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Rate Filings | 6 Months Ended
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Jun. 30, 2018
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2017. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Electric and Gas Distribution Base Rate Filing—In January 2018, PSE&G filed a distribution base rate case as required as a condition of approval of its Energy Strong Program I (ESP I) approved by the BPU in 2014. The filing requested an approximate 1% increase in revenues and recovery of investments made to strengthen the electric and gas distribution systems. The requested increase took into account a reduction in the revenue requirement as a result of the federal corporate income tax rate reduction from 35% to 21% provided in the Tax Cuts and Jobs Act of 2017 (Tax Act), including the flow-back to customers of excess accumulated deferred income taxes. In March 2018, the BPU approved interim rate reductions for all their jurisdictional utilities, including PSE&G, reflecting the reduction in the federal corporate tax rate. The BPU approved a reduction to PSE&G’s current base electric and gas revenues effective April 1, 2018 by $71 million and $43 million, respectively, on an annual basis (or about 2% combined). The refund to customers for overcollection of revenues at the higher tax rate for the January 1 to March 31, 2018 period, and the flow-back to customers of certain excess deferred income taxes will be addressed in PSE&G’s ongoing base rate case proceeding. In May 2018, PSE&G updated its base rate filing to include nine months of actual data. As a result of the base rate reduction implemented on April 1, 2018, among other factors, PSE&G’s updated filing requests an approximate 3% increase in revenues. PSE&G anticipates a decision by the BPU that new base rates will go into effect in the fourth quarter of 2018. Transmission Formula Rate Filings—In January 2018, PSE&G filed with FERC a revised 2018 Annual Transmission Formula Rate Update reducing its 2018 transmission annual revenue requirement to reflect the federal corporate income tax rate reduction from 35% to 21% as a result of the Tax Act. This change in the federal corporate tax rate reduces the 2018 annual revenue requirement by $148 million, effective January 1, 2018. FERC continues to assess whether, and if so how, it will address changes and flow-backs to customers relating to accumulated deferred income taxes and bonus depreciation. In June 2018, PSE&G filed its 2017 true-up adjustment pertaining to its transmission formula rates in effect for 2017. This resulted in an adjustment of $27 million more than the 2017 originally filed revenues, the impact of which PSE&G had primarily recognized in its Consolidated Statement of Operations for the year ended December 31, 2017. BGSS—In June 2018, PSE&G made its annual BGSS filing with the BPU requesting a decrease in the annual BGSS revenues of $26 million. If approved, the BGSS rate would be decreased from approximately 37 cents to 35 cents per therm for residential gas customers to be effective October 1, 2018. This matter is pending. In April 2018, the BPU approved the final BGSS rates which were effective October 1, 2017. In December 2017, February 2018 and March 2018, PSE&G filed with the BPU for self-implementing monthly bill credits of 15 cents per therm for the months of January through April 2018. Monthly bill credits of $125 million were credited to customers for the months of January through April 2018. ESP I Recovery Filing—In March and September of each year, PSE&G files with the BPU for base rate recovery of ESP I investments which include a return of and on its investment. In February 2018, the BPU approved recovery of an annual revenue requirement of $8 million associated with electric ESP I capital investment costs placed in service from June 1, 2017 through November 30, 2017. Societal Benefits Charge—In February 2018, the BPU approved PSE&G’s petition to increase electric rates by approximately $20 million on an annual basis and to decrease gas rates by approximately $0.8 million on an annual basis, in order to recover electric and gas costs incurred through May 31, 2017 under its Energy Efficiency and Renewable Energy and Social Programs. The new rates were effective April 1, 2018. Weather Normalization Clause (WNC)—In April 2018, the BPU gave final approval to PSE&G’s petition to collect $55 million in net deficiency gas revenues as a result of the warmer than normal 2016-2017 Winter Period (October 1 through May 31), which resulted in a deficiency of $31 million, plus a carryover balance of $24 million from the 2015-2016 Winter Period. In June 2018, PSE&G filed its 2017-2018 WNC petition seeking a net recovery of $14 million to be collected over the 2018-2019 Winter Period. The $14 million net recovery is the result of $9 million of excess revenues from the colder-than- normal 2017-2018 Winter Period offset by $23 million of remaining prior Winter Period undercollection. Green Program Recovery Charges (GPRC)—In June 2018, PSE&G filed its 2018 GPRC cost recovery petition requesting recovery of approximately $65 million and $6 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Gas System Modernization Program I (GSMP I)—In July 2018, PSE&G filed its annual GSMP I cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $26 million effective January 1, 2019. This increase represents the return of and on investment for GSMP I investments expected to be in service through September 30, 2018. This request will be updated in October 2018 for actual costs.
