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Schedule Of Consolidated Debt | 12 Months Ended
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Dec. 31, 2016
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2017 |  | $ | 500 |  |  | $ | 500 |  |
| Total Term Loan |  |  |  | 500 |  |  | 500 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | 400 |  |  | — |  |
| 2.00% |  | 2021 |  | 300 |  |  | — |  |
| Total Senior Notes |  |  |  | 700 |  |  | — |  |
| Principal Amount Outstanding |  |  |  | 1,200 |  |  | 500 |  |
| Fair Value of Swaps (A) |  |  |  | — |  |  | 6 |  |
| Amounts Due Within One Year |  |  |  | (500 | ) |  | (6 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (5 | ) |  | — |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 695 |  |  | $ | 500 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 6.75% |  | 2016 |  | $ | — |  |  | $ | 171 |  |
| 9.25% |  | 2021 |  | 134 |  |  | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 320 |  |
| Pollution Control Bonds (B): |  |  |  |  |  |  |
| Floating Rate (C) |  | 2033 |  | — |  |  | 50 |  |
| Floating Rate (C) |  | 2046 |  | — |  |  | 50 |  |
| Total Pollution Control Bonds |  |  |  | — |  |  | 100 |  |
| Medium-Term Notes (MTNs) (B): |  |  |  |  |  |  |
| 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 |  |
| 1.90% |  | 2021 |  | 300 |  |  | — |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | — |  |
| 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 |  |  | 250 |  |
| 4.15% |  | 2045 |  | 250 |  |  | 250 |  |
| 3.80% |  | 2046 |  | 550 |  |  | — |  |
| Total MTNs |  |  |  | 7,734 |  |  | 6,459 |  |
| Principal Amount Outstanding |  |  |  | 7,883 |  |  | 6,879 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (171 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (65 | ) |  | (58 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 7,818 |  |  | $ | 6,650 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.32% |  | 2016 |  | $ | — |  |  | $ | 303 |  |
| 2.75% |  | 2016 |  | — |  |  | 250 |  |
| 2.45% |  | 2018 |  | 250 |  |  | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2021 |  | 700 |  |  | — |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,356 |  |  | 2,209 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,400 |  |  | 2,253 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (553 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (18 | ) |  | (16 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 2,382 |  |  | $ | 1,684 |  |
(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 16. Financial Risk Management Activities.
(B) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(C) | The Pollution Control Financing Authority of Salem County bonds (Salem Bonds), which were repurchased and retired in 2016, 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, were variable rate bonds that were in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2016 are as
| Year |  | PSEG |  | PSE&G |  | Power |  | Total |
| 2017 |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |
| 2018 |  | — |  |  | 750 |  |  | 250 |  |  | 1,000 |  |
| 2019 |  | 400 |  |  | 500 |  |  | 44 |  |  | 944 |  |
| 2020 |  | — |  |  | 259 |  |  | 406 |  |  | 665 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| Thereafter |  | — |  |  | 5,940 |  |  | 750 |  |  | 6,690 |  |
| Total |  | $ | 1,200 |  |  | $ | 7,883 |  |  | $ | 2,400 |  |  | $ | 11,483 |  |
Long-Term Debt Financing Transactions During 2016, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | issued $400 million of 1.60% Senior Notes due November 2019, and
• | issued $300 million of 2.00% Senior Notes due November 2021
PSE&G
• | issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,
• | issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,
• | issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,
• | retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds Series VV at maturity, and
• | repurchased at par $100 million of Salem Bonds and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.
Power •issued $700 million of 3.00% Senior Notes due June 2021, •retired $303 million of 5.32% Senior Notes due September 2016, and •retired $250 million of 2.75% Senior Notes due September 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2016, the total available credit capacity was $3.5 billion. As of December 31, 2016, no single institution represented more than 7% of the total commitments in the credit facilities. As of December 31, 2016, the total credit capacity was in excess of the anticipated maximum liquidity requirements. 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 our subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of December 31, 2016 were as follows:
|  |  | As of December 31, 2016 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 500 |  |  | $ | 10 |  |  | $ | 490 |  |  | Mar 2019 |  | Commercial Paper Support/Funding/Letters of Credit |
| 5-year Credit Facility (A) |  | 500 |  |  | 388 |  |  | 112 |  |  | Apr 2020 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,000 |  |  | $ | 398 |  |  | $ | 602 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 14 |  |  | $ | 586 |  |  | Apr 2020 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 14 |  |  | $ | 586 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 1,600 |  |  | $ | 195 |  |  | $ | 1,405 |  |  | Mar 2019 |  | Funding/Letters of Credit |
| 5-year Credit Facility (C) |  | 953 |  |  | 3 |  |  | 950 |  |  | Apr 2020 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,553 |  |  | $ | 198 |  |  | $ | 2,355 |  |  |  |  |  |
| Total |  | $ | 4,153 |  |  | $ | 610 |  |  | $ | 3,543 |  |  |  |  |  |
(A) | PSEG facility will be reduced by $12 million in March 2018.
