and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU, and

•PSEG Power—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC) and other federal regulators and state regulators in the states in which they operate.

The PSEG Power & Other reportable segment also includes amounts related to the parent company as well as PSEG’s other direct wholly owned subsidiaries, which are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

Our business discussion in Item 1. Business of our 2023 Annual Report on 10-K (Form 10-K) provides a review of the regions and markets where we operate and compete, as well as our strategy for conducting our businesses within these markets, focusing on operational excellence, financial strength and making disciplined investments. Our risk factor discussion in Item 1A. Risk Factors of Form 10-K provides information about factors that could have a material adverse impact on our businesses. The following supplements that discussion and the discussion included in the Executive Overview of 2023 and Future Outlook provided in Item 7 in our Form 10-K by describing significant events and business developments that have occurred during 2024 and changes to the key factors that we expect may drive our future performance. The following discussion refers to the Condensed Consolidated Financial Statements (Statements) and the Related Notes to Condensed Consolidated Financial Statements (Notes). This discussion should be read in conjunction with such Statements, Notes and the Form 10-K.

EXECUTIVE OVERVIEW OF 2024 AND FUTURE OUTLOOK

We are a public utility holding company that, acting through our wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. Our business plan focuses on achieving growth by allocating capital primarily toward regulated investments in an effort to continue to improve the sustainability and predictability of our business. We are focused on investing to modernize our energy infrastructure, improve reliability and resilience, increase EE and deliver cleaner energy to meet customer expectations and be well aligned with public policy objectives. In furtherance of these goals, our investments in PSE&G have adjusted our business mix to reflect a higher percentage of earnings contribution by PSE&G. In addition, the passage of the Inflation Reduction Act of 2022 (IRA) established a production tax credit (PTC) for existing nuclear facilities from 2024 through 2032. The PTC is expected to provide downside price protection for our nuclear generation fleet as the tax credit value is directly linked to a nuclear facility’s gross receipts.

For the years 2024-2028, our regulated capital investment program is estimated to be in a range of $18 billion to $21 billion. We expect these capital investments to result in a compound annual growth rate in our regulated rate base in a range of 6% to 7.5% from year-end 2023 to year-end 2028. The regulated capital investments represent the majority of PSEG’s total capital investment program of $19 billion to $22.5 billion. The low end of the range includes an extension of our Gas System Modernization Program (GSMP) and Clean Energy Future (CEF)-EE program at their current average annual investment levels plus inflation, as these programs are expected to continue beyond their currently approved timeframes. The upper end of our capital investment range includes incremental investments, particularly for an expansion of our current EE programs as well as other clean energy and infrastructure investments.

51

PSE&G

At PSE&G, our focus is on investing capital in T&D infrastructure and clean energy programs to enhance the reliability and resiliency of our T&D system, meet customer expectations and support public policy objectives.

During 2023, the BPU approved a $280 million nine-month extension of our CEF-EE program through June 2024 and a two-year extension of our current GSMP program to replace at least 400 miles of cast iron and unprotected steel mains and services in our gas system. The GSMP program extension provides for main replacement through December 2025 plus trailing services replacement and paving costs into 2026 and totals approximately $900 million of investment. Of the $900 million, $750 million is recovered through three periodic rate updates with the balance recovered through a future distribution base rate case.

Our broader GSMP III, which also included projects to introduce renewable natural gas and hydrogen blending into our existing distribution system is being held in abeyance, with negotiations to be reinitiated by January 2025 with the intent of beginning the work in January 2026. A remaining component of our CEF-Electric Vehicle (EV) program related to medium- and heavy-duty charging infrastructure has been the subject of a stakeholder process that the BPU began in 2021 and we expect that this effort will result in PSE&G submitting a filing targeting infrastructure investments for the medium-and heavy-duty EV market after the BPU finalizes its program and filing requirements. In September 2022, the BPU released a draft Storage Incentive Program proposal and is currently undertaking a stakeholder process to determine the details of the program. In the meantime, our CEF-Energy Storage (ES) program is being held in abeyance.

In November 2023, we filed for a second extension of our CEF-EE program, which would cover a commitment period of six months from July 2024 through December 2024 for approximately $300 million. In December 2023, we filed for our CEF-EE II program, which proposed a $3.1 billion investment for a second program cycle covering commitments from January 2025 through June 2027, with investments being made over a six-year period. This EE filing is a significant increase from our prior filings, driven by an increase in the savings targets required under the BPU Energy Efficiency Framework and higher costs to achieve those targeted savings. The filing also includes demand response programs and building decarbonization programs. The CEF-EE extension filing is expected to be resolved in the first half of 2024 and the EE II filing is expected to be resolved in the second half of 2024.

Pursuant to our GSMP II and Energy Strong II programs, we filed a distribution base rate case as required by the BPU in December 2023. Among other things, the distribution base rate case is seeking to recover capital expenditures associated with the portion of our infrastructure investment programs that are not already in rates, as well as the Advanced Metering Infrastructure and EV programs, other investments that are not recovered through periodic rate roll-ins, and several other cost and return factors. The filing proposes an overall revenue increase of 9% with a 12% increase for the combined typical residential electric and gas customer. We expect to conclude the distribution base rate case later in 2024.

PSEG Power

At PSEG Power, we seek to produce low-cost electricity by efficiently operating our nuclear generation assets, mitigate earnings volatility through the PTC mechanism and hedging, and support public policies that preserve these existing carbon-free base load nuclear generating plants. During the first three months of 2024, our nuclear units generated approximately 8.2 terawatt hours and operated at a capacity factor of 96.8%. As of March 31, 2024, PSEG Power has hedged approximately 90% to 95% of its expected generation output for 2024. Beginning in 2024, our hedging strategy has incorporated an estimated range of risk reduction impacts from the PTCs with potential incremental changes upon final U.S. Treasury guidance.

Climate Strategy and Sustainability Efforts

For more than a century, our purpose has been to provide safe access to an around-the-clock supply of reliable, affordable energy. Today, our vision is to power a future where people use less energy, and it is cleaner, safer and delivered more reliably than ever. We have established a net zero greenhouse gas (GHG) emissions by 2030 goal that includes direct GHG emissions (Scope 1) and indirect GHG emissions from operations (Scope 2) across our business operations, assuming advances in technology, public policy and customer behavior.

PSE&G has undertaken a number of initiatives that support the reduction of GHG emissions and the implementation of EE initiatives. PSE&G’s approved CEF-EE, CEF-Energy Cloud and CEF-EV programs and the proposed CEF-ES and CEF-EE II programs are intended to support New Jersey’s Energy Master Plan (EMP) and recent Gubernatorial Executive Orders through programs designed to help customers use energy more efficiently, reduce GHG emissions, support the expansion of the EV infrastructure in New Jersey, install energy storage capacity to supplement solar generation and enhance grid resiliency, install smart meters and supporting infrastructure to allow for the integration of other clean energy technologies and to more efficiently respond to weather and other outage events.

In addition, PSE&G is committed to the safe and reliable delivery of natural gas to approximately 1.9 million customers throughout New Jersey and we are equally committed to reducing GHG emissions associated with such operations. The GSMP is designed to significantly reduce natural gas leaks in our distribution system, which would reduce the release of methane, a potent GHG, into the air. Through GSMP II, from 2018 through 2023 we reduced reported methane emissions by

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approximately 27% system wide and assuming continuation of GSMP, we expect to achieve an overall reduction in methane emissions of at least 60% over the 2011 baseline through 2030 period. We also continue to assess physical risks of climate change and adapt our capital investment program to improve the reliability and resiliency of our system in an environment of increasing frequency and severity of weather events.

We also continue to focus on providing cleaner energy for our customers by working to preserve the economic viability of our nuclear units, which provide over 85% of the carbon-free energy in New Jersey. These efforts include reducing market risk by advocating for state and federal policies, such as the PTC established by the IRA, and capacity market reform at PJM Interconnection, L.L.C. (PJM) that recognize the value of our nuclear fleet’s carbon-free generation and its contribution to grid reliability.

Competitively Bid, FERC Regulated Transmission Projects

PSEG continues to evaluate investment opportunities in regulated transmission beyond PSE&G. In December 2023, PJM awarded a subsidiary of Energy Holdings an approximately $424 million project to address increasing load and reliability issues in Maryland and northern Virginia as part of its 2022 Window 3 competitive solicitation. The project has an expected in-service date of 2027.

In April 2024, PSE&G submitted bids to the BPU for what the BPU has termed the Pre-Build Infrastructure (PBI) project, which is a combination of onshore and near-shore underwater infrastructure. The BPU is expected to announce the winner(s) of the PBI solicitation in the second half of 2024.

We also continue to evaluate regulated transmission opportunities to support offshore wind development in the New Jersey area. In April 2023, the BPU issued an order requesting that PJM conduct a second public policy transmission solicitation process utilizing the State Agreement Approach (SAA2) for transmission projects to support New Jersey’s expanded offshore wind goal. This solicitation is expected to open in July 2024.

PJM has also announced its intent to open the 2024 Regional Transmission Expansion Plan (RTEP) Window 1 solicitation in July 2024, which is expected to include the impacts of higher load growth forecasts.

PSEG will evaluate the SAA2 and 2024 RTEP Window 1 solicitations when more information becomes available and may decide to submit bids in one or both opportunities.

Financial Results

The results for PSEG, PSE&G and PSEG Power & Other for the three months ended March 31, 2024 and 2023 are presented as follows:

		Three Months Ended
		March 31,
		2024		2023
	Millions
PSE&G		$	488	$	487
PSEG Power & Other (A)		44		800
PSEG Net Income		$	532	$	1,287
PSEG Net Income Per Share (Diluted)		$	1.06	$	2.58

(A)Other includes after-tax activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations.

PSEG Power’s results above include the Nuclear Decommissioning Trust (NDT) Fund activity and the impacts of non-trading commodity mark-to-market (MTM) activity, which consist of the financial impact from positions with future delivery dates.

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The variances in our Net Income attributable to changes related to the NDT Fund and MTM are shown in the following table:

		Three Months Ended
		March 31,
		2024		2023
	Millions, after tax
NDT Fund Income (Expense) (A) (B)		$	57	$	25
Non-Trading MTM Gains (Losses) (C)		$	(186)	$	555

(A)NDT Fund Income (Expense) includes gains and losses on NDT securities which are recorded in Net Gains (Losses) on Trust Investments. See Item 1. Note 7. Trust Investments for additional information. NDT Fund Income (Expense) also includes interest and dividend income and other costs related to the NDT Fund recorded in Net Other Income (Deductions), interest accretion expense on PSEG Power’s nuclear Asset Retirement Obligation (ARO) recorded in Operation and Maintenance (O&M) Expense and the depreciation related to the ARO asset recorded in Depreciation and Amortization (D&A) Expense.

(B)Net of tax (expense) benefit of $(38) million and $(17) million for the three months ended March 31, 2024 and 2023, respectively.

(C)Net of tax (expense) benefit of $72 million and $(217) million for the three months ended March 31, 2024 and 2023, respectively.

Our Net Income for the three months ended March 31, 2024 decreased as compared to the comparable period in 2023 driven primarily by changes in the MTM and NDT Fund as shown in the table above.

Regulatory, Legislative and Other Developments

We closely monitor and engage with stakeholders on significant regulatory and legislative developments.

Transmission Rate Proceedings and Return on Equity (ROE)

Under current FERC rules, PSE&G continues to earn a 50 basis point adder to its base ROE for its membership in PJM as a transmission owner. In April 2021, FERC proposed eliminating this ROE adder for Regional Transmission Owner participation. FERC has not acted on the proposal. If the adder was eliminated, it would reduce PSE&G’s annual Net Income and annual cash inflows by approximately $40 million.

New Jersey Stakeholder Proceedings

In February 2023, the governor of New Jersey issued executive orders (EOs) that establish or accelerate previously established 2050 targets for clean-sourced energy, building decarbonization, and EV adoption goals, with new target dates of 2030 or 2035, as applicable. The EOs direct the BPU and other state agencies to collaborate with stakeholders to develop plans to reach the targets and the BPU has convened a stakeholder proceeding to develop a plan for gas distribution utilities to reach the target of 50% natural gas emissions reductions over 2006 levels by 2030. The BPU will begin proceedings to update the State’s EMP via public input hearings scheduled for May and June, 2024. We are unable to predict the outcomes of this proceeding, but it could have a material impact on our business, results of operations and cash flows.

Environmental Regulation

We are subject to liability under environmental laws for the costs and penalties of remediating contamination of property now or formerly owned by us and of property contaminated by hazardous substances that we generated. In particular, the historic operations of PSEG companies and the operations of numerous other companies along the Passaic and Hackensack Rivers are alleged by federal and state agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes. In addition, PSEG Power has retained ownership of certain liabilities excluded from the sale of its fossil generation portfolio, primarily related to obligations under New Jersey and Connecticut state law to investigate and remediate the sites. We are also currently involved in a number of proceedings relating to sites where other hazardous substances may have been discharged and may be subject to additional proceedings in the future, and the costs and penalties of any such remediation efforts could be material.

For further information regarding the matters described above, as well as other matters that may impact our financial condition and results of operations, see Item 1. Note 9. Commitments and Contingent Liabilities.

Nuclear

In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded zero emission certificates (ZECs) for the three-year eligibility period starting June 2022 at the same approximate $10 per megawatt hour (MWh) received during the prior ZEC period through May 2022. Pursuant to a process established by the BPU, ZECs are purchased from selected

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nuclear plants and recovered through a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour used (which is equivalent to approximately $10 per MWh generated in payments to selected nuclear plants (ZEC payment)). As previously noted, in August 2022, the IRA was signed into law expanding incentives promoting carbon-free generation. The enacted legislation established a PTC for electricity generated using existing nuclear energy, which began January 1, 2024 and continues through 2032. The expected PTC rate is up to $15/MWh subject to adjustment based upon a facility’s gross receipts. The PTC rate and the gross receipts threshold are subject to annual inflation adjustments. The establishment of the PTC impacted PSEG Power’s decision not to apply for the next ZEC three-year eligibility period starting June 2025. We continue to analyze the impact of the IRA on our nuclear units, and will analyze any future guidance from the U.S. Treasury to assess any impact of PTCs on expected ZEC payments and/or any future ZEC application periods.

Interest Rate Matters

Federal Reserve policy to reduce inflation has resulted in a higher interest rate environment which may persist as the Federal Reserve continues to assess the economic outlook. If it persists, higher interest rates on borrowings will contribute to higher interest expense on variable-rate debt and long-term rates on future financing plans. As of March 31, 2024, PSEG had entered into floating-to-fixed interest rate swaps totaling $1.75 billion in order to reduce the volatility in interest expense related to a $1.25 billion variable rate term loan at PSEG Power due March 2025 and PSEG’s $500 million variable rate term loan due April 2024. PSE&G’s interest rate risk is moderated due to annual transmission rate filings and distribution recoveries through base rate filings and clause-based investment programs.

Tax Legislation

Future federal and state tax legislation and clarification of enacted legislation could have a material impact on our effective tax rate and cash tax position.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas T&D property. The impact, if any, that this may have on PSEG and PSE&G’s financial statements has not yet been determined.

The IRA enacted a new 15% corporate alternative minimum tax (CAMT), a PTC for existing nuclear generation facilities and allows energy tax credits to be transferable. The U.S. Treasury has issued several Notices pertaining to the CAMT and proposed regulations pertaining to the prevailing wage requirements and transferability rules of energy tax credits. Many aspects of the IRA remain unclear and in need of further guidance; therefore, we continue to analyze the impact the IRA will have on PSEG’s and PSE&G’s results of operations, financial condition and cash flows, which could be material.

Future Outlook    

Our future success will depend on our ability to continue to maintain strong operational and financial performance, address regulatory and legislative developments that impact our business and respond to the issues and challenges described below. In order to do this, we will continue to:

•seek approval of and execute on our utility capital investment program to modernize our infrastructure, improve the reliability and resilience of the service we provide to our customers, and align our sustainability and climate goals with New Jersey’s energy policy,

•seek a fair return for our T&D investments through our transmission formula rate, existing rate incentives, distribution infrastructure and clean energy investment programs and periodic distribution base rate case proceedings,

•focus on controlling costs while maintaining safety, reliability and customer satisfaction and complying with applicable standards and requirements,

•manage the risks and opportunities in federal and state clean energy policies,

•advocate for appropriate regulatory guidance on the federal nuclear PTC to ensure long-term support for New Jersey’s largest carbon-free generation resource, and adapt our hedging program accordingly,

•engage constructively with our multiple stakeholders, including regulators, government officials, customers, employees, investors, suppliers and the communities in which we do business, and

•deliver on our human capital management strategy to attract, develop and retain a diverse, high-performing workforce.

In addition to the risks described elsewhere in this Form 10-Q for 2024 and beyond, the key issues and challenges we expect our business to confront include:

•regulatory and political uncertainty, both with regard to transmission planning and rates policy, the role of distribution utilities and decarbonization impacts, future energy policy, tax regulations, design of energy and capacity markets, and environmental regulation, as well as with respect to the outcome of any legal, regulatory or other proceedings,

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•performance of the financial markets, including the impact on our pension and interest rates on our future financing plans,

•continuing to manage costs and maintain affordable customer rates in an inflationary environment, which could impact customer collections and future regulatory proceedings,

•the increasing frequency, sophistication and magnitude of cybersecurity attacks against us and our respective vendors and business partners who may have our sensitive information and/or access to our environment, and the increasing frequency and magnitude of physical attacks on electric and gas infrastructure,

•future changes in federal and state tax laws or any other associated tax guidance, and

•the impact of changes in demand, natural gas and electricity prices, and expanded efforts to decarbonize several sectors of the economy.

We continually assess a broad range of strategic options to maximize long-term shareholder value and address the interests of our multiple stakeholders. We consider a wide variety of factors when determining how and when to efficiently deploy capital, including the performance and prospects of our businesses; returns and the sustainability and predictability of future earnings streams; the views of investors, regulators, public policy initiatives, rating agencies, customers and employees; our existing indebtedness and restrictions it imposes; and tax considerations, among other things. Strategic options available to us include:

•investments in PSE&G, including T&D facilities to enhance reliability, resiliency and modernize the system to meet the growing needs and increasingly higher expectations of customers, and clean energy investments such as CEF-EE, CEF-EV, CEF-ES and solar,

•continued operation of our nuclear generation facilities that are expected to be supported through the PTC through 2032 and can enable certain investments to increase the capacity of the units as well as potential license extensions, and offtake contracts with potential customers such as data centers and hydrogen producers, and others seeking reliable, around-the-clock carbon-free power,

•investments in competitive, regulated transmission investments through PJM processes and BPU solicitations that provide revenue predictability and reasonable risk-adjusted returns, and

•acquisitions, dispositions, development and other transactions involving our common stock, assets or businesses that could provide value to customers and shareholders.

There can be no assurance, however, that we will successfully develop and execute any of the strategic options noted above, or any additional options we may consider in the future. The execution of any such strategic plan may not have the expected benefits or may have unexpected adverse consequences.

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RESULTS OF OPERATIONS

PSEG

Our results of operations are comprised of the results of operations of our reportable segments, PSE&G and PSEG Power & Other, excluding charges related to intercompany transactions, which are eliminated in consolidation. For additional information on intercompany transactions, see Item 1. Note 18. Related-Party Transactions.

	Three Months Ended				Increase/ (Decrease)
	March 31,
	2024		2023		2024 vs. 2023
	Millions				Millions		%
Operating Revenues	$	2,760	$	3,755	$	(995)	(26)
Energy Costs	997		1,082		(85)		(8)
Operation and Maintenance (A)	783		743		40		5
Depreciation and Amortization	295		282		13		5
Income from Equity Method Investments	—		1		(1)		N/A
Net Gains (Losses) on Trust Investments	95		46		49		N/A
Net Other Income (Deductions)	35		42		(7)		(17)
Net Non-Operating Pension and OPEB Credits (Costs)	19		28		(9)		(32)
Interest Expense	205		180		25		14
Income Tax Expense (Benefit)	97		298		(201)		(67)

The following discussions for PSE&G and PSEG Power & Other provide a detailed explanation of their respective variances.

PSE&G

	Three Months Ended				Increase/ (Decrease)
	March 31,
	2024		2023		2024 vs. 2023
	Millions				Millions		%
Operating Revenues	$	2,333	$	2,293	$	40	2
Energy Costs	928		984		(56)		(6)
Operation and Maintenance (A)	465		460		5		1
Depreciation and Amortization	257		244		13		5
Net Other Income (Deductions)	16		21		(5)		(24)
Net Non-Operating Pension and OPEB Credits (Costs)	19		28		(9)		(32)
Interest Expense	138		113		25		22
Income Tax Expense (Benefit)	92		54		38		70

(A)Includes amortization of EE programs regulatory investment expenditures of $27 million and $17 million for the three months ended March 31, 2024 and 2023, respectively.

Three Months Ended March 31, 2024 as Compared to Three Months Ended March 31, 2023

Operating Revenues increased $40 million due to changes in delivery, commodity, clause and other operating revenues.

Delivery Revenues increased $44 million due primarily to

•Transmission revenues were $33 million higher due primarily to an increase in revenue requirements attributable to higher rate base investment.

•Electric and gas distribution revenues increased $11 million due primarily to a $48 million increase from higher volumes and a $6 million increase in Green Program Recovery Charge (GPRC) collections. These increases were partially offset by a $37 million reduction from Conservation Incentive Program decoupling and a $7 million increase

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in the flowback to customers of excess deferred tax liabilities and tax repair-related accumulated deferred income tax benefits resulting from rate reductions, which is offset in Income Tax Expense.

Commodity Revenues decreased $73 million as a result of lower Gas and Electric revenues. The changes in Commodity revenues for both gas and electric are entirely offset by the changes in Energy Costs. PSE&G earns no margin on the provision of basic gas supply service (BGSS) and BGS (basic generation service) to retail customers.

•Gas commodity revenues decreased $95 million due primarily to a decrease of $122 million from lower BGSS prices, partially offset by $27 million from higher BGSS sales volumes.

•Electric commodity revenues increased $22 million due to $15 million from higher sales volumes and $7 million from higher BGS prices.

Clause Revenues increased $54 million due primarily to a $66 million net increase in Tax Adjustment Credit (TAC) and GPRC deferrals, partially offset by lower Societal Benefits Clause (SBC) revenues of $12 million. The changes in TAC and GPRC deferral amounts and SBC revenues are entirely offset by changes in the amortization of Regulatory Assets and Regulatory Liabilities and related costs in O&M, D&A, Interest and Income Tax Expenses. PSE&G does not earn margin on TAC and GPRC deferrals or on SBC revenue.

Other Operating Revenues increased $15 million due primarily from Renewable Energy Credit (REC) programs. The changes in revenues from REC programs are entirely offset by changes to Energy Costs.

Operating Expenses

Energy Costs decreased $56 million. This is entirely offset by changes in Commodity Revenues and Other Operating Revenues.

Depreciation and Amortization increased $13 million due primarily to increases in depreciation due to higher plant placed in service, partially offset by a decrease in the amortization of Regulatory Assets.

Net Non-Operating Pension and OPEB Credits decreased $9 million due primarily to an $11 million decrease in the amortization of net prior service credits and a $1 million increase in the amortization of the net actuarial loss, partially offset by a $2 million increase in the expected return on plan assets and a $1 million decrease in interest cost.

Interest Expense increased $25 million due primarily to March and August 2023 debt issuances.

Income Tax Expense increased $38 million due primarily to higher pre-tax income and a decrease in the flowback of excess deferred income tax benefits.

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PSEG Power & Other

	Three Months Ended				Increase/ (Decrease)
	March 31,
	2024		2023		2024 vs. 2023
	Millions				Millions		%
Operating Revenues	$	872	$	2,027	$	(1,155)	(57)
Energy Costs	514		663		(149)		(22)
Operation and Maintenance	318		283		35		12
Depreciation and Amortization	38		38		—		—
Income from Equity Method Investments	—		1		(1)		N/A
Net Gains (Losses) on Trust Investments	95		46		49		N/A
Net Other Income (Deductions)	20		22		(2)		(9)
Interest Expense	68		68		—		—
Income Tax Expense (Benefit)	5		244		(239)		(98)

Three Months Ended March 31, 2024 as Compared to Three Months Ended March 31, 2023

Operating Revenues decreased $1,155 million due primarily to changes in generation and gas supply and other operating revenues.

Generation Revenues decreased $1,060 million due primarily to

•a net decrease of $1,057 million due to MTM losses in 2024 as compared to MTM gains in 2023. Of this amount, there was a $680 million decrease due to changes in forward prices in 2024 as compared to 2023 coupled with a $377 million decrease due to positions reclassified to realized upon settlement,

•a net decrease of $22 million due primarily to electricity sold under the BGS contracts, which ended in May 2023, and lower volumes sold under other load contracts, and

•a net decrease of $12 million in capacity revenue due primarily to lower capacity prices, partially offset by decreases in capacity expenses due to lower load volumes served,

•partially offset by a net increase of $14 million due primarily to higher average realized prices and volumes sold in 2024.

Gas Supply Revenues decreased $114 million due primarily to

•a net decrease of $151 million in sales under the BGSS contract due primarily to $198 million from lower prices, partially offset by $47 million from higher sales volumes,

•partially offset by a net increase of $27 million due primarily to lower MTM losses, primarily due to positions reclassified to realized upon settlement, and

•a net increase of $10 million related to sales to third parties due primarily to $12 million from higher sales volumes, partially offset by $2 million from lower sales prices.

Operating Expenses

Energy Costs represent the cost of generation, which includes fuel costs for generation as well as purchased energy in the market, and gas purchases to meet PSEG Power’s obligation under its BGSS contract with PSE&G. Energy Costs decreased $149 million due to

Gas costs decreased $151 million due mainly to

•a net decrease of $158 million related to sales under the BGSS contract, of which $200 million was due to the lower average cost of gas, partially offset by $42 million due to higher send out volumes,

•partially offset by a net increase of $8 million related to sales to third parties due primarily to higher volumes sold.

Generation costs were essentially flat as compared to the prior year.

Operation and Maintenance increased $35 million due primarily to a refueling outage in 2024 at our 100%-owned Hope

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Creek nuclear plant as compared to an outage at our 57%-owned Salem 2 nuclear plant in 2023, and higher Long Island Electric Utility Servco, LLC’s (Servco) operating costs paid by LIPA. See Note 3. Variable Interest Entity for additional information on Servco and LIPA.

Net Gains (Losses) on Trust Investments increased $49 million due primarily to $26 million of net unrealized gains, and $17 million of net realized gains on equity securities in 2024 as compared to $6 million of net realized losses in 2023 on fixed income securities in the NDT Fund.

Income Tax Expense decreased $239 million due primarily to lower pre-tax income in 2024.

LIQUIDITY AND CAPITAL RESOURCES

The following discussion of our liquidity and capital resources is on a consolidated basis, noting the uses and contributions, where material, of our two direct major operating subsidiaries.

Operating Cash Flows

We continue to expect our operating cash flows combined with cash on hand and financing activities to be sufficient to fund planned capital expenditures and shareholder dividends.

For the three months ended March 31, 2024, our operating cash flow decreased $1,176 million, as compared to the same period in 2023. The net decrease was primarily due to an outflow of $168 million in net cash collateral postings in 2024 as compared to a $794 million inflow in 2023 at PSEG Power and lower tax refunds, partially offset by a net change at PSE&G, as discussed below.

PSE&G

PSE&G’s operating cash flow increased $30 million from $378 million to $408 million for the three months ended March 31, 2024, as compared to the same period in 2023. The increase was due primarily to higher cash collateral postings returned to BGS suppliers in 2023, partially offset by an increase in net accounts receivable and unbilled revenues and a net increase in regulatory deferrals.

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 facility.

Each of our credit facilities is restricted as to availability and use to the specific companies as listed below; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs.

In March 2024, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2028.

