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Rate Filings | 9 Months Ended
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Sep. 30, 2019
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2018. 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: Transmission Formula Rate Filings—In October 2019, PSE&G filed its 2019 Annual Transmission Formula Rate update with FERC requesting approximately $332 million in increased annual transmission revenue effective January 1, 2020, subject to true-up. In June 2019, PSE&G filed its 2018 true-up adjustment pertaining to its transmission formula rates in effect for 2018. This filing resulted in an additional revenue requirement adjustment of $52 million more than the 2018 originally filed revenue requirement. PSE&G had previously recognized the majority of the additional revenue requirement in its 2018 Consolidated Statement of Operations. Tax Adjustment Credit (TAC)—In September 2019, PSE&G made its initial annual TAC filing following the implementation of the TAC as a result of the settlement of PSE&G’s distribution base rate case in 2018. The TAC allows for the flowback to customers of excess accumulated deferred income taxes resulting from the reduction of the federal income tax rates provided in the Tax Cuts and Jobs Act of 2017 (Tax Act) as well as the accumulated deferred income taxes from previously realized tax repair deductions and tax benefits from future tax repair deductions as realized. The 2019 TAC filing requests BPU approval to reduce electric and gas revenues by approximately $15 million and $10 million, respectively, on an annual basis starting January 1, 2020. BGSS—In September 2019, the BPU provisionally approved PSE&G’s request to decrease its BGSS rates which will decrease annual BGSS revenues by approximately $13 million. The BGSS rate decreased from approximately 35 cents to 34 cents per therm for residential gas customers effective October 1, 2019. In March 2019, the BPU approved the final BGSS rates which were effective October 1, 2018. Gas System Modernization Program I (GSMP I)—In September 2019, the BPU approved PSE&G’s final GSMP I cost recovery petition requesting approximately $11 million in gas revenues, on an annual basis, which included GSMP I investments in service as of June 30, 2019. The increase was effective October 1, 2019. Gas System Modernization Program II (GSMP II)—In September 2019, PSE&G updated its first GSMP II cost recovery petition to include GSMP II investments in service as of August 31, 2019. The updated petition seeks BPU approval to recover in gas base rates an estimated annual revenue increase of $17 million effective December 1, 2019. Green Program Recovery Charges (GPRC)—In September 2019, the BPU approved a one year extension of PSE&G’s Energy Efficiency (EE) 2017 component of its GPRC programs, authorizing an additional $27 million of EE Investments and $6 million of additional administrative costs for recovery though its existing filing mechanism. In June 2019, PSE&G filed its 2019 GPRC cost recovery petition requesting recovery of approximately $52 million and $11 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. In May 2019, the BPU approved PSE&G’s 2018 GPRC cost recovery petition requesting recovery of approximately $65 million and $6 million in electric and gas revenues, respectively, on an annual basis. Weather Normalization Clause (WNC)—In September 2019, the BPU approved PSE&G’s 2019-2020 WNC rates on a provisional basis allowing an approximate $8 million of overcollections from the colder-than-normal 2018-2019 Winter Period, to be refunded to customers over the 2019-2020 Winter Period, with rates effective October 1, 2019. In March 2019, the BPU approved the final 2018-2019 WNC rates which allowed a net recovery of $14 million to be collected over the 2018-2019 Winter Period. The $14 million net recovery was 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. Remediation Adjustment Clause (RAC)—In August 2019, the BPU approved PSE&G’s filing with respect to its RAC 26 petition allowing recovery of $73 million effective September 1, 2019 related to Manufactured Gas Plant (MGP) remediation expenditures from August 1, 2017 through July 31, 2018. ZEC Program—In April 2019, the BPU authorized the New Jersey EDCs, including PSE&G, to purchase ZECs from eligible nuclear plants selected by the BPU. In conjunction with this Order, the BPU authorized tariffs to collect a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour from each EDC’s retail distribution customers to be used to purchase ZECs from the selected plants. Each EDC purchases ZECs on a monthly basis with payment to be made annually following completion of each energy year. Under the program, any revenue collected in excess of the purchase price will be refunded to customers in the following year. For the energy year ended May 31, 2019, PSE&G purchased approximately $17 million in ZECs, including interest, from the eligible nuclear plants selected by the BPU. The payment for $17 million was made in August 2019. In addition, there was approximately $0.2 million, including interest, in overcollected revenues which will be refunded to customers pending BPU approval of the refunding mechanism.