(B) | PSE&G facility will be reduced by $14 million in March 2018.
(C) | Power facility will be reduced by $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, 2016, PSEG had $388 million outstanding at a weighted average interest rate of 1.03%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2016.
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, 2016 and 2015 are included in the following table and accompanying notes as of December 31, 2016 and 2015. See Note 17. 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, 2016 |  | December 31, 2015 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 1,195 |  |  | $ | 1,185 |  |  | $ | 503 |  |  | $ | 506 |  |
| PSE&G (B) |  | 7,818 |  |  | 8,240 |  |  | 6,821 |  |  | 7,235 |  |
| Power - Recourse Debt (B) |  | 2,382 |  |  | 2,578 |  |  | 2,237 |  |  | 2,508 |  |
| Energy Holdings: |  |  |  |  |  |  |  |  |
| Project Level, Non-Recourse Debt (C) |  | — |  |  | — |  |  | 7 |  |  | 7 |  |
|  |  | $ | 11,395 |  |  | $ | 12,003 |  |  | $ | 9,568 |  |  | $ | 10,256 |  |
(A) | Fair value includes a $500 million floating rate term loan and net offsets. 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. As of December 31, 2015, 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 was 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 | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2017 |  | $ | 500 |  |  | $ | 500 |  |
| Total Term Loan |  |  |  | 500 |  |  | 500 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | 400 |  |  | — |  |
| 2.00% |  | 2021 |  | 300 |  |  | — |  |
| Total Senior Notes |  |  |  | 700 |  |  | — |  |
| Principal Amount Outstanding |  |  |  | 1,200 |  |  | 500 |  |
| Fair Value of Swaps (A) |  |  |  | — |  |  | 6 |  |
| Amounts Due Within One Year |  |  |  | (500 | ) |  | (6 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (5 | ) |  | — |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 695 |  |  | $ | 500 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 6.75% |  | 2016 |  | $ | — |  |  | $ | 171 |  |
| 9.25% |  | 2021 |  | 134 |  |  | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 320 |  |
| Pollution Control Bonds (B): |  |  |  |  |  |  |
| Floating Rate (C) |  | 2033 |  | — |  |  | 50 |  |
| Floating Rate (C) |  | 2046 |  | — |  |  | 50 |  |
| Total Pollution Control Bonds |  |  |  | — |  |  | 100 |  |
| Medium-Term Notes (MTNs) (B): |  |  |  |  |  |  |
| 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 |  |
| 1.90% |  | 2021 |  | 300 |  |  | — |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | — |  |
| 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 |  |  | 250 |  |
| 4.15% |  | 2045 |  | 250 |  |  | 250 |  |
| 3.80% |  | 2046 |  | 550 |  |  | — |  |
| Total MTNs |  |  |  | 7,734 |  |  | 6,459 |  |
| Principal Amount Outstanding |  |  |  | 7,883 |  |  | 6,879 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (171 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (65 | ) |  | (58 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 7,818 |  |  | $ | 6,650 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.32% |  | 2016 |  | $ | — |  |  | $ | 303 |  |
| 2.75% |  | 2016 |  | — |  |  | 250 |  |
| 2.45% |  | 2018 |  | 250 |  |  | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2021 |  | 700 |  |  | — |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,356 |  |  | 2,209 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,400 |  |  | 2,253 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (553 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (18 | ) |  | (16 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 2,382 |  |  | $ | 1,684 |  |
(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 16. Financial Risk Management Activities.
(B) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(C) | The Pollution Control Financing Authority of Salem County bonds (Salem Bonds), which were repurchased and retired in 2016, 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, were variable rate bonds that were in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2016 are as
| Year |  | PSEG |  | PSE&G |  | Power |  | Total |
| 2017 |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |
| 2018 |  | — |  |  | 750 |  |  | 250 |  |  | 1,000 |  |
| 2019 |  | 400 |  |  | 500 |  |  | 44 |  |  | 944 |  |
| 2020 |  | — |  |  | 259 |  |  | 406 |  |  | 665 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| Thereafter |  | — |  |  | 5,940 |  |  | 750 |  |  | 6,690 |  |
| Total |  | $ | 1,200 |  |  | $ | 7,883 |  |  | $ | 2,400 |  |  | $ | 11,483 |  |
Long-Term Debt Financing Transactions During 2016, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | issued $400 million of 1.60% Senior Notes due November 2019, and
• | issued $300 million of 2.00% Senior Notes due November 2021
PSE&G
• | issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,
• | issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,
• | issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,
• | retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds Series VV at maturity, and
• | repurchased at par $100 million of Salem Bonds and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.
