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Schedule Of Consolidated Debt | 12 Months Ended
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Dec. 31, 2015
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Schedule of Consolidated Debt Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| PSEG (Parent) |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2017 |  | $ | 500 |  |  | $ | — |  |
| Total Term Loan |  |  |  | 500 |  |  | — |  |
| Fair Value of Swaps (A) |  |  |  | 6 |  |  | 22 |  |
| Amounts Due Within One Year |  |  |  | (6 | ) |  | (8 | ) |
| Unamortized Discount Related to Debt Exchange (B) |  |  |  | — |  |  | (8 | ) |
| Total Long-Term Debt of PSEG (Parent) |  |  |  | $ | 500 |  |  | $ | 6 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (C): |  |  |  |  |  |  |
| 6.75% |  | 2016 |  | $ | 171 |  |  | $ | 171 |  |
| 9.25% |  | 2021 |  | 134 |  |  | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 320 |  |  | 320 |  |
| Pollution Control Bonds (C): |  |  |  |  |  |  |
| Floating Rate (D) |  | 2033 |  | 50 |  |  | 50 |  |
| Floating Rate (D) |  | 2046 |  | 50 |  |  | 50 |  |
| Total Pollution Control Bonds |  |  |  | 100 |  |  | 100 |  |
| Medium-Term Notes (MTNs) (C): |  |  |  |  |  |  |
| 2.70% |  | 2015 |  | — |  |  | 300 |  |
| 5.30% |  | 2018 |  | 400 |  |  | 400 |  |
| 2.30% |  | 2018 |  | 350 |  |  | 350 |  |
| 1.80% |  | 2019 |  | 250 |  |  | 250 |  |
| 2.00% |  | 2019 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | — |  |
| 5.25% |  | 2035 |  | 250 |  |  | 250 |  |
| 5.70% |  | 2036 |  | 250 |  |  | 250 |  |
| 5.80% |  | 2037 |  | 350 |  |  | 350 |  |
| 5.38% |  | 2039 |  | 250 |  |  | 250 |  |
| 5.50% |  | 2040 |  | 300 |  |  | 300 |  |
| 3.95% |  | 2042 |  | 450 |  |  | 450 |  |
| 3.65% |  | 2042 |  | 350 |  |  | 350 |  |
| 3.80% |  | 2043 |  | 400 |  |  | 400 |  |
| 4.00% |  | 2044 |  | 250 |  |  | 250 |  |
| 4.05% |  | 2045 |  | 250 |  |  | — |  |
| 4.15% |  | 2045 |  | 250 |  |  | — |  |
| Total MTNs |  |  |  | 6,459 |  |  | 5,909 |  |
| Principal Amount Outstanding |  |  |  | 6,879 |  |  | 6,329 |  |
| Amounts Due Within One Year |  |  |  | (171 | ) |  | (300 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (58 | ) |  | (54 | ) |
| Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) |  |  |  | $ | 6,650 |  |  | $ | 5,975 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| Transition Funding (PSE&G) |  |  |  |  |  |  |
| Securitization Bonds: |  |  |  |  |  |  |
| 6.89% |  | 2014-2015 |  | $ | — |  |  | $ | 251 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 251 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (251 | ) |
| Total Securitization Debt of Transition Funding |  |  |  | — |  |  | — |  |
| Transition Funding II (PSE&G) |  |  |  |  |  |  |
| Securitization Bonds: |  |  |  |  |  |  |
| 4.57% |  | 2014-2015 |  | — |  |  | 8 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 8 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (8 | ) |
| Total Securitization Debt of Transition Funding II |  |  |  | — |  |  | — |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 6,650 |  |  | $ | 5,975 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.50% |  | 2015 |  | $ | — |  |  | $ | 300 |  |
| 5.32% |  | 2016 |  | 303 |  |  | 303 |  |
| 2.75% |  | 2016 |  | 250 |  |  | 250 |  |
| 2.45% |  | 2018 |  | 250 |  |  | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,209 |  |  | 2,509 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (D) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,253 |  |  | 2,553 |  |
| Amounts Due Within One Year |  |  |  | (553 | ) |  | (300 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (16 | ) |  | (19 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 1,684 |  |  | $ | 2,234 |  |
(A) | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 15. Financial Risk Management Activities.
