XML 36 R19.htm IDEA: XBRL DOCUMENT v3.24.1.u1
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/FacilityTotal
Facility		Usage (B)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
Revolving Credit Facility (A) $1,500 $2 $1,498 Mar 2028Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $2 $1,498 
PSE&G
Revolving Credit Facility$1,000 $45 $955 Mar 2028Commercial 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 2028Funding/Letters of Credit
Letter of Credit Facility75 45 30 Apr 2026Letters of Credit
Letter of Credit Facility200 83 117 Sept 2024Letters 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/FacilityTotal
Facility		Usage (B)Available
Liquidity		Expiration
Date		Primary Purpose
Millions
PSEG
Revolving Credit Facility (A) $1,500 $2 $1,498 Mar 2028Commercial Paper Support/Funding/Letters of Credit
Total PSEG$1,500 $2 $1,498 
PSE&G
Revolving Credit Facility$1,000 $45 $955 Mar 2028Commercial 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 2028Funding/Letters of Credit
Letter of Credit Facility75 45 30 Apr 2026Letters of Credit
Letter of Credit Facility200 83 117 Sept 2024Letters 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.