Power •issued $700 million of 3.00% Senior Notes due June 2021, •retired $303 million of 5.32% Senior Notes due September 2016, and •retired $250 million of 2.75% Senior Notes due September 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2016, the total available credit capacity was $3.5 billion. As of December 31, 2016, no single institution represented more than 7% of the total commitments in the credit facilities. As of December 31, 2016, the total credit capacity was in excess of the anticipated maximum liquidity requirements. 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 our subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of December 31, 2016 were as follows:
|  |  | As of December 31, 2016 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 500 |  |  | $ | 10 |  |  | $ | 490 |  |  | Mar 2019 |  | Commercial Paper Support/Funding/Letters of Credit |
| 5-year Credit Facility (A) |  | 500 |  |  | 388 |  |  | 112 |  |  | Apr 2020 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,000 |  |  | $ | 398 |  |  | $ | 602 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 14 |  |  | $ | 586 |  |  | Apr 2020 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 14 |  |  | $ | 586 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 1,600 |  |  | $ | 195 |  |  | $ | 1,405 |  |  | Mar 2019 |  | Funding/Letters of Credit |
| 5-year Credit Facility (C) |  | 953 |  |  | 3 |  |  | 950 |  |  | Apr 2020 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,553 |  |  | $ | 198 |  |  | $ | 2,355 |  |  |  |  |  |
| Total |  | $ | 4,153 |  |  | $ | 610 |  |  | $ | 3,543 |  |  |  |  |  |
(A) | PSEG facility will be reduced by $12 million in March 2018.
(B) | PSE&G facility will be reduced by $14 million in March 2018.
(C) | Power facility will be reduced by $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, 2016, PSEG had $388 million outstanding at a weighted average interest rate of 1.03%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2016.
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, 2016 and 2015 are included in the following table and accompanying notes as of December 31, 2016 and 2015. See Note 17. 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, 2016 |  | December 31, 2015 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 1,195 |  |  | $ | 1,185 |  |  | $ | 503 |  |  | $ | 506 |  |
| PSE&G (B) |  | 7,818 |  |  | 8,240 |  |  | 6,821 |  |  | 7,235 |  |
| Power - Recourse Debt (B) |  | 2,382 |  |  | 2,578 |  |  | 2,237 |  |  | 2,508 |  |
| Energy Holdings: |  |  |  |  |  |  |  |  |
| Project Level, Non-Recourse Debt (C) |  | — |  |  | — |  |  | 7 |  |  | 7 |  |
|  |  | $ | 11,395 |  |  | $ | 12,003 |  |  | $ | 9,568 |  |  | $ | 10,256 |  |
(A) | Fair value includes a $500 million floating rate term loan and net offsets. 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. As of December 31, 2015, 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 was 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 | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable |  | 2017 |  | $ | 500 |  |  | $ | 500 |  |
| Total Term Loan |  |  |  | 500 |  |  | 500 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | 400 |  |  | — |  |
| 2.00% |  | 2021 |  | 300 |  |  | — |  |
| Total Senior Notes |  |  |  | 700 |  |  | — |  |
| Principal Amount Outstanding |  |  |  | 1,200 |  |  | 500 |  |
| Fair Value of Swaps (A) |  |  |  | — |  |  | 6 |  |
| Amounts Due Within One Year |  |  |  | (500 | ) |  | (6 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (5 | ) |  | — |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 695 |  |  | $ | 500 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 6.75% |  | 2016 |  | $ | — |  |  | $ | 171 |  |
| 9.25% |  | 2021 |  | 134 |  |  | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 320 |  |
| Pollution Control Bonds (B): |  |  |  |  |  |  |
| Floating Rate (C) |  | 2033 |  | — |  |  | 50 |  |
| Floating Rate (C) |  | 2046 |  | — |  |  | 50 |  |
| Total Pollution Control Bonds |  |  |  | — |  |  | 100 |  |
| Medium-Term Notes (MTNs) (B): |  |  |  |  |  |  |
| 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 |  |
| 1.90% |  | 2021 |  | 300 |  |  | — |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | — |  |
| 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 |  |  | 250 |  |
| 4.15% |  | 2045 |  | 250 |  |  | 250 |  |
| 3.80% |  | 2046 |  | 550 |  |  | — |  |
| Total MTNs |  |  |  | 7,734 |  |  | 6,459 |  |
| Principal Amount Outstanding |  |  |  | 7,883 |  |  | 6,879 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (171 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (65 | ) |  | (58 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 7,818 |  |  | $ | 6,650 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2016 |  | 2015 |
|  |  |  |  | Millions |
| Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.32% |  | 2016 |  | $ | — |  |  | $ | 303 |  |
| 2.75% |  | 2016 |  | — |  |  | 250 |  |
| 2.45% |  | 2018 |  | 250 |  |  | 250 |  |
| 5.13% |  | 2020 |  | 406 |  |  | 406 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2021 |  | 700 |  |  | — |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,356 |  |  | 2,209 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2019 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,400 |  |  | 2,253 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (553 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (18 | ) |  | (16 | ) |
| Total Long-Term Debt of Power |  |  |  | $ | 2,382 |  |  | $ | 1,684 |  |
(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 16. Financial Risk Management Activities.
(B) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(C) | The Pollution Control Financing Authority of Salem County bonds (Salem Bonds), which were repurchased and retired in 2016, 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, were variable rate bonds that were in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2016 are as
| Year |  | PSEG |  | PSE&G |  | Power |  | Total |
| 2017 |  | $ | 500 |  |  | $ | — |  |  | $ | — |  |  | $ | 500 |  |
| 2018 |  | — |  |  | 750 |  |  | 250 |  |  | 1,000 |  |
| 2019 |  | 400 |  |  | 500 |  |  | 44 |  |  | 944 |  |
| 2020 |  | — |  |  | 259 |  |  | 406 |  |  | 665 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| Thereafter |  | — |  |  | 5,940 |  |  | 750 |  |  | 6,690 |  |
| Total |  | $ | 1,200 |  |  | $ | 7,883 |  |  | $ | 2,400 |  |  | $ | 11,483 |  |
Long-Term Debt Financing Transactions During 2016, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | issued $400 million of 1.60% Senior Notes due November 2019, and
• | issued $300 million of 2.00% Senior Notes due November 2021
PSE&G
• | issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,
• | issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,
• | issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,
• | retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds Series VV at maturity, and
• | repurchased at par $100 million of Salem Bonds and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.
Power •issued $700 million of 3.00% Senior Notes due June 2021, •retired $303 million of 5.32% Senior Notes due September 2016, and •retired $250 million of 2.75% Senior Notes due September 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 the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2016, the total available credit capacity was $3.5 billion. As of December 31, 2016, no single institution represented more than 7% of the total commitments in the credit facilities. As of December 31, 2016, the total credit capacity was in excess of the anticipated maximum liquidity requirements. 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 our subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of December 31, 2016 were as follows:
|  |  | As of December 31, 2016 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 500 |  |  | $ | 10 |  |  | $ | 490 |  |  | Mar 2019 |  | Commercial Paper Support/Funding/Letters of Credit |
| 5-year Credit Facility (A) |  | 500 |  |  | 388 |  |  | 112 |  |  | Apr 2020 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,000 |  |  | $ | 398 |  |  | $ | 602 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 14 |  |  | $ | 586 |  |  | Apr 2020 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 14 |  |  | $ | 586 |  |  |  |  |  |
| Power |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility |  | $ | 1,600 |  |  | $ | 195 |  |  | $ | 1,405 |  |  | Mar 2019 |  | Funding/Letters of Credit |
| 5-year Credit Facility (C) |  | 953 |  |  | 3 |  |  | 950 |  |  | Apr 2020 |  | Funding/Letters of Credit |
| Total Power |  | $ | 2,553 |  |  | $ | 198 |  |  | $ | 2,355 |  |  |  |  |  |
| Total |  | $ | 4,153 |  |  | $ | 610 |  |  | $ | 3,543 |  |  |  |  |  |
(A) | PSEG facility will be reduced by $12 million in March 2018.
(B) | PSE&G facility will be reduced by $14 million in March 2018.
(C) | Power facility will be reduced by $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, 2016, PSEG had $388 million outstanding at a weighted average interest rate of 1.03%. PSE&G had no amounts outstanding under its Commercial Paper Program as of December 31, 2016.
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, 2016 and 2015 are included in the following table and accompanying notes as of December 31, 2016 and 2015. See Note 17. 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, 2016 |  | December 31, 2015 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 1,195 |  |  | $ | 1,185 |  |  | $ | 503 |  |  | $ | 506 |  |
| PSE&G (B) |  | 7,818 |  |  | 8,240 |  |  | 6,821 |  |  | 7,235 |  |
| Power - Recourse Debt (B) |  | 2,382 |  |  | 2,578 |  |  | 2,237 |  |  | 2,508 |  |
| Energy Holdings: |  |  |  |  |  |  |  |  |
| Project Level, Non-Recourse Debt (C) |  | — |  |  | — |  |  | 7 |  |  | 7 |  |
|  |  | $ | 11,395 |  |  | $ | 12,003 |  |  | $ | 9,568 |  |  | $ | 10,256 |  |
(A) | Fair value includes a $500 million floating rate term loan and net offsets. 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. As of December 31, 2015, 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 was valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

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