XML 167 R25.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Debt and Credit Facilities | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2019 |  | $ | — |  |  | $ | 350 |  |
| Variable Rate |  | 2020 |  | 700 |  |  | 700 |  |
| Total Term Loan |  |  |  | 700 |  |  | 1,050 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | — |  |  | 400 |  |
| 2.00% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  | 2022 |  | 700 |  |  | 700 |  |
| 2.88% |  | 2024 |  | 750 |  |  | — |  |
| Total Senior Notes |  |  |  | 1,750 |  |  | 1,400 |  |
| Principal Amount Outstanding |  |  |  | 2,450 |  |  | 2,450 |  |
| Amounts Due Within One Year |  |  |  | (700 | ) |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (9 | ) |  | (7 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 1,741 |  |  | $ | 1,693 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | 134 |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 149 |  |
| Medium-Term Notes (MTNs) (A): |  |  |  |  |  |  |
| 1.80% |  | 2019 |  | — |  |  | 250 |  |
| 2.00% |  | 2019 |  | — |  |  | 250 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 1.90% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.25% |  | 2023 |  | 325 |  |  | 325 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | 375 |  |
| 3.65% |  | 2028 |  | 325 |  |  | 325 |  |
| 3.20% |  | 2029 |  | 375 |  |  | — |  |
| 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 |  |  | 550 |  |
| 3.60% |  | 2047 |  | 350 |  |  | 350 |  |
| 4.05% |  | 2048 |  | 325 |  |  | 325 |  |
| 3.85% |  | 2049 |  | 375 |  |  | — |  |
| 3.20% |  | 2049 |  | 400 |  |  | — |  |
| Total MTNs |  |  |  | 9,759 |  |  | 9,109 |  |
| Principal Amount Outstanding |  |  |  | 9,908 |  |  | 9,258 |  |
| Amounts Due Within One Year |  |  |  | (259 | ) |  | (500 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (81 | ) |  | (74 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 9,568 |  |  | $ | 8,684 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.13% |  | 2020 |  | $ | 406 |  |  | $ | 406 |  |
| 3.00% |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  | 2023 |  | 700 |  |  | 700 |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,806 |  |  | 2,806 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (B) |  | 2022 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,850 |  |  | 2,850 |  |
| Amounts Due Within One Year |  |  |  | (406 | ) |  | (44 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (10 | ) |  | (15 | ) |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 2,434 |  |  | $ | 2,791 |  |
(A) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(B) | The Pennsylvania Economic Development Financing Authority (PEDFA) bond that is serviced and secured by PSEG Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2019 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
| 2020 |  | $ | 700 |  |  | $ | 259 |  |  | $ | 406 |  |  | $ | 1,365 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | 44 |  |  | 744 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| Thereafter |  | — |  |  | 7,640 |  |  | 500 |  |  | 8,140 |  |
| Total |  | $ | 2,450 |  |  | $ | 9,908 |  |  | $ | 2,850 |  |  | $ | 15,208 |  |
Long-Term Debt Financing Transactions During 2019, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | issued $750 million of 2.875% Senior Notes due June 2024,
• | repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80%, and
• | retired $400 million of 1.60% Senior Notes at maturity.
PSE&G •issued $400 million of 3.20% Secured Medium-Term Notes, Series M, due August 2049,
• | issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,
• | issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049,
• | retired $250 million of 1.80% Medium-Term Notes, Series I, at maturity, and
• | retired $250 million of 2.00% Medium-Term Notes, Series J, at maturity.
In January 2020, PSE&G issued $300 million of 2.45% Medium-Term Notes, Series N, due January 2030 and $300 million of 3.15% Medium-Term Notes, Series N, due January 2050. PSEG Power
• | PSEG Power executed an extension of the letter of credit backing $44 million of PEDFA Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, was extended through March 2022.
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG 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, 2019, the total available credit capacity was $2.9 billion. As of December 31, 2019, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2019, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. 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, 2019 were as follows:
|  |  | As of December 31, 2019 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 121 |  |  | $ | 79 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2023 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 161 |  |  | $ | 1,939 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 1,336 |  |  | $ | 2,864 |  |  |  |  |  |
(A)PSEG facilities will be reduced by $9 million in March 2022.
(B) | PSE&G facility will be reduced by $4 million in March 2022.
(C) | PSEG Power facilities will be reduced by $12 million in March 2022.