Our total committed credit facilities and available liquidity as of March 31, 2024 were as follows:

Company/Facility	As of March 31, 2024
	Total Facility		Usage		Available Liquidity
	Millions
PSEG	$	1,500	$	2	$	1,498
PSE&G	1,000		45		955
PSEG Power	1,525		167		1,358
Total	$	4,025	$	214	$	3,811

PSEG Power has an uncommitted credit facility for $100 million, which can be utilized for letters of credit. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. As of March 31, 2024, there were an no outstanding balances under these facilities.

We continually monitor our liquidity and seek to add capacity as needed to meet our liquidity requirements, including to satisfy any additional collateral requirements. As of March 31, 2024, our liquidity position, including our credit facilities and access to external financing, was expected to be sufficient to meet our projected stressed requirements over our 12-month planning horizon. PSEG analyzes its liquidity requirements using stress scenarios that consider different events, including changes in commodity prices and the potential impact of PSEG Power losing its investment grade credit rating from S&P or Moody’s,

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which would represent a two level downgrade from its current Moody’s and S&P ratings. In the event of a deterioration of PSEG Power’s credit rating, certain of PSEG Power’s agreements allow the counterparty to demand further performance assurance. The potential additional collateral that we would be required to post under these agreements if PSEG Power were to lose its investment grade credit rating was approximately $690 million and $751 million as of March 31, 2024 and December 31, 2023, respectively.

For additional information, see Item 1. Note 10. Debt and Credit Facilities.

Long-Term Debt Financing

During the next twelve months,

•PSEG has $750 million of 2.88% Senior Notes maturing in June 2024,

•PSE&G has $250 million of 3.15% Secured Medium-Term Notes, Series J, due August 2024,

•PSE&G has $250 million of 3.05% Secured Medium-Term Notes, Series J, due November 2024, and

•PSEG Power has a $1.25 billion term loan due March 2025.

PSEG, PSEG Power, Energy Holdings, PSEG LI and Services participate in a corporate money pool, an aggregation of daily cash balances designed to efficiently manage their respective short-term liquidity needs, which are accounted for as intercompany loans. Servco does not participate in the corporate money pool. Servco’s short-term liquidity needs are met through an account funded and owned by LIPA.

For additional information see Item 1. Note 10. Debt and Credit Facilities.

Common Stock Dividends

On April 16, 2024, PSEG’s Board of Directors approved a $0.60 per share common stock dividend for the second quarter of 2024. This reflects an indicative annual dividend rate of $2.40 per share. We expect to continue to pay cash dividends on our common stock; however, the declaration and payment of future dividends to holders of our common stock will be at the discretion of the Board of Directors and will depend upon many factors, including our financial condition, earnings, capital requirements of our businesses, alternate investment opportunities, legal requirements, regulatory constraints, industry practice and other factors that the Board of Directors deems relevant. For additional information related to cash dividends on our common stock, see Item 1. Note 16. Earnings Per Share (EPS) and Dividends.

Credit Ratings

If the rating agencies lower or withdraw our credit ratings, such revisions may adversely affect the market price of our securities and serve to materially increase our cost of capital and limit access to capital. Credit Ratings shown are for securities that we typically issue. Outlooks are shown for the credit ratings at each entity and can be Stable, Negative, or Positive. There is no assurance that the ratings will continue for any given period of time or that they will not be revised by the rating agencies, if in their respective judgments, circumstances warrant. Each rating given by an agency should be evaluated independently of the other agencies’ ratings. The ratings should not be construed as an indication to buy, hold or sell any security.

	Moody’s (A)	S&P (B)
PSEG
Outlook	Stable	Stable
Senior Notes	Baa2	BBB
Commercial Paper	P2	A2
PSE&G
Outlook	Stable	Stable
Mortgage Bonds	A1	A
Commercial Paper	P2	A2
PSEG Power
Outlook	Positive	Stable
Issuer Rating	Baa2	BBB

(A)Moody’s ratings range from Aaa (highest) to C (lowest) for long-term securities and P1 (highest) to NP (lowest) for short-term securities.

(B)S&P ratings range from AAA (highest) to D (lowest) for long-term securities and A1 (highest) to D (lowest) for short-term securities.

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CAPITAL REQUIREMENTS

We expect that all of our capital requirements over the next three years will come from a combination of internally generated funds and external debt financing. There were no material changes to our projected capital expenditures as compared to amounts disclosed in our 2023 Form 10-K.

PSE&G

During the three months ended March 31, 2024, PSE&G made capital expenditures of $739 million, primarily for T&D system reliability and advanced electric metering. In addition, PSE&G had cost of removal, net of salvage, of $45 million associated with capital replacements, and expenditures for EE programs of approximately $118 million, which are included in operating cash flows.

PSEG Power & Other

During the three months ended March 31, 2024, PSEG Power & Other made capital expenditures of $49 million, excluding $9 million for nuclear fuel, primarily related to various nuclear projects at PSEG Power and various information technology projects at Services.

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The risk inherent in our market-risk sensitive instruments and positions is the potential loss arising from adverse changes in commodity prices, equity security prices and interest rates as discussed in the Notes to Consolidated Financial Statements. It is our policy to use derivatives to manage risk consistent with business plans and prudent practices. We have a Risk Management Committee comprised of executive officers who utilize a risk oversight function to ensure compliance with our corporate policies and risk management practices.

Additionally, we are exposed to counterparty credit losses in the event of non-performance or non-payment. We have a credit management process, which is used to assess, monitor and mitigate counterparty exposure. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on our financial condition, results of operations or net cash flows.

Commodity Contracts

The availability and price of energy-related commodities are subject to fluctuations from factors such as weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market rules and other events. To reduce price risk caused by market fluctuations, we enter into supply contracts and derivative contracts, including forwards, futures, swaps, treasury locks, and options with approved counterparties. These contracts, in conjunction with physical sales and other services, help reduce risk and optimize the value of owned electric generation capacity.

Value-at-Risk (VaR) Models

VaR represents the potential losses, under normal market conditions, for instruments or portfolios due to changes in market factors, for a specified time period and confidence level. We estimate VaR across our commodity businesses.

MTM VaR consists of MTM derivatives that are economic hedges. The calculation does not include market risks associated with activities that are subject to accrual accounting, primarily our generating facilities and some load-serving activities.

The VaR models used are variance/covariance models adjusted for the change of positions with 95% and 99.5% confidence levels and a one-day holding period for the MTM activities. The models assume no new positions throughout the holding periods; however, we actively manage our portfolio.

From January through March 2024, MTM VaR varied between a low of $30 million and a high of $152 million at the 95% confidence level. The range of VaR was wider for the three months ended March 31, 2024 as compared with the year ended December 31, 2023.

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	MTM VaR
	Three Months Ended March 31, 2024		Year Ended December 31, 2023
	Millions
95% Confidence Level, Loss could exceed VaR one day in 20 days
Period End	$	38	$	48
Average for the Period	$	50	$	56
High	$	152	$	127
Low	$	30	$	24
99.5% Confidence Level, Loss could exceed VaR one day in 200 days
Period End	$	60	$	75
Average for the Period	$	79	$	87
High	$	238	$	198
Low	$	47	$	38

See Item 1. Note 11. Financial Risk Management Activities for a discussion of credit risk.

ITEM 4.CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

PSEG and PSE&G

We have established and maintain disclosure controls and procedures as defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to provide reasonable assurance that information required to be disclosed in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported and is accumulated and communicated to the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of each respective company, as appropriate, by others within the entities to allow timely decisions regarding required disclosure. We have established a disclosure committee which includes several key management employees and which reports directly to the CFO and CEO of each of PSEG and PSE&G. The committee monitors and evaluates the effectiveness of these disclosure controls and procedures. The CFO and CEO of each of PSEG and PSE&G have evaluated the effectiveness of the disclosure controls and procedures and, based on this evaluation, have concluded that disclosure controls and procedures at each respective company were effective at a reasonable assurance level as of the end of the period covered by the report.

Internal Controls

PSEG and PSE&G

There have been no changes in internal control over financial reporting that occurred during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, each registrant’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

We are party to various lawsuits and environmental and regulatory matters, including in the ordinary course of business. For information regarding material legal proceedings, including updates to information reported in Item 3 of Part I of the Form 10-K, see Part I, Item 1. Note 9. Commitments and Contingent Liabilities in this Quarterly Report on Form 10-Q.

ITEM 1A.RISK FACTORS

The discussion of our business and operations in this Quarterly Report on Form 10-Q should be read together with the risk factors contained in Part I, Item 1A of our Form 10-K which describes various risks and uncertainties that could have a material adverse impact on our business, prospects, financial position, results of operations or cash flows and could cause results to differ materially from those expressed elsewhere in this report.

63

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

From time to time, PSEG may repurchase shares to satisfy obligations under equity compensation awards and repurchase shares to satisfy purchases by employees under the Employee Stock Purchase Plan (ESPP). In March 2024, we entered into a share repurchase plan that complies with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, solely with respect to the repurchase of shares to satisfy obligations under equity compensation awards that are expected to be issued in 2024 and the repurchase of shares to satisfy purchases by employees under the ESPP during 2024. There were no common share repurchases in the open market during the first quarter of 2024.

ITEM 5. OTHER INFORMATION

Certain information is provided below for new matters that have arisen subsequent to the filing of the Form 10-K.

Director and Officer Rule 10b5-1 and non-Rule 10b5-1 Trading Plans

During the three months ended March 31, 2024, none of the Company’s directors or officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

Federal Regulation

Regulation of Wholesale Sales—Generation/Market Issues/Market Power

December 31, 2023 Form 10-K page 10. In March 2024, FERC issued a notice of proposed rulemaking proposing to eliminate compensation for reactive power in circumstances when the generator is operating within the normal power factor range specified in its interconnection agreement. PSEG Power receives reactive power compensation for its nuclear units. Therefore, we plan to actively participate in this rulemaking proceeding but cannot predict the outcome.

Capacity Market Issues

December 31, 2023 Form 10-K page 10. In October 2023, PJM submitted two related filings at FERC proposing reforms to its capacity market design. However, in February 2024, FERC issued an order rejecting PJM’s second package of reforms, including PJM’s proposed changes to its supply-side market power mitigation rules. Several parties have sought rehearing of FERC’s rejection order. In February 2024, PJM submitted a request asking FERC to delay the commencement of the base residual auction for the 2025/26 Delivery Year to mid-July 2024, which FERC granted.

In March 2024, the U.S. Court of Appeals for the Third Circuit (Third Circuit Court) issued a decision vacating an order in which FERC accepted PJM’s proposal to revise its planning parameters for one capacity market zone and to apply those revised planning parameters to the capacity auction for the 2024/2025 delivery that had already begun. The Third Circuit Court found that FERC’s order constituted retroactive ratemaking and vacated FERC’s decision. Before the Third Circuit Court remanded the matter back to FERC, PJM submitted a petition asking FERC to issue an order confirming the original results (those not reflecting revised planning parameters) of the auction for the 2024/2025 Delivery Year and to authorize PJM to rerun the third incremental auction. We cannot predict whether FERC will grant PJM’s petition.

Nuclear Regulatory Commission (NRC)

December 31, 2023 Form 10-K page 11. In March 2024, PSEG notified the NRC of our intent to seek a second license renewal for our Salem and Hope Creek units. This second license renewal would extend the operating licenses through 2056 and 2060 for Salem Units 1 and 2, respectively, and 2066 for Hope Creek.

Environmental Matters

Hazardous Substance Liability

December 31, 2023 Form 10-K page 15. In April 2024, the EPA released a final regulation designating perfluorooctanoic acid (PFOA) and perfluorooctanesulfonic acid (PFOS), along with their salts and structural isomers, as hazardous substances under the federal Superfund law. We are unable to predict the impact of this regulation at this point on PSEG, but it could have a material impact on our business, results of operations and cash flows due to the retroactive, strict, and joint and several nature of liability under the federal Superfund law.

64

ITEM 6.EXHIBITS

A listing of exhibits being filed with this document is as follows:

a. PSEG:
Exhibit 10:	2021 Equity Compensation Plan for Outside Directors - Restricted Stock Unit Award Agreement
Exhibit 31:	Certification by Ralph LaRossa Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 31.1:	Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 32:	Certification by Ralph LaRossa Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 32.1:	Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 101.INS:	Inline XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH:	Inline XBRL Taxonomy Extension Schema
Exhibit 101.CAL:	Inline XBRL Taxonomy Extension Calculation Linkbase
Exhibit 101.LAB:	Inline XBRL Taxonomy Extension Labels Linkbase
Exhibit 101.PRE:	Inline XBRL Taxonomy Extension Presentation Linkbase
Exhibit 101.DEF:	Inline XBRL Taxonomy Extension Definition Document
Exhibit 104:	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
b. PSE&G:
Exhibit 4a(16):	Supplemental Indenture dated February 1, 2024
Exhibit 10:	2021 Equity Compensation Plan for Outside Directors - Restricted Stock Unit Award Agreement
Exhibit 31.2:	Certification by Ralph LaRossa Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 31.3:	Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 32.2:	Certification by Ralph LaRossa Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 32.3:	Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 101.INS:	Inline XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH:	Inline XBRL Taxonomy Extension Schema
Exhibit 101.CAL:	Inline XBRL Taxonomy Extension Calculation Linkbase
Exhibit 101.LAB:	Inline XBRL Taxonomy Extension Labels Linkbase
Exhibit 101.PRE:	Inline XBRL Taxonomy Extension Presentation Linkbase
Exhibit 101.DEF:	Inline XBRL Taxonomy Extension Definition Document
Exhibit 104:	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

65

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Registrant)
By:	/S/ ROSE M. CHERNICK
	Rose M. Chernick Vice President and Controller (Principal Accounting Officer)

Date: April 30, 2024

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
(Registrant)
By:	/S/ ROSE M. CHERNICK
	Rose M. Chernick Vice President and Controller (Principal Accounting Officer)

Date: April 30, 2024

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EX-4.A(16)

Exhibit 4a(16)

SUPPLEMENTAL MORTGAGE

Supplemental Indenture

Dated February 1, 2024

SUPPLEMENTAL TO

FIRST AND REFUNDING MORTGAGE

DATED AUGUST 1, 1924

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

TO

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

Trustee

333 Thornall Street

Edison, New Jersey 08837

PROVIDING FOR THE ISSUE OF

$3,450,000,000 FIRST AND REFUNDING MORTGAGE BONDS,

MEDIUM-TERM NOTES SERIES Q

PREPARED BY, RECORD AND RETURN TO:

JOHN C. WALMSLEY, ESQ.

80 PARK PLAZA, T10

NEWARK, N.J. 07102

TABLE OF CONTENTS

Page

RECITALS....................................................................................................................................…. 1

FORMOF BOND..................................................…........................................................................... 3

FORMOF CERTIFICATE OF AUTHENTICATION........................................................................................... 5

GRANTING CLAUSES........................................................................................................................... 5

ARTICLE I.

BONDS OF THE MEDIUM-TERM NOTES SERIES Q.

DESCRIPTION OF SERIES ...................................................................................................................... 6

ARTICLE II.

REDEMPTION OF BONDS OF MEDIUM-TERM NOTES SERIES Q.

SECT ION 2.01. Redemption—Redemption Price............................................................................................. 6

SECTION2.02. Redemptions Pursuant to Section 4C of

Article Eight of the Indenture............................................................................................... 6

SECTION2.03. Interest on Called Bonds to Cease........................................................................................... 7

SECTION2.04. Bonds Called in Part................................................................................................................ 7

SECTION2.05. Provisions of Indenture Not Applicable.................................................................................. 7

ARTICLE III.

CREDITS WITH RESPECT TO BONDS OF THE

MEDIUM-TERM NOTES SERIES Q.

SECT ION3.01. Credits...................................................................................................................................... 7

SECTION3.02. Certificate of the Company......................................................................................................7

ARTICLE IV.

MISCELLANEOUS.

SECT ION4.01. Authentication of Bonds of Medium-Term

Notes Series Q...................................................................................................................... 7

SECTION4.02. Additional Restrictions on Authentication of

Additional Bonds Under Indenture...................................................................................... 8

SECTION4.03. Restriction on Dividends......................................................................................................... 8

SECTION4.04. Use of Facsimile Seal and Signatures...................................................................................... 8

SECTION4.05. Time for Making of Payment................................................................................................... 8

SECTION4.06. Effective Period of Supplemental Indenture............................................................................ 8

SECTION4.07. Effect of Approval of Board of Public Utilities

of the State of New Jersey......................................................................................... 8

SECTION4.08. Execution in Counterparts.......................................................................................... 8

SECTION4.09. Merger or Consolidation of Trustee....…...............................................................….. 8

ACKNOWLEDGEMENTS........................................................................................................................ 9

CERTIFICATEOFRESIDENCE............................................................................................................... 12

1

SUPPLEMENTAL INDENTURE, dated the 1st day of February 2024 for convenience of reference and effective from the time of execution and delivery hereof, between PUBLIC SERVICE ELECTRIC AND GAS COMPANY, a corporation organized under the laws of the State of New Jersey, hereinafter called the “Company”, party of the first part, and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, a national banking association organized under the laws of the United States of America, as successor Trustee to Wachovia Bank, National Association (previously known as Fidelity Union Trust Company) under the indenture dated August 1, 1924, below mentioned, hereinafter called the “Trustee”, party of the second part.

WHEREAS, on July 25, 1924, the Company executed and delivered to FIDELITY UNION TRUST COMPANY, a certain indenture dated August 1, 1924 (hereinafter called the “Indenture”) to secure and to provide for the issue of First and Refunding Mortgage Gold Bonds of the Company; and

WHEREAS, the Indenture has been recorded in the following counties of the State of New Jersey, in the offices, and therein in the books and at the pages, as follows:

County	Office	Book Number	Page Number
Atlantic	Clerk’s	1955 of Mortgages	160
Bergen	Clerk’s	94 of Chattel Mortgages	123 etc.
Burlington	Clerk’s	693 of Mortgages 52 of Chattel Mortgages	88 etc. Folio 8 etc.
Camden	Register’s	177 of Mortgages 45 of Chattel Mortgages	Folio 354 etc. 184 etc.
Cumberland	Clerk’s	239 of Mortgages 786 of Mortgages	1 etc. 638 & c.
Essex	Register’s	437 of Chattel Mortgages	1-48
Gloucester	Clerk’s	T-51 of Mortgages 34 of Chattel Mortgages	341-392 123 etc.
Hudson	Register’s	142 of Mortgages 453 of Chattel Mortgage	7 etc 9 etc
		1245 of Mortgages	484, etc.
Hunterdon	Clerk’s	151 of Mortgages	344
Mercer	Clerk’s	67 of Chattel Mortgages	1 etc.
Middlesex	Clerk’s	384 of Mortgages 113 of Chattel Mortgages	1 etc. 3 etc.
		437 of Mortgages	294 etc.
Monmouth	Clerk’s	951 of Mortgages	291 & c.
Morris	Clerk’s	N-3 of Chattel Mortgages	446 etc.
		F-10 of Mortgages	269 etc.
Ocean	Clerk’s	1809 of Mortgages	40
Passaic	Register’s	M-6 of Chattel Mortgages	178, etc.
		R-13 of Mortgages	268 etc.
Salem	Clerk’s	267 of Mortgages	249 etc.
Somerset	Clerk’s	46 of Chattel Mortgages	207 etc.
Sussex	Clerk’s	N-10 of Mortgages 123 of Mortgages	1 etc. 10 & c.
Union	Register’s	664 of Mortgages	259 etc.
Warren	Clerk’s	124 of Mortgages	141 etc.

and

2

WHEREAS, the Indenture has also been recorded in the following counties of the Commonwealth of Pennsylvania, in the offices, and therein in the books and at the pages, as follows:

County	Office	Book Number	Page Number
Adams	Recorder’s	22 of Mortgages	105
Armstrong	Recorder’s	208 of Mortgages	381
Bedford	Recorder’s	90 of Mortgages	917
Blair	Recorder’s	671 of Mortgages	430
Cambria	Recorder’s	407 of Mortgages	352
Cumberland	Recorder’s	500 of Mortgages	136
Franklin	Recorder’s	285 of Mortgages	373
Huntingdon	Recorder’s	128 of Mortgages	47
Indiana	Recorder’s	197 of Mortgages	281
Lancaster	Recorder’s	984 of Mortgages	1
Montgomery	Recorder’s	5053 of Mortgages	1221
Westmoreland	Recorder’s	1281 of Mortgages	198
York	Recorder’s	31-V of Mortgages	446

and

WHEREAS, the Indenture granted, bargained, sold, aliened, remised, released, conveyed, confirmed,

assigned, transferred and set over unto the Trustee certain property of the Company, more fully set forth and described in the Indenture, then owned or which might thereafter be acquired by the Company; and

WHEREAS, the Company, by various supplemental indentures, supplemental to the Indenture, the last of which was dated March 1, 2022, has granted, bargained, sold, aliened, remised, released, conveyed, confirmed, assigned, transferred and set over unto the Trustee certain property of the Company acquired by it after the execution and delivery of the Indenture; and

WHEREAS, since the execution and delivery of said supplemental indenture dated March 1, 2022, the Company has acquired property which, in accordance with the provisions of the Indenture, is subject to the lien thereof and the Company desires to confirm such lien; and

WHEREAS, the Indenture has been amended or supplemented from time to time; and

WHEREAS, it is provided in the Indenture that no bonds other than those of the 5-1/2% Series due 1959 therein authorized may be issued thereunder unless a supplemental indenture providing for the issue of such additional bonds shall have been executed and delivered by the Company to the Trustee; and

WHEREAS, the Company is making provisions for the issuance and sale of its Secured Medium-Term Notes, Series Q (the “Series Q Notes”), to be issued under an Indenture of Trust (the “Note Indenture”) dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) as predecessor trustee (The Bank of New York Mellon, as successor trustee to the predecessor trustee), as Trustee (the “Note Trustee”); and

WHEREAS, such Note Indenture provides, among other things, for the pledge and delivery by the Company of a series of First and Refunding Mortgage Bonds of the Company to evidence the Company’s obligation to pay the principal and interest with respect to outstanding Series Q Notes; and for such purpose and in order to service and secure payment of the principal and interest in respect of the Series Q Notes, the Company desires to provide for the issue of $3,450,000,000 aggregate principal amount of bonds under the Indenture of a series to be designated as “First and Refunding Mortgage Bonds, Medium-Term Notes Series Q” (hereinafter sometimes called “Bonds of the Medium-Term Notes Series Q”); and

WHEREAS, the text of the Bonds of the Medium-Term Notes Series Q and of the certificate of authentication to be borne by the Bonds of the Medium-Term Notes Series Q shall be substantially of the following tenor:

3

(FORM OF BOND)

This Bond is not transferable except as provided in the Indenture and in the Indenture of Trust dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) (The Bank of New York Mellon, successor trustee) as Trustee.

REGISTERED                                             REGISTERED

NUMBER                                                 AMOUNT

R                                                 $3,450,000,000

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

FIRSTAND REFUNDING MORT GAGE BOND,

MEDIUM-TERM NOTES SERIES Q

Public Service Electric and Gas Company (hereinafter called the “Company”), a corporation of the State of New Jersey, for value received, hereby promises to pay to The Bank of New York Mellon (as successor trustee to The Chase Manhattan Bank (National Association)), under the Indenture of Trust dated as of July 1, 1993 between the Company and such trustee, or registered assigns, on the surrender hereof, the principal sum of Three Billion Four Hundred Fifty Million Dollars, on February 1, 2059, and to pay interest thereon from the date hereof, at the rate of 10% per annum, and until payment of said principal sum, such interest to be payable February 1 and August 1 in each year; provided, however, that the Company shall receive certain credits against such obligations as set forth in the Supplemental Indenture dated February 1, 2024 referred to below.

Both the principal hereof and interest hereon shall be paid at the principal corporate trust office of U.S. Bank Trust Company, National Association in the Township of Edison, State of New Jersey, or (at the option of the registered owner) at the corporate trust office of any paying agent appointed by the Company, in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts; provided, however, that any such payments of principal and interest shall be subject to receipt of certain credits against such payment obligations as set forth in the Supplemental Indenture dated February 1, 2024 referred to below.

This Bond is one of the First and Refunding Mortgage Bonds of the Company issued and to be issued under and pursuant to, and all equally secured by, an indenture of mortgage or deed of trust dated August 1, 1924, as supplemented and amended by supplemental indentures thereto, including the Supplemental Indenture dated February 1, 2024, duly executed by the Company and U.S. Bank Trust Company, National Association as Trustee. This Bond is one of the Bonds of the Medium-Term Notes Series Q, which series is limited to the aggregate principal amount of $3,450,000,000 and is issued pursuant to said Supplemental Indenture dated February 1, 2024. Reference is hereby made to said indenture and all supplements thereto for a specification of the principal amount of Bonds from time to time issuable thereunder, and for a description of the properties mortgaged and conveyed or assigned to said Trustee or its successors, the nature and extent of the security, and the rights of the holders of said Bonds and any coupons appurtenant thereto, and of the Trustee in respect of such security.

In and by said indenture, as amended and supplemented, it is provided that with the written approval of the Company and the Trustee, any of the provisions of said indenture may from time to time be eliminated or modified and other provisions may be added thereto provided the change does not alter the annual interest rate, redemption price or date, date of maturity or amount payable on maturity of any then outstanding Bond or conflict with the Trust Indenture Act of 1939 as then in effect, and provided the holders of 85% in principal amount of the Bonds secured by said indenture and then outstanding (including, if such change affects the Bonds of one or more series but less than all series then outstanding, a like percentage of the then outstanding Bonds of each series affected by such change, and excluding Bonds owned or controlled by the Company or by the parties owning at least 10% of the outstanding voting stock of the Company, as more fully specified in said indenture) consent in writing thereto, all as more fully set forth in said indenture, as amended and supplemented.

4

First and Refunding Mortgage Bonds issuable under said indenture are issuable in series, and the Bonds of any series may be for varying principal amounts and in the form of coupon bonds and of registered bonds without coupons, and the Bonds of any one series may differ from the Bonds of any other series as to date, maturity, interest rate and otherwise, all as in said indenture provided and set forth. The Bonds of the Medium-Term Notes Series Q, in which this Bond is included, are designated “First and Refunding Mortgage Bonds, Medium-Term Notes, Series Q.”

In case of the happening of an event of default as specified in said indenture and said supplemental indenture dated March 1, 1942, the principal sum of the Bonds of this series may be declared or may become due and payable forthwith, in the manner and with the effect in said indenture provided.

The Bonds of this series are subject to redemption as provided in Article II of the Supplemental Indenture dated February 1, 2024.

This Bond is transferable, but only as provided in said indenture and the Indenture of Trust dated as of July 1, 1993 between the Company and The Chase Manhattan Bank (National Association) as predecessor trustee (The Bank of New York Mellon, as successor trustee to the predecessor trustee), as trustee, upon surrender hereof, by the registered owner in person or by attorney duly authorized in writing, at either of said offices where the principal hereof and interest hereon are payable; upon any such transfer a new fully registered Bond similar hereto will be issued to the transferee. This Bond may in like manner be exchanged for one or more new fully registered Bonds of the same series of other authorized denominations but of the same aggregate principal amount. No service charge shall be made for any such transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. The Company and the Trustee hereunder and any paying agent may deem and treat the person in whose name this Bond is registered as the absolute owner hereof for the purpose of receiving payment of or on account of the principal hereof and the interest hereon and for all other purposes; and neither the Company nor the Trustee hereunder nor any paying agent shall be affected by any notice to the contrary.

The Bonds of this series are issuable only in fully registered form, in any denomination authorized by the Company.