(B) | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The remaining deferred amount of $3 million as of December 31, 2015 is reflected as an offset to Long-Term Debt due within one year on PSEG’s Consolidated Balance Sheets.
(C) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(D) | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing the PEDFA bond which expires on November 30, 2019.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2015 are as follows:
|  |  |  |  |  |  |  |  | Energy Holdings |  |  |
| Year |  | PSEG (Parent) |  | PSE&G |  | Power |  | Non-Recourse Debt |  | Total |
|  |  | Millions |
| 2016 |  | $ | — |  |  | $ | 171 |  |  | $ | 553 |  |  | $ | 7 |  |  | $ | 731 |  |
| 2017 |  | 500 |  |  | — |  |  | — |  |  | — |  |  | 500 |  |
| 2018 |  | — |  |  | 750 |  |  | 250 |  |  | — |  |  | 1,000 |  |
| 2019 |  | — |  |  | 500 |  |  | 44 |  |  | — |  |  | 544 |  |
| 2020 |  | — |  |  | 259 |  |  | 406 |  |  | — |  |  | 665 |  |
| Thereafter |  | — |  |  | 5,199 |  |  | 1,000 |  |  | — |  |  | 6,199 |  |
| Total |  | $ | 500 |  |  | $ | 6,879 |  |  | $ | 2,253 |  |  | $ | 7 |  |  | $ | 9,639 |  |
Long-Term Debt Financing Transactions During 2015, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG (Parent)
• | entered into an agreement for a new term loan maturing November 2017. The term loan has a balance of $500 million at an interest rate of 1 month LIBOR + 0.875% and can be terminated at any time without penalty.
PSE&G
• | issued $350 million of 3.00% Secured Medium-Term Notes, Series K due May 2025,
• | issued $250 million of 4.05% Secured Medium-Term Notes, Series K due May 2045,
• | issued $250 million of 4.15% Secured Medium-Term Notes, Series K due November 2045,
• | paid $300 million of 2.70% Secured Medium-Term Notes at maturity,
• | paid $251 million of Transition Funding's securitization debt, and
• | paid $8 million of Transition Funding II's securitization debt.
Power •paid $300 million of 5.50% Senior Notes at maturity. PSE&G PSE&G had $171 million of 6.75% Mortgage Bonds mature in January 2016. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under our $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2015, our total available credit capacity was $3.6 billion. As of December 31, 2015, no single institution represented more than 7% of the total commitments in our credit facilities. As of December 31, 2015, our total credit capacity was in excess of our anticipated maximum liquidity requirements. Each of our 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 our subsidiaries' liquidity needs. Our total credit facilities and available liquidity as of December 31, 2015 were as follows:
|  |  | As of December 31, 2015 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 500 |  |  | $ | 10 |  |  | $ | 490 |  |  | Apr 2019 |  | Commercial Paper (CP) Support/Funding/Letters of Credit |
| 5-year Credit Facility (A) |  | 500 |  |  | 211 |  |  | 289 |  |  | Apr 2020 |  | CP Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,000 |  |  | $ | 221 |  |  | $ | 779 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 167 |  |  | $ | 433 |  |  | Apr 2020 |  | CP Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 167 |  |  | $ | 433 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 1,600 |  |  | $ | 161 |  |  | $ | 1,439 |  |  | Apr 2019 |  | Funding/Letters of Credit |
| 5-year Credit Facility (C) |  | 1,000 |  |  | 3 |  |  | 997 |  |  | Apr 2020 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,600 |  |  | $ | 164 |  |  | $ | 2,436 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 552 |  |  | $ | 3,648 |  |  |  |  |  |
(A) | PSEG facility will be reduced by $23 million in April 2016 and $12 million in March 2018.
(B) | PSE&G facility will be reduced by $29 million in April 2016 and $14 million in March 2018.
(C) | Power facility will be reduced by $48 million in April 2016 and $24 million in March 2018.
(D) | The primary use of PSEG's and PSE&G's credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2015, $211 million and $153 million, respectively, were outstanding. The weighted average interest rates on PSEG's and PSE&G's Commercial Paper Programs were 0.96% and 0.91%, respectively, at December 31, 2015.
Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2015 and 2014 are included in the following table and accompanying notes as of December 31, 2015 and 2014. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
|  |  | December 31, 2015 |  | December 31, 2014 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (Parent) (A) |  | $ | 503 |  |  | $ | 506 |  |  | $ | 14 |  |  | $ | 22 |  |
| PSE&G (B) |  | 6,821 |  |  | 7,235 |  |  | 6,275 |  |  | 6,912 |  |
| Transition Funding (PSE&G) (B) |  | — |  |  | — |  |  | 251 |  |  | 261 |  |
| Transition Funding II (PSE&G) (B) |  | — |  |  | — |  |  | 8 |  |  | 8 |  |
| Power - Recourse Debt (B) |  | 2,237 |  |  | 2,508 |  |  | 2,534 |  |  | 2,930 |  |
| Energy Holdings: |  |  |  |  |  |  |  |  |
| Project Level, Non-Recourse Debt (C) |  | 7 |  |  | 7 |  |  | 16 |  |  | 16 |  |
|  |  | $ | 9,568 |  |  | $ | 10,256 |  |  | $ | 9,098 |  |  | $ | 10,149 |  |
(A) | Fair value includes a $500 million floating rate term loan in 2015 and net offsets in 2015 and 2014 to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.
(B) | Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.
PSE&G [Member] |
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Schedule of Consolidated Debt Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| PSEG (Parent) |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2017 |  | $ | 500 |  |  | $ | — |  |
| Total Term Loan |  |  |  | 500 |  |  | — |  |
| Fair Value of Swaps (A) |  |  |  | 6 |  |  | 22 |  |
| Amounts Due Within One Year |  |  |  | (6 | ) |  | (8 | ) |
| Unamortized Discount Related to Debt Exchange (B) |  |  |  | — |  |  | (8 | ) |
| Total Long-Term Debt of PSEG (Parent) |  |  |  | $ | 500 |  |  | $ | 6 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (C): |  |  |  |  |  |  |
| 6.75% |  | 2016 |  | $ | 171 |  |  | $ | 171 |  |
| 9.25% |  | 2021 |  | 134 |  |  | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 320 |  |  | 320 |  |
| Pollution Control Bonds (C): |  |  |  |  |  |  |
| Floating Rate (D) |  | 2033 |  | 50 |  |  | 50 |  |
| Floating Rate (D) |  | 2046 |  | 50 |  |  | 50 |  |
| Total Pollution Control Bonds |  |  |  | 100 |  |  | 100 |  |
| Medium-Term Notes (MTNs) (C): |  |  |  |  |  |  |
| 2.70% |  | 2015 |  | — |  |  | 300 |  |
| 5.30% |  | 2018 |  | 400 |  |  | 400 |  |
| 2.30% |  | 2018 |  | 350 |  |  | 350 |  |
| 1.80% |  | 2019 |  | 250 |  |  | 250 |  |
| 2.00% |  | 2019 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | — |  |
| 5.25% |  | 2035 |  | 250 |  |  | 250 |  |
| 5.70% |  | 2036 |  | 250 |  |  | 250 |  |
| 5.80% |  | 2037 |  | 350 |  |  | 350 |  |
| 5.38% |  | 2039 |  | 250 |  |  | 250 |  |
| 5.50% |  | 2040 |  | 300 |  |  | 300 |  |
| 3.95% |  | 2042 |  | 450 |  |  | 450 |  |
| 3.65% |  | 2042 |  | 350 |  |  | 350 |  |
| 3.80% |  | 2043 |  | 400 |  |  | 400 |  |
| 4.00% |  | 2044 |  | 250 |  |  | 250 |  |
| 4.05% |  | 2045 |  | 250 |  |  | — |  |
| 4.15% |  | 2045 |  | 250 |  |  | — |  |
| Total MTNs |  |  |  | 6,459 |  |  | 5,909 |  |
| Principal Amount Outstanding |  |  |  | 6,879 |  |  | 6,329 |  |
| Amounts Due Within One Year |  |  |  | (171 | ) |  | (300 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (58 | ) |  | (54 | ) |
| Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) |  |  |  | $ | 6,650 |  |  | $ | 5,975 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| Transition Funding (PSE&G) |  |  |  |  |  |  |
| Securitization Bonds: |  |  |  |  |  |  |
| 6.89% |  | 2014-2015 |  | $ | — |  |  | $ | 251 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 251 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (251 | ) |
| Total Securitization Debt of Transition Funding |  |  |  | — |  |  | — |  |
| Transition Funding II (PSE&G) |  |  |  |  |  |  |
| Securitization Bonds: |  |  |  |  |  |  |
| 4.57% |  | 2014-2015 |  | — |  |  | 8 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 8 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (8 | ) |
| Total Securitization Debt of Transition Funding II |  |  |  | — |  |  | — |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 6,650 |  |  | $ | 5,975 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.50% |  | 2015 |  | $ | — |  |  | $ | 300 |  |
| 5.32% |  | 2016 |  | 303 |  |  | 303 |  |
| 2.75% |  | 2016 |  | 250 |  |  | 250 |  |
| 2.45% |  | 2018 |  | 250 |  |  | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,209 |  |  | 2,509 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (D) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,253 |  |  | 2,553 |  |
| Amounts Due Within One Year |  |  |  | (553 | ) |  | (300 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (16 | ) |  | (19 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 1,684 |  |  | $ | 2,234 |  |
(A) | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 15. Financial Risk Management Activities.
