XML 50 R17.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Financing Receivables | 12 Months Ended
--- | ---
Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items] |
Financing Receivables | Financing Receivables PSE&G PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with solar renewable energy certificates (SRECs) generated from the installed solar electric system. The following table reflects the outstanding loans, including the noncurrent portion reported in Note 7. Long-Term Investments, by class of customer, none of which would be considered “non-performing.”
| Outstanding Loans by Class of Customer |
|  |  | As of December 31, |
| Consumer Loans |  | 2016 |  | 2015 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 164 |  |  | $ | 177 |  |
| Residential |  | 11 |  |  | 12 |  |
| Total |  | $ | 175 |  |  | $ | 189 |  |
Energy Holdings Energy Holdings had a net investment in domestic energy and real estate assets subject to leveraged lease accounting of $(25) million as of December 31, 2016 and $60 million as of December 31, 2015 (See Note 7. Long-Term Investments). The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
|  |  | Lease Receivables, Net of Non-Recourse Debt |
| Counterparties’ Credit Rating Standard & Poor’s (S&P) as of December 31, 2016 |  | As of December 31, 2016 |
|  |  | Millions |
| AA |  | $ | 16 |  |
| BBB+ — BBB- |  | 316 |  |
| BB- |  | 133 |  |
| CCC |  | 164 |  |
| Total |  | $ | 629 |  |
The “BB-” and the “CCC” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of December 31, 2016, the gross investment in the leases of such assets, net of non-recourse debt, was $426 million, ($(131) million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table.
| Asset |  | Location |  | Gross Investment |  | % Owned |  | Total MW |  | Fuel Type |  | Counterparties’ S&P Credit Ratings |  | Counterparty |
|  |  |  |  | Millions |  |  |  |  |  |  |  |  |  |  |
| Powerton Station Units 5 and 6 |  | IL |  | $ | 134 |  |  | 64 | % |  | 1,538 |  |  | Coal |  | BB- |  | NRG Energy, Inc. |
| Joliet Station Units 7 and 8 |  | IL |  | $ | 83 |  |  | 64 | % |  | 1,036 |  |  | Gas |  | BB- |  | NRG Energy, Inc. |
| Keystone Station Units 1 and 2 |  | PA |  | $ | 55 |  |  | 17 | % |  | 1,711 |  |  | Coal |  | CCC (A) |  | REMA |
| Conemaugh Station Units 1 and 2 |  | PA |  | $ | 55 |  |  | 17 | % |  | 1,711 |  |  | Coal |  | CCC (A) |  | REMA |
| Shawville Station Units 1, 2, 3 and 4 |  | PA |  | $ | 99 |  |  | 100 | % |  | 596 |  |  | Gas |  | CCC (A) |  | REMA |
(A) | REMA’s parent company, GenOn Energy Inc. (GenOn), reported in August 2016 that GenOn did not expect to have sufficient liquidity to repay its senior unsecured notes due in June 2017. In January 2017, S&P further lowered its corporate credit rating on GenOn and its affiliates (including REMA) to “CCC - “ from “CCC” reflecting the primary credit concern of the near-term maturity of GenOn’s senior unsecured notes in June 2017 and expressed a negative outlook reflecting the continuing pressure on financial measures. In October 2016, Moody’s downgraded the GenOn Corporate Family Rating to “Caa3” to reflect its high debt burden relative to cash flow.
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. Although all lease payments are current, PSEG cannot predict the outcome of GenOn’s efforts to restructure its portfolio and improve its liquidity and the possible related impact on REMA. PSEG continues to monitor any changes to REMA’s and GenOn’s status and potential impacts on Energy Holdings’ lease investments. If lease rejections or foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service. Additional factors that may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and their affiliates and the quality and condition of assets under lease.
PSE&G [Member] |
Financing Receivable, Recorded Investment [Line Items] |
Financing Receivables | Financing Receivables PSE&G PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with solar renewable energy certificates (SRECs) generated from the installed solar electric system. The following table reflects the outstanding loans, including the noncurrent portion reported in Note 7. Long-Term Investments, by class of customer, none of which would be considered “non-performing.”
| Outstanding Loans by Class of Customer |
|  |  | As of December 31, |
| Consumer Loans |  | 2016 |  | 2015 |
|  |  | Millions |
| Commercial/Industrial |  | $ | 164 |  |  | $ | 177 |  |
| Residential |  | 11 |  |  | 12 |  |
| Total |  | $ | 175 |  |  | $ | 189 |  |
Energy Holdings Energy Holdings had a net investment in domestic energy and real estate assets subject to leveraged lease accounting of $(25) million as of December 31, 2016 and $60 million as of December 31, 2015 (See Note 7. Long-Term Investments). The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
|  |  | Lease Receivables, Net of Non-Recourse Debt |
| Counterparties’ Credit Rating Standard & Poor’s (S&P) as of December 31, 2016 |  | As of December 31, 2016 |
|  |  | Millions |
| AA |  | $ | 16 |  |
| BBB+ — BBB- |  | 316 |  |
| BB- |  | 133 |  |
| CCC |  | 164 |  |
| Total |  | $ | 629 |  |
The “BB-” and the “CCC” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of December 31, 2016, the gross investment in the leases of such assets, net of non-recourse debt, was $426 million, ($(131) million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table.
| Asset |  | Location |  | Gross Investment |  | % Owned |  | Total MW |  | Fuel Type |  | Counterparties’ S&P Credit Ratings |  | Counterparty |
|  |  |  |  | Millions |  |  |  |  |  |  |  |  |  |  |
| Powerton Station Units 5 and 6 |  | IL |  | $ | 134 |  |  | 64 | % |  | 1,538 |  |  | Coal |  | BB- |  | NRG Energy, Inc. |
| Joliet Station Units 7 and 8 |  | IL |  | $ | 83 |  |  | 64 | % |  | 1,036 |  |  | Gas |  | BB- |  | NRG Energy, Inc. |
| Keystone Station Units 1 and 2 |  | PA |  | $ | 55 |  |  | 17 | % |  | 1,711 |  |  | Coal |  | CCC (A) |  | REMA |
| Conemaugh Station Units 1 and 2 |  | PA |  | $ | 55 |  |  | 17 | % |  | 1,711 |  |  | Coal |  | CCC (A) |  | REMA |
| Shawville Station Units 1, 2, 3 and 4 |  | PA |  | $ | 99 |  |  | 100 | % |  | 596 |  |  | Gas |  | CCC (A) |  | REMA |
(A) | REMA’s parent company, GenOn Energy Inc. (GenOn), reported in August 2016 that GenOn did not expect to have sufficient liquidity to repay its senior unsecured notes due in June 2017. In January 2017, S&P further lowered its corporate credit rating on GenOn and its affiliates (including REMA) to “CCC - “ from “CCC” reflecting the primary credit concern of the near-term maturity of GenOn’s senior unsecured notes in June 2017 and expressed a negative outlook reflecting the continuing pressure on financial measures. In October 2016, Moody’s downgraded the GenOn Corporate Family Rating to “Caa3” to reflect its high debt burden relative to cash flow.
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. Although all lease payments are current, PSEG cannot predict the outcome of GenOn’s efforts to restructure its portfolio and improve its liquidity and the possible related impact on REMA. PSEG continues to monitor any changes to REMA’s and GenOn’s status and potential impacts on Energy Holdings’ lease investments. If lease rejections or foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service. Additional factors that may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and their affiliates and the quality and condition of assets under lease.

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e4975-111524 + Details
Name: | us-gaap_FinancingReceivablesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=pseg_PseAndGMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |