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Revenues Revenues | 3 Months Ended
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Mar. 31, 2020
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and PSEG Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power