Public Service Electric and Gas Company [Member] |
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2018. 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: Transmission Formula Rate Filings—In October 2019, PSE&G filed its 2019 Annual Transmission Formula Rate update with FERC requesting approximately $332 million in increased annual transmission revenue effective January 1, 2020, subject to true-up. In June 2019, PSE&G filed its 2018 true-up adjustment pertaining to its transmission formula rates in effect for 2018. This filing resulted in an additional revenue requirement adjustment of $52 million more than the 2018 originally filed revenue requirement. PSE&G had previously recognized the majority of the additional revenue requirement in its 2018 Consolidated Statement of Operations. Tax Adjustment Credit (TAC)—In September 2019, PSE&G made its initial annual TAC filing following the implementation of the TAC as a result of the settlement of PSE&G’s distribution base rate case in 2018. The TAC allows for the flowback to customers of excess accumulated deferred income taxes resulting from the reduction of the federal income tax rates provided in the Tax Cuts and Jobs Act of 2017 (Tax Act) as well as the accumulated deferred income taxes from previously realized tax repair deductions and tax benefits from future tax repair deductions as realized. The 2019 TAC filing requests BPU approval to reduce electric and gas revenues by approximately $15 million and $10 million, respectively, on an annual basis starting January 1, 2020. BGSS—In September 2019, the BPU provisionally approved PSE&G’s request to decrease its BGSS rates which will decrease annual BGSS revenues by approximately $13 million. The BGSS rate decreased from approximately 35 cents to 34 cents per therm for residential gas customers effective October 1, 2019. In March 2019, the BPU approved the final BGSS rates which were effective October 1, 2018. Gas System Modernization Program I (GSMP I)—In September 2019, the BPU approved PSE&G’s final GSMP I cost recovery petition requesting approximately $11 million in gas revenues, on an annual basis, which included GSMP I investments in service as of June 30, 2019. The increase was effective October 1, 2019. Gas System Modernization Program II (GSMP II)—In September 2019, PSE&G updated its first GSMP II cost recovery petition to include GSMP II investments in service as of August 31, 2019. The updated petition seeks BPU approval to recover in gas base rates an estimated annual revenue increase of $17 million effective December 1, 2019. Green Program Recovery Charges (GPRC)—In September 2019, the BPU approved a one year extension of PSE&G’s Energy Efficiency (EE) 2017 component of its GPRC programs, authorizing an additional $27 million of EE Investments and $6 million of additional administrative costs for recovery though its existing filing mechanism. In June 2019, PSE&G filed its 2019 GPRC cost recovery petition requesting recovery of approximately $52 million and $11 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. In May 2019, the BPU approved PSE&G’s 2018 GPRC cost recovery petition requesting recovery of approximately $65 million and $6 million in electric and gas revenues, respectively, on an annual basis. Weather Normalization Clause (WNC)—In September 2019, the BPU approved PSE&G’s 2019-2020 WNC rates on a provisional basis allowing an approximate $8 million of overcollections from the colder-than-normal 2018-2019 Winter Period, to be refunded to customers over the 2019-2020 Winter Period, with rates effective October 1, 2019. In March 2019, the BPU approved the final 2018-2019 WNC rates which allowed a net recovery of $14 million to be collected over the 2018-2019 Winter Period. The $14 million net recovery was 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. Remediation Adjustment Clause (RAC)—In August 2019, the BPU approved PSE&G’s filing with respect to its RAC 26 petition allowing recovery of $73 million effective September 1, 2019 related to Manufactured Gas Plant (MGP) remediation expenditures from August 1, 2017 through July 31, 2018. ZEC Program—In April 2019, the BPU authorized the New Jersey EDCs, including PSE&G, to purchase ZECs from eligible nuclear plants selected by the BPU. In conjunction with this Order, the BPU authorized tariffs to collect a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour from each EDC’s retail distribution customers to be used to purchase ZECs from the selected plants. Each EDC purchases ZECs on a monthly basis with payment to be made annually following completion of each energy year. Under the program, any revenue collected in excess of the purchase price will be refunded to customers in the following year. For the energy year ended May 31, 2019, PSE&G purchased approximately $17 million in ZECs, including interest, from the eligible nuclear plants selected by the BPU. The payment for $17 million was made in August 2019. In addition, there was approximately $0.2 million, including interest, in overcollected revenues which will be refunded to customers pending BPU approval of the refunding mechanism.

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