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Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions | 6 Months Ended
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Jun. 30, 2019
Early Plant Retirements/Asset Dispositions [Line Items] |
Early Plant Retirements/Asset Dispositions | Early Plant Retirements/Asset Dispositions Nuclear In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. Pursuant to a process established by the BPU, ZECs are purchased from selected nuclear plants and recovered through a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour (which is equivalent to approximately $10 per megawatt hour (MWh) in payments to selected nuclear plants (ZEC payment)). These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, and will be obligated to maintain operations, subject to exceptions specified in the ZEC legislation. PSEG Power anticipates it will recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. The ZEC legislation requires nuclear plants to reapply for any subsequent three year periods. The ZEC payment may be adjusted by the BPU (a) at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source or (b) at certain times specified in the ZEC legislation if the BPU determines that the purposes of the ZEC legislation can be achieved through a reduced charge that will nonetheless be sufficient to achieve the state’s air quality and other environmental objectives by preventing the retirement of nuclear plants. The BPU’s decision awarding ZECs has been appealed by the Division of Rate Counsel. The financial condition of the plants may nonetheless be materially adversely impacted by potential changes to the capacity market construct being considered by FERC (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC authorized capacity mechanism), and, in the case of the Salem nuclear plants, decisions by the EPA and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act and related state regulations, or other factors. Absent a material financial change, these adverse impacts could still result in PSEG Power taking all necessary steps to retire all of these plants following the end of the initial three year term of the ZECs program. Retirement of these plants would result in a material adverse impact on PSEG’s and PSEG Power’s financial results. Fossil In June 2019, PSEG Power entered into a purchase agreement to sell its ownership interests in the Keystone and Conemaugh generation plants and related assets and liabilities. The transaction is targeted to close during the second half of 2019, subject to customary closing conditions and regulatory approvals. As a result of the transaction, PSEG Power’s ownership interests in the Keystone and Conemaugh generation plants and related assets will no longer be classified as held for use in accordance with GAAP. In June 2019, PSEG Power recognized a pre-tax impairment charge of $395 million as the anticipated sale price is less than the current book value. As of June 30, 2019, the assets and liabilities of Keystone and Conemaugh were classified as Assets and Liabilities Held for Sale. The major classes of assets and liabilities included as part of the disposal group are net Property, Plant and Equipment of approximately $54 million, with the remainder in net working capital and asset retirement obligations. In addition, PSEG Power’s equity method investments, which are included as part of the disposal group, remain classified as Long-Term Investments as the asset dispositions do not meet the criteria for discontinued operations.
PSEG Power [Member] |
Early Plant Retirements/Asset Dispositions [Line Items] |
Early Plant Retirements/Asset Dispositions | Early Plant Retirements/Asset Dispositions Nuclear In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. Pursuant to a process established by the BPU, ZECs are purchased from selected nuclear plants and recovered through a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour (which is equivalent to approximately $10 per megawatt hour (MWh) in payments to selected nuclear plants (ZEC payment)). These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, and will be obligated to maintain operations, subject to exceptions specified in the ZEC legislation. PSEG Power anticipates it will recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. The ZEC legislation requires nuclear plants to reapply for any subsequent three year periods. The ZEC payment may be adjusted by the BPU (a) at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source or (b) at certain times specified in the ZEC legislation if the BPU determines that the purposes of the ZEC legislation can be achieved through a reduced charge that will nonetheless be sufficient to achieve the state’s air quality and other environmental objectives by preventing the retirement of nuclear plants. The BPU’s decision awarding ZECs has been appealed by the Division of Rate Counsel. The financial condition of the plants may nonetheless be materially adversely impacted by potential changes to the capacity market construct being considered by FERC (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC authorized capacity mechanism), and, in the case of the Salem nuclear plants, decisions by the EPA and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act and related state regulations, or other factors. Absent a material financial change, these adverse impacts could still result in PSEG Power taking all necessary steps to retire all of these plants following the end of the initial three year term of the ZECs program. Retirement of these plants would result in a material adverse impact on PSEG’s and PSEG Power’s financial results. Fossil In June 2019, PSEG Power entered into a purchase agreement to sell its ownership interests in the Keystone and Conemaugh generation plants and related assets and liabilities. The transaction is targeted to close during the second half of 2019, subject to customary closing conditions and regulatory approvals. As a result of the transaction, PSEG Power’s ownership interests in the Keystone and Conemaugh generation plants and related assets will no longer be classified as held for use in accordance with GAAP. In June 2019, PSEG Power recognized a pre-tax impairment charge of $395 million as the anticipated sale price is less than the current book value. As of June 30, 2019, the assets and liabilities of Keystone and Conemaugh were classified as Assets and Liabilities Held for Sale. The major classes of assets and liabilities included as part of the disposal group are net Property, Plant and Equipment of approximately $54 million, with the remainder in net working capital and asset retirement obligations. In addition, PSEG Power’s equity method investments, which are included as part of the disposal group, remain classified as Long-Term Investments as the asset dispositions do not meet the criteria for discontinued operations.

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