(B) | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The remaining deferred amount of $3 million as of December 31, 2015 is reflected as an offset to Long-Term Debt due within one year on PSEG’s Consolidated Balance Sheets.
(C) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(D) | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing the PEDFA bond which expires on November 30, 2019.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2015 are as follows:
|  |  |  |  |  |  |  |  | Energy Holdings |  |  |
| Year |  | PSEG (Parent) |  | PSE&G |  | Power |  | Non-Recourse Debt |  | Total |
|  |  | Millions |
| 2016 |  | $ | — |  |  | $ | 171 |  |  | $ | 553 |  |  | $ | 7 |  |  | $ | 731 |  |
| 2017 |  | 500 |  |  | — |  |  | — |  |  | — |  |  | 500 |  |
| 2018 |  | — |  |  | 750 |  |  | 250 |  |  | — |  |  | 1,000 |  |
| 2019 |  | — |  |  | 500 |  |  | 44 |  |  | — |  |  | 544 |  |
| 2020 |  | — |  |  | 259 |  |  | 406 |  |  | — |  |  | 665 |  |
| Thereafter |  | — |  |  | 5,199 |  |  | 1,000 |  |  | — |  |  | 6,199 |  |
| Total |  | $ | 500 |  |  | $ | 6,879 |  |  | $ | 2,253 |  |  | $ | 7 |  |  | $ | 9,639 |  |
Long-Term Debt Financing Transactions During 2015, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG (Parent)
• | entered into an agreement for a new term loan maturing November 2017. The term loan has a balance of $500 million at an interest rate of 1 month LIBOR + 0.875% and can be terminated at any time without penalty.
PSE&G
• | issued $350 million of 3.00% Secured Medium-Term Notes, Series K due May 2025,
• | issued $250 million of 4.05% Secured Medium-Term Notes, Series K due May 2045,
• | issued $250 million of 4.15% Secured Medium-Term Notes, Series K due November 2045,
• | paid $300 million of 2.70% Secured Medium-Term Notes at maturity,
• | paid $251 million of Transition Funding's securitization debt, and
• | paid $8 million of Transition Funding II's securitization debt.
Power •paid $300 million of 5.50% Senior Notes at maturity. PSE&G PSE&G had $171 million of 6.75% Mortgage Bonds mature in January 2016. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under our $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2015, our total available credit capacity was $3.6 billion. As of December 31, 2015, no single institution represented more than 7% of the total commitments in our credit facilities. As of December 31, 2015, our total credit capacity was in excess of our anticipated maximum liquidity requirements. Each of our 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 our subsidiaries' liquidity needs. Our total credit facilities and available liquidity as of December 31, 2015 were as follows:
|  |  | As of December 31, 2015 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 500 |  |  | $ | 10 |  |  | $ | 490 |  |  | Apr 2019 |  | Commercial Paper (CP) Support/Funding/Letters of Credit |
| 5-year Credit Facility (A) |  | 500 |  |  | 211 |  |  | 289 |  |  | Apr 2020 |  | CP Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,000 |  |  | $ | 221 |  |  | $ | 779 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 167 |  |  | $ | 433 |  |  | Apr 2020 |  | CP Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 167 |  |  | $ | 433 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 1,600 |  |  | $ | 161 |  |  | $ | 1,439 |  |  | Apr 2019 |  | Funding/Letters of Credit |
| 5-year Credit Facility (C) |  | 1,000 |  |  | 3 |  |  | 997 |  |  | Apr 2020 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,600 |  |  | $ | 164 |  |  | $ | 2,436 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 552 |  |  | $ | 3,648 |  |  |  |  |  |
(A) | PSEG facility will be reduced by $23 million in April 2016 and $12 million in March 2018.