PSE And G [Member] |
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2017. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Electric and Gas Distribution Base Rate Filing—In January 2018, PSE&G filed a distribution base rate case as required as a condition of approval of its Energy Strong Program I (ESP I) approved by the BPU in 2014. The filing requested an approximate 1% increase in revenues and recovery of investments made to strengthen the electric and gas distribution systems. The requested increase took into account a reduction in the revenue requirement as a result of the federal corporate income tax rate reduction from 35% to 21% provided in the Tax Cuts and Jobs Act of 2017 (Tax Act), including the flow-back to customers of excess accumulated deferred income taxes. In March 2018, the BPU approved interim rate reductions for all their jurisdictional utilities, including PSE&G, reflecting the reduction in the federal corporate tax rate. The BPU approved a reduction to PSE&G’s current base electric and gas revenues effective April 1, 2018 by $71 million and $43 million, respectively, on an annual basis (or about 2% combined). The refund to customers for overcollection of revenues at the higher tax rate for the January 1 to March 31, 2018 period, and the flow-back to customers of certain excess deferred income taxes will be addressed in PSE&G’s ongoing base rate case proceeding. In May 2018, PSE&G updated its base rate filing to include nine months of actual data. As a result of the base rate reduction implemented on April 1, 2018, among other factors, PSE&G’s updated filing requests an approximate 3% increase in revenues. PSE&G anticipates a decision by the BPU that new base rates will go into effect in the fourth quarter of 2018. Transmission Formula Rate Filings—In January 2018, PSE&G filed with FERC a revised 2018 Annual Transmission Formula Rate Update reducing its 2018 transmission annual revenue requirement to reflect the federal corporate income tax rate reduction from 35% to 21% as a result of the Tax Act. This change in the federal corporate tax rate reduces the 2018 annual revenue requirement by $148 million, effective January 1, 2018. FERC continues to assess whether, and if so how, it will address changes and flow-backs to customers relating to accumulated deferred income taxes and bonus depreciation. In June 2018, PSE&G filed its 2017 true-up adjustment pertaining to its transmission formula rates in effect for 2017. This resulted in an adjustment of $27 million more than the 2017 originally filed revenues, the impact of which PSE&G had primarily recognized in its Consolidated Statement of Operations for the year ended December 31, 2017. BGSS—In June 2018, PSE&G made its annual BGSS filing with the BPU requesting a decrease in the annual BGSS revenues of $26 million. If approved, the BGSS rate would be decreased from approximately 37 cents to 35 cents per therm for residential gas customers to be effective October 1, 2018. This matter is pending. In April 2018, the BPU approved the final BGSS rates which were effective October 1, 2017. In December 2017, February 2018 and March 2018, PSE&G filed with the BPU for self-implementing monthly bill credits of 15 cents per therm for the months of January through April 2018. Monthly bill credits of $125 million were credited to customers for the months of January through April 2018. ESP I Recovery Filing—In March and September of each year, PSE&G files with the BPU for base rate recovery of ESP I investments which include a return of and on its investment. In February 2018, the BPU approved recovery of an annual revenue requirement of $8 million associated with electric ESP I capital investment costs placed in service from June 1, 2017 through November 30, 2017. Societal Benefits Charge—In February 2018, the BPU approved PSE&G’s petition to increase electric rates by approximately $20 million on an annual basis and to decrease gas rates by approximately $0.8 million on an annual basis, in order to recover electric and gas costs incurred through May 31, 2017 under its Energy Efficiency and Renewable Energy and Social Programs. The new rates were effective April 1, 2018. Weather Normalization Clause (WNC)—In April 2018, the BPU gave final approval to PSE&G’s petition to collect $55 million in net deficiency gas revenues as a result of the warmer than normal 2016-2017 Winter Period (October 1 through May 31), which resulted in a deficiency of $31 million, plus a carryover balance of $24 million from the 2015-2016 Winter Period. In June 2018, PSE&G filed its 2017-2018 WNC petition seeking a net recovery of $14 million to be collected over the 2018-2019 Winter Period. The $14 million net recovery is the result of $9 million of excess revenues from the colder-than- normal 2017-2018 Winter Period offset by $23 million of remaining prior Winter Period undercollection. Green Program Recovery Charges (GPRC)—In June 2018, PSE&G filed its 2018 GPRC cost recovery petition requesting recovery of approximately $65 million and $6 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Gas System Modernization Program I (GSMP I)—In July 2018, PSE&G filed its annual GSMP I cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $26 million effective January 1, 2019. This increase represents the return of and on investment for GSMP I investments expected to be in service through September 30, 2018. This request will be updated in October 2018 for actual costs.

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