No recourse under or upon any obligation, covenant or agreement contained in said indenture or in any indenture supplemental thereto, or in any Bond issued thereunder, or because of any indebtedness arising thereunder, shall be had against any incorporator, or against any past, present or future stockholder, officer, or director, as such, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, it being expressly agreed and understood that said indenture, any indenture supplemental thereto and the obligations issued thereunder, are solely corporate obligations, and that no personal liability whatever shall attach to, or be incurred by, such incorporators, stockholders, officers or directors, as such, of the Company, or of any successor corporation, or any of them, because of the incurring of the indebtedness thereby authorized, or under or by reason of any of the obligations, covenants or agreements contained in the indenture or in any indenture supplemental thereto or in any of the Bonds issued thereunder, or implied therefrom.

This Bond shall not be entitled to any security or benefit under said indenture, as amended and supplemented, and shall not become valid or obligatory for any purpose, until the certificate of authentication, hereon endorsed, shall have been signed by U.S. Bank Trust Company, National Association as Trustee, or by its successor in trust under said indenture.

[To be executed and attested under seal in accordance with the provisions of the Indenture.]

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(FORMOF CERTIFICATE OF AUTHENTICATION)

CERTIFICATE OFAUTHENTICATION

[To be authenticated in accordance with the provisions of the Indenture.]

WHEREAS, the execution and delivery of this supplemental indenture have been duly authorized by the Board of Directors of the Company; and

WHEREAS, the Company represents that all things necessary to make the bond of the series hereinafter described, when duly authenticated by the Trustee and issued by the Company, a valid and legal obligation of the Company, and to make this supplemental indenture a valid and binding agreement supplemental to the Indenture, have been done and performed:

NOW, THEREFORE, THIS SUPPLEMENT AL INDENTURE WITNESSETH that the Company, in consideration of the premises and the execution and delivery by the Trustee of this supplemental indenture, and in pursuance of the covenants and agreements contained in the Indenture and for other good and valuable consideration, the receipt of which is hereby acknowledged, has granted, bargained, sold, aliened, remised, released, conveyed, confirmed, assigned, transferred and set over, and by these presents does grant, bargain, sell, alien, remise, release, convey, confirm, assign, transfer and set over unto the Trustee, its successors and assigns, forever, all the right, title and interest of the Company in and to all property of every kind and description (except cash, accounts and bills receivable and all merchandise bought, sold or manufactured for sale in the ordinary course of the Company’s business, stocks, bonds or other corporate obligations or securities, other than such as are described in Part V of the Granting Clauses of the Indenture, not acquired with the proceeds of bonds secured by the Indenture, and except as in the Indenture and herein otherwise expressly excluded) acquired by the Company since the execution and delivery of the supplemental indenture dated March 1, 2022, subsequent to the Indenture (except any such property duly released from, or disposed of, free from the lien of the Indenture, in accordance with the provisions thereof) and all such property which at any time hereafter may be acquired by the Company;

All of which property it is intended shall be included in and granted by this supplemental indenture and covered by the lien of the Indenture as heretofore and hereby amended and supplemented;

UNDER AND SUBJECT to any encumbrances or mortgages existing on property acquired by the Company at the time of such acquisition and not heretofore discharged of record; and

SUBJECT also, to the exceptions, reservations and provisions in the Indenture and in this supplemental indenture recited, and to the liens, reservations, exceptions, limitations, conditions and restrictions imposed by or contained in the several deeds, grants, franchises and contracts or other instruments through which the Company acquired or claims title to the aforesaid property; and Subject, also, to the existing leases, to liens on easements or rights of way, to liens for taxes, assessments and governmental charges not in default or the payment of which is deferred, pending appeal or other contest by legal proceedings, pursuant to Section 4 of Article Five of the Indenture, or the payment of which is deferred pending billing, transfer of title or final determination of amount, to easements for alleys, streets, highways, rights of way and railroads that may run across or encroach upon the said property, to joint pole and similar agreements, to undetermined liens and charges, if any, incidental to construction, and other encumbrances permitted by the Indenture as heretofore and hereby amended and supplemented;

TO HAVE AND TO HOLD the property hereby conveyed or assigned, or intended to be conveyed or assigned, unto the Trustee, its successor or successors and assigns, forever;

IN TRUST, NEVERTHELESS, upon the terms, conditions and trusts set forth in the Indenture as heretofore and hereby amended and supplemented, to the end that the said property shall be subject to the lien of the Indenture as heretofore and hereby amended and supplemented, with the same force and effect as though said property had been included in the Granting Clauses of the Indenture at the time of the execution and delivery thereof;

AND THIS SUPPLEMENTAL INDENTURE FURTHER WITNESSETH that for the considerations aforesaid, it is hereby covenanted between the Company and the Trustee as follows:

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                        ARTICLE I.

BONDS OF THE MEDIUM-TERM NOTES SERIES Q.

The series of bonds authorized by this supplemental indenture to be issued under and secured by the Indenture shall be designated “First and Refunding Mortgage Bonds, Medium-Term Notes Series Q”; shall be limited to the aggregate principal amount of $3,450,000,000; shall be issued initially to the Note Trustee and shall mature and bear interest as set forth in the form of bond set forth herein; provided, however, that the Company shall receive certain credits against principal and interest as set forth in Section 3.01 hereof. The date of each Bond of the Medium-Term Notes Series Q shall be the interest payment date next preceding the date of authentication, unless such date of authentication be an interest payment date, in which case the date shall be the date of authentication, or unless such date of authentication be prior to the first semi-annual interest payment date, in which case the date shall be February 1, 2024.

Bonds of the Medium-Term Notes Series Q shall be issuable only in the form of fully registered bonds in any denomination authorized by the Company. Interest on the Bonds of the Medium-Term Notes Series Q shall be payable semi-annually in arrears on February 1 and August 1 of each year, payable initially on August 1, 2024, subject to receipt of certain credits against principal and interest as set forth in Section 3.01 hereof and shall be payable as to both principal and interest in such coin or currency of the United States of America as at the time of payment shall constitute legal tender for the payment of public and private debts, at the principal corporate trust office of the Trustee, or at the corporate trust office of any paying agent appointed.

Bonds of the Medium-Term Notes Series Q shall be transferable and exchangeable, but only as provided in the Indenture and the Note Indenture, upon surrender thereof for cancellation by the registered owner in person or by attorney duly authorized in writing at either of said offices. The Company hereby waives any right to make a charge for any transfer or exchange of Bonds of the Medium-Term Notes Series Q, but the Company may require payment of a sum sufficient to cover any tax or any other governmental charge that may be imposed in relation thereto.

ARTICLE II.

REDEMPTION OF BONDS OF MEDIUM-TERM NOTES SERIES Q.

SECTION 2.01. Redemption—Redemption Price. Bonds of the Medium-Term Notes Series Q shall be subject to redemption prior to maturity under the conditions, and upon payment of the amounts as may be specified in the following conditions:

(a) at any time in whole or in part at the option of the Company upon receipt by the Trustee of written certification of the Company and of the Note Trustee that the principal amount of the Series Q Notes then outstanding under the Note Indenture is not in excess of such principal amount of the Bonds of the Medium-Term Notes Series Q as shall remain pledged to the Note Trustee after giving effect to such redemption; (b) at any time by the application of any proceeds of released property or other money held by the Trustee and which, pursuant to Section 4C of Article Eight of the Indenture, as amended and supplemented, are applied to the redemption of Bonds of the Medium-Term Notes Series Q, upon payment of 100% of the principal amount thereof, together with interest accrued to the redemption date, provided that any such payment shall be subject to receipt by the Company of certain credits against such obligations as set forth in Section 3.01 hereof or (c) automatically upon failure to pay the principal of any Series Q Notes then outstanding under the Note Indenture when due, on their stated maturity date or earlier redemption or repayment date, in a principal amount of Bonds of the Medium-Term Notes Series Q equal to the principal amount of such Series Q Notes, in each case, at a price equal to 100% of the principal amount thereof, together with accrued interest, if applicable.

SECTION 2.02. Redemptions Pursuant to Section 4C of Article Eight of the Indenture. If, pursuant to Section 4C of Article Eight of the Indenture, as amended and supplemented, any proceeds of released property or other money then held by the Trustee shall be applied to the redemption of the Bonds of the Medium-Term Notes Series Q, the Trustee shall give at least 45 days prior written notice of such redemption to the Note Trustee whereupon on the date fixed for redemption such principal amount thereof as is equal to such proceeds shall be redeemed; provided that no such redemption shall be made unless the Trustee shall be in receipt of a written certification of the Company and the Note Trustee that a like principal amount of

Series Q Notes shall have been theretofore redeemed in accordance with the provisions of the Note Indenture. For purposes of determining which of the Company’s First and Refunding Mortgage Bonds are subject to such mandatory redemption, the Mortgage Trustee shall consider the 10% stated annual interest rate of the

7

Bonds of the Medium-Term Notes Series Q, not the weighted average interest rate of outstanding Series Q Notes. Bonds of said series so redeemed shall be cancelled.

SECTION 2.03. Interest on Called Bonds to Cease. Each Bond of the Medium-Term Notes Series Q or portion thereof called for redemption under Section 2.02 hereof shall be due and payable at the office of the Note Trustee, as paying agent hereunder, at its redemption price and on the specified redemption date, anything herein or in such Bond to the contrary notwithstanding. From and after the date when each Bond of the Medium-Term Notes Series Q or portion thereof shall be due and payable as aforesaid (unless upon said date the full amount due thereon shall not be held by the Note Trustee, as paying agent hereunder, and be immediately available for payment), all further interest shall cease to accrue on such bond or on such portion thereof, as the case may be.

SECTION 2.04. Bonds Called in Part. If only a portion of any Bond of the Medium-Term Notes Series Q shall be called for redemption pursuant to Section 2.02 hereof, upon payment of the portion so called for redemption, the Note Trustee shall make an appropriate notation upon the Bond of the principal amount so redeemed.

SECTION 2.05. Provisions of Indenture Not Applicable. The provisions of Article Four of the Indenture, as amended and supplemented, shall not apply to the procedure for the exercise of any right of redemption reserved by the Company, or to any mandatory redemption provided, in this Article in respect of the Bonds of the Medium-Term Notes Series Q. There shall be no sinking fund for the Bonds of the Medium-Term Notes Series Q.

ARTICLE III.

CREDITS WITH RESPECT TO BONDS OF THE MEDIUM-TERM NOTES SERIES Q.

SECTION 3.01. Credits. In addition to any other credit, payment or satisfaction to which the Company is entitled with respect to the Bonds of the Medium-Term Notes Series Q, the Company shall be entitled to credits against amounts otherwise payable in respect of the Bonds of the Medium-Term Notes Series Q in an amount corresponding to (i) the principal amount of any of the Company’s Series Q Notes issued under the Note Indenture surrendered to the Note Trustee by the Company, or purchased by the Note Trustee, for cancellation, (ii) the amount of money held by the Note Trustee and available and designated for the payment of principal or redemption price (exclusive of any premium) of, and/or interest on, the Series Q Notes, regardless of the source of payment to the Note Trustee of such moneys and (iii) the amount by which principal of and interest due on the Bonds of the Medium-Term Notes Series Q exceeds principal of and interest due on the Series Q Notes. The Note Trustee shall make notation on such Bonds authorized hereby of any such credit.

SECTION 3.02. Certificate of the Company. A certificate of the Company signed by the President or any Vice President, and attested to by the Secretary or any Assistant Secretary, and consented to by the Note Trustee, stating that the Company is entitled to a credit under Section 3.01 hereof or that Bonds of the Medium-Term Notes Series Q have been cancelled, and setting forth the basis therefor in reasonable detail, shall be conclusive evidence of such entitlement, and the Trustee shall accept such certificate as such evidence without further investigation or verification of the matters stated therein.

ARTICLE IV.

MISCELLANEOUS.

SECTION 4.01. Authentication of Bonds of Medium-Term Notes Series Q. None of the Bonds of the Medium-Term Notes Series Q, the issue of which is provided for by this supplemental indenture, shall be authenticated by or on behalf of the Trustee except in accordance with the provisions of the Indenture, as amended and supplemented, and this supplemental indenture, and upon compliance with the conditions in that behalf therein contained.

8

SECTION 4.02. Additional Restrictions on Authentication of Additional Bonds Under Indenture. The Company covenants that from and after the date of execution of this supplemental indenture no additional bonds (as defined in Section 1 of Article Two of the Indenture) shall be authenticated and delivered by the Trustee under Subdivision A of Section 4 of said Article Two on account of additions or improvements to the mortgaged property;

(1) unless the net earnings of the Company for the period required by Subdivision C of Section 6 of said Article Two shall have been at least twice the fixed charges (in lieu of 1-3/4 times such fixed charges, as required by said Subdivision C); and for the purpose of this condition (a) such fixed charges shall in each case include interest on the bonds applied for, notwithstanding the parenthetical provision contained in clause (4) of said Subdivision C, and (b) in computing such net earnings there shall be included in expenses of operation (under paragraph (c) of said Subdivision C) all charges against earnings for depreciation, renewals or replacements, and all certificates with respect to net earnings delivered to the Trustee in connection with any authentication of additional bonds under said Article Two shall so state; and (2) except to the extent of 60% (in lieu of 75% as permitted by Subdivision A of Section 7 of said Article Two) of the cost or fair value to the Company of the additions or improvements forming the basis for such authentication of additional bonds.

SECTION 4.03. Restriction on Dividends. The Company will not declare or pay any dividend on any shares of its common stock (other than dividends payable in shares of its common stock) or make any other distribution on any such shares, or purchase or otherwise acquire any such shares (except shares acquired without cost to the Company) whenever such action would reduce the earned surplus of the Company to an amount less than $10,000,000 or such lesser amount as may remain after deducting from said $10,000,000 all amounts appearing in the books of account of the Company on December 31, 1948, which shall thereafter, pursuant to any order or rule of any regulatory body entered after said date, be required to be removed, in whole or in part, from the books of account of the Company by charges to earned surplus.

SECTION 4.04. Use of Facsimile Seal and Signatures. The seal of the Company and any or all signatures of the officers of the Company upon any of the Bonds of the Medium-Term Notes Series Q may be facsimiles.

SECTION 4.05. Time for Making of Payment. All payments of principal or redemption price of, and interest on, the Bonds of the Medium-Term Notes Series Q shall be made either prior to the due date thereof or on the due date thereof in immediately available funds. In any case where the date of any such payment shall be a Saturday or Sunday or a legal holiday or a day on which banking institutions in the city of payment are authorized by law to close, then such payment need not be made on such date but may be made on the next succeeding business day with the same force and effect as if made on the due date, and no interest on such payment shall accrue for the period after such date.

SECTION 4.06. Effective Period of Supplemental Indenture. The preceding provisions of Articles I, II and III of this supplemental indenture shall remain in effect only so long as any of the Bonds of the Medium- Term Notes Series Q shall remain outstanding.

SECTION 4.07. Effect of Approval of Board of Public Utilities of the State of New Jersey. The approval of the Board of Public Utilities of the State of New Jersey of the execution and delivery of these presents and of the issue of any Bond of the Medium-Term Notes Series Q shall not be construed as approval of said Board of any other act, matter or thing which requires approval of said Board under the laws of the State of New Jersey.

SECTION 4.08. Execution in Counterparts. For the purpose of facilitating the recording hereof, this supplemental indenture has been executed in several counterparts, each of which shall be and shall be taken to be an original, and all collectively but one instrument.

SECTION 4.09. Merger or Consolidation of Trustee. Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such organization or entity shall be otherwise qualified and eligible under this Article 6, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

9

IN WITNESS WHEREOF, Public Service Electric and Gas Company, party hereto of the first part, after due corporate and other proceedings, has caused this supplemental indenture to be signed and acknowledged or proved by its President or one of its Vice Presidents and its corporate seal hereunto to be affixed and to be attested by the signature of its Secretary or an Assistant Secretary; and U.S. Bank Trust Company, National Association, as Trustee, party hereto of the second part, has caused this supplemental indenture to be signed and acknowledged or proved by its President or one of its Vice Presidents, and its corporate seal to be hereunto affixed and to be attested by the signature of its Secretary, Assistant Secretary, Vice President, or an Assistant Vice President. Executed and delivered effective as of the 1st day of February 2024.

Attest:

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

By

/s/ Bradford Huntington

. . . . . . . . . . . . . . . . . . . . . . . . . . .

Bradford Huntington

Vice President and

Treasurer

Attest:

/s/ Malvina Mardirosyan    

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Malvina Mardirosyan

Assistant Secretary

10

U.S. BANK TRUST COMPANY, NATIONAL

ASSOCIATION

By

/s/ Mark DiGiacomo

. . . . . . . . . . . . . . . . . . . . . . . . . . .

Mark DiGiacomo

Vice President

Attest:

/s/ Christina Bruno    

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Christina Bruno

Assistant Vice

President

11

STATE OF NEW JERSEY         )

SS:)

COUNTY OF ESSEX )

Be it Remembered, that on this 1st day of February, 2024, before me, the subscriber, a Notary Public of the State of New Jersey, personally appeared Bradford Huntington, who, I am satisfied, is a Vice President of Public Service Electric and Gas Company, one of the corporations named in and which executed the foregoing instrument, and is the person who signed the said instrument as such officer, for and on behalf of such corporation, and I having first made known to him the contents thereof, he did acknowledge that he signed the said instrument as such officer, that the said instrument was made by such corporation and sealed with its corporate seal, that the said instrument is the voluntary act and deed of such corporation, made by virtue of authority from its Board of Directors, and that said corporation, the mortgagor, has received a true copy of said instrument.

/s/ Pamela Inglis

.............................................................

Pamela Inglis

Notary Public of New Jersey

My Commission Expires May 12, 2025

STATE OF NEW JERSEY         )

SS:)

COUNTYOF Middlesex     )

Be it Remembered, that on this 1st day of February, 2024 before me, the subscriber, a Notary Public of the State of New Jersey, personally appeared Mark DiGiacomo, who, I am satisfied, is a Vice President of U.S. Bank Trust Company, National Association, one of the corporations named in and which executed the foregoing instrument, and is the person who signed the said instrument as such officer, for and on behalf of such corporation, and I having first made known to him the contents thereof, he did acknowledge that he signed the said instrument as such officer, that the said instrument was made by such corporation and sealed with its corporate seal, and that the said instrument is the voluntary act and deed of such corporation, made by virtue of authority from its Board of Directors.

/s/ Annette Marsula

..............................................................

Annette Marsula

Notary Public of New Jersey

My Commission Expires June 9, 2025

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CERTIFICATE OF RESIDENCE

U.S. Bank Trust Company, National Association, Mortgagee and Trustee within named, hereby certifies that its precise residence is 333 Thornall Street, Edison, New Jersey 08837.

U.S. BANK TRUST COMPANY, NATIONAL

ASSOCIATION

By

/s/ Mark DiGiacomo

..............................................................

Mark DiGiacomo

Vice President

EX-10

Exhibit 10

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

2021 EQUITY COMPENSATION PLAN FOR OUTSIDE DIRECTORS

RESTRICTED STOCK UNIT AWARD AGREEMENT

#ParticipantName#

#EmployeeID#

#GrantDate#

#ClientGrantID#

#QuantityGranted#

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) by and between Public Service Enterprise Group Incorporated, a New Jersey corporation with an address at 80 Park Plaza, Newark, NJ, 07102 (the “Company”) and You, relates to an equity compensation award (the “Award”) pursuant, and subject to the Company’s 2021 Equity Compensation Plan for Outside Directors (the “Plan”), as may be amended from time to time and upon the following terms and conditions:

1. Award. This Award is a grant of restricted stock units (“RSUs”) related to Shares of PSEG Common Stock (the “Shares”). The number of RSUs awarded to You, the grant date (the “Grant Date”) and the vesting schedule (the “Vesting Schedule”) are shown on the Award Summary page of the Fidelity NetBenefits website. The distribution date shall be the date, as described below, on which Shares attributable to Your Vested Award are distributed to You (the “Distribution Date”) as detailed in Section VI of the Plan.

2. Vesting. “Vesting” (“Vest” or “Vested") means that Your Award is no longer subject to substantial risk of forfeiture. You shall become Vested in Your Award upon satisfaction of criteria described in (a) through (d) below. Distribution of a Vested Award shall be made in accordance with Section 5.

(a)Vesting Schedule. The Award shall Vest in accordance with the Vesting Schedule.

(b)Disability. Notwithstanding the Vesting Schedule, if You cease to remain on the Board of the Company by reason of Disability prior to the date that Your Award becomes fully Vested, You will fully Vest in your Award (and associated dividend equivalents).

(c)Death. Notwithstanding the Vesting Schedule, if You cease to remain on the Board of the Company by reason of death prior to the date that Your Award becomes fully Vested, then all unvested remaining RSUs and dividend equivalents at the time of Your death and shall Vest 100%.

(d)Termination of Service. If You cease to remain on the Board of the Company prior to the date that Your Award becomes fully Vested in

2021 BOD RSU Agreement_Final.Docx            1

accordance with subsections (a) through (c) above, all unvested RSUs and associated dividend equivalents shall, upon such termination, be forfeited.

3. Restrictions on Transfer and Restricted Period.Until distribution of Shares of Common Stock from the Plan, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge such Shares, or take any similar actions in anticipation of receipt of such Shares. Upon notice to the Committee that a Qualified Domestic Relations Order (“QDRO”) is being sought with respect to a Participant’s Account, no distribution shall be made to a Participant until such time as to the QDRO is determined. If the date on which the restrictions lapse is accelerated, in no event shall the Distribution Date be accelerated, except as otherwise provided herein.

4. Dividend Equivalents. Prior to the Distribution Date, the RSUs shall be credited with dividend equivalents in an amount equal to the dividends paid on the Company’s Common Stock. Such dividend equivalents shall be credited to a bookkeeping account established by the Company under the Plan in Your name in each calendar quarter prior to the Distribution Date that the Company pays a dividend on its outstanding Shares of Common Stock. Amounts credited to this account shall be credited with a quarterly rate equal to the dividend payment rate with dividends invested as of the last business day of each quarter and share price equal to the average of the high and low actual sale prices of the Company’s Common Stock on the New York Stock Exchange on the date the transaction is credited. Amounts accumulated in this account shall be proportionately distributed to You in Shares at the same time that the Shares related to the RSUs are distributed to You. Such dividend equivalents shall Vest in accordance with the Vesting of the underlying Award.

5. Distribution of Award. Upon the Distribution Date, a number of Shares attributable to Your Vested Award shall be distributed to You as elected under Section VI of the Plan, free and clear of any restrictions (other than restrictions arising by operation of law and the Company’s Insider Trading Practice). However, with respect to a Vested Award under Section 2(c) of this Agreement, distribution of the Shares shall be made to Your legal representative within 30 days following Your date of death.

6. Your Rights. Except as otherwise provided herein and the Plan, You, as a recipient of an award of RSUs, shall have none of the rights of a stockholder, including, but not limited to, the right to receive cash dividends and the right to vote, until Shares are actually distributed to You.

7. Adjustments for Changes in Capitalization. In the event of any change in the outstanding Shares of Common Stock by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of Shares, merger, consolidation, or any change in the Company’s corporate structure or in the Shares of Common Stock, the number and class of RSUs covered by this Award shall be appropriately adjusted by the Committee, whose determination shall be conclusive. Any additional RSUs received as a result of the foregoing by You shall be subject to such restrictions and the potential for forfeiture as provided herein. Terms and Conditions of the Award shall not change in any other respect.

2021 BOD RSU Agreement_Final.Docx            2

8. Effect of Change in Control. In the event of a Change in Control, to the extent not previously Vested, Your Award shall Vest in full. In the event that the Change in Control is determined NOT to be a “change in control,” as defined under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the Distribution Date shall be the date elected as a Distribution Date made under Section VI of the Plan.

9. Delivery and Registration of Shares of Common Stock. The Company’s obligation to deliver Shares of Common Stock shall, if the Committee so requests, be conditioned upon the receipt of a representation as to Your investment intention or that of any other person to whom such Shares are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended (the “Securities Act”) or any other Federal, state or local securities legislation or regulation. The Committee may provide that any representation requirement shall become inoperative upon a registration of such Shares or other action eliminating the necessity of such representation under such Securities Act or other securities regulation. The Company shall not be required to deliver any Shares under the Plan or this Award prior to (i) the admission of such Shares to listing on any stock exchange on which the Shares of Common Stock may then be listed, and (ii) the completion of such registration or other qualification of such Shares under any state or Federal law, rule or regulation, as the Committee shall determine to be necessary or advisable.

10. Plan and Plan Interpretations as Controlling. The RSUs hereby awarded and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon You, Your representatives and Your beneficiaries with regard to any question arising hereunder or under the Plan.

11. Continued Service. Nothing in this Agreement shall confer upon any Outside Director any right to remain a member of the Board or in any way limit the right of the Board or Stockholders to terminate or fail to denominate or reelect an Outside Director as a member of the Board.

12. Applicable Taxes.

Tax Withholding. Upon distribution of Awards, the Company will not withhold any taxes for federal, State or local, domestic or foreign taxes unless required by any law or regulation of any governmental authority. Your taxable distribution amount will be reported to you on IRS Form 1099-NEC for the applicable tax year filing.

13. Unsecured Creditor Status and Assignment Prohibition. This Award is provided under an entirely unfunded arrangement and no provision shall at any time be made with respect to segregating any assets of the Company or any of its Subsidiaries for payment of any Award hereunder. No beneficiary, surviving spouse or any other person shall have any interest inany particular assets of the Company or any Subsidiary by reason of the right to receive an Award and any such beneficiary, surviving spouse or

2021 BOD RSU Agreement_Final.Docx            3

other person shall have only the rights of a general unsecured creditor with respect to any Award.

Prior to an actual payment with respect to an Award, no interest of any person or entity in, or right to receive the Award shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or other alienation or encumbrance of any kind; nor any such interest or right to receive a benefit be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

14. Stock Ownership Policy. Until you have met the Company’s Independent Board of Directors Stock Ownership and Retention Policy (the “Policy”), You agree that You will be required to defer all Awards granted until You have achieved the appropriate number of such Shares in accordance with the requirements of the Policy.

15. 409A Compliance. This Award is intended to comply with Section 409A and shall be interpreted and administered in a manner consistent with Section 409A.

16. Severability of Provisions. If any term or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

PUBLIC SERVICE ENTERPRISE GROUP

INCORPORATED

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EX-31

EXHIBIT 31

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Ralph LaRossa, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Enterprise Group Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 30, 2024	/s/ Ralph LaRossa
		Ralph LaRossa
		Public Service Enterprise Group Incorporated
		Chief Executive Officer

EX-31.1

EXHIBIT 31.1

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Daniel J. Cregg, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Enterprise Group Incorporated;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 30, 2024	/s/ Daniel J. Cregg
		Daniel J. Cregg
		Public Service Enterprise Group Incorporated
		Chief Financial Officer

EX-31.2

EXHIBIT 31.2

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Ralph LaRossa, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Electric and Gas Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 30, 2024	/s/ Ralph LaRossa
		Ralph LaRossa
		Public Service Electric and Gas Company
		Chief Executive Officer

EX-31.3

EXHIBIT 31.3

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Daniel J. Cregg, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Public Service Electric and Gas Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 30, 2024	/s/ Daniel J. Cregg
		Daniel J. Cregg
		Public Service Electric and Gas Company
		Chief Financial Officer

EX-32

EXHIBIT 32

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Ralph LaRossa, Chief Executive Officer of Public Service Enterprise Group Incorporated, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Enterprise Group Incorporated on Form 10-Q for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Enterprise Group Incorporated.

/s/ Ralph LaRossa

Ralph LaRossa

Public Service Enterprise Group Incorporated

Chief Executive Officer

April 30, 2024

EX-32.1

EXHIBIT 32.1

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Daniel J. Cregg, Chief Financial Officer of Public Service Enterprise Group Incorporated, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Enterprise Group Incorporated on Form 10-Q for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Enterprise Group Incorporated.

/s/ Daniel J. Cregg

Daniel J. Cregg

Public Service Enterprise Group Incorporated

Chief Financial Officer

April 30, 2024

EX-32.2

EXHIBIT 32.2

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Ralph LaRossa, Chief Executive Officer of Public Service Electric and Gas Company, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Electric and Gas Company on Form 10-Q for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Electric and Gas Company.

/s/ Ralph LaRossa

Ralph LaRossa

Public Service Electric and Gas Company

Chief Executive Officer

April 30, 2024

EX-32.3

EXHIBIT 32.3

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Daniel J. Cregg, Chief Financial Officer of Public Service Electric and Gas Company, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Electric and Gas Company on Form 10-Q for the quarter ended March 31, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Electric and Gas Company.

/s/ Daniel J. Cregg

Daniel J. Cregg

Public Service Electric and Gas Company

Chief Financial Officer

April 30, 2024

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 16, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-09120
Entity Registrant Name	Public Service Enterprise Group Incorporated
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2625848
Entity Address, Address Line One	80 Park Plaza
Entity Address, City or Town	Newark,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	430-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		498,080,467
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000788784
Common Stock without par value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock without par value
Trading Symbol	PEG
Security Exchange Name	NYSE
Public Service Electric and Gas Company [Member]
Entity Information [Line Items]
Entity File Number	001-00973
Entity Registrant Name	Public Service Electric and Gas Company
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1212800
Entity Address, Address Line One	80 Park Plaza
Entity Address, City or Town	Newark,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	430-7000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		132,450,344
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000081033
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Eight Percent, Due Two Thousand Thirty Seven [Member]
Entity Information [Line Items]
Title of 12(b) Security	8.00% First and Refunding Mortgage Bonds, due 2037
Trading Symbol	PEG37D
Security Exchange Name	NYSE
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Five Percent, Due Two Thousand Thirty Seven [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.00% First and Refunding Mortgage Bonds, due 2037
Trading Symbol	PEG37J
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Operating Revenues		$ 2,760	$ 3,755
Operating Expenses [Abstract]
Energy Costs		997	1,082
Operation and Maintenance		783	743
Depreciation and Amortization		295	282
Total Operating Expenses		2,075	2,107
OPERATING INCOME (LOSS)		685	1,648
Income from Equity Method Investments		0	1
Net Gains (Losses) on Trust Investments		95	46
Other Income (Deductions)		35	42
Non-Operating Pension and OPEB Credits (Costs)		19	28
Interest Expense		(205)	(180)
Income Before Income Taxes		629	1,585
Income Tax Benefit (Expense)		(97)	(298)
Net Income (Loss)	[1]	$ 532	$ 1,287
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (shares)		499	497
DILUTED (shares)		500	500
EARNINGS PER SHARE:
BASIC (dollars per share)		$ 1.07	$ 2.59
DILUTED (dollars per share)		$ 1.06	$ 2.58
Public Service Electric and Gas Company [Member]
Operating Revenues		$ 2,333	$ 2,293
Operating Expenses [Abstract]
Energy Costs		928	984
Operation and Maintenance		465	460
Depreciation and Amortization		257	244
Total Operating Expenses		1,650	1,688
OPERATING INCOME (LOSS)		683	605
Other Income (Deductions)		16	21
Non-Operating Pension and OPEB Credits (Costs)		19	28
Interest Expense		(138)	(113)
Income Before Income Taxes		580	541
Income Tax Benefit (Expense)		(92)	(54)
Net Income (Loss)		$ 488	$ 487

[1] Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Income (Loss)	[1]	$ 532	$ 1,287
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit		(10)	26
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit		18	(1)
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit		2	3
Other Comprehensive Income (Loss), net of tax		10	28
COMPREHENSIVE INCOME (LOSS)		542	1,315
Public Service Electric and Gas Company [Member]
Net Income (Loss)		488	487
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit		0	1
Other Comprehensive Income (Loss), net of tax			1
COMPREHENSIVE INCOME (LOSS)		$ 488	$ 488

[1] Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unrealized Gains (Losses) on Available-for-Sale Securities, tax	$ 6	$ (17)
Unrealized Gains (Losses) on Cash Flow Hedges, Tax	(7)	1
Pension/OPEB adjustment, tax	(1)	(2)
Public Service Electric and Gas Company [Member]
Unrealized Gains (Losses) on Available-for-Sale Securities, tax	$ 0	$ 0

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and Cash Equivalents	$ 1,186	$ 54
Accounts Receivable, net of allowance	1,523	1,482
Tax Receivable	5	10
Unbilled Revenues, net of allowance	214	244
Fuel	96	264
Materials and Supplies, net	825	759
Prepayments	119	144
Derivative Contracts	74	112
Regulatory Assets	167	273
Other	73	31
Total Current Assets	4,282	3,373
PROPERTY, PLANT AND EQUIPMENT	49,295	48,603
Less: Accumulated Depreciation and Amortization	(10,801)	(10,572)
Net Property, Plant and Equipment	38,494	38,031
NONCURRENT ASSETS
Regulatory Assets	5,374	5,157
Operating Lease, Right-of-Use Asset	175	179
Long-Term Investments	271	295
Nuclear Decommissioning Trust (NDT) Fund	2,628	2,524
Long-Term Receivable of Variable Interest Entities (VIEs)	637	632
Rabbi Trust Fund	173	179
Derivative Contracts	2	29
Other	352	342
Total Noncurrent Assets	9,612	9,337
Total Assets	52,388	50,741
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	2,500	1,500
Commercial Paper and Loans	525	949
Accounts Payable	980	1,214
Derivative Contracts	43	86
Accrued Interest	193	170
Accrued Taxes	37	8
Clean Energy Program	86	145
Obligation to Return Cash Collateral	93	89
Regulatory Liabilities	362	349
Other	569	547
Total Current Liabilities	5,388	5,057
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	6,802	6,671
Regulatory Liabilities	2,043	2,075
Operating Leases	168	173
Asset Retirement Obligations	1,480	1,468
Environmental Costs	217	213
Derivative Contracts	16	6
Long-Term Accrued Taxes	37	45
Other	198	201
Total Noncurrent Liabilities	12,518	12,423
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	18,764	17,784
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	5,003	5,018
Treasury Stock, at cost	(1,366)	(1,379)
Retained Earnings	12,250	12,017
Accumulated Other Comprehensive Income (Loss)	(169)	(179)
Total Stockholder's Equity	15,718	15,477
Total Capitalization	34,482	33,261
TOTAL LIABILITIES AND CAPITALIZATION	52,388	50,741
Consolidated Entity Excluding Variable Interest Entities (VIE)
NONCURRENT LIABILITIES
OPEB Costs	335	349
Accrued Pension Costs	602	606
Variable Interest Entity, Primary Beneficiary
NONCURRENT LIABILITIES
OPEB Costs	520	514
Accrued Pension Costs	100	102
Public Service Electric and Gas Company [Member]
CURRENT ASSETS
Cash and Cash Equivalents	50	30
Unbilled Revenues, net of allowance	214	244
Materials and Supplies, net	579	519
Prepayments	51	57
Regulatory Assets	167	273
Other	25	31
Total Current Assets	2,274	2,230
PROPERTY, PLANT AND EQUIPMENT	44,349	43,753
Less: Accumulated Depreciation and Amortization	(8,851)	(8,711)
Net Property, Plant and Equipment	35,498	35,042
NONCURRENT ASSETS
Regulatory Assets	5,374	5,157
Operating Lease, Right-of-Use Asset	99	99
Long-Term Investments	112	117
Rabbi Trust Fund	31	32
Other	203	196
Total Noncurrent Assets	5,820	5,601
Total Assets	43,592	42,873
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	500	750
Commercial Paper and Loans	25	425
Accrued Interest	128	139
Clean Energy Program	86	145
Obligation to Return Cash Collateral	93	89
Regulatory Liabilities	362	349
Other	457	434
Total Current Liabilities	2,775	3,615
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	5,955	5,813
Regulatory Liabilities	2,043	2,075
Operating Leases	88	89
Asset Retirement Obligations	401	401
OPEB Costs	197	210
Accrued Pension Costs	392	396
Environmental Costs	147	151
Long-Term Accrued Taxes	0	2
Other	155	160
Total Noncurrent Liabilities	9,378	9,297
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	13,903	12,913
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	892	892
Contributed Capital	2,156	2,156
Retained Earnings	14,492	14,004
Accumulated Other Comprehensive Income (Loss)	(4)	(4)
Total Stockholder's Equity	17,536	17,048
Total Capitalization	31,439	29,961
TOTAL LIABILITIES AND CAPITALIZATION	43,592	42,873
Public Service Electric and Gas Company [Member] | Nonrelated Party
CURRENT ASSETS
Accounts Receivable, net of allowance	1,188	1,076
CURRENT LIABILITIES
Accounts Payable	619	780
Public Service Electric and Gas Company [Member] | Related Party
NONCURRENT ASSETS
Long Term Accrued Taxes Receivable	1	0
CURRENT LIABILITIES
Accounts Payable	$ 505	$ 504

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, allowance	$ 269	$ 279
Unbilled Revenues, allowance	$ 4	$ 4
Common Stock, authorized	1,000	1,000
Common Stock, issued	534	534
Treasury Stock, Shares	35	36
Public Service Electric and Gas Company [Member]
Accounts Receivable, allowance	$ 269	$ 279
Unbilled Revenues, allowance	$ 4	$ 4
Common Stock, authorized	150	150
Common Stock, issued	132	132
Common Stock, outstanding	132	132

XML

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	[1]	$ 532	$ 1,287
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization		295	282
Amortization of Nuclear Fuel		51	48
Provision for Deferred Income Taxes and ITC		40	213
Non-Cash Employee Benefit Plan (Credits) Costs		18	9
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives		258	(771)
Payments for Removal Costs		(45)	(41)
Net Change in Regulatory Assets and Liabilities		(47)	5
Net Realized (Gains) Losses and (Income) Expense from NDT Fund		(109)	(58)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable		5	70
Accrued Taxes		11	85
Margin Deposit		(168)	794
Obligation to Return Cash Collateral		4	(186)
Other Current Assets and Liabilities		(97)	169
Employee Benefit Plan Funding and Related Payments		(19)	(12)
Other		23	13
Net Cash Provided By (Used In) Operating Activities		661	1,837
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(797)	(739)
Proceeds from Sale of Trust Investments		369	402
Purchases of Trust Investments		(380)	(415)
Proceeds from Sales of Long-Lived Assets and Lease Investments		0	20
Other		23	18
Net Cash Provided By (Used In) Investing Activities		(785)	(714)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans		(425)	(200)
Repayments of Short-term Debt		0	(750)
Proceeds from Issuance of Other Long-term Debt		2,250	900
Repayments of Long-term Debt		250	0
Cash Dividends Paid on Common Stock		(299)	(284)
Other		(27)	(46)
Net Cash Provided By (Used In) Financing Activities		1,249	(380)
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash		1,125	743
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		99	511
Cash, Cash Equivalents and Restricted Cash at End of Period		1,224	1,254
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)		(4)	(72)
Interest Paid, Net of Amounts Capitalized		172	148
Accrued Property, Plant and Equipment Expenditures		408	333
Energy Efficiency Program Regulatory Investment Expenditures		(118)	(87)
Amortization of Energy Efficiency Program Expenditures		27	17
Public Service Electric and Gas Company [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income		488	487
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization		257	244
Provision for Deferred Income Taxes and ITC		53	27
Non-Cash Employee Benefit Plan (Credits) Costs		11	3
Payments for Removal Costs		(45)	(41)
Net Change in Regulatory Assets and Liabilities		(47)	5
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues		(83)	37
Fuel, Materials and Supplies		(60)	(45)
Prepayments		6	(10)
Obligation to Return Cash Collateral		4	(186)
Accounts Payable		(87)	(83)
Accounts Receivable/Payable-Affiliated Companies, net		30	8
Other Current Assets and Liabilities		6	31
Employee Benefit Plan Funding and Related Payments		(14)	(7)
Other		(20)	(22)
Net Cash Provided By (Used In) Operating Activities		408	378
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(739)	(676)
Proceeds from Sale of Trust Investments		1	1
Purchases of Trust Investments		(1)	(1)
Other		6	3
Net Cash Provided By (Used In) Investing Activities		(733)	(673)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans		(400)	0
Proceeds from Issuance of Other Long-term Debt		1,000	900
Repayments of Long-term Debt		250	0
Other		(12)	(8)
Net Cash Provided By (Used In) Financing Activities		338	892
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash		13	597
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		75	266
Cash, Cash Equivalents and Restricted Cash at End of Period		88	863
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)		(1)	(10)
Interest Paid, Net of Amounts Capitalized		142	102
Accrued Property, Plant and Equipment Expenditures		322	308
Energy Efficiency Program Regulatory Investment Expenditures		(118)	(87)
Amortization of Energy Efficiency Program Expenditures		$ 27	$ 17

[1] Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity - USD ($) shares in Millions, $ in Millions	Total		Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Public Service Electric and Gas Company [Member]	Public Service Electric and Gas Company [Member] Common Stock [Member]	Public Service Electric and Gas Company [Member] Retained Earnings [Member]	Public Service Electric and Gas Company [Member] AOCI Attributable to Parent [Member]	Public Service Electric and Gas Company [Member] Contributed Capital [Member]
Shares, Outstanding			534			(37)
Total Stockholder's Equity	$ 13,729		$ 5,065	$ 10,591	$ (550)	$ (1,377)	$ 15,682	$ 892	$ 12,639	$ (5)	$ 2,156
Net Income	1,287	[1]		1,287			487		487
Other Comprehensive Income (Loss), Net of Tax	28				28		1			1
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	1,315						488
Dividends, Common Stock, Cash	(284)			(284)	0
Stockholders' Equity, Other	(34)		$ (20)	0	0	$ (14)
Stockholders' Equity, Other Shares			0			0
Other Comprehensive Income (Loss), Tax	$ (18)						0
Common Stock, Dividends, Per Share, Cash Paid	$ 0.57
Shares, Outstanding			534			(37)
Total Stockholder's Equity	$ 14,726		$ 5,045	11,594	(522)	$ (1,391)	16,170	892	13,126	(4)	2,156
Shares, Outstanding			534			(36)
Total Stockholder's Equity	15,477		$ 5,018	12,017	(179)	$ (1,379)	17,048	892	14,004	(4)	2,156
Net Income	532	[1]		532			488		488
Other Comprehensive Income (Loss), Net of Tax	10				10
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	542						488
Dividends, Common Stock, Cash	(299)			(299)	0
Stockholders' Equity, Other	(2)		$ (15)	0	0	$ 13
Stockholders' Equity, Other Shares			0			1
Other Comprehensive Income (Loss), Tax	$ (2)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.60
Shares, Outstanding			534			(35)
Total Stockholder's Equity	$ 15,718		$ 5,003	$ 12,250	$ (169)	$ (1,366)	$ 17,536	$ 892	$ 14,492	$ (4)	$ 2,156

[1] Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss), Tax	$ (2)	$ (18)
Common Stock, Dividends, Per Share, Cash Paid	$ 0.60	$ 0.57
Public Service Electric and Gas Company [Member]
Other Comprehensive Income (Loss), Tax		$ 0

XML

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization and Basis of Presentation

Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

•PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate.

PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

Basis of Presentation

The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2023.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2023
Cash and Cash Equivalents	$	30	$	24	$	54
Restricted Cash in Other Current Assets	23		—		23
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	75	$	24	$	99
As of March 31, 2024
Cash and Cash Equivalents	$	50	$	1,136	$	1,186
Restricted Cash in Other Current Assets	16		—		16
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	88	$	1,136	$	1,224

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

Public Service Electric and Gas Company [Member]

Organization and Basis of Presentation

Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

•PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate.

PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

Basis of Presentation

The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2023.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2023
Cash and Cash Equivalents	$	30	$	24	$	54
Restricted Cash in Other Current Assets	23		—		23
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	75	$	24	$	99
As of March 31, 2024
Cash and Cash Equivalents	$	50	$	1,136	$	1,186
Restricted Cash in Other Current Assets	16		—		16
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	88	$	1,136	$	1,224

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

XML

Revenues Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Text Block]

Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues.

PSE&G

Revenues from Contracts with Customers

Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period.

PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers.

Other Revenues from Contracts with Customers

Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered.

Revenues Unrelated to Contracts with Customers

Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the

customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants.

Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction.

Other Revenues from Contracts with Customers

PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered.

Revenues Unrelated to Contracts with Customers

PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2024
Revenues from Contracts with Customers
Electric Distribution	$	781	$	—	$	—	$	781
Gas Distribution	922		—		—		922
Transmission	436		—		—		436
Electricity and Related Product Sales
PJM
Third-Party Sales	—		227		—		227
Sales to Affiliates	—		30		(30)		—
ISO-New England (NE)	—		3		—		3
Gas Sales
Third-Party Sales	—		76		—		76
Sales to Affiliates	—		414		(414)		—
Other Revenues from Contracts with Customers (B)	84		174		(1)		257
Total Revenues from Contracts with Customers	2,223		924		(445)		2,702
Revenues Unrelated to Contracts with Customers (C)	110		(52)		—		58
Total Operating Revenues	$	2,333	$	872	$	(445)	$	2,760

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2023
Revenues from Contracts with Customers
Electric Distribution	$	730	$	—	$	—	$	730
Gas Distribution	959		—		(1)		958
Transmission	425		—		—		425
Electricity and Related Product Sales
PJM
Third-Party Sales	—		276		—		276
Sales to Affiliates	—		31		(31)		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		86		—		86
Sales to Affiliates	—		533		(533)		—
Other Revenues from Contracts with Customers (B)	78		153		—		231
Total Revenues from Contracts with Customers	2,192		1,082		(565)		2,709
Revenues Unrelated to Contracts with Customers (C)	101		945		—		1,046
Total Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

Contract Balances

PSE&G

PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2024 and December 31, 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 18% of accounts receivable (including unbilled revenues) as of March 31, 2024 and December 31, 2023, respectively.

Accounts Receivable—Allowance for Credit Losses

PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of March 31, 2024. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of March 31, 2024, PSE&G had a deferred balance of $152 million from electric bad debts recorded as a Regulatory Asset. In addition, as of March 31, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 4. Rate Filings for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2024 and 2023:

		2024		2023
		Millions
Balance as of Beginning of Year		$	283	$	339
Utility Customer and Other Accounts
	Provision	26		9
	Write-offs, net of Recoveries of $7 million in 2024 and 2023	(36)		(29)
Balance as of End of Period		$	273	$	319

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2024 and December 31, 2023.

PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets.

PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2024 or December 31, 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of March 31, 2024 and December 31, 2023.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows:

Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per Megawatt (MW)-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$65	3,700

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position.

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2024 is approximately $44 million and is updated each year based on the change in the Consumer Price Index.

Public Service Electric and Gas Company [Member]

Revenue from Contract with Customer [Text Block]

Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues.

PSE&G

Revenues from Contracts with Customers

Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period.

PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers.

Other Revenues from Contracts with Customers

Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered.

Revenues Unrelated to Contracts with Customers

Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the

customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants.

Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction.

Other Revenues from Contracts with Customers

PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered.

Revenues Unrelated to Contracts with Customers

PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2024
Revenues from Contracts with Customers
Electric Distribution	$	781	$	—	$	—	$	781
Gas Distribution	922		—		—		922
Transmission	436		—		—		436
Electricity and Related Product Sales
PJM
Third-Party Sales	—		227		—		227
Sales to Affiliates	—		30		(30)		—
ISO-New England (NE)	—		3		—		3
Gas Sales
Third-Party Sales	—		76		—		76
Sales to Affiliates	—		414		(414)		—
Other Revenues from Contracts with Customers (B)	84		174		(1)		257
Total Revenues from Contracts with Customers	2,223		924		(445)		2,702
Revenues Unrelated to Contracts with Customers (C)	110		(52)		—		58
Total Operating Revenues	$	2,333	$	872	$	(445)	$	2,760

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2023
Revenues from Contracts with Customers
Electric Distribution	$	730	$	—	$	—	$	730
Gas Distribution	959		—		(1)		958
Transmission	425		—		—		425
Electricity and Related Product Sales
PJM
Third-Party Sales	—		276		—		276
Sales to Affiliates	—		31		(31)		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		86		—		86
Sales to Affiliates	—		533		(533)		—
Other Revenues from Contracts with Customers (B)	78		153		—		231
Total Revenues from Contracts with Customers	2,192		1,082		(565)		2,709
Revenues Unrelated to Contracts with Customers (C)	101		945		—		1,046
Total Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

Contract Balances

PSE&G

PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2024 and December 31, 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 18% of accounts receivable (including unbilled revenues) as of March 31, 2024 and December 31, 2023, respectively.

Accounts Receivable—Allowance for Credit Losses

PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of March 31, 2024. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of March 31, 2024, PSE&G had a deferred balance of $152 million from electric bad debts recorded as a Regulatory Asset. In addition, as of March 31, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 4. Rate Filings for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2024 and 2023:

		2024		2023
		Millions
Balance as of Beginning of Year		$	283	$	339
Utility Customer and Other Accounts
	Provision	26		9
	Write-offs, net of Recoveries of $7 million in 2024 and 2023	(36)		(29)
Balance as of End of Period		$	273	$	319

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2024 and December 31, 2023.

PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets.

PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2024 or December 31, 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of March 31, 2024 and December 31, 2023.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows:

Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per Megawatt (MW)-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$65	3,700

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position.

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2024 is approximately $44 million and is updated each year based on the change in the Consumer Price Index.

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Variable Interest Entities (VIEs)

3 Months Ended

Mar. 31, 2024

Variable Interest Entity [Line Items]

Variable Interest Entities (VIEs)

Variable Interest Entity (VIE)

VIE for which PSEG LI is the Primary Beneficiary

PSEG LI consolidates Servco, a marginally capitalized VIE, which was created for the purpose of operating LIPA’s T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco’s economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG.

Pursuant to the OSA, Servco’s operating costs are paid entirely by LIPA, and therefore, PSEG LI’s risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to payment of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contract management fee, in certain situations, could be partially offset by Servco’s annual storm costs that are denied reimbursement by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics.

For transactions in which Servco acts as principal and controls the services provided to LIPA, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. Servco recorded $150 million and $128 million for the three months ended March 31, 2024 and 2023, respectively, of O&M Expense, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG’s Condensed Consolidated Statement of Operations.

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Rate Filings

3 Months Ended

Mar. 31, 2024

Regulatory Assets [Line Items]

Rate Filings

Rate Filings

This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023.

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU are as follows:

BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm.

CIP—In February 2024, PSE&G filed its annual electric CIP petition seeking BPU approval to recover estimated deficient electric revenues of approximately $99 million based on the 12-month period ending May 31, 2024 with new rates proposed to be effective June 1, 2024. This matter is pending.

In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023.

COVID-19 Deferral—As of March 31, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts

receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders. PSE&G’s COVID-19 recovery filing is pending.

Energy Strong II—In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates to be effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023.

Green Program Recovery Charges (GPRC)—In February 2024, PSE&G updated its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $49 million and $15 million in annual electric and gas revenues, respectively. This matter is pending.

Infrastructure Advancement Program (IAP)—In February 2024, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million effective May 1, 2024. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. This matter is pending.

SBC—In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. This order deferred the review and recovery of incremental electric bad debt expense as a result of COVID-19 collection moratoriums pending resolution of the COVID-19 proceeding described above.

Tax Adjustment Credit (TAC)—In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024.

Public Service Electric and Gas Company [Member]

Regulatory Assets [Line Items]

Rate Filings

Rate Filings

This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023.

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU are as follows:

BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm.

CIP—In February 2024, PSE&G filed its annual electric CIP petition seeking BPU approval to recover estimated deficient electric revenues of approximately $99 million based on the 12-month period ending May 31, 2024 with new rates proposed to be effective June 1, 2024. This matter is pending.

In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023.

COVID-19 Deferral—As of March 31, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts

receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders. PSE&G’s COVID-19 recovery filing is pending.

Energy Strong II—In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates to be effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023.

Green Program Recovery Charges (GPRC)—In February 2024, PSE&G updated its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $49 million and $15 million in annual electric and gas revenues, respectively. This matter is pending.

Infrastructure Advancement Program (IAP)—In February 2024, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million effective May 1, 2024. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. This matter is pending.

SBC—In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. This order deferred the review and recovery of incremental electric bad debt expense as a result of COVID-19 collection moratoriums pending resolution of the COVID-19 proceeding described above.

Tax Adjustment Credit (TAC)—In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024.

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Leases

3 Months Ended

Mar. 31, 2024

Leases

Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2024, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 6. Financing Receivables. There was no significant change in amounts reported in Note 7. Leases in the Annual Report on Form 10-K for the year ended December 31, 2023 for operating leases in which PSEG and its subsidiaries are lessees.

PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities and real estate assets. Rental income from these leases is included in Operating Revenues.

A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years.

Energy Holdings is the lessor in leveraged leases. See Note 6. Financing Receivables.

Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of March 31, 2024, Energy Holdings’ property subject to the lease had a total carrying value of $10 million.

The following is the operating lease income for the three months ended March 31, 2024 and 2023:

		Three Months Ended March 31,
		2024		2023
	Millions
Fixed Lease Income		$	3	$	6
Total Operating Lease Income		$	3	$	6

Public Service Electric and Gas Company [Member]

Leases

Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of March 31, 2024, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 6. Financing Receivables. There was no significant change in amounts reported in Note 7. Leases in the Annual Report on Form 10-K for the year ended December 31, 2023 for operating leases in which PSEG and its subsidiaries are lessees.

PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities and real estate assets. Rental income from these leases is included in Operating Revenues.

A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years.

Energy Holdings is the lessor in leveraged leases. See Note 6. Financing Receivables.

Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of March 31, 2024, Energy Holdings’ property subject to the lease had a total carrying value of $10 million.

The following is the operating lease income for the three months ended March 31, 2024 and 2023:

		Three Months Ended March 31,
		2024		2023
	Millions
Fixed Lease Income		$	3	$	6
Total Operating Lease Income		$	3	$	6

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Financing Receivables

3 Months Ended

Mar. 31, 2024

Schedule of Financial Receivables [Line Items]

Financing Receivables

Financing Receivables

PSE&G

PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of March 31, 2024, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A

substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

	As of
Outstanding Loans by Class of Customers	March 31, 2024		December 31, 2023
	Millions
Commercial/Industrial	$	56	$	60
Residential	3		3
Total	59		63
Current Portion (included in Accounts Receivable)	(21)		(23)
Noncurrent Portion (included in Long-Term Investments)	$	38	$	40

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2024		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	4	prior to 2013	10 years	15 years
Solar Loan II	28		prior to 2015	10 years	15 years
Solar Loan III	27		prior to 2022	10 years	10 years
Total	$	59

The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2024 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets.

Leveraged leases outstanding as of March 31, 2024 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of March 31, 2024 and December 31, 2023.

	As of
	March 31, 2024		December 31, 2023
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	200	$	223
Unearned and Deferred Income	(58)		(62)
Gross Investments in Leases	142		161
Deferred Tax Liabilities	(34)		(36)
Net Investments in Leases	$	108	$	125

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2024
	As of March 31, 2024
	Millions
AA	$	7
A-	39
BBB+ to BBB	154
Total	$	200

PSEG recorded no credit losses for the leveraged leases existing on March 31, 2024. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

Public Service Electric and Gas Company [Member]

Schedule of Financial Receivables [Line Items]

Financing Receivables

Financing Receivables

PSE&G

PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of March 31, 2024, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A

substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”

	As of
Outstanding Loans by Class of Customers	March 31, 2024		December 31, 2023
	Millions
Commercial/Industrial	$	56	$	60
Residential	3		3
Total	59		63
Current Portion (included in Accounts Receivable)	(21)		(23)
Noncurrent Portion (included in Long-Term Investments)	$	38	$	40

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2024		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	4	prior to 2013	10 years	15 years
Solar Loan II	28		prior to 2015	10 years	15 years
Solar Loan III	27		prior to 2022	10 years	10 years
Total	$	59

The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2024 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets.