(B) | PSE&G facility will be reduced by $29 million in April 2016 and $14 million in March 2018.
(C) | Power facility will be reduced by $48 million in April 2016 and $24 million in March 2018.
(D) | The primary use of PSEG's and PSE&G's credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2015, $211 million and $153 million, respectively, were outstanding. The weighted average interest rates on PSEG's and PSE&G's Commercial Paper Programs were 0.96% and 0.91%, respectively, at December 31, 2015.
Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2015 and 2014 are included in the following table and accompanying notes as of December 31, 2015 and 2014. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
|  |  | December 31, 2015 |  | December 31, 2014 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (Parent) (A) |  | $ | 503 |  |  | $ | 506 |  |  | $ | 14 |  |  | $ | 22 |  |
| PSE&G (B) |  | 6,821 |  |  | 7,235 |  |  | 6,275 |  |  | 6,912 |  |
| Transition Funding (PSE&G) (B) |  | — |  |  | — |  |  | 251 |  |  | 261 |  |
| Transition Funding II (PSE&G) (B) |  | — |  |  | — |  |  | 8 |  |  | 8 |  |
| Power - Recourse Debt (B) |  | 2,237 |  |  | 2,508 |  |  | 2,534 |  |  | 2,930 |  |
| Energy Holdings: |  |  |  |  |  |  |  |  |
| Project Level, Non-Recourse Debt (C) |  | 7 |  |  | 7 |  |  | 16 |  |  | 16 |  |
|  |  | $ | 9,568 |  |  | $ | 10,256 |  |  | $ | 9,098 |  |  | $ | 10,149 |  |
(A) | Fair value includes a $500 million floating rate term loan in 2015 and net offsets in 2015 and 2014 to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.
(B) | Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.
Power [Member] |
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Schedule of Consolidated Debt Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| PSEG (Parent) |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2017 |  | $ | 500 |  |  | $ | — |  |
| Total Term Loan |  |  |  | 500 |  |  | — |  |
| Fair Value of Swaps (A) |  |  |  | 6 |  |  | 22 |  |
| Amounts Due Within One Year |  |  |  | (6 | ) |  | (8 | ) |
| Unamortized Discount Related to Debt Exchange (B) |  |  |  | — |  |  | (8 | ) |
| Total Long-Term Debt of PSEG (Parent) |  |  |  | $ | 500 |  |  | $ | 6 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (C): |  |  |  |  |  |  |
| 6.75% |  | 2016 |  | $ | 171 |  |  | $ | 171 |  |
| 9.25% |  | 2021 |  | 134 |  |  | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 320 |  |  | 320 |  |
| Pollution Control Bonds (C): |  |  |  |  |  |  |
| Floating Rate (D) |  | 2033 |  | 50 |  |  | 50 |  |
| Floating Rate (D) |  | 2046 |  | 50 |  |  | 50 |  |
| Total Pollution Control Bonds |  |  |  | 100 |  |  | 100 |  |
| Medium-Term Notes (MTNs) (C): |  |  |  |  |  |  |
| 2.70% |  | 2015 |  | — |  |  | 300 |  |
| 5.30% |  | 2018 |  | 400 |  |  | 400 |  |
| 2.30% |  | 2018 |  | 350 |  |  | 350 |  |
| 1.80% |  | 2019 |  | 250 |  |  | 250 |  |
| 2.00% |  | 2019 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | — |  |
| 5.25% |  | 2035 |  | 250 |  |  | 250 |  |
| 5.70% |  | 2036 |  | 250 |  |  | 250 |  |
| 5.80% |  | 2037 |  | 350 |  |  | 350 |  |
| 5.38% |  | 2039 |  | 250 |  |  | 250 |  |
| 5.50% |  | 2040 |  | 300 |  |  | 300 |  |
| 3.95% |  | 2042 |  | 450 |  |  | 450 |  |
| 3.65% |  | 2042 |  | 350 |  |  | 350 |  |
| 3.80% |  | 2043 |  | 400 |  |  | 400 |  |
| 4.00% |  | 2044 |  | 250 |  |  | 250 |  |
| 4.05% |  | 2045 |  | 250 |  |  | — |  |
| 4.15% |  | 2045 |  | 250 |  |  | — |  |
| Total MTNs |  |  |  | 6,459 |  |  | 5,909 |  |
| Principal Amount Outstanding |  |  |  | 6,879 |  |  | 6,329 |  |