(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, 2019, PSEG had $753 million outstanding at a weighted average interest rate of 2.08%. PSE&G had $362 million outstanding at a weighted average interest rate of 1.95% under its Commercial Paper Program as of December 31, 2019.
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, 2019 and 2018 are included in the following table and accompanying notes as of December 31, 2019 and 2018. See Note 19. 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, 2019 |  | December 31, 2018 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,441 |  |  | $ | 2,479 |  |  | $ | 2,443 |  |  | $ | 2,397 |  |
| PSE&G (B) |  | 9,827 |  |  | 11,107 |  |  | 9,184 |  |  | 9,374 |  |
| PSEG Power (B) |  | 2,840 |  |  | 3,137 |  |  | 2,835 |  |  | 2,996 |  |
| Total Long-Term Debt |  | $ | 15,108 |  |  | $ | 16,723 |  |  | $ | 14,462 |  |  | $ | 14,767 |  |
(A) | As of December 31, 2019 and 2018, fair value includes floating rate term loans of $700 million and $1,050 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.
(B) Given that these bonds do not trade actively, 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
Public Service Electric and Gas Company |
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2019 |  | $ | — |  |  | $ | 350 |  |
| Variable Rate |  | 2020 |  | 700 |  |  | 700 |  |
| Total Term Loan |  |  |  | 700 |  |  | 1,050 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | — |  |  | 400 |  |
| 2.00% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  | 2022 |  | 700 |  |  | 700 |  |
| 2.88% |  | 2024 |  | 750 |  |  | — |  |
| Total Senior Notes |  |  |  | 1,750 |  |  | 1,400 |  |
| Principal Amount Outstanding |  |  |  | 2,450 |  |  | 2,450 |  |
| Amounts Due Within One Year |  |  |  | (700 | ) |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (9 | ) |  | (7 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 1,741 |  |  | $ | 1,693 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | 134 |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 149 |  |
| Medium-Term Notes (MTNs) (A): |  |  |  |  |  |  |
| 1.80% |  | 2019 |  | — |  |  | 250 |  |
| 2.00% |  | 2019 |  | — |  |  | 250 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 1.90% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.25% |  | 2023 |  | 325 |  |  | 325 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | 375 |  |
| 3.65% |  | 2028 |  | 325 |  |  | 325 |  |
| 3.20% |  | 2029 |  | 375 |  |  | — |  |
| 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 |  |  | 550 |  |
| 3.60% |  | 2047 |  | 350 |  |  | 350 |  |
| 4.05% |  | 2048 |  | 325 |  |  | 325 |  |
| 3.85% |  | 2049 |  | 375 |  |  | — |  |
| 3.20% |  | 2049 |  | 400 |  |  | — |  |
| Total MTNs |  |  |  | 9,759 |  |  | 9,109 |  |
| Principal Amount Outstanding |  |  |  | 9,908 |  |  | 9,258 |  |
| Amounts Due Within One Year |  |  |  | (259 | ) |  | (500 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (81 | ) |  | (74 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 9,568 |  |  | $ | 8,684 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.13% |  | 2020 |  | $ | 406 |  |  | $ | 406 |  |
| 3.00% |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  | 2023 |  | 700 |  |  | 700 |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,806 |  |  | 2,806 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (B) |  | 2022 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,850 |  |  | 2,850 |  |
| Amounts Due Within One Year |  |  |  | (406 | ) |  | (44 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (10 | ) |  | (15 | ) |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 2,434 |  |  | $ | 2,791 |  |
(A) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(B) | The Pennsylvania Economic Development Financing Authority (PEDFA) bond that is serviced and secured by PSEG Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2019 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
| 2020 |  | $ | 700 |  |  | $ | 259 |  |  | $ | 406 |  |  | $ | 1,365 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | 44 |  |  | 744 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| Thereafter |  | — |  |  | 7,640 |  |  | 500 |  |  | 8,140 |  |
| Total |  | $ | 2,450 |  |  | $ | 9,908 |  |  | $ | 2,850 |  |  | $ | 15,208 |  |
Long-Term Debt Financing Transactions During 2019, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | issued $750 million of 2.875% Senior Notes due June 2024,
• | repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80%, and
• | retired $400 million of 1.60% Senior Notes at maturity.
PSE&G •issued $400 million of 3.20% Secured Medium-Term Notes, Series M, due August 2049,
• | issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,
• | issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049,
• | retired $250 million of 1.80% Medium-Term Notes, Series I, at maturity, and
• | retired $250 million of 2.00% Medium-Term Notes, Series J, at maturity.
