Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]

3 Months Ended

Mar. 31, 2024

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.