| Amounts Due Within One Year |  |  |  | (171 | ) |  | (300 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (58 | ) |  | (54 | ) |
| Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II) |  |  |  | $ | 6,650 |  |  | $ | 5,975 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| Transition Funding (PSE&G) |  |  |  |  |  |  |
| Securitization Bonds: |  |  |  |  |  |  |
| 6.89% |  | 2014-2015 |  | $ | — |  |  | $ | 251 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 251 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (251 | ) |
| Total Securitization Debt of Transition Funding |  |  |  | — |  |  | — |  |
| Transition Funding II (PSE&G) |  |  |  |  |  |  |
| Securitization Bonds: |  |  |  |  |  |  |
| 4.57% |  | 2014-2015 |  | — |  |  | 8 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 8 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (8 | ) |
| Total Securitization Debt of Transition Funding II |  |  |  | — |  |  | — |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 6,650 |  |  | $ | 5,975 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2015 |  | 2014 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.50% |  | 2015 |  | $ | — |  |  | $ | 300 |  |
| 5.32% |  | 2016 |  | 303 |  |  | 303 |  |
| 2.75% |  | 2016 |  | 250 |  |  | 250 |  |
| 2.45% |  | 2018 |  | 250 |  |  | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,209 |  |  | 2,509 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (D) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,253 |  |  | 2,553 |  |
| Amounts Due Within One Year |  |  |  | (553 | ) |  | (300 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (16 | ) |  | (19 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 1,684 |  |  | $ | 2,234 |  |
(A) | PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheets. For additional information, see Note 15. Financial Risk Management Activities.
(B) | In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The remaining deferred amount of $3 million as of December 31, 2015 is reflected as an offset to Long-Term Debt due within one year on PSEG’s Consolidated Balance Sheets.
(C) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(D) | The Pollution Control Financing Authority of Salem County bonds and the Pennsylvania Economic Development Authority (PEDFA) bond that are serviced and secured by PSE&G Pollution Control Bonds and Power Pollution Control Notes, respectively, are variable rate bonds that are in weekly reset mode. In October 2014, Power executed an extension of the letter of credit backing the PEDFA bond which expires on November 30, 2019.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2015 are as follows:
|  |  |  |  |  |  |  |  | Energy Holdings |  |  |
| Year |  | PSEG (Parent) |  | PSE&G |  | Power |  | Non-Recourse Debt |  | Total |
|  |  | Millions |
| 2016 |  | $ | — |  |  | $ | 171 |  |  | $ | 553 |  |  | $ | 7 |  |  | $ | 731 |  |
| 2017 |  | 500 |  |  | — |  |  | — |  |  | — |  |  | 500 |  |
| 2018 |  | — |  |  | 750 |  |  | 250 |  |  | — |  |  | 1,000 |  |
| 2019 |  | — |  |  | 500 |  |  | 44 |  |  | — |  |  | 544 |  |
| 2020 |  | — |  |  | 259 |  |  | 406 |  |  | — |  |  | 665 |  |
| Thereafter |  | — |  |  | 5,199 |  |  | 1,000 |  |  | — |  |  | 6,199 |  |
| Total |  | $ | 500 |  |  | $ | 6,879 |  |  | $ | 2,253 |  |  | $ | 7 |  |  | $ | 9,639 |  |
Long-Term Debt Financing Transactions During 2015, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG (Parent)
• | entered into an agreement for a new term loan maturing November 2017. The term loan has a balance of $500 million at an interest rate of 1 month LIBOR + 0.875% and can be terminated at any time without penalty.