In January 2020, PSE&G issued $300 million of 2.45% Medium-Term Notes, Series N, due January 2030 and $300 million of 3.15% Medium-Term Notes, Series N, due January 2050. PSEG Power
• | PSEG Power executed an extension of the letter of credit backing $44 million of PEDFA Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, was extended through March 2022.
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG 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, 2019, the total available credit capacity was $2.9 billion. As of December 31, 2019, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2019, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. 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, 2019 were as follows:
|  |  | As of December 31, 2019 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 121 |  |  | $ | 79 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2023 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 161 |  |  | $ | 1,939 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 1,336 |  |  | $ | 2,864 |  |  |  |  |  |
(A)PSEG facilities will be reduced by $9 million in March 2022.
(B) | PSE&G facility will be reduced by $4 million in March 2022.
(C) | PSEG Power facilities will be reduced by $12 million in March 2022.
(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, 2019, PSEG had $753 million outstanding at a weighted average interest rate of 2.08%. PSE&G had $362 million outstanding at a weighted average interest rate of 1.95% under its Commercial Paper Program as of December 31, 2019.
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, 2019 and 2018 are included in the following table and accompanying notes as of December 31, 2019 and 2018. See Note 19. 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, 2019 |  | December 31, 2018 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,441 |  |  | $ | 2,479 |  |  | $ | 2,443 |  |  | $ | 2,397 |  |
| PSE&G (B) |  | 9,827 |  |  | 11,107 |  |  | 9,184 |  |  | 9,374 |  |
| PSEG Power (B) |  | 2,840 |  |  | 3,137 |  |  | 2,835 |  |  | 2,996 |  |
| Total Long-Term Debt |  | $ | 15,108 |  |  | $ | 16,723 |  |  | $ | 14,462 |  |  | $ | 14,767 |  |
(A) | As of December 31, 2019 and 2018, fair value includes floating rate term loans of $700 million and $1,050 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.
(B) Given that these bonds do not trade actively, 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
PSEG Power LLC |
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2019 |  | $ | — |  |  | $ | 350 |  |
| Variable Rate |  | 2020 |  | 700 |  |  | 700 |  |
| Total Term Loan |  |  |  | 700 |  |  | 1,050 |  |
| Senior Notes: |  |  |  |  |  |  |
| 1.60% |  | 2019 |  | — |  |  | 400 |  |
| 2.00% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  | 2022 |  | 700 |  |  | 700 |  |
| 2.88% |  | 2024 |  | 750 |  |  | — |  |
| Total Senior Notes |  |  |  | 1,750 |  |  | 1,400 |  |
| Principal Amount Outstanding |  |  |  | 2,450 |  |  | 2,450 |  |
| Amounts Due Within One Year |  |  |  | (700 | ) |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (9 | ) |  | (7 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 1,741 |  |  | $ | 1,693 |  |
`
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | 134 |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 149 |  |  | 149 |  |
| Medium-Term Notes (MTNs) (A): |  |  |  |  |  |  |
| 1.80% |  | 2019 |  | — |  |  | 250 |  |
| 2.00% |  | 2019 |  | — |  |  | 250 |  |
| 3.50% |  | 2020 |  | 250 |  |  | 250 |  |
| 7.04% |  | 2020 |  | 9 |  |  | 9 |  |
| 1.90% |  | 2021 |  | 300 |  |  | 300 |  |
| 2.38% |  | 2023 |  | 500 |  |  | 500 |  |
| 3.25% |  | 2023 |  | 325 |  |  | 325 |  |
| 3.75% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.15% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.05% |  | 2024 |  | 250 |  |  | 250 |  |
| 3.00% |  | 2025 |  | 350 |  |  | 350 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | 375 |  |
| 3.65% |  | 2028 |  | 325 |  |  | 325 |  |
| 3.20% |  | 2029 |  | 375 |  |  | — |  |
| 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 |  |  | 550 |  |
| 3.60% |  | 2047 |  | 350 |  |  | 350 |  |
| 4.05% |  | 2048 |  | 325 |  |  | 325 |  |
| 3.85% |  | 2049 |  | 375 |  |  | — |  |
| 3.20% |  | 2049 |  | 400 |  |  | — |  |
| Total MTNs |  |  |  | 9,759 |  |  | 9,109 |  |
| Principal Amount Outstanding |  |  |  | 9,908 |  |  | 9,258 |  |
| Amounts Due Within One Year |  |  |  | (259 | ) |  | (500 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (81 | ) |  | (74 | ) |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 9,568 |  |  | $ | 8,684 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2019 |  | 2018 |
|  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.13% |  | 2020 |  | $ | 406 |  |  | $ | 406 |  |
| 3.00% |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  | 2023 |  | 700 |  |  | 700 |  |
| 4.30% |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% |  | 2031 |  | 500 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,806 |  |  | 2,806 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (B) |  | 2022 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,850 |  |  | 2,850 |  |
| Amounts Due Within One Year |  |  |  | (406 | ) |  | (44 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (10 | ) |  | (15 | ) |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 2,434 |  |  | $ | 2,791 |  |
(A) | Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.
