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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&GPSEG Power & OtherEliminations (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 Assets739 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 Assets676 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&GPSEG Power & OtherEliminations (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 Assets739 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 Assets676 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.