Leveraged leases outstanding as of March 31, 2024 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of March 31, 2024 and December 31, 2023.

	As of
	March 31, 2024		December 31, 2023
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	200	$	223
Unearned and Deferred Income	(58)		(62)
Gross Investments in Leases	142		161
Deferred Tax Liabilities	(34)		(36)
Net Investments in Leases	$	108	$	125

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2024
	As of March 31, 2024
	Millions
AA	$	7
A-	39
BBB+ to BBB	154
Total	$	200

PSEG recorded no credit losses for the leveraged leases existing on March 31, 2024. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

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Trust Investments

3 Months Ended

Mar. 31, 2024

Schedule of Trust Investments [Line Items]

Trust Investments

Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	514	$	362	$	(2)	$	874
International	418		137		(14)		541
Total Equity Securities	932		499		(16)		1,415
Available-for-Sale Debt Securities
Government	771		1		(82)		690
Corporate	555		4		(37)		522
Total Available-for-Sale Debt Securities	1,326		5		(119)		1,212
Total NDT Fund Investments (A)	$	2,258	$	504	$	(135)	$	2,627

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2024, which is part of the NDT Fund.

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	482	$	300	$	(2)	$	780
International	423		118		(11)		530
Total Equity Securities	905		418		(13)		1,310
Available-for-Sale Debt Securities
Government	759		4		(72)		691
Corporate	555		6		(39)		522
Total Available-for-Sale Debt Securities	1,314		10		(111)		1,213
Total NDT Fund Investments (A)	$	2,219	$	428	$	(124)	$	2,523

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(67) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2024. The portion of net unrealized gains (losses) recognized in the first three months of 2024 related to equity securities still held as of March 31, 2024 was $92 million.

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	23	$	19
Accounts Payable	$	17	$	6

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	22	$	(1)	$	5	$	(1)	$	44	$	(1)	$	4	$	—
International	61		(8)		18		(6)		35		(4)		28		(8)
Total Equity Securities	83		(9)		23		(7)		79		(5)		32		(8)
Available-for-Sale Debt Securities
Government (B)	153		(2)		429		(80)		90		(1)		432		(71)
Corporate (C)	48		—		300		(37)		19		—		329		(39)
Total Available-for-Sale Debt Securities	201		(2)		729		(117)		109		(1)		761		(110)
NDT Trust Investments	$	284	$	(11)	$	752	$	(124)	$	188	$	(6)	$	793	$	(118)

(A)Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.

(B)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(C)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains on securities in the NDT Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from NDT Fund Sales (A)	$	360	$	396
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	31	$	21
Gross Realized Losses	(14)		(27)
Net Realized Gains (Losses) on NDT Fund (B)	17		(6)
Net Unrealized Gains (Losses) on Equity Securities	78		51
Net Gains (Losses) on NDT Fund Investments	$	95	$	45

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	18
1 - 5 years	335
6 - 10 years	204
11 - 15 years	64
16 - 20 years	95
Over 20 years	496
Total NDT Available-for-Sale Debt Securities	$	1,212

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

Rabbi Trust

PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.”

The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	9	$	9	$	—	$	18
Available-for-Sale Debt Securities
Government	108		—		(21)		87
Corporate	78		—		(10)		68
Total Available-for-Sale Debt Securities	186		—		(31)		155
Total Rabbi Trust Investments	$	195	$	9	$	(31)	$	173

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	10	$	8	$	—	$	18
Available-for-Sale Debt Securities
Government	110		—		(19)		91
Corporate	80		—		(10)		70
Total Available-for-Sale Debt Securities	190		—		(29)		161
Total Rabbi Trust Investments	$	200	$	8	$	(29)	$	179

Net unrealized gains (losses) on debt securities of $(23) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2024. The portion of net unrealized gains (losses) recognized during the first three months of 2024 related to equity securities still held as of March 31, 2024 was less than $1 million.

The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	—	$	—

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	6	$	—	$	80	$	(21)	$	3	$	—	$	83	$	(19)
Corporate (B)	5		—		57		(10)		3		—		60		(10)
Total Available-for-Sale Debt Securities	11		—		137		(31)		6		—		143		(29)
Rabbi Trust Investments	$	11	$	—	$	137	$	(31)	$	6	$	—	$	143	$	(29)

(A)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(B)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains on securities in the Rabbi Trust Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from Rabbi Trust Sales	$	9	$	6
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	1
Gross Realized Losses	(1)		(1)
Net Realized Gains (Losses) on Rabbi Trust (A)	—		—
Net Unrealized Gains (Losses) on Equity Securities	—		1
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	1

(A)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	26
6 - 10 years	17
11 - 15 years	9
16 - 20 years	18
Over 20 years	78
Total Rabbi Trust Available-for-Sale Debt Securities	$	155

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
PSE&G	$	31	$	32
PSEG Power & Other	142		147
Total Rabbi Trust Investments	$	173	$	179

Public Service Electric and Gas Company [Member]

Schedule of Trust Investments [Line Items]

Trust Investments

Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	514	$	362	$	(2)	$	874
International	418		137		(14)		541
Total Equity Securities	932		499		(16)		1,415
Available-for-Sale Debt Securities
Government	771		1		(82)		690
Corporate	555		4		(37)		522
Total Available-for-Sale Debt Securities	1,326		5		(119)		1,212
Total NDT Fund Investments (A)	$	2,258	$	504	$	(135)	$	2,627

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2024, which is part of the NDT Fund.

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	482	$	300	$	(2)	$	780
International	423		118		(11)		530
Total Equity Securities	905		418		(13)		1,310
Available-for-Sale Debt Securities
Government	759		4		(72)		691
Corporate	555		6		(39)		522
Total Available-for-Sale Debt Securities	1,314		10		(111)		1,213
Total NDT Fund Investments (A)	$	2,219	$	428	$	(124)	$	2,523

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(67) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2024. The portion of net unrealized gains (losses) recognized in the first three months of 2024 related to equity securities still held as of March 31, 2024 was $92 million.

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	23	$	19
Accounts Payable	$	17	$	6

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	22	$	(1)	$	5	$	(1)	$	44	$	(1)	$	4	$	—
International	61		(8)		18		(6)		35		(4)		28		(8)
Total Equity Securities	83		(9)		23		(7)		79		(5)		32		(8)
Available-for-Sale Debt Securities
Government (B)	153		(2)		429		(80)		90		(1)		432		(71)
Corporate (C)	48		—		300		(37)		19		—		329		(39)
Total Available-for-Sale Debt Securities	201		(2)		729		(117)		109		(1)		761		(110)
NDT Trust Investments	$	284	$	(11)	$	752	$	(124)	$	188	$	(6)	$	793	$	(118)

(A)Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.

(B)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(C)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains on securities in the NDT Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from NDT Fund Sales (A)	$	360	$	396
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	31	$	21
Gross Realized Losses	(14)		(27)
Net Realized Gains (Losses) on NDT Fund (B)	17		(6)
Net Unrealized Gains (Losses) on Equity Securities	78		51
Net Gains (Losses) on NDT Fund Investments	$	95	$	45

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	18
1 - 5 years	335
6 - 10 years	204
11 - 15 years	64
16 - 20 years	95
Over 20 years	496
Total NDT Available-for-Sale Debt Securities	$	1,212

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

Rabbi Trust

PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.”

The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	9	$	9	$	—	$	18
Available-for-Sale Debt Securities
Government	108		—		(21)		87
Corporate	78		—		(10)		68
Total Available-for-Sale Debt Securities	186		—		(31)		155
Total Rabbi Trust Investments	$	195	$	9	$	(31)	$	173

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	10	$	8	$	—	$	18
Available-for-Sale Debt Securities
Government	110		—		(19)		91
Corporate	80		—		(10)		70
Total Available-for-Sale Debt Securities	190		—		(29)		161
Total Rabbi Trust Investments	$	200	$	8	$	(29)	$	179

Net unrealized gains (losses) on debt securities of $(23) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of March 31, 2024. The portion of net unrealized gains (losses) recognized during the first three months of 2024 related to equity securities still held as of March 31, 2024 was less than $1 million.

The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	—	$	—

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	6	$	—	$	80	$	(21)	$	3	$	—	$	83	$	(19)
Corporate (B)	5		—		57		(10)		3		—		60		(10)
Total Available-for-Sale Debt Securities	11		—		137		(31)		6		—		143		(29)
Rabbi Trust Investments	$	11	$	—	$	137	$	(31)	$	6	$	—	$	143	$	(29)

(A)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(B)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains on securities in the Rabbi Trust Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from Rabbi Trust Sales	$	9	$	6
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	1
Gross Realized Losses	(1)		(1)
Net Realized Gains (Losses) on Rabbi Trust (A)	—		—
Net Unrealized Gains (Losses) on Equity Securities	—		1
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	1

(A)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	26
6 - 10 years	17
11 - 15 years	9
16 - 20 years	18
Over 20 years	78
Total Rabbi Trust Available-for-Sale Debt Securities	$	155

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
PSE&G	$	31	$	32
PSEG Power & Other	142		147
Total Rabbi Trust Investments	$	173	$	179

XML

Pension and OPEB

3 Months Ended

Mar. 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Pension and Other Postretirement Benefits (OPEB)

Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.

PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	22	$	1	$	1
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	56		69		9		10
Expected Return on Plan Assets	(80)		(95)		(9)		(8)
Amortization of Net
Prior Service Credit	—		—		—		(13)
Actuarial Loss (Gain)	18		24		—		(1)
Non-Service Components of Pension and OPEB (Credits) Costs	(6)		(2)		—		(12)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
PSE&G	$	11	$	13	$	—	$	(10)
PSEG Power & Other	6		7		1		(1)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

PSEG plans to contribute $5 million to its OPEB plan and does not plan to contribute to its pension plan in 2024.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG.

Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco’s pension-related revenues and costs were $6 million and $5 million for the three months ended March 31, 2024 and 2023, respectively. The OPEB-related revenues earned and costs incurred were $3 million for each of the three months ended March 31, 2024 and 2023.

Servco plans to contribute $25 million into its pension plan in 2024.

Public Service Electric and Gas Company [Member]

Defined Benefit Plan Disclosure [Line Items]

Pension and Other Postretirement Benefits (OPEB)

Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.

PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	22	$	1	$	1
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	56		69		9		10
Expected Return on Plan Assets	(80)		(95)		(9)		(8)
Amortization of Net
Prior Service Credit	—		—		—		(13)
Actuarial Loss (Gain)	18		24		—		(1)
Non-Service Components of Pension and OPEB (Credits) Costs	(6)		(2)		—		(12)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
PSE&G	$	11	$	13	$	—	$	(10)
PSEG Power & Other	6		7		1		(1)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

PSEG plans to contribute $5 million to its OPEB plan and does not plan to contribute to its pension plan in 2024.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG.

Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco’s pension-related revenues and costs were $6 million and $5 million for the three months ended March 31, 2024 and 2023, respectively. The OPEB-related revenues earned and costs incurred were $3 million for each of the three months ended March 31, 2024 and 2023.

Servco plans to contribute $25 million into its pension plan in 2024.

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Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2024

Loss Contingencies [Line Items]

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

Guaranteed Obligations

PSEG Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, letters of credit or guarantees as a form of collateral.

PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to

•support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and

•obtain credit.

PSEG Power is subject to

•counterparty collateral calls related to commodity contracts of its subsidiaries, and

•certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries.

Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction.

In order for PSEG Power to incur a liability for the face value of the outstanding guarantees,

•its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and

•the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties).

PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted.

Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules.

In addition to the guarantees discussed above, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations.

The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2024 and December 31, 2023.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Face Value of Outstanding Guarantees	$	1,351	$	1,381
Exposure under Current Guarantees	$	66	$	118
Letters of Credit Margin Posted	$	10	$	10
Letters of Credit Margin Received	$	39	$	91
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(1)	$	(2)
Net Broker Balance Deposited (Received)	$	282	$	115
Additional Amounts Posted
Other Letters of Credit	$	159	$	180

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively.

In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table.

Environmental Matters

Passaic River

Lower Passaic River Study Area    

The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power.

The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work.

Occidental Chemical Corporation (Occidental) has voluntarily commenced design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

The EPA has announced a proposed settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer.

As of March 31, 2024, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Environmental Costs Liability of $13 million.

The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs.

Newark Bay Study Area

The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 21 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site.

Natural Resource Damage Claims

New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter.

Hackensack River

In 2022, the EPA announced it had designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. In 2024, the EPA identified PSE&G and four other parties as PRPs for the site and requested that they voluntarily perform a technical study of a portion of the river designated as “Operable Unit 2.” The EPA estimates that the technical study will cost $55 million to complete and PSE&G and PSEG Power have offered to participate in the technical study, subject to negotiation of further details. PSE&G and PSEG Power do not believe participation in the technical study will have a material impact on their results of operations and financial condition based upon EPA’s estimate of the study costs; however, future costs related to this matter could be material.

Manufactured Gas Plant (MGP) Remediation Program

PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $204 million and $223 million on an undiscounted basis, including its $53 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $204 million as of March 31, 2024. Of this amount, $61 million was recorded in Other Current Liabilities and $143 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $204 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. PSE&G completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy.

Legacy Environmental Obligations at Former Fossil Generating Sites

PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA) to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015.

PSEG Power is in the process of fulfilling its obligations under the New Jersey ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. At this stage in the remediation process, the full remediation costs are not estimable, but given the number and operating history of the facilities in the portfolio, the full remediation costs will likely be material in the aggregate. The costs

could potentially include costs for, among other things, excavating soil, implementation of institutional controls, and the construction, operation and maintenance of engineering controls.

Clean Water Act (CWA) Section 316(b) Rule

The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day.

In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility.

Basic Generation Service (BGS), BGSS and ZECs

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards.

The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2024 is $378.21 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2024 of $330.72 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period.

PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:

	Auction Year
	2021	2022	2023	2024
36-Month Terms Ending	May 2024	May 2025	May 2026	May 2027	(A)
Load (MW)	2,900	2,800	2,800	2,900
$ per MWh	$64.80	$76.30	$93.11	$80.88

(A)Prices set in the 2024 BGS auction will become effective on June 1, 2024 when the 2021 BGS auction agreements expire.

PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for PSEG Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 18. Related-Party Transactions.

Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year.

Minimum Fuel Purchase Requirements

PSEG Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. PSEG Power’s minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom.

PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G.

As of March 31, 2024, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2028
	Millions
Nuclear Fuel
Uranium	$	373
Enrichment	$	341
Fabrication	$	183
Natural Gas	$	1,214

Pending FERC Matters

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

BPU Audit of PSE&G

In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which addresses, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021. The BPU Audit Staff submitted the final audit report to the BPU in June 2023. The BPU is currently considering public comments on the audit report and has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter.

Litigation

Sewaren 7 Construction

In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter.

Other Litigation and Legal Proceedings

PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG and PSE&G generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter.

In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s or PSE&G’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s or PSE&G’s results of operations or liquidity for any particular reporting period.

Public Service Electric and Gas Company [Member]

Loss Contingencies [Line Items]

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

Guaranteed Obligations

PSEG Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, letters of credit or guarantees as a form of collateral.

PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to

•support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and

•obtain credit.

PSEG Power is subject to

•counterparty collateral calls related to commodity contracts of its subsidiaries, and

•certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries.

Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction.

In order for PSEG Power to incur a liability for the face value of the outstanding guarantees,

•its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and

•the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties).

PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted.

Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. PSEG Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules.

In addition to the guarantees discussed above, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations.

The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2024 and December 31, 2023.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Face Value of Outstanding Guarantees	$	1,351	$	1,381
Exposure under Current Guarantees	$	66	$	118
Letters of Credit Margin Posted	$	10	$	10
Letters of Credit Margin Received	$	39	$	91
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(1)	$	(2)
Net Broker Balance Deposited (Received)	$	282	$	115
Additional Amounts Posted
Other Letters of Credit	$	159	$	180

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively.

In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table.

Environmental Matters

Passaic River

Lower Passaic River Study Area    

The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power.

The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work.

Occidental Chemical Corporation (Occidental) has voluntarily commenced design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

The EPA has announced a proposed settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer.

As of March 31, 2024, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Environmental Costs Liability of $13 million.

The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs.

Newark Bay Study Area

The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 21 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site.

Natural Resource Damage Claims

New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter.

Hackensack River

In 2022, the EPA announced it had designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. In 2024, the EPA identified PSE&G and four other parties as PRPs for the site and requested that they voluntarily perform a technical study of a portion of the river designated as “Operable Unit 2.” The EPA estimates that the technical study will cost $55 million to complete and PSE&G and PSEG Power have offered to participate in the technical study, subject to negotiation of further details. PSE&G and PSEG Power do not believe participation in the technical study will have a material impact on their results of operations and financial condition based upon EPA’s estimate of the study costs; however, future costs related to this matter could be material.

Manufactured Gas Plant (MGP) Remediation Program

PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $204 million and $223 million on an undiscounted basis, including its $53 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $204 million as of March 31, 2024. Of this amount, $61 million was recorded in Other Current Liabilities and $143 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $204 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. PSE&G completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy.

Legacy Environmental Obligations at Former Fossil Generating Sites

PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA) to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015.

PSEG Power is in the process of fulfilling its obligations under the New Jersey ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. At this stage in the remediation process, the full remediation costs are not estimable, but given the number and operating history of the facilities in the portfolio, the full remediation costs will likely be material in the aggregate. The costs

could potentially include costs for, among other things, excavating soil, implementation of institutional controls, and the construction, operation and maintenance of engineering controls.

Clean Water Act (CWA) Section 316(b) Rule

The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day.

In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility.

Basic Generation Service (BGS), BGSS and ZECs

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards.

The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2024 is $378.21 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2024 of $330.72 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period.

PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:

	Auction Year
	2021	2022	2023	2024
36-Month Terms Ending	May 2024	May 2025	May 2026	May 2027	(A)
Load (MW)	2,900	2,800	2,800	2,900
$ per MWh	$64.80	$76.30	$93.11	$80.88

(A)Prices set in the 2024 BGS auction will become effective on June 1, 2024 when the 2021 BGS auction agreements expire.

PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for PSEG Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 18. Related-Party Transactions.

Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year.

Minimum Fuel Purchase Requirements

PSEG Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. PSEG Power’s minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom.

PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G.

As of March 31, 2024, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2028
	Millions
Nuclear Fuel
Uranium	$	373
Enrichment	$	341
Fabrication	$	183
Natural Gas	$	1,214

Pending FERC Matters

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

BPU Audit of PSE&G

In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which addresses, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021. The BPU Audit Staff submitted the final audit report to the BPU in June 2023. The BPU is currently considering public comments on the audit report and has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter.

Litigation

Sewaren 7 Construction

In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter.

Other Litigation and Legal Proceedings

PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG and PSE&G generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter.

In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s or PSE&G’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s or PSE&G’s results of operations or liquidity for any particular reporting period.

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Debt and Credit Facilities

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024:

PSEG

•issued $750 million of 5.20% Senior Notes due April 2029, and

•issued $500 million of 5.45% Senior Notes due April 2034.

PSE&G

•issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034,

•issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054, and

•retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity.

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 facility.

The commitments under the $4.0 billion credit facilities are provided by a diverse bank group. As of March 31, 2024, the total available credit capacity was $3.8 billion. In March 2024, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2028.

As of March 31, 2024, no single institution represented more than 10% of the total commitments in the credit facilities.

As of March 31, 2024, 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 committed credit facilities and available liquidity as of March 31, 2024 were as follows:

	As of March 31, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	2	$	1,498	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	2	$	1,498
PSE&G
Revolving Credit Facility	$	1,000	$	45	$	955	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	45	$	955
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2028	Funding/Letters of Credit
Letter of Credit Facility	75		45		30		Apr 2026	Letters of Credit
Letter of Credit Facility	200		83		117		Sept 2024	Letters of Credit
Total PSEG Power	$	1,525	$	167	$	1,358
Total (C)	$	4,025	$	214	$	3,811

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. 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.

(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 March 31, 2024, PSEG had no outstanding commercial paper and PSE&G had $25 million outstanding at a weighted average interest rate of 5.45%.

(C)Amounts do not include uncommitted credit facilities or 364-day term loans.

PSEG Power has an uncommitted credit facility for $100 million, which can be utilized for letters of credit. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. As of March 31, 2024, there were no outstanding balances under these facilities.

Short-Term Loans

In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.

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 three months ended March 31, 2024:

PSEG

•issued $750 million of 5.20% Senior Notes due April 2029, and

•issued $500 million of 5.45% Senior Notes due April 2034.

PSE&G

•issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034,

•issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054, and

•retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity.

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 facility.

The commitments under the $4.0 billion credit facilities are provided by a diverse bank group. As of March 31, 2024, the total available credit capacity was $3.8 billion. In March 2024, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2028.

As of March 31, 2024, no single institution represented more than 10% of the total commitments in the credit facilities.

As of March 31, 2024, 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 committed credit facilities and available liquidity as of March 31, 2024 were as follows:

	As of March 31, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	2	$	1,498	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	2	$	1,498
PSE&G
Revolving Credit Facility	$	1,000	$	45	$	955	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	45	$	955
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2028	Funding/Letters of Credit
Letter of Credit Facility	75		45		30		Apr 2026	Letters of Credit
Letter of Credit Facility	200		83		117		Sept 2024	Letters of Credit
Total PSEG Power	$	1,525	$	167	$	1,358
Total (C)	$	4,025	$	214	$	3,811

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. 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.

(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 March 31, 2024, PSEG had no outstanding commercial paper and PSE&G had $25 million outstanding at a weighted average interest rate of 5.45%.

(C)Amounts do not include uncommitted credit facilities or 364-day term loans.

PSEG Power has an uncommitted credit facility for $100 million, which can be utilized for letters of credit. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. As of March 31, 2024, there were no outstanding balances under these facilities.

Short-Term Loans

In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.

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Financial Risk Management Activities

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Financial Risk Management Activities

Financial Risk Management Activities

Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings.

Commodity Prices

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk primarily relating to changes in the market price of electricity, natural gas and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses

derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 9. Commitments and Contingent Liabilities. Additionally, prospective changes in the fair market value of these derivative contracts are recorded in earnings.

Interest Rates

PSEG, PSE&G and PSEG Power are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements.

Cash Flow Hedges

PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments.

As of March 31, 2024, PSEG had interest rate hedges outstanding totaling $1.75 billion which were executed to convert PSEG Power’s $1.25 billion variable rate term loan due March 2025 and PSEG’s $500 million variable rate term loan due April 2024 into fixed rate loans. The fair value of these hedges was $9 million and $5 million as of March 31, 2024 and December 31, 2023, respectively.

In the first quarter of 2024, PSEG unwound interest rate treasury locks totaling $1 billion in connection with the $1.25 billion long-term debt issuances at PSEG that occurred in March 2024. See Note 10. Debt and Credit Facilities for additional information. The settlement payment of $4 million received for these treasury locks was recorded in Accumulated Other Comprehensive Income (Loss) and will be amortized into earnings to match the term and timing of the hedged debt.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $21 million and $3 million as of March 31, 2024 and December 31, 2023, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months is $8 million.

Fair Values of Derivative Instruments

The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 12. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of March 31, 2024 and December 31, 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of March 31, 2024
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	9	$	697	$	(632)	$	65	$	74
Noncurrent Assets	—		444		(442)		2		2
Total Mark-to-Market Derivative Assets	$	9	$	1,141	$	(1,074)	$	67	$	76
Derivative Contracts
Current Liabilities	$	—	$	(790)	$	747	$	(43)	$	(43)
Noncurrent Liabilities	—		(541)		525		(16)		(16)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,331)	$	1,272	$	(59)	$	(59)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	9	$	(190)	$	198	$	8	$	17

	As of December 31, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	6	$	912	$	(806)	$	106	$	112
Noncurrent Assets	—		440		(411)		29		29
Total Mark-to-Market Derivative Assets	$	6	$	1,352	$	(1,217)	$	135	$	141
Derivative Contracts
Current Liabilities	$	(16)	$	(890)	$	820	$	(70)	$	(86)
Noncurrent Liabilities	(1)		(424)		419		(5)		(6)
Total Mark-to-Market Derivative (Liabilities)	$	(17)	$	(1,314)	$	1,239	$	(75)	$	(92)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(11)	$	38	$	22	$	60	$	49

(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 Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $281 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $198 million and $22 million as of March 31, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $198 million as of March 31, 2024, $115 million was netted against current liabilities and $83 million against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These

credit risk-related contingent features stipulate that if PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a two level downgrade from its current Moody’s and S&P ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements.

The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $86 million as of March 31, 2024 and $77 million as of December 31, 2023. As of March 31, 2024 and December 31, 2023, PSEG Power had the contractual right of offset of $42 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $44 million and $74 million as of March 31, 2024 and December 31, 2023, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral.

The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2024 and 2023:

Derivatives in Cash Flow Hedging Relationships	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
	Three Months Ended					Three Months Ended
	March 31,					March 31,
	2024		2023			2024		2023
	Millions					Millions
PSEG
Interest Rate Derivatives	$	28	$	(3)	Interest Expense	$	3	$	(1)
Total PSEG	$	28	$	(3)		$	3	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2024 and 2023, the amount of gain (loss) on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $2 million and $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in 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, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	13		9
Less: Gain Reclassified into Income	(5)		(3)
Balance as of December 31, 2023	$	4	$	3
Gain Recognized in AOCL	28		20
Less: Gain Reclassified into Income	(3)		(2)
Balance as of March 31, 2024	$	29	$	21

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2024 and 2023, respectively. 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.

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
		Three Months Ended
		March 31,
		2024		2023
		Millions
Energy-Related Contracts	Operating Revenues	$	(148)	$	902
Energy-Related Contracts	Energy Costs	1		1
Total		$	(147)	$	903

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2024 and December 31, 2023.

		As of	As of
Type	Notional	March 31, 2024	December 31, 2023
		Millions
Natural Gas	Dekatherm (Dth)	86	66
Electricity	MWh	(62)	(60)
Financial Transmission Rights (FTRs)	MWh	16	19
Interest Rate Derivatives	U.S. Dollars	1,750	2,000

Credit Risk

Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG’s financial condition, results of operations or net cash flows.

As of March 31, 2024, nearly 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 18. Related-Party Transactions for additional information.

PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guarantee or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of March 31, 2024, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2024, PSE&G had $15 million in unsecured mark-to-market credit exposure with its suppliers.

PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates.

Public Service Electric and Gas Company [Member]

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Financial Risk Management Activities

Financial Risk Management Activities

Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings.

Commodity Prices

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk primarily relating to changes in the market price of electricity, natural gas and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses

derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 9. Commitments and Contingent Liabilities. Additionally, prospective changes in the fair market value of these derivative contracts are recorded in earnings.

Interest Rates

PSEG, PSE&G and PSEG Power are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements.

Cash Flow Hedges

PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments.

As of March 31, 2024, PSEG had interest rate hedges outstanding totaling $1.75 billion which were executed to convert PSEG Power’s $1.25 billion variable rate term loan due March 2025 and PSEG’s $500 million variable rate term loan due April 2024 into fixed rate loans. The fair value of these hedges was $9 million and $5 million as of March 31, 2024 and December 31, 2023, respectively.

In the first quarter of 2024, PSEG unwound interest rate treasury locks totaling $1 billion in connection with the $1.25 billion long-term debt issuances at PSEG that occurred in March 2024. See Note 10. Debt and Credit Facilities for additional information. The settlement payment of $4 million received for these treasury locks was recorded in Accumulated Other Comprehensive Income (Loss) and will be amortized into earnings to match the term and timing of the hedged debt.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $21 million and $3 million as of March 31, 2024 and December 31, 2023, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months is $8 million.