PSE&G
• | issued $350 million of 3.00% Secured Medium-Term Notes, Series K due May 2025,
• | issued $250 million of 4.05% Secured Medium-Term Notes, Series K due May 2045,
• | issued $250 million of 4.15% Secured Medium-Term Notes, Series K due November 2045,
• | paid $300 million of 2.70% Secured Medium-Term Notes at maturity,
• | paid $251 million of Transition Funding's securitization debt, and
• | paid $8 million of Transition Funding II's securitization debt.
Power •paid $300 million of 5.50% Senior Notes at maturity. PSE&G PSE&G had $171 million of 6.75% Mortgage Bonds mature in January 2016. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under our $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2015, our total available credit capacity was $3.6 billion. As of December 31, 2015, no single institution represented more than 7% of the total commitments in our credit facilities. As of December 31, 2015, our total credit capacity was in excess of our anticipated maximum liquidity requirements. Each of our 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 our subsidiaries' liquidity needs. Our total credit facilities and available liquidity as of December 31, 2015 were as follows:
|  |  | As of December 31, 2015 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 500 |  |  | $ | 10 |  |  | $ | 490 |  |  | Apr 2019 |  | Commercial Paper (CP) Support/Funding/Letters of Credit |
| 5-year Credit Facility (A) |  | 500 |  |  | 211 |  |  | 289 |  |  | Apr 2020 |  | CP Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,000 |  |  | $ | 221 |  |  | $ | 779 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 167 |  |  | $ | 433 |  |  | Apr 2020 |  | CP Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 167 |  |  | $ | 433 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 1,600 |  |  | $ | 161 |  |  | $ | 1,439 |  |  | Apr 2019 |  | Funding/Letters of Credit |
| 5-year Credit Facility (C) |  | 1,000 |  |  | 3 |  |  | 997 |  |  | Apr 2020 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,600 |  |  | $ | 164 |  |  | $ | 2,436 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 552 |  |  | $ | 3,648 |  |  |  |  |  |
(A) | PSEG facility will be reduced by $23 million in April 2016 and $12 million in March 2018.
(B) | PSE&G facility will be reduced by $29 million in April 2016 and $14 million in March 2018.
(C) | Power facility will be reduced by $48 million in April 2016 and $24 million in March 2018.
(D) | The primary use of PSEG's and PSE&G's credit facilities is to support their respective Commercial Paper Programs under which as of December 31, 2015, $211 million and $153 million, respectively, were outstanding. The weighted average interest rates on PSEG's and PSE&G's Commercial Paper Programs were 0.96% and 0.91%, respectively, at December 31, 2015.
Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine fair value of long-term debt as of December 31, 2015 and 2014 are included in the following table and accompanying notes as of December 31, 2015 and 2014. See Note 16. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.
|  |  | December 31, 2015 |  | December 31, 2014 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (Parent) (A) |  | $ | 503 |  |  | $ | 506 |  |  | $ | 14 |  |  | $ | 22 |  |
| PSE&G (B) |  | 6,821 |  |  | 7,235 |  |  | 6,275 |  |  | 6,912 |  |
| Transition Funding (PSE&G) (B) |  | — |  |  | — |  |  | 251 |  |  | 261 |  |
| Transition Funding II (PSE&G) (B) |  | — |  |  | — |  |  | 8 |  |  | 8 |  |
| Power - Recourse Debt (B) |  | 2,237 |  |  | 2,508 |  |  | 2,534 |  |  | 2,930 |  |
| Energy Holdings: |  |  |  |  |  |  |  |  |
| Project Level, Non-Recourse Debt (C) |  | 7 |  |  | 7 |  |  | 16 |  |  | 16 |  |
|  |  | $ | 9,568 |  |  | $ | 10,256 |  |  | $ | 9,098 |  |  | $ | 10,149 |  |
(A) | Fair value includes a $500 million floating rate term loan in 2015 and net offsets in 2015 and 2014 to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.
(B) | Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note.
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

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