(B) | The Pennsylvania Economic Development Financing Authority (PEDFA) bond that is serviced and secured by PSEG Power Pollution Control Notes is a variable rate bond that is in weekly reset mode.
Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2019 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
| 2020 |  | $ | 700 |  |  | $ | 259 |  |  | $ | 406 |  |  | $ | 1,365 |  |
| 2021 |  | 300 |  |  | 434 |  |  | 950 |  |  | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | 44 |  |  | 744 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| Thereafter |  | — |  |  | 7,640 |  |  | 500 |  |  | 8,140 |  |
| Total |  | $ | 2,450 |  |  | $ | 9,908 |  |  | $ | 2,850 |  |  | $ | 15,208 |  |
Long-Term Debt Financing Transactions During 2019, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG
• | issued $750 million of 2.875% Senior Notes due June 2024,
• | repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80%, and
• | retired $400 million of 1.60% Senior Notes at maturity.
PSE&G •issued $400 million of 3.20% Secured Medium-Term Notes, Series M, due August 2049,
• | issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,
• | issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049,
• | retired $250 million of 1.80% Medium-Term Notes, Series I, at maturity, and
• | retired $250 million of 2.00% Medium-Term Notes, Series J, at maturity.
In January 2020, PSE&G issued $300 million of 2.45% Medium-Term Notes, Series N, due January 2030 and $300 million of 3.15% Medium-Term Notes, Series N, due January 2050. PSEG Power
• | PSEG Power executed an extension of the letter of credit backing $44 million of PEDFA Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, was extended through March 2022.
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG 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, 2019, the total available credit capacity was $2.9 billion. As of December 31, 2019, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2019, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. 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, 2019 were as follows:
|  |  | As of December 31, 2019 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 796 |  |  | $ | 704 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  | Mar 2023 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 379 |  |  | $ | 221 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facilities |  | $ | 200 |  |  | $ | 121 |  |  | $ | 79 |  |  | Sept 2021 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 40 |  |  | 1,860 |  |  | Mar 2023 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 161 |  |  | $ | 1,939 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 1,336 |  |  | $ | 2,864 |  |  |  |  |  |
(A)PSEG facilities will be reduced by $9 million in March 2022.
(B) | PSE&G facility will be reduced by $4 million in March 2022.
(C) | PSEG Power facilities will be reduced by $12 million in March 2022.
(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, 2019, PSEG had $753 million outstanding at a weighted average interest rate of 2.08%. PSE&G had $362 million outstanding at a weighted average interest rate of 1.95% under its Commercial Paper Program as of December 31, 2019.
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, 2019 and 2018 are included in the following table and accompanying notes as of December 31, 2019 and 2018. See Note 19. 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, 2019 |  | December 31, 2018 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,441 |  |  | $ | 2,479 |  |  | $ | 2,443 |  |  | $ | 2,397 |  |
| PSE&G (B) |  | 9,827 |  |  | 11,107 |  |  | 9,184 |  |  | 9,374 |  |
| PSEG Power (B) |  | 2,840 |  |  | 3,137 |  |  | 2,835 |  |  | 2,996 |  |
| Total Long-Term Debt |  | $ | 15,108 |  |  | $ | 16,723 |  |  | $ | 14,462 |  |  | $ | 14,767 |  |
(A) | As of December 31, 2019 and 2018, fair value includes floating rate term loans of $700 million and $1,050 million, respectively. The fair values of the term loan debt (Level 2 measurement) approximate the carrying value because the interest payments are based on LIBOR rates that are reset monthly and the debt is redeemable at face value by PSEG at any time.
(B) Given that these bonds do not trade actively, 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 (i.e. U.S. Treasury rate plus credit spread) is 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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

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