Fair Values of Derivative Instruments

The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 12. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of March 31, 2024 and December 31, 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of March 31, 2024
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	9	$	697	$	(632)	$	65	$	74
Noncurrent Assets	—		444		(442)		2		2
Total Mark-to-Market Derivative Assets	$	9	$	1,141	$	(1,074)	$	67	$	76
Derivative Contracts
Current Liabilities	$	—	$	(790)	$	747	$	(43)	$	(43)
Noncurrent Liabilities	—		(541)		525		(16)		(16)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,331)	$	1,272	$	(59)	$	(59)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	9	$	(190)	$	198	$	8	$	17

	As of December 31, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	6	$	912	$	(806)	$	106	$	112
Noncurrent Assets	—		440		(411)		29		29
Total Mark-to-Market Derivative Assets	$	6	$	1,352	$	(1,217)	$	135	$	141
Derivative Contracts
Current Liabilities	$	(16)	$	(890)	$	820	$	(70)	$	(86)
Noncurrent Liabilities	(1)		(424)		419		(5)		(6)
Total Mark-to-Market Derivative (Liabilities)	$	(17)	$	(1,314)	$	1,239	$	(75)	$	(92)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(11)	$	38	$	22	$	60	$	49

(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 Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $281 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $198 million and $22 million as of March 31, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $198 million as of March 31, 2024, $115 million was netted against current liabilities and $83 million against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These

credit risk-related contingent features stipulate that if PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a two level downgrade from its current Moody’s and S&P ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements.

The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $86 million as of March 31, 2024 and $77 million as of December 31, 2023. As of March 31, 2024 and December 31, 2023, PSEG Power had the contractual right of offset of $42 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $44 million and $74 million as of March 31, 2024 and December 31, 2023, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral.

The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2024 and 2023:

Derivatives in Cash Flow Hedging Relationships	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
	Three Months Ended					Three Months Ended
	March 31,					March 31,
	2024		2023			2024		2023
	Millions					Millions
PSEG
Interest Rate Derivatives	$	28	$	(3)	Interest Expense	$	3	$	(1)
Total PSEG	$	28	$	(3)		$	3	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2024 and 2023, the amount of gain (loss) on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $2 million and $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in 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, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	13		9
Less: Gain Reclassified into Income	(5)		(3)
Balance as of December 31, 2023	$	4	$	3
Gain Recognized in AOCL	28		20
Less: Gain Reclassified into Income	(3)		(2)
Balance as of March 31, 2024	$	29	$	21

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2024 and 2023, respectively. 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.

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
		Three Months Ended
		March 31,
		2024		2023
		Millions
Energy-Related Contracts	Operating Revenues	$	(148)	$	902
Energy-Related Contracts	Energy Costs	1		1
Total		$	(147)	$	903

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2024 and December 31, 2023.

		As of	As of
Type	Notional	March 31, 2024	December 31, 2023
		Millions
Natural Gas	Dekatherm (Dth)	86	66
Electricity	MWh	(62)	(60)
Financial Transmission Rights (FTRs)	MWh	16	19
Interest Rate Derivatives	U.S. Dollars	1,750	2,000

Credit Risk

Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG’s financial condition, results of operations or net cash flows.

As of March 31, 2024, nearly 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 18. Related-Party Transactions for additional information.

PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guarantee or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of March 31, 2024, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of March 31, 2024, PSE&G had $15 million in unsecured mark-to-market credit exposure with its suppliers.

PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels:

Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG and PSE&G have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX.

Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities.

Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts.

Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable.

The following tables present information about PSEG’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G.

	Recurring Fair Value Measurements as of March 31, 2024
Description	Total		Netting (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,065	$	—	$	1,065	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	67	$	(1,074)	$	2	$	1,139	$	—
Interest Rate Derivatives (C)	$	9	$	—	$	—	$	9	$	—
NDT Fund (D)
Equity Securities	$	1,415	$	—	$	1,415	$	—	$	—
Debt Securities—U.S. Treasury	$	303	$	—	$	—	$	303	$	—
Debt Securities—Govt Other	$	387	$	—	$	—	$	387	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	30	$	—	$	—	$	30	$	—
Debt Securities—Corporate	$	68	$	—	$	—	$	68	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(59)	$	1,272	$	(2)	$	(1,329)	$	—
PSE&G
Assets:
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	5	$	—	$	—	$	5	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

	Recurring Fair Value Measurements as of December 31, 2023
Description	Total		Netting  (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	135	$	(1,217)	$	13	$	1,339	$	—
Interest Rate Derivatives (C)	$	6	$	—	$	—	$	6	$	—
NDT Fund (D)
Equity Securities	$	1,310	$	—	$	1,310	$	—	$	—
Debt Securities—U.S. Treasury	$	293	$	—	$	—	$	293	$	—
Debt Securities—Govt Other	$	398	$	—	$	—	$	398	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	70	$	—	$	—	$	70	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(75)	$	1,239	$	(1)	$	(1,311)	$	(2)
Interest Rate Derivatives (C)	$	(17)	$	—	$	—	$	(17)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

(A)Represents money market mutual funds.

(B)Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.

Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.

Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs.

(C)Interest rate derivatives are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of March 31, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities.

These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction.

Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.

(E)Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail.

Additional Information Regarding Level 3 Measurements

For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG considers credit and non-performance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements.

As of March 31, 2024, PSEG carried $3.9 billion of net assets that are measured at fair value on a recurring basis.

As of March 31, 2023, PSEG carried $3.7 billion of net assets that are measured at fair value on a recurring basis, of which $6 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

There were no transfers to or from Level 3 during the three months ended March 31, 2024 and 2023, respectively.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of March 31, 2024 and December 31, 2023 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	5,611	$	5,448	$	4,371	$	4,240
PSE&G (A)	14,403		12,983		13,663		12,460
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	21,264	$	19,681	$	19,284	$	17,950

(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 using market-based measurements that are processed through a rules-based pricing 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)Private term loan with book value approximating fair value (Level 2 measurement).

Public Service Electric and Gas Company [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels:

Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG and PSE&G have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX.

Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities.

Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts.

Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable.

The following tables present information about PSEG’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G.

	Recurring Fair Value Measurements as of March 31, 2024
Description	Total		Netting (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,065	$	—	$	1,065	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	67	$	(1,074)	$	2	$	1,139	$	—
Interest Rate Derivatives (C)	$	9	$	—	$	—	$	9	$	—
NDT Fund (D)
Equity Securities	$	1,415	$	—	$	1,415	$	—	$	—
Debt Securities—U.S. Treasury	$	303	$	—	$	—	$	303	$	—
Debt Securities—Govt Other	$	387	$	—	$	—	$	387	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	30	$	—	$	—	$	30	$	—
Debt Securities—Corporate	$	68	$	—	$	—	$	68	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(59)	$	1,272	$	(2)	$	(1,329)	$	—
PSE&G
Assets:
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	5	$	—	$	—	$	5	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

	Recurring Fair Value Measurements as of December 31, 2023
Description	Total		Netting  (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	135	$	(1,217)	$	13	$	1,339	$	—
Interest Rate Derivatives (C)	$	6	$	—	$	—	$	6	$	—
NDT Fund (D)
Equity Securities	$	1,310	$	—	$	1,310	$	—	$	—
Debt Securities—U.S. Treasury	$	293	$	—	$	—	$	293	$	—
Debt Securities—Govt Other	$	398	$	—	$	—	$	398	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	70	$	—	$	—	$	70	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(75)	$	1,239	$	(1)	$	(1,311)	$	(2)
Interest Rate Derivatives (C)	$	(17)	$	—	$	—	$	(17)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

(A)Represents money market mutual funds.

(B)Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.

Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.

Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs.

(C)Interest rate derivatives are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of March 31, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities.

These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction.

Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.

(E)Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail.

Additional Information Regarding Level 3 Measurements

For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG considers credit and non-performance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements.

As of March 31, 2024, PSEG carried $3.9 billion of net assets that are measured at fair value on a recurring basis.

As of March 31, 2023, PSEG carried $3.7 billion of net assets that are measured at fair value on a recurring basis, of which $6 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

There were no transfers to or from Level 3 during the three months ended March 31, 2024 and 2023, respectively.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of March 31, 2024 and December 31, 2023 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	5,611	$	5,448	$	4,371	$	4,240
PSE&G (A)	14,403		12,983		13,663		12,460
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	21,264	$	19,681	$	19,284	$	17,950

(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 using market-based measurements that are processed through a rules-based pricing 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)Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions)

3 Months Ended

Mar. 31, 2024

Component of Other Income (Deductions) [Line Items]

Other Income (Deductions)

Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2024
NDT Fund Interest and Dividends	$	—	$	17	$	17
Allowance for Funds Used During Construction	11		—		11
Solar Loan Interest	2		—		2
Other Interest	2		5		7
Other	1		(3)		(2)
Total Net Other Income (Deductions)	$	16	$	19	$	35
Three Months Ended March 31, 2023
NDT Fund Interest and Dividends	$	—	$	15	$	15
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	2		8		10
Other	2		(2)		—
Total Net Other Income (Deductions)	$	21	$	21	$	42

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.

Public Service Electric and Gas Company [Member]

Component of Other Income (Deductions) [Line Items]

Other Income (Deductions)

Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2024
NDT Fund Interest and Dividends	$	—	$	17	$	17
Allowance for Funds Used During Construction	11		—		11
Solar Loan Interest	2		—		2
Other Interest	2		5		7
Other	1		(3)		(2)
Total Net Other Income (Deductions)	$	16	$	19	$	35
Three Months Ended March 31, 2023
NDT Fund Interest and Dividends	$	—	$	15	$	15
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	2		8		10
Other	2		(2)		—
Total Net Other Income (Deductions)	$	21	$	21	$	42

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.

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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes [Line Items]

Income Taxes

Income Taxes

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
PSEG	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	629		$	1,585
Tax Computed at Statutory Rate @ 21%	$	132		$	333
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	40			108
Uncertain Tax Positions	1			(6)
Leasing Activities	—			(17)
GPRC-Clean Energy Future (CEF)-EE	(15)			(16)
Estimated Annual Effective Tax Rate Interim Period Adjustment	(17)			(23)
TAC	(43)			(75)
Other	(1)			(6)
Subtotal	(35)			(35)
Total Income Tax Expense	$	97		$	298
Effective Income Tax Rate	15.4		%	18.8		%

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
PSE&G	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	580		$	541
Tax Computed at Statutory Rate @ 21%	$	122		$	114
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(15)			(16)
TAC	(43)			(75)
Other	(13)			(7)
Subtotal	(30)			(60)
Total Income Tax Expense	$	92		$	54
Effective Income Tax Rate	15.9		%	10.0		%

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, and made certain changes to existing energy tax credit laws. For 2023 and the first quarter of 2024, PSEG and PSE&G recorded their best estimates of the impact of the CAMT. Certain changes to the energy tax credit laws include: a new PTC for existing nuclear generation facilities, effective 2024 through 2032, a new technology neutral energy tax credit, which includes new nuclear units and increases to nuclear generation capacity, effective 2025, and the transferability of the energy tax credits, effective 2023. The PTC for a given nuclear facility can be increased by five times if prevailing wage rules are met and is designed to phase down as the facility’s gross receipts increase. The PTC rate and phase down amount are subject to the Internal Revenue Service’s determination of annual inflation.

Despite the issuance of various Notices that provide interim guidance related to the CAMT, the rules related to the PTC for existing nuclear generation facilities and the CAMT remain unclear and are in need of further guidance; therefore, their impact on PSEG's and PSE&G's financial statements is subject to continued evaluation.

The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact

PSEG’s and PSE&G’s financial statements.

As of March 31, 2024, PSEG had a $27 million state net operating loss (NOL) and PSE&G had a $73 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

Public Service Electric and Gas Company [Member]

Income Taxes [Line Items]

Income Taxes

Income Taxes

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
PSEG	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	629		$	1,585
Tax Computed at Statutory Rate @ 21%	$	132		$	333
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	40			108
Uncertain Tax Positions	1			(6)
Leasing Activities	—			(17)
GPRC-Clean Energy Future (CEF)-EE	(15)			(16)
Estimated Annual Effective Tax Rate Interim Period Adjustment	(17)			(23)
TAC	(43)			(75)
Other	(1)			(6)
Subtotal	(35)			(35)
Total Income Tax Expense	$	97		$	298
Effective Income Tax Rate	15.4		%	18.8		%

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
PSE&G	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	580		$	541
Tax Computed at Statutory Rate @ 21%	$	122		$	114
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(15)			(16)
TAC	(43)			(75)
Other	(13)			(7)
Subtotal	(30)			(60)
Total Income Tax Expense	$	92		$	54
Effective Income Tax Rate	15.9		%	10.0		%

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

In August 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, and made certain changes to existing energy tax credit laws. For 2023 and the first quarter of 2024, PSEG and PSE&G recorded their best estimates of the impact of the CAMT. Certain changes to the energy tax credit laws include: a new PTC for existing nuclear generation facilities, effective 2024 through 2032, a new technology neutral energy tax credit, which includes new nuclear units and increases to nuclear generation capacity, effective 2025, and the transferability of the energy tax credits, effective 2023. The PTC for a given nuclear facility can be increased by five times if prevailing wage rules are met and is designed to phase down as the facility’s gross receipts increase. The PTC rate and phase down amount are subject to the Internal Revenue Service’s determination of annual inflation.

Despite the issuance of various Notices that provide interim guidance related to the CAMT, the rules related to the PTC for existing nuclear generation facilities and the CAMT remain unclear and are in need of further guidance; therefore, their impact on PSEG's and PSE&G's financial statements is subject to continued evaluation.

The enactment of additional federal or state tax legislation and clarification of previously enacted tax laws could impact

PSEG’s and PSE&G’s financial statements.

As of March 31, 2024, PSEG had a $27 million state net operating loss (NOL) and PSE&G had a $73 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

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Accumulated Other Comprehensive Income (Loss), Net of Tax

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss), Net of Tax

	Three Months Ended March 31, 2024
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2023	$	3	$	(102)	$	(80)	$	(179)
Other Comprehensive Income (Loss) before Reclassifications	20		—		(12)		8
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)		2		2		2
Net Current Period Other Comprehensive Income (Loss)	18		2		(10)		10
Balance as of March 31, 2024	$	21	$	(100)	$	(90)	$	(169)
	Three Months Ended March 31, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2022	$	(3)	$	(426)	$	(121)	$	(550)
Other Comprehensive Income (Loss) before Reclassifications	(2)		—		20		18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		3		6		10
Net Current Period Other Comprehensive Income (Loss)	(1)		3		26		28
Balance as of March 31, 2023	$	(4)	$	(423)	$	(95)	$	(522)

			Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations
			Three Months Ended
			March 31, 2024
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
		Millions
Cash Flow Hedges
Interest Rate Derivatives	Interest Expense		$	3	$	(1)	$	2
Total Cash Flow Hedges			3		(1)		2
Pension and OPEB Plans
Amortization of Net Actuarial Loss	Net Non-Operating Pension and OPEB Credits (Costs)		(3)		1		(2)
Total Pension and OPEB Plans			(3)		1		(2)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments		(4)		2		(2)
Total Available-for-Sale Debt Securities			(4)		2		(2)
Total			$	(4)	$	2	$	(2)

			Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations
			Three Months Ended
			March 31, 2023
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
		Millions
Cash Flow Hedges
Interest Rate Derivatives	Interest Expense		$	(1)	$	—	$	(1)
Total Cash Flow Hedges			(1)		—		(1)
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Net Non-Operating Pension and OPEB Credits (Costs)		2		—		2
Amortization of Net Actuarial Loss	Net Non-Operating Pension and OPEB Credits (Costs)		(7)		2		(5)
Total Pension and OPEB Plans			(5)		2		(3)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments		(10)		4		(6)
Total Available-for-Sale Debt Securities			(10)		4		(6)
Total			$	(16)	$	6	$	(10)

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Earnings Per Share (EPS) and Dividends

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share (EPS) and Dividends

Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended March 31,
	2024				2023
	Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income	$	532	$	532	$	1,287	$	1,287
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	499		499		497		497
Effect of Stock Based Compensation Awards	—		1		—		3
Total Shares	499		500		497		500
EPS
Net Income	$	1.07	$	1.06	$	2.59	$	2.58

Dividends

	Three Months Ended
	March 31,
Dividend Payments on Common Stock	2024		2023
Per Share	$	0.60	$	0.57
In Millions	$	299	$	284

On April 16, 2024, PSEG’s Board of Directors approved a $0.60 per share common stock dividend for the second quarter of 2024.

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Financial Information By Business Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Financial Information by Business Segment

PSE&G

PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an

immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended March 31, 2024
Operating Revenues	$	2,333	$	872	$	(445)	$	2,760
Net Income (B)	488		44		—		532
Gross Additions to Long-Lived Assets	739		58		—		797
Three Months Ended March 31, 2023
Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755
Net Income (B)	487		800		—		1,287
Gross Additions to Long-Lived Assets	676		63		—		739
As of March 31, 2024
Total Assets	$	43,592	$	9,335	$	(539)	$	52,388
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17
As of December 31, 2023
Total Assets	$	42,873	$	8,407	$	(539)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17

(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

Public Service Electric and Gas Company [Member]

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Financial Information by Business Segment

PSE&G

PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an

immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended March 31, 2024
Operating Revenues	$	2,333	$	872	$	(445)	$	2,760
Net Income (B)	488		44		—		532
Gross Additions to Long-Lived Assets	739		58		—		797
Three Months Ended March 31, 2023
Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755
Net Income (B)	487		800		—		1,287
Gross Additions to Long-Lived Assets	676		63		—		739
As of March 31, 2024
Total Assets	$	43,592	$	9,335	$	(539)	$	52,388
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17
As of December 31, 2023
Total Assets	$	42,873	$	8,407	$	(539)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17

(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Related-Party Transactions

3 Months Ended

Mar. 31, 2024

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 Ended
		March 31,
Related-Party Transactions		2024		2023
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	444	$	561
Administrative Billings from Services (B)		117		102
Total Billings from Affiliates		$	561	$	663

	As of		As of
Related-Party Transactions	March 31, 2024		December 31, 2023
	Millions
Payable to PSEG Power (A)	$	245	$	264
Payable to Services (B)	89		121
Payable to PSEG (C)	171		119
Accounts Payable—Affiliated Companies	$	505	$	504
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Receivable (Payable)	$	1	$	(2)

(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. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. 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 separate return 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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(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 Ended
		March 31,
Related-Party Transactions		2024		2023
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	444	$	561
Administrative Billings from Services (B)		117		102
Total Billings from Affiliates		$	561	$	663

	As of		As of
Related-Party Transactions	March 31, 2024		December 31, 2023
	Millions
Payable to PSEG Power (A)	$	245	$	264
Payable to Services (B)	89		121
Payable to PSEG (C)	171		119
Accounts Payable—Affiliated Companies	$	505	$	504
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Receivable (Payable)	$	1	$	(2)

(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. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. 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 separate return 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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(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.

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Pay vs Performance Disclosure - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income	[1]	$ 532	$ 1,287

[1] Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Insider Trading Arrangements

3 Months Ended

Mar. 31, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Director and Officer Rule 10b5-1 and non-Rule 10b5-1 Trading Plans

During the three months ended March 31, 2024, none of the Company’s directors or officers adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K of the Securities Act of 1933).

Rule 10b5-1 Arrangement Adopted

false

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

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Organization and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2024

Basis of Presentation

Basis of Presentation

The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2023.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.

Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block]

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2023
Cash and Cash Equivalents	$	30	$	24	$	54
Restricted Cash in Other Current Assets	23		—		23
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	75	$	24	$	99
As of March 31, 2024
Cash and Cash Equivalents	$	50	$	1,136	$	1,186
Restricted Cash in Other Current Assets	16		—		16
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	88	$	1,136	$	1,224

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

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Revenues Revenues (Policies)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue [Policy Text Block]

PSE&G

Revenues from Contracts with Customers

Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period.

PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers.

Other Revenues from Contracts with Customers

Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered.

Revenues Unrelated to Contracts with Customers

Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the

customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants.

Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction.

Other Revenues from Contracts with Customers

PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered.

Revenues Unrelated to Contracts with Customers

PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

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Organization and Basis of Presentation Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash, Cash Equivalents and Restricted Cash [Table Text Block]

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2023
Cash and Cash Equivalents	$	30	$	24	$	54
Restricted Cash in Other Current Assets	23		—		23
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	75	$	24	$	99
As of March 31, 2024
Cash and Cash Equivalents	$	50	$	1,136	$	1,186
Restricted Cash in Other Current Assets	16		—		16
Restricted Cash in Other Noncurrent Assets	22		—		22
Cash, Cash Equivalents and Restricted Cash	$	88	$	1,136	$	1,224

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

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Revenues Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2024
Revenues from Contracts with Customers
Electric Distribution	$	781	$	—	$	—	$	781
Gas Distribution	922		—		—		922
Transmission	436		—		—		436
Electricity and Related Product Sales
PJM
Third-Party Sales	—		227		—		227
Sales to Affiliates	—		30		(30)		—
ISO-New England (NE)	—		3		—		3
Gas Sales
Third-Party Sales	—		76		—		76
Sales to Affiliates	—		414		(414)		—
Other Revenues from Contracts with Customers (B)	84		174		(1)		257
Total Revenues from Contracts with Customers	2,223		924		(445)		2,702
Revenues Unrelated to Contracts with Customers (C)	110		(52)		—		58
Total Operating Revenues	$	2,333	$	872	$	(445)	$	2,760

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended March 31, 2023
Revenues from Contracts with Customers
Electric Distribution	$	730	$	—	$	—	$	730
Gas Distribution	959		—		(1)		958
Transmission	425		—		—		425
Electricity and Related Product Sales
PJM
Third-Party Sales	—		276		—		276
Sales to Affiliates	—		31		(31)		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		86		—		86
Sales to Affiliates	—		533		(533)		—
Other Revenues from Contracts with Customers (B)	78		153		—		231
Total Revenues from Contracts with Customers	2,192		1,082		(565)		2,709
Revenues Unrelated to Contracts with Customers (C)	101		945		—		1,046
Total Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

Accounts Receivable, Allowance for Credit Loss [Table Text Block]

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2024 and 2023:

		2024		2023
		Millions
Balance as of Beginning of Year		$	283	$	339
Utility Customer and Other Accounts
	Provision	26		9
	Write-offs, net of Recoveries of $7 million in 2024 and 2023	(36)		(29)
Balance as of End of Period		$	273	$	319

Revenue, Capacity Auction Obligations [Table Text Block]

Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per Megawatt (MW)-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$65	3,700

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position.

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Leases Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Operating Lease, Lease Income

The following is the operating lease income for the three months ended March 31, 2024 and 2023:

		Three Months Ended March 31,
		2024		2023
	Millions
Fixed Lease Income		$	3	$	6
Total Operating Lease Income		$	3	$	6

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Financing Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Public Service Electric and Gas Company [Member]

Schedule of Financial Receivables [Line Items]

Schedule Of Credit Risk Profile Based On Payment Activity

	As of
Outstanding Loans by Class of Customers	March 31, 2024		December 31, 2023
	Millions
Commercial/Industrial	$	56	$	60
Residential	3		3
Total	59		63
Current Portion (included in Accounts Receivable)	(21)		(23)
Noncurrent Portion (included in Long-Term Investments)	$	38	$	40

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of March 31, 2024		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	4	prior to 2013	10 years	15 years
Solar Loan II	28		prior to 2015	10 years	15 years
Solar Loan III	27		prior to 2022	10 years	10 years
Total	$	59

The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of March 31, 2024 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings [Member]

Schedule of Financial Receivables [Line Items]

Schedule Of Gross And Net Lease Investment

The following table shows Energy Holdings’ gross and net lease investments as of March 31, 2024 and December 31, 2023.

	As of
	March 31, 2024		December 31, 2023
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	200	$	223
Unearned and Deferred Income	(58)		(62)
Gross Investments in Leases	142		161
Deferred Tax Liabilities	(34)		(36)
Net Investments in Leases	$	108	$	125

Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of March 31, 2024
	As of March 31, 2024
	Millions
AA	$	7
A-	39
BBB+ to BBB	154
Total	$	200

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Trust Investments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Trust Investments [Line Items]

Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund

The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	514	$	362	$	(2)	$	874
International	418		137		(14)		541
Total Equity Securities	932		499		(16)		1,415
Available-for-Sale Debt Securities
Government	771		1		(82)		690
Corporate	555		4		(37)		522
Total Available-for-Sale Debt Securities	1,326		5		(119)		1,212
Total NDT Fund Investments (A)	$	2,258	$	504	$	(135)	$	2,627

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2024, which is part of the NDT Fund.

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	482	$	300	$	(2)	$	780
International	423		118		(11)		530
Total Equity Securities	905		418		(13)		1,310
Available-for-Sale Debt Securities
Government	759		4		(72)		691
Corporate	555		6		(39)		522
Total Available-for-Sale Debt Securities	1,314		10		(111)		1,213
Total NDT Fund Investments (A)	$	2,219	$	428	$	(124)	$	2,523

(A)The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund.

Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	23	$	19
Accounts Payable	$	17	$	6

Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	22	$	(1)	$	5	$	(1)	$	44	$	(1)	$	4	$	—
International	61		(8)		18		(6)		35		(4)		28		(8)
Total Equity Securities	83		(9)		23		(7)		79		(5)		32		(8)
Available-for-Sale Debt Securities
Government (B)	153		(2)		429		(80)		90		(1)		432		(71)
Corporate (C)	48		—		300		(37)		19		—		329		(39)
Total Available-for-Sale Debt Securities	201		(2)		729		(117)		109		(1)		761		(110)
NDT Trust Investments	$	284	$	(11)	$	752	$	(124)	$	188	$	(6)	$	793	$	(118)

(A)Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.

(B)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(C)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts

The proceeds from the sales of and the net gains on securities in the NDT Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from NDT Fund Sales (A)	$	360	$	396
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	31	$	21
Gross Realized Losses	(14)		(27)
Net Realized Gains (Losses) on NDT Fund (B)	17		(6)
Net Unrealized Gains (Losses) on Equity Securities	78		51
Net Gains (Losses) on NDT Fund Investments	$	95	$	45

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)The cost of these securities was determined on the basis of specific identification.

Amount Of Available-For-Sale Debt Securities By Maturity Periods

The NDT Fund debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	18
1 - 5 years	335
6 - 10 years	204
11 - 15 years	64
16 - 20 years	95
Over 20 years	496
Total NDT Available-for-Sale Debt Securities	$	1,212

Rabbi Trust [Member]

Schedule of Trust Investments [Line Items]

Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.

	As of March 31, 2024								As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months				Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	6	$	—	$	80	$	(21)	$	3	$	—	$	83	$	(19)
Corporate (B)	5		—		57		(10)		3		—		60		(10)
Total Available-for-Sale Debt Securities	11		—		137		(31)		6		—		143		(29)
Rabbi Trust Investments	$	11	$	—	$	137	$	(31)	$	6	$	—	$	143	$	(29)

(A)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(B)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

Securities Held In The Rabbi Trusts

The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.

	As of March 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	9	$	9	$	—	$	18
Available-for-Sale Debt Securities
Government	108		—		(21)		87
Corporate	78		—		(10)		68
Total Available-for-Sale Debt Securities	186		—		(31)		155
Total Rabbi Trust Investments	$	195	$	9	$	(31)	$	173

	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	10	$	8	$	—	$	18
Available-for-Sale Debt Securities
Government	110		—		(19)		91
Corporate	80		—		(10)		70
Total Available-for-Sale Debt Securities	190		—		(29)		161
Total Rabbi Trust Investments	$	200	$	8	$	(29)	$	179

Schedule of Accounts Receivable and Accounts Payable in the Rabbi Trust Funds [Table Text Block]

The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	—	$	—

Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts

The proceeds from the sales of and the net gains on securities in the Rabbi Trust Fund were:

	Three Months Ended
	March 31,
	2024		2023
	Millions
Proceeds from Rabbi Trust Sales	$	9	$	6
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	1	$	1
Gross Realized Losses	(1)		(1)
Net Realized Gains (Losses) on Rabbi Trust (A)	—		—
Net Unrealized Gains (Losses) on Equity Securities	—		1
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	1

(A)The cost of these securities was determined on the basis of specific identification.

Amount Of Available-For-Sale Debt Securities By Maturity Periods

The Rabbi Trust debt securities held as of March 31, 2024 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	26
6 - 10 years	17
11 - 15 years	9
16 - 20 years	18
Over 20 years	78
Total Rabbi Trust Available-for-Sale Debt Securities	$	155

Fair Value Of The Rabbi Trusts

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
PSE&G	$	31	$	32
PSEG Power & Other	142		147
Total Rabbi Trust Investments	$	173	$	179

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Pension and OPEB (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Components Of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	22	$	1	$	1
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	56		69		9		10
Expected Return on Plan Assets	(80)		(95)		(9)		(8)
Amortization of Net
Prior Service Credit	—		—		—		(13)
Actuarial Loss (Gain)	18		24		—		(1)
Non-Service Components of Pension and OPEB (Credits) Costs	(6)		(2)		—		(12)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

Schedule Of Pension And OPEB Costs

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	Pension Benefits				OPEB
	Three Months Ended				Three Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
	Millions
PSE&G	$	11	$	13	$	—	$	(10)
PSEG Power & Other	6		7		1		(1)
Total Net Benefit (Credits) Costs	$	17	$	20	$	1	$	(11)

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Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

PSEG Power [Member]

Loss Contingencies [Line Items]

Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions

The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of March 31, 2024 and December 31, 2023.

	As of		As of
	March 31, 2024		December 31, 2023
	Millions
Face Value of Outstanding Guarantees	$	1,351	$	1,381
Exposure under Current Guarantees	$	66	$	118
Letters of Credit Margin Posted	$	10	$	10
Letters of Credit Margin Received	$	39	$	91
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(1)	$	(2)
Net Broker Balance Deposited (Received)	$	282	$	115
Additional Amounts Posted
Other Letters of Credit	$	159	$	180

Total Minimum Purchase Commitments

As of March 31, 2024, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2028
	Millions
Nuclear Fuel
Uranium	$	373
Enrichment	$	341
Fabrication	$	183
Natural Gas	$	1,214

Public Service Electric and Gas Company [Member]

Loss Contingencies [Line Items]

Contract For Anticipated BGS-Fixed Price Eligible Load

	Auction Year
	2021	2022	2023	2024
36-Month Terms Ending	May 2024	May 2025	May 2026	May 2027	(A)
Load (MW)	2,900	2,800	2,800	2,900
$ per MWh	$64.80	$76.30	$93.11	$80.88

(A)Prices set in the 2024 BGS auction will become effective on June 1, 2024 when the 2021 BGS auction agreements expire.

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Debt and Credit Facilities Debt and Credit Facilities (Tables)

3 Months Ended

Mar. 31, 2024

Debt and Credit Facilities [Abstract]

Schedule of Line of Credit Facilities [Table Text Block]

The total committed credit facilities and available liquidity as of March 31, 2024 were as follows:

	As of March 31, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	2	$	1,498	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	2	$	1,498
PSE&G
Revolving Credit Facility	$	1,000	$	45	$	955	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	45	$	955
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2028	Funding/Letters of Credit
Letter of Credit Facility	75		45		30		Apr 2026	Letters of Credit
Letter of Credit Facility	200		83		117		Sept 2024	Letters of Credit
Total PSEG Power	$	1,525	$	167	$	1,358
Total (C)	$	4,025	$	214	$	3,811

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. 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.

(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 March 31, 2024, PSEG had no outstanding commercial paper and PSE&G had $25 million outstanding at a weighted average interest rate of 5.45%.

(C)Amounts do not include uncommitted credit facilities or 364-day term loans.

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Financial Risk Management Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule Of Derivative Instruments Fair Value In Balance Sheets

	As of March 31, 2024
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	9	$	697	$	(632)	$	65	$	74
Noncurrent Assets	—		444		(442)		2		2
Total Mark-to-Market Derivative Assets	$	9	$	1,141	$	(1,074)	$	67	$	76
Derivative Contracts
Current Liabilities	$	—	$	(790)	$	747	$	(43)	$	(43)
Noncurrent Liabilities	—		(541)		525		(16)		(16)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,331)	$	1,272	$	(59)	$	(59)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	9	$	(190)	$	198	$	8	$	17

	As of December 31, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Derivatives		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	6	$	912	$	(806)	$	106	$	112
Noncurrent Assets	—		440		(411)		29		29
Total Mark-to-Market Derivative Assets	$	6	$	1,352	$	(1,217)	$	135	$	141
Derivative Contracts
Current Liabilities	$	(16)	$	(890)	$	820	$	(70)	$	(86)
Noncurrent Liabilities	(1)		(424)		419		(5)		(6)
Total Mark-to-Market Derivative (Liabilities)	$	(17)	$	(1,314)	$	1,239	$	(75)	$	(92)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(11)	$	38	$	22	$	60	$	49

(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 Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $281 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $198 million and $22 million as of March 31, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $198 million as of March 31, 2024, $115 million was netted against current liabilities and $83 million against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2024 and 2023:

Derivatives in Cash Flow Hedging Relationships	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
	Three Months Ended					Three Months Ended
	March 31,					March 31,
	2024		2023			2024		2023
	Millions					Millions
PSEG
Interest Rate Derivatives	$	28	$	(3)	Interest Expense	$	3	$	(1)
Total PSEG	$	28	$	(3)		$	3	$	(1)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For each of the three months ended March 31, 2024 and 2023, the amount of gain (loss) on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was $2 million and $(1) million after-tax, respectively.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in 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, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	13		9
Less: Gain Reclassified into Income	(5)		(3)
Balance as of December 31, 2023	$	4	$	3
Gain Recognized in AOCL	28		20
Less: Gain Reclassified into Income	(3)		(2)
Balance as of March 31, 2024	$	29	$	21

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

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2024 and 2023, respectively. 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.

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
		Three Months Ended
		March 31,
		2024		2023
		Millions
Energy-Related Contracts	Operating Revenues	$	(148)	$	902
Energy-Related Contracts	Energy Costs	1		1
Total		$	(147)	$	903

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 March 31, 2024 and December 31, 2023.

		As of	As of
Type	Notional	March 31, 2024	December 31, 2023
		Millions
Natural Gas	Dekatherm (Dth)	86	66
Electricity	MWh	(62)	(60)
Financial Transmission Rights (FTRs)	MWh	16	19
Interest Rate Derivatives	U.S. Dollars	1,750	2,000

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis

The following tables present information about PSEG’s and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G.

	Recurring Fair Value Measurements as of March 31, 2024
Description	Total		Netting (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	1,065	$	—	$	1,065	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	67	$	(1,074)	$	2	$	1,139	$	—
Interest Rate Derivatives (C)	$	9	$	—	$	—	$	9	$	—
NDT Fund (D)
Equity Securities	$	1,415	$	—	$	1,415	$	—	$	—
Debt Securities—U.S. Treasury	$	303	$	—	$	—	$	303	$	—
Debt Securities—Govt Other	$	387	$	—	$	—	$	387	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	30	$	—	$	—	$	30	$	—
Debt Securities—Corporate	$	68	$	—	$	—	$	68	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(59)	$	1,272	$	(2)	$	(1,329)	$	—
PSE&G
Assets:
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	5	$	—	$	—	$	5	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

	Recurring Fair Value Measurements as of December 31, 2023
Description	Total		Netting  (E)		Quoted Market Prices for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	Millions
PSEG
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	135	$	(1,217)	$	13	$	1,339	$	—
Interest Rate Derivatives (C)	$	6	$	—	$	—	$	6	$	—
NDT Fund (D)
Equity Securities	$	1,310	$	—	$	1,310	$	—	$	—
Debt Securities—U.S. Treasury	$	293	$	—	$	—	$	293	$	—
Debt Securities—Govt Other	$	398	$	—	$	—	$	398	$	—
Debt Securities—Corporate	$	522	$	—	$	—	$	522	$	—
Rabbi Trust (D)
Equity Securities	$	18	$	—	$	18	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	70	$	—	$	—	$	70	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(75)	$	1,239	$	(1)	$	(1,311)	$	(2)
Interest Rate Derivatives (C)	$	(17)	$	—	$	—	$	(17)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	20	$	—	$	20	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

(A)Represents money market mutual funds.

(B)Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange.

Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs.

Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs.

(C)Interest rate derivatives are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of March 31, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities.

These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction.

Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.

(E)Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail.

Schedule of Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of March 31, 2024 and December 31, 2023 are included in the following table and accompanying notes.

	As of				As of
	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	5,611	$	5,448	$	4,371	$	4,240
PSE&G (A)	14,403		12,983		13,663		12,460
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	21,264	$	19,681	$	19,284	$	17,950

(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 using market-based measurements that are processed through a rules-based pricing 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)Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions) (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule Of Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended March 31, 2024
NDT Fund Interest and Dividends	$	—	$	17	$	17
Allowance for Funds Used During Construction	11		—		11
Solar Loan Interest	2		—		2
Other Interest	2		5		7
Other	1		(3)		(2)
Total Net Other Income (Deductions)	$	16	$	19	$	35
Three Months Ended March 31, 2023
NDT Fund Interest and Dividends	$	—	$	15	$	15
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	2		8		10
Other	2		(2)		—
Total Net Other Income (Deductions)	$	21	$	21	$	42

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

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
PSEG	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	629		$	1,585
Tax Computed at Statutory Rate @ 21%	$	132		$	333
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	40			108
Uncertain Tax Positions	1			(6)
Leasing Activities	—			(17)
GPRC-Clean Energy Future (CEF)-EE	(15)			(16)
Estimated Annual Effective Tax Rate Interim Period Adjustment	(17)			(23)
TAC	(43)			(75)
Other	(1)			(6)
Subtotal	(35)			(35)
Total Income Tax Expense	$	97		$	298
Effective Income Tax Rate	15.4		%	18.8		%

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
PSE&G	March 31,
	2024			2023
	Millions
Pre-Tax Income	$	580		$	541
Tax Computed at Statutory Rate @ 21%	$	122		$	114
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	41			38
GPRC-CEF-EE	(15)			(16)
TAC	(43)			(75)
Other	(13)			(7)
Subtotal	(30)			(60)
Total Income Tax Expense	$	92		$	54
Effective Income Tax Rate	15.9		%	10.0		%

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Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income by Component

	Three Months Ended March 31, 2024
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2023	$	3	$	(102)	$	(80)	$	(179)
Other Comprehensive Income (Loss) before Reclassifications	20		—		(12)		8
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)		2		2		2
Net Current Period Other Comprehensive Income (Loss)	18		2		(10)		10
Balance as of March 31, 2024	$	21	$	(100)	$	(90)	$	(169)
	Three Months Ended March 31, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2022	$	(3)	$	(426)	$	(121)	$	(550)
Other Comprehensive Income (Loss) before Reclassifications	(2)		—		20		18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		3		6		10
Net Current Period Other Comprehensive Income (Loss)	(1)		3		26		28
Balance as of March 31, 2023	$	(4)	$	(423)	$	(95)	$	(522)

Reclassifications out of Accumulated Other Comprehensive Income

			Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations
			Three Months Ended
			March 31, 2024
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
		Millions
Cash Flow Hedges
Interest Rate Derivatives	Interest Expense		$	3	$	(1)	$	2
Total Cash Flow Hedges			3		(1)		2
Pension and OPEB Plans
Amortization of Net Actuarial Loss	Net Non-Operating Pension and OPEB Credits (Costs)		(3)		1		(2)
Total Pension and OPEB Plans			(3)		1		(2)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments		(4)		2		(2)
Total Available-for-Sale Debt Securities			(4)		2		(2)
Total			$	(4)	$	2	$	(2)

			Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Statement of Operations
			Three Months Ended
			March 31, 2023
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations		Pre-Tax Amount		Tax (Expense) Benefit		After-Tax Amount
		Millions
Cash Flow Hedges
Interest Rate Derivatives	Interest Expense		$	(1)	$	—	$	(1)
Total Cash Flow Hedges			(1)		—		(1)
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Net Non-Operating Pension and OPEB Credits (Costs)		2		—		2
Amortization of Net Actuarial Loss	Net Non-Operating Pension and OPEB Credits (Costs)		(7)		2		(5)
Total Pension and OPEB Plans			(5)		2		(3)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments		(10)		4		(6)
Total Available-for-Sale Debt Securities			(10)		4		(6)
Total			$	(16)	$	6	$	(10)

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Earnings Per Share (EPS) and Dividends (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Basic And Diluted Earnings Per Share Computation

The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended March 31,
	2024				2023
	Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income	$	532	$	532	$	1,287	$	1,287
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	499		499		497		497
Effect of Stock Based Compensation Awards	—		1		—		3
Total Shares	499		500		497		500
EPS
Net Income	$	1.07	$	1.06	$	2.59	$	2.58

Dividend Payments On Common Stock

Dividends

	Three Months Ended
	March 31,
Dividend Payments on Common Stock	2024		2023
Per Share	$	0.60	$	0.57
In Millions	$	299	$	284

On April 16, 2024, PSEG’s Board of Directors approved a $0.60 per share common stock dividend for the second quarter of 2024.

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Financial Information By Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Financial Information By Business Segments

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended March 31, 2024
Operating Revenues	$	2,333	$	872	$	(445)	$	2,760
Net Income (B)	488		44		—		532
Gross Additions to Long-Lived Assets	739		58		—		797
Three Months Ended March 31, 2023
Operating Revenues	$	2,293	$	2,027	$	(565)	$	3,755
Net Income (B)	487		800		—		1,287
Gross Additions to Long-Lived Assets	676		63		—		739
As of March 31, 2024
Total Assets	$	43,592	$	9,335	$	(539)	$	52,388
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17
As of December 31, 2023
Total Assets	$	42,873	$	8,407	$	(539)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17	$	—	$	17

(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]

3 Months Ended

Mar. 31, 2024

Related Party Transaction [Line Items]

Schedule Of Related Party Transactions, Revenue

PSE&G

The financial statements for PSE&G include transactions with related parties presented as follows:

		Three Months Ended
		March 31,
Related-Party Transactions		2024		2023
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)		$	444	$	561
Administrative Billings from Services (B)		117		102
Total Billings from Affiliates		$	561	$	663

Schedule Of Related Party Transactions, Payables

	As of		As of
Related-Party Transactions	March 31, 2024		December 31, 2023
	Millions
Payable to PSEG Power (A)	$	245	$	264
Payable to Services (B)	89		121
Payable to PSEG (C)	171		119
Accounts Payable—Affiliated Companies	$	505	$	504
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Receivable (Payable)	$	1	$	(2)

(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. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. 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 separate return 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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(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.

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Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents		$ 1,186	$ 54
Restricted Cash in Other Current Assets		16	23
Restricted Cash in Other Noncurrent Assets		22	22
Cash, Cash Equivalents and Restricted Cash		1,224	99	$ 1,254	$ 511
Public Service Electric and Gas Company [Member]
Cash and Cash Equivalents		50	30
Restricted Cash in Other Current Assets		16	23
Restricted Cash in Other Noncurrent Assets		22	22
Cash, Cash Equivalents and Restricted Cash		88	75	$ 863	$ 266
PSEG Power & Other
Cash and Cash Equivalents	[1]	1,136	24
Restricted Cash in Other Current Assets	[1]	0	0
Restricted Cash in Other Noncurrent Assets	[1]	0	0
Cash, Cash Equivalents and Restricted Cash	[1]	$ 1,136	$ 24

[1] Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

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Revenues Revenues (Details) $ in Millions		3 Months Ended
		Mar. 31, 2024 USD ($) $ / mwd MW	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Revenues [Line Items]
Revenue from Contract with Customers		$ 2,702	$ 2,709
Revenues Unrelated to Contracts with Customers	[1]	58	1,046
Total Operating Revenues		2,760	3,755
Regulatory Assets		5,374		$ 5,157
Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(445)	(565)
Revenues Unrelated to Contracts with Customers	[1]	0	0
Total Operating Revenues	[2]	(445)	(565)
Electric Distribution Contracts [Member]
Revenues [Line Items]
Revenue from Contract with Customers		781	730
Electric Distribution Contracts [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Gas Distribution [Member]
Revenues [Line Items]
Revenue from Contract with Customers		922	958
Gas Distribution [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	(1)
Electric Transmission [Member]
Revenues [Line Items]
Revenue from Contract with Customers		436	425
Electric Transmission [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers		227	276
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(30)	(31)
Electricity and Related Products [Member] | ISO New England [Member]
Revenues [Line Items]
Revenue from Contract with Customers		3	3
Electricity and Related Products [Member] | ISO New England [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Gas Sales [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers		76	86
Gas Sales [Member] | Third Party Sales [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Gas Sales [Member] | Sales to Affiliates [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Gas Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(414)	(533)
Other Revenues from Contracts with Customers [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3]	257	231
Other Revenues from Contracts with Customers [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3]	$ (1)	0
Public Service Electric and Gas Company [Member]
Revenues [Line Items]
Allowances percentage of accounts receivable		16.00%		18.00%
Public Service Electric and Gas Company [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		$ 2,223	2,192
Revenues Unrelated to Contracts with Customers	[1]	110	101
Total Operating Revenues		2,333	2,293
Public Service Electric and Gas Company [Member] | Electric Distribution Contracts [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		781	730
Public Service Electric and Gas Company [Member] | Gas Distribution [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		922	959
Public Service Electric and Gas Company [Member] | Electric Transmission [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		436	425
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | ISO New England [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Third Party Sales [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0
Public Service Electric and Gas Company [Member] | Other Revenues from Contracts with Customers [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3]	$ 84	78
PSEG Power [Member] | PJM [Member] | June 2023 to May 2024 [Member]
Revenues [Line Items]
Dollars Per Megawatt-Day | $ / mwd		50
Load (MW) | MW		3,700
PSEG Power [Member] | PJM [Member] | June 2024 to May 2025
Revenues [Line Items]
Dollars Per Megawatt-Day | $ / mwd		65
Load (MW) | MW		3,700
Other [Member] | LIPA OSA contract fixed component [Member]
Revenues [Line Items]
Anticipated Contract Revenues		$ 44
PSEG Power & Other | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	924	1,082
Revenues Unrelated to Contracts with Customers	[1],[4]	(52)	945
Total Operating Revenues	[4]	872	2,027
PSEG Power & Other | Electric Distribution Contracts [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0
PSEG Power & Other | Gas Distribution [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0
PSEG Power & Other | Electric Transmission [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0
PSEG Power & Other | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	227	276
PSEG Power & Other | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	30	31
PSEG Power & Other | Electricity and Related Products [Member] | ISO New England [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	3	3
PSEG Power & Other | Gas Sales [Member] | Third Party Sales [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	76	86
PSEG Power & Other | Gas Sales [Member] | Sales to Affiliates [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	414	533
PSEG Power & Other | Other Revenues from Contracts with Customers [Member] | Operating Segments [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3],[4]	174	153
Public Service Electric and Gas Company [Member]
Revenues [Line Items]
Total Operating Revenues		2,333	2,293
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		283	339
Provision for Other Credit Losses		26	9
Accounts Receivable, Allowance for Credit Loss, Writeoff		(36)	(29)
Accounts Receivable, Allowance for Credit Loss, Recovery		7	7
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		273	319
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		273	$ 319	$ 283
Regulatory Assets		5,374		$ 5,157
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion
Revenues [Line Items]
Regulatory Assets		68
Public Service Electric and Gas Company [Member] | Societal Benefits Charges Sbc | Electric Bad Debt Deferral
Revenues [Line Items]
Regulatory Assets		$ 152

[1] Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

[2] Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.

[3] Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

[4] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

XML

Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Variable Interest Entity [Line Items]
Operating Revenues	$ 2,760	$ 3,755
Operation and Maintenance	783	743
Long Island ServCo [Member]
Variable Interest Entity [Line Items]
Operating Revenues	150	128
Operation and Maintenance	$ 150	$ 128

XML

Rate Filings (Details) $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 29, 2024 USD ($)	Feb. 28, 2024 USD ($)	Dec. 31, 2023 USD ($)
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		$ 5,374.0			$ 5,157.0
Regulatory Assets		167.0			273.0
Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		5,374.0			5,157.0
Regulatory Assets		167.0			$ 273.0
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		68.0
Public Service Electric and Gas Company [Member] | Conservation Incentive Program Gas First Twelve Months
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount			$ 99.0
Public Service Electric and Gas Company [Member] | Electric Green Program Recovery [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount				$ 49.0
Public Service Electric and Gas Company [Member] | Gas Green Program Recovery [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount				15.0
Public Service Electric and Gas Company [Member] | Infrastructure Advancement Program
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount				5.0
COVID-19 deferrals [Member] | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		131.0
Electric Societal Benefits Clause | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount		27.0
Gas Societal Benefit Clause | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount		$ 32.0
Tax Adjustment Credits Gas Distribution [Member] | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount				40.0
Tax Adjustment Credits Electric Distribution [Member] | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount				$ 61.0
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | Basic Gas Supply Service
Regulatory Assets And Liabilities [Line Items]
Approved BGSS rate per therm	0.40
Subsequent Event [Member] | Public Service Electric and Gas Company [Member] | Energy Strong II Electric
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount	$ 12.0

XML

Leases Operating Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Leases, Income Statement, Lease Revenue [Abstract]
Fixed Lease Income	$ 3	$ 6
Total Operating Lease Income	3	$ 6
Energy Holdings [Member]
Operating Leases, Income Statement, Lease Revenue [Abstract]
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	$ 10

XML

Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Concentration Risk [Line Items]
Average Loan Repayment Period	8 years
Outstanding Loans by Class of Customer	$ 59	$ 63
Current Portion of Outstanding Loans	21	23
Noncurrent Portion of Outstanding Loans	$ 38	40
Average Loan Remaining Repayment Period	3 years
Commercial/Industrial [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 56	60
Residential [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	3	$ 3
Solar Loan I [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 4
Solar Loan I [Member] | Commercial/Industrial [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	15 years
Solar Loan I [Member] | Residential [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	10 years
Solar Loan II [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 28
Solar Loan II [Member] | Commercial/Industrial [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	15 years
Solar Loan II [Member] | Residential [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	10 years
Solar Loan III [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 27
Solar Loan III [Member] | Commercial/Industrial [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	10 years
Solar Loan III [Member] | Residential [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	10 years
Minimum [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	10 years
Maximum [Member]
Concentration Risk [Line Items]
Loan Receivable, Term	15 years

XML

Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 200	$ 223
Unearned and Deferred Income	(58)	(62)
Gross Investments in Leases	142	161
Deferred Tax Liabilities	(34)	(36)
Net Investments in Leases	$ 108	$ 125

XML

Financing Receivables (Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 200	$ 223
Standard & Poor's, AA Rating [Member]
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	7
Standard & Poor's, A- Rating [Member]
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	39
Standard & Poor's, BBB plus - BBB - Rating [Member]
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 154

XML

Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Energy Holdings [Member]
Schedule of Financial Receivables [Line Items]
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net	$ 108	$ 125

XML

Trust Investments (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024		Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Trust Investments, Cost	$ 2,258		$ 2,219
Gross Unrealized Gains	504		428
Gross Unrealized Losses	(135)		(124)
Trust Investments, Fair Value	2,627	[1]	2,523	[2]
NDT Fund Foreign Currency	1		1
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Trust Investments, Cost	195		200
Gross Unrealized Gains	9		8
Gross Unrealized Losses	(31)		(29)
Trust Investments, Fair Value	173		179
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	1,326		1,314
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	5		10
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(119)		(111)
Debt Securities, Available-for-Sale, Fair Value	1,212		1,213
Total Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	186		190
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(31)		(29)
Debt Securities, Available-for-Sale, Fair Value	155		161
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	932		905
Equity Securities, Accumulated Gross Unrealized Gain	499		418
Equity Securities, FV-NI, Unrealized Loss	(16)		(13)
Equity Securities, Fair Value	1,415		1,310
Unrealized Gains (Losses) on Equity Securities still held	92
Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	1
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	555		555
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	4		6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(37)		(39)
Debt Securities, Available-for-Sale, Fair Value	522		522
Corporate Debt Obligations [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	78		80
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(10)		(10)
Debt Securities, Available-for-Sale, Fair Value	68		70
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	771		759
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1		4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(82)		(72)
Debt Securities, Available-for-Sale, Fair Value	690		691
Government Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	108		110
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(21)		(19)
Debt Securities, Available-for-Sale, Fair Value	87		91
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	418		423
Equity Securities, Accumulated Gross Unrealized Gain	137		118
Equity Securities, FV-NI, Unrealized Loss	(14)		(11)
Equity Securities, Fair Value	541		530
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	514		482
Equity Securities, Accumulated Gross Unrealized Gain	362		300
Equity Securities, FV-NI, Unrealized Loss	(2)		(2)
Equity Securities, Fair Value	874		780
Domestic Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	9		10
Equity Securities, Accumulated Gross Unrealized Gain	9		8
Equity Securities, FV-NI, Unrealized Loss	0		0
Equity Securities, Fair Value	18		$ 18
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains (losses) recognized in AOCI	(67)
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains (losses) recognized in AOCI	$ (23)

[1] The NDT Fund Investments table excludes cash and foreign currency of $1 million as of March 31, 2024, which is part of the NDT Fund.

[2] The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund.

XML

Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Accounts Receivable	$ 23	$ 19
Accounts Payable	17	6
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Accounts Receivable	1	1
Accounts Payable	$ 0	$ 0

XML

Trust Investments (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		$ 284	$ 188
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(11)	(6)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		752	793
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(124)	(118)
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		11	6
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		0	0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		137	143
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(31)	(29)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		83	79
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(9)	(5)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		23	32
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(7)	(8)
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		201	109
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(2)	(1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		729	761
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(117)	(110)
Total Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		11	6
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		0	0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		137	143
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(31)	(29)
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		22	44
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(1)	(1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		5	4
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(1)	0
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		61	35
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(8)	(4)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		18	28
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(6)	(8)
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		153	90
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(2)	(1)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		429	432
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(80)	(71)
Government Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		6	3
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		0	0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		80	83
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(21)	(19)
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		48	19
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		0	0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		300	329
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(37)	(39)
Corporate Debt Obligations [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	5	3
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	0	0
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[1]	57	60
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[1]	$ (10)	$ (10)

[1] .

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Trust Investments (Proceeds From The Sales Of And The Net Realized Gains On Securities in the NDT and Rabbi Trusts) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments		$ 369	$ 402
Net Gains (Losses) on Trust Investments		95	46
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments	[1]	360	396
Gross Realized Gains		31	21
Gross Realized Losses		(14)	(27)
Net Realized Gains (Losses)	[2]	17	(6)
Unrealized Gain (Loss) on Equity Securities		78	51
Net Gains (Losses) on Trust Investments		95	45
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments		9	6
Gross Realized Gains		1	1
Gross Realized Losses		(1)	(1)
Net Realized Gains (Losses)	[3]	0	0
Unrealized Gain (Loss) on Equity Securities		0	1
Net Gains (Losses) on Trust Investments		$ 0	$ 1

[1] Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

[2] The cost of these securities was determined on the basis of specific identification.

[3] The cost of these securities was determined on the basis of specific identification.

XML

Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Total Available-for-Sale Debt Securities	$ 1,212
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Total Available-for-Sale Debt Securities	155
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Less than one year	18
1 - 5 years	335
6 - 10 years	204
11 - 15 years	64
16 - 20 years	95
Over 20 years	496
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Less than one year	7
1 - 5 years	26
6 - 10 years	17
11 - 15 years	9
16 - 20 years	18
Over 20 years	$ 78

XML

Trust Investments (Fair Value Of Rabbi Trust) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	$ 173	$ 179
Public Service Electric and Gas Company [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	31	32
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	173	179
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	31	32
Rabbi Trust [Member] | PSEG Power & Other
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	$ 142	$ 147

XML

Trust Investments (Narrative) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Facility	Dec. 31, 2023 USD ($)
Schedule of Trust Investments [Line Items]
Number of Nuclear Facilities | Facility	5
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
NDT Fund Foreign Currency	$ 1	$ 1
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains (losses) recognized in AOCI	(67)
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains (losses) recognized in AOCI	(23)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	92
Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	$ 1

XML

Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 23	$ 22
Interest Cost	56	69
Expected Return on Plan Assets	(80)	(95)
Amortization of Prior Service Cost	0	0
Amortization of Actuarial Loss	18	24
Non-Operating Pension and OPEB (Credits) Costs	(6)	(2)
Total Benefit (Credits) Costs	17	20
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	1	1
Interest Cost	9	10
Expected Return on Plan Assets	(9)	(8)
Amortization of Prior Service Cost	0	(13)
Amortization of Actuarial Loss	0	(1)
Non-Operating Pension and OPEB (Credits) Costs	0	(12)
Total Benefit (Credits) Costs	$ 1	$ (11)

XML

Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	$ 17	$ 20
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	11	13
Pension Benefits [Member] | PSEG Power & Other
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	6	7
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	1	(11)
OPEB [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	0	(10)
OPEB [Member] | PSEG Power & Other
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	$ 1	$ (1)

XML

Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	$ 17	$ 20
Pension Plan [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	11	13
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	1	(11)
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	5
Postretirement Healthcare Plans [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	0	(10)
Long Island Electric Utility Servco LLC Pension and OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year	25
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	6	5
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs	$ 3	$ 3

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Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - PSEG Power [Member] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Face Value of Outstanding Guarantees	$ 1,351	$ 1,381
Exposure under Current Guarantees	66	118
Letters of Credit Margin Posted	10	10
Letters of Credit Margin Received	39	91
Counterparty Cash Collateral Deposited	0	0
Counterparty Cash Collateral Received	(1)	(2)
Net Broker Balance Deposited (Received)	282	115
Other Letters of Credit	$ 159	$ 180

XML

Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions	Mar. 31, 2024 USD ($) Plant
Site Contingency [Line Items]
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination	21
EPA estimated study costs for Hackensack River	$ 55
Passaic River Site Contingency [Member]
Site Contingency [Line Items]
Estimated Cleanup Costs EPA Preferred Method	2,300
Accrual for Environmental Loss Contingencies	$ 66
Number Of Additional Potentially Responsible Parties Directed By New Jersey Department Of Environmental Protection To Arrange Damage Assessment For Lower Passaic River	56
Passaic River Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Number of former generating electric station | Plant	1
Accrual for Environmental Loss Contingencies	$ 53
Passaic River Site Contingency [Member] | PSEG Power [Member]
Site Contingency [Line Items]
Accrual for Environmental Loss Contingencies	13
Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Remediation Liability Recorded As Other Current Liabilities	61
Remediation Liability Recorded As Other Noncurrent Liabilities	143
Regulatory Assets	204
Passaic River Site Upper 9 Miles
Site Contingency [Line Items]
Estimated Cleanup Costs EPA Preferred Method	550
Passaic River proposed settlement other PRPs	150
Minimum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	204
Accrual for Environmental Loss Contingencies	204
Maximum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 223

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Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions	3 Months Ended
	Mar. 31, 2024 USD ($) cf $ / MWh $ / mwd MW
Long-term Purchase Commitment [Line Items]
Number of cubic feet in gas hedging permitted to be recovered by BPU | cf	115
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU	80.00%
Number Of Cubic Feet To Be Hedged | cf	70
Percentage of annual residential gas supply requirements to be hedged	50.00%
Public Service Electric and Gas Company [Member]
Long-term Purchase Commitment [Line Items]
ZEC Charge per kwh | $	$ 0.004
Public Service Electric and Gas Company [Member] | Auction Year 2021
Long-term Purchase Commitment [Line Items]
Load (MW) | MW	2,900
Dollars Per Megawatt Hour | $ / MWh	64.80
Public Service Electric and Gas Company [Member] | Auction Year 2022
Long-term Purchase Commitment [Line Items]
Load (MW) | MW	2,800
Dollars Per Megawatt Hour | $ / MWh	76.30
Public Service Electric and Gas Company [Member] | Auction Year 2023
Long-term Purchase Commitment [Line Items]
Dollars Per Megawatt-Day | $ / mwd	330.72
Load (MW) | MW	2,800
Dollars Per Megawatt Hour | $ / MWh	93.11
Public Service Electric and Gas Company [Member] | Auction Year 2024
Long-term Purchase Commitment [Line Items]
Dollars Per Megawatt-Day | $ / mwd	378.21
Load (MW) | MW	2,900
Dollars Per Megawatt Hour | $ / MWh	80.88	[1]

[1] Prices set in the 2024 BGS auction will become effective on June 1, 2024 when the 2021 BGS auction agreements expire.

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Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - PSEG Power [Member] $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements for current year	100.00%
Nuclear Fuel Uranium [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	$ 373
Nuclear Fuel Enrichment [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	341
Nuclear Fuel Fabrication [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	183
Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	$ 1,214

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Commitments And Contingent Liabilities (Litigation) (Detail) - PSEG Power [Member] - Sewaren 7 Litigation [Member] - USD ($) $ in Millions	Mar. 31, 2024	Jan. 31, 2021
Loss Contingencies [Line Items]
Original Claim Amount	$ 93
Maximum [Member]
Loss Contingencies [Line Items]
Complaint amount		$ 68

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Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 2,250	$ 900
Repayments of Long-term Debt	250	0
Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	1,000	900
Repayments of Long-term Debt	250	$ 0
Three Year Variable rate term loan | PSEG Power [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	1,250
Senior Notes Five Point Two Zero Due Two Thousand Twenty Nine
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 750
Debt Instrument, Interest Rate, Stated Percentage	5.20%
Senior Notes Five Point Four Five due Two Thousand Thirty Four
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 500
Debt Instrument, Interest Rate, Stated Percentage	5.45%
Medium Term Notes Five Point Two Zero due Two Thousand Thirty Four | Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 450
Debt Instrument, Interest Rate, Stated Percentage	5.20%
Medium Term Notes Five Point Four Five Percent due Two Thousand Fifty Four | Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 550
Debt Instrument, Interest Rate, Stated Percentage	5.45%
Medium Term Notes Three Point Seven Five Percent due Two Thousand Twenty Four | Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	3.75%
Repayments of Long-term Debt	$ 250

XML

Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) - USD ($) $ in Millions		1 Months Ended			3 Months Ended
		Apr. 30, 2024	Aug. 31, 2023	Apr. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Commercial Paper					$ 525		$ 949
Commitments of Single Institution as Percentage of Total Commitments					10.00%
Line of Credit Facility, Remaining Borrowing Capacity	[1]				$ 3,811
Line of Credit Facility, Maximum Borrowing Capacity	[1]				4,025
Line of Credit Facility, Fair Value of Amount Outstanding	[1],[2]				214
Repayments of Short-term Debt					0	$ 750
Collateral Already Posted, Aggregate Fair Value					281		113
Net Change in Commercial Paper and Loans					(425)	(200)
Public Service Electric and Gas Company [Member]
Commercial Paper					25		$ 425
Line of Credit Facility, Remaining Borrowing Capacity					955
Line of Credit Facility, Maximum Borrowing Capacity					1,000
Line of Credit Facility, Fair Value of Amount Outstanding					45
Net Change in Commercial Paper and Loans					(400)	$ 0
PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					1,358
Line of Credit Facility, Maximum Borrowing Capacity					1,525
Line of Credit Facility, Fair Value of Amount Outstanding					167
Five Year Credit Facility Maturing March 2023 [Member]
Line of Credit Facility, Maximum Borrowing Capacity					3,750
Five Year Credit Facility Maturing March 2023 [Member] | Public Service Electric and Gas Company [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 955
Debt Instrument, Maturity Date, Description					Mar 2028
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,000
Line of Credit Facility, Fair Value of Amount Outstanding	[2]				45
Five Year Credit Facility Maturing March 2023 [Member] | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 1,211
Debt Instrument, Maturity Date, Description					Mar 2028
Line of Credit Facility, Maximum Borrowing Capacity	[3]				$ 1,250
Line of Credit Facility, Fair Value of Amount Outstanding					39
Letter of Credit Facilities expiring April 2025 | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 30
Debt Instrument, Maturity Date, Description					Apr 2026
Line of Credit Facility, Maximum Borrowing Capacity					$ 75
Line of Credit Facility, Fair Value of Amount Outstanding					45
Letter of Credit Facilities expiring September 2024 | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 117
Debt Instrument, Maturity Date, Description					Sept 2024
Line of Credit Facility, Maximum Borrowing Capacity					$ 200
Line of Credit Facility, Fair Value of Amount Outstanding					83
Uncommitted Letter of Credit Facility | PSEG Power [Member]
Line of Credit Facility, Maximum Borrowing Capacity					100
Subsidiary Uncommitted Letter of Credit Facility | PSEG Power [Member]
Line of Credit Facility, Maximum Borrowing Capacity					150
April 2023 Term Loan
Proceeds from Short-Term Loan				$ 750
Repayments of Short-term Debt			$ 250
April 2023 Term Loan | Subsequent Event [Member]
Repayments of Short-term Debt		$ 500
PSEG [Member]
Line of Credit Facility, Remaining Borrowing Capacity					1,498
Line of Credit Facility, Maximum Borrowing Capacity					1,500
Line of Credit Facility, Fair Value of Amount Outstanding					2
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 1,498
Debt Instrument, Maturity Date, Description					Mar 2028
Line of Credit Facility, Maximum Borrowing Capacity	[3]				$ 1,500
Line of Credit Facility, Fair Value of Amount Outstanding	[2]				2
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Commercial Paper					0
Public Service Electric and Gas Company [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Commercial Paper					$ 25
Short-term Debt, Weighted Average Interest Rate, at Point in Time					5.45%

[1] Amounts do not include uncommitted credit facilities or 364-day term loans.

[2] The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2024, PSEG had no outstanding commercial paper and PSE&G had $25 million outstanding at a weighted average interest rate of 5.45%.

[3] Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. 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.

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Financial Risk Management Activities (Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	$ 28	$ (3)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion		(1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(2)	(10)
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	3
Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	2	(1)	$ 3
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	28	(3)
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion		$ (1)
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	$ 3

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Financial Risk Management Activities (Narrative) (Detail) $ / Derivative in Millions, $ in Millions		3 Months Ended		12 Months Ended
		Mar. 31, 2024 USD ($) $ / Derivative	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax		$ 21		$ 3
Unrealized Gain to be Reclassified to Earnings During the Next Twelve Months		8
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	198		22
Derivative, Fair Value, Net		17		49
Issuance of Long-term Debt		2,250	$ 900
PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives with credit-risk related contingent features		86		77
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral		42		3
Additional collateral aggregate fair value		44		74
Derivative, Fair Value, Net		8		60
Public Service Electric and Gas Company [Member]
Derivatives, Fair Value [Line Items]
Issuance of Long-term Debt		1,000	$ 900
Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		9		$ (11)
Treasury Lock
Derivatives, Fair Value [Line Items]
Interest Rate Hedge outstanding				1,000
Derivative, Fair Value, Net		4
Three Year Variable rate term loan
Derivatives, Fair Value [Line Items]
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		1,750
Three Year Variable rate term loan | PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Issuance of Long-term Debt		1,250
Three Year Variable rate term loan | Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		9		$ 5
March 2024 Senior Notes issuance | PSEG [Member]
Derivatives, Fair Value [Line Items]
Long-term Debt, Gross		$ 1,250
Parent Variable Rate Term Loan | Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Interest Rate Hedge outstanding | $ / Derivative		500

[1] 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 Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $281 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $198 million and $22 million as of March 31, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $198 million as of March 31, 2024, $115 million was netted against current liabilities and $83 million against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

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Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Collateral Already Posted, Aggregate Fair Value		$ 281	$ 113
Derivative Contracts, Current Assets		74	112
Derivative Contracts, Noncurrent Assets		2	29
Total Mark-to-Market Derivative Assets		76	141
Derivative Contracts, Current Liabilities		(43)	(86)
Derivative Contracts, Noncurrent Liabilities		(16)	(6)
Total Mark-to-Market Derivative (Liabilities)		(59)	(92)
Net Mark-to-Market Derivative Assets (Liabilities)		17	49
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	198	22
PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Derivative Contracts, Current Assets		65	106
Derivative Contracts, Noncurrent Assets		2	29
Total Mark-to-Market Derivative Assets		67	135
Derivative Contracts, Current Liabilities		(43)	(70)
Derivative Contracts, Noncurrent Liabilities		(16)	(5)
Total Mark-to-Market Derivative (Liabilities)		(59)	(75)
Net Mark-to-Market Derivative Assets (Liabilities)		8	60
Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		83	8
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net			(1)
Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		115	15
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Contracts, Current Assets		697	912
Derivative Contracts, Noncurrent Assets		444	440
Total Mark-to-Market Derivative Assets		1,141	1,352
Derivative Contracts, Current Liabilities		(790)	(890)
Derivative Contracts, Noncurrent Liabilities		(541)	(424)
Total Mark-to-Market Derivative (Liabilities)		(1,331)	(1,314)
Net Mark-to-Market Derivative Assets (Liabilities)		(190)	38
Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	525	419
Energy-Related Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	(632)	(806)
Energy-Related Contracts [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	(442)	(411)
Energy-Related Contracts [Member] | Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1],[2],[3]	(1,074)	(1,217)
Energy-Related Contracts [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	747	820
Energy-Related Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1],[2],[3]	1,272	1,239
Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Contracts, Current Assets		9	6
Derivative Contracts, Noncurrent Assets		0	0
Total Mark-to-Market Derivative Assets		9	6
Derivative Contracts, Current Liabilities		0	(16)
Derivative Contracts, Noncurrent Liabilities		0	(1)
Total Mark-to-Market Derivative (Liabilities)		0	(17)
Net Mark-to-Market Derivative Assets (Liabilities)		$ 9	(11)
Interest Rate Swap [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[3],[4]		$ 0

[1] 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 Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $281 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $198 million and $22 million as of March 31, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $198 million as of March 31, 2024, $115 million was netted against current liabilities and $83 million against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

[2] Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs.

[3] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail.

[4] Interest rate derivatives are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

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Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Gain) Loss Reclassified into Income, pre-tax	$ 4	$ 16
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax	8	18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	2	10
Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Balance at Beginning of Period	4	(4)	$ (4)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), pre-tax	28		13
(Gain) Loss Reclassified into Income, pre-tax	(3)		(5)
Pre-Tax Balance at End of Period	29		4
After-Tax Balance at Beginning of Period	3	(3)	(3)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax	20	(2)	9
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)	$ 1	(3)
After-Tax Balance at End of Period	$ 21		$ 3

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Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) - Energy-Related Contracts [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (147)	$ 903
Operating Revenues [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(148)	902
Energy Costs [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 1	$ 1

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Financial Risk Management Activities (Schedule Of Net Notional Volume For Open Derivative Contracts) (Detail) - PSEG Power [Member] $ / mwh in Millions, $ / Derivative in Millions, $ / DTH in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 $ / mwh $ / Derivative $ / DTH	Dec. 31, 2023 $ / DTH $ / mwh $ / Derivative
Natural Gas Dth [Member]
Derivative [Line Items]
Net notional volume of derivative transactions | $ / DTH	86	66
Electricity MWh [Member]
Derivative [Line Items]
Net notional volume of derivative transactions	(62)	(60)
FTRs MWh [Member]
Derivative [Line Items]
Net notional volume of derivative transactions	16	19
Interest Rate Swaps [Member]
Derivative [Line Items]
Net notional volume of derivative transactions | $ / Derivative	1,750	2,000

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Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
PSEG Power [Member] | Investment Grade - External Rating [Member]
Derivative [Line Items]
Percentage Of Credit Exposure	100.00%
Public Service Electric and Gas Company [Member]
Derivative [Line Items]
Total Credit Exposure With Counterparties	$ 15

XML

Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral Already Posted, Aggregate Fair Value		$ 281	$ 113
Total Mark-to-Market Derivative Assets		76	141
Total Mark-to-Market Derivative (Liabilities)		(59)	(92)
Collateral netted against assets and liabilities	[1]	(198)	(22)
PSEG Power [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets		67	135
Total Mark-to-Market Derivative (Liabilities)		(59)	(75)
Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]	1,065	20
Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]		20
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]	0	0
Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]		0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]	0	0
Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]		0
Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]	1,065	20
Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]		20
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[3]	2	13
Total Mark-to-Market Derivative (Liabilities)	[3]	(2)	(1)
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[3]	1,139	1,339
Total Mark-to-Market Derivative (Liabilities)	[3]	(1,329)	(1,311)
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[3]	0	0
Total Mark-to-Market Derivative (Liabilities)	[3]	0	(2)
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[3]	67	135
Total Mark-to-Market Derivative (Liabilities)	[3]	(59)	(75)
Interest Rate Swap [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[4]	0	0
Total Mark-to-Market Derivative (Liabilities)	[4]		0
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[4]	(9)	(6)
Total Mark-to-Market Derivative (Liabilities)	[4]		(17)
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative (Liabilities)	[4]	0	0
Interest Rate Swap [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[4]	(9)	(6)
Total Mark-to-Market Derivative (Liabilities)	[4]		(17)
Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[2],[5]	0	0
Cash and Cash Equivalents [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[2],[5]		0
Assets [Member] | Energy-Related Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[1],[3],[5]	1,074	1,217
Other Liabilities [Member] | Energy-Related Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[1],[3],[5]	(1,272)	(1,239)
Other Liabilities [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[4],[5]		0
Other Assets [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[4],[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
NDT Fund Foreign Currency		1	1
Cash and foreign currency excluded from Fair Value		1	1
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	522	522
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	522	522
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	387	398
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	387	398
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	303	293
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	303	293
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	1,415	1,310
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	1,415	1,310
Rabbi Trust [Member] | Corporate Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	68	70
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	13	12
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	68	70
Rabbi Trust [Member] | Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	13	12
Rabbi Trust [Member] | Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Government Debt Securities [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	30	32
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	5	6
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Government Debt Securities [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	30	32
Rabbi Trust [Member] | Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	5	6
Rabbi Trust [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | US Treasury Securities [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	57	59
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	10	11
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | US Treasury Securities [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	57	59
Rabbi Trust [Member] | US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	10	11
Rabbi Trust [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Equity Securities [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	18	18
Rabbi Trust [Member] | Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	3	3
Rabbi Trust [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	0	0
Rabbi Trust [Member] | Equity Securities [Member] | Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	18	18
Rabbi Trust [Member] | Equity Securities [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Measured on Recurring Basis, Investments	[6]	$ 3	$ 3

[1] 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 Condensed Consolidated Balance Sheets. As of March 31, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $281 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $198 million and $22 million as of March 31, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $198 million as of March 31, 2024, $115 million was netted against current liabilities and $83 million against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

[2] Represents money market mutual funds.

[3] Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” for more information on the utilization of unobservable inputs.

[4] Interest rate derivatives are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

[5] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 11. Financial Risk Management Activities for additional detail.

[6] The fair value measurement table excludes cash and foreign currency of $1 million in the NDT Fund as of March 31, 2024 and December 31, 2023. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.

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Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	$ 3,900		$ 3,700
Net Derivative Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs			$ (6)
Nuclear Decommissioning Trust (NDT) Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
NDT Fund Foreign Currency	$ 1	$ 1

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Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount		$ 21,264	$ 19,284
Long-Term Debt, Fair Value		19,681	17,950
Public Service Electric and Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount	[1]	14,403	13,663
Long-Term Debt, Fair Value	[1]	12,983	12,460
PSEG Power [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount	[2]	1,250	1,250
Long-Term Debt, Fair Value	[2]	1,250	1,250
PSEG [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount	[1]	5,611	4,371
Long-Term Debt, Fair Value	[1]	$ 5,448	$ 4,240

[1] 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 using market-based measurements that are processed through a rules-based pricing 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.

[2] Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Component of Other Income (Deductions) [Line Items]
NDT Fund Interest and Dividends		$ 17	$ 15
Allowance for Funds Used During Construction		11	15
Solar Loan Interest		2	2
Interest Income, Other		7	10
Other		(2)	0
Other Income (Deductions)		35	42
Public Service Electric and Gas Company [Member]
Component of Other Income (Deductions) [Line Items]
NDT Fund Interest and Dividends		0	0
Allowance for Funds Used During Construction		11	15
Solar Loan Interest		2	2
Interest Income, Other		2	2
Other		1	2
Other Income (Deductions)		16	21
PSEG Power & Other
Component of Other Income (Deductions) [Line Items]
NDT Fund Interest and Dividends	[1]	17	15
Allowance for Funds Used During Construction	[1]	0	0
Solar Loan Interest	[1]	0	0
Interest Income, Other	[1]	5	8
Other	[1]	(3)	(2)
Other Income (Deductions)	[1]	$ 19	$ 21

[1] (A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG (parent company) and intercompany eliminations.

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Income Taxes (Schedule Of Effective Tax Rates) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes [Line Items]
Pre-Tax Income	$ 629	$ 1,585
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	132	333
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	40	108
Uncertain Tax Positions	1	(6)
Effective Income Tax Rate Reconciliation, Leasing Activities, Amount	0	(17)
Effective Income Tax Rate Reconciliation, GPRC	(15)	(16)
Effective Tax Rate Reconciliation, Effective Tax Rate Adjustment	(17)	(23)
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount	(43)	(75)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(1)	(6)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(35)	(35)
Income Tax Provision	$ 97	$ 298
Effective tax rate	15.40%	18.80%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Public Service Electric and Gas Company [Member]
Income Taxes [Line Items]
Pre-Tax Income	$ 580	$ 541
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	122	114
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	41	38
Effective Income Tax Rate Reconciliation, GPRC	(15)	(16)
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount	(43)	(75)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(13)	(7)
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(30)	(60)
Income Tax Provision	$ 92	$ 54
Effective tax rate	15.90%	10.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

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Income Taxes (Narrative) (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 27
Public Service Electric and Gas Company [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 73

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Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ (179)	$ (550)	$ (550)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	8	18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	2	10
Other Comprehensive Income (Loss), net of tax	10	28
Accumulated Other Comprehensive Income (Loss), Ending Balance	(169)	(522)	(179)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	3	(3)	(3)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	20	(2)	9
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)	1	(3)
Other Comprehensive Income (Loss), net of tax	18	(1)
Accumulated Other Comprehensive Income (Loss), Ending Balance	21	(4)	3
Pension and OPEB Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(102)	(426)	(426)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	2	3
Other Comprehensive Income (Loss), net of tax	2	3
Accumulated Other Comprehensive Income (Loss), Ending Balance	(100)	(423)	(102)
Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(80)	(121)	(121)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(12)	20
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	2	6
Other Comprehensive Income (Loss), net of tax	(10)	26
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (90)	$ (95)	$ (80)

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Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ (4)	$ (16)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	2	6
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)	(10)
Cash Flow Hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cash Flow Hedge, Pre-tax	3	(1)
Cash Flow Hedge, Tax	1	0
Cash Flow Hedge, After Tax	2	(1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	3		$ 5
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	2	(1)	$ 3
Pension and OPEB Plans [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax	(5)	(5)
Reclassification Adjustment from AOCI, Pension and OPEB, Tax	2	2
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax	(3)	(3)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(3)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)	(3)
Reclassification from AOCI, Current Period, Tax	1
Available-for-Sale Securities [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for Available for Sale Securities, Pre-Tax	(4)	(10)
Reclassification for Available for Sale Securities, Tax	2	4
Reclassification for Available for Sale Securities, After-Tax	(2)	(6)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(2)	(6)
Interest Expense [Member] | Cash Flow Hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cash Flow Hedge, Pre-tax	3	(1)
Cash Flow Hedge, Tax	(1)	0
Cash Flow Hedge, After Tax	2	(1)
Non-Operating Pension and OPEB Credits (Costs) [Member] | Pension and OPEB Plans [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Amortization of Prior Service (Cost) Credit, Pre-Tax		2
Amortization of Prior Service (Cost) Credit, Tax		0
Amortization of Prior Service (Cost) Credit, After-Tax		2
Amortization of Actuarial Loss, Pre-Tax	(3)	(7)
Amortization of Actuarial Loss, Tax	1	2
Amortization of Actuarial Loss, After-Tax	(2)	(5)
Net Gains (Losses) on Trust Investments [Member] | Available-for-Sale Securities [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for Available for Sale Securities, Pre-Tax	(4)	(10)
Reclassification for Available for Sale Securities, Tax	2	4
Reclassification for Available for Sale Securities, After-Tax	$ (2)	$ (6)

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Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Net Income	[1]	$ 532	$ 1,287
Weighted Average Common Shares Outstanding, Basic (shares)		499	497
Effect of Stock Based Compensation Awards, Basic (shares)		0	0
Total Shares, Basic (shares)		499	497
Net Income, Basic (dollars per share)		$ 1.07	$ 2.59
Weighted Average Common Shares Outstanding, Diluted (shares)		499	497
Effect of Stock Based Compensation Awards, Diluted (shares)		1	3
Total Shares, Diluted (shares)		500	500
Net Income, Diluted (dollars per share)		$ 1.06	$ 2.58

[1] Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Common Stock, Dividends, Per Share, Cash Paid		$ 0.60	$ 0.57
Dividend Payments on Common Stock		$ 299	$ 284
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.60

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Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating Revenues		$ 2,760	$ 3,755
Net Income (Loss)	[1]	532	1,287
Gross Addition to Long-Lived Assets		797	739
Total Assets		52,388		$ 50,741
Investments in Equity Method Subsidiaries		17		17
Operating Segments [Member] | Public Service Electric and Gas Company [Member]
Segment Reporting Information [Line Items]
Operating Revenues		2,333	2,293
Net Income (Loss)		488	487
Gross Addition to Long-Lived Assets		739	676
Total Assets		43,592		42,873
Investments in Equity Method Subsidiaries		0		0
Operating Segments [Member] | PSEG Power & Other
Segment Reporting Information [Line Items]
Operating Revenues	[2]	872	2,027
Net Income (Loss)	[1]	44	800
Gross Addition to Long-Lived Assets		58	63
Total Assets		9,335		8,407
Investments in Equity Method Subsidiaries		17		17
non trading commodity mark to market gains (losses), net of tax		(186)	555
Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	[3]	(445)	(565)
Net Income (Loss)	[3]	0	0
Gross Addition to Long-Lived Assets	[3]	0	$ 0
Total Assets	[3]	(539)		(539)
Investments in Equity Method Subsidiaries	[3]	$ 0		$ 0

[1] Includes net after-tax gains (losses) of $(186) million and $555 million for the three months ended March 31, 2024 and 2023, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

[2] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

[3] Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 18. Related-Party Transactions.

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Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Net Billings from Power primarily through BGS and BGSS	[1]	$ 444	$ 561
Administrative Billings from Services	[2]	117	102
Total Billings from Affiliates		$ 561	$ 663

[1] 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. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. 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.

[2] 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.

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Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts Payable		$ 980	$ 1,214
Accounts Receivable, net of allowance		1,523	1,482
Public Service Electric and Gas Company [Member]
Related Party Transaction [Line Items]
Working Capital Advances to Services	[1]	33	33
Public Service Electric and Gas Company [Member] | PSEG Power [Member]
Related Party Transaction [Line Items]
Accounts Payable	[2]	245	264
Public Service Electric and Gas Company [Member] | PSEG Parent
Related Party Transaction [Line Items]
Accounts Payable	[3]	171	119
Public Service Electric and Gas Company [Member] | PSEG Services
Related Party Transaction [Line Items]
Accounts Payable	[4]	89	121
Public Service Electric and Gas Company [Member] | Related Party
Related Party Transaction [Line Items]
Long Term Accrued Taxes Receivable		1	0
Accounts Payable		$ 505	504
Long Term Accrued Taxes Payable			$ (2)

[1] PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

[2] 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. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGSS contract and for the ZEC sales are prescribed by the BPU. 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.

[3] 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 separate return 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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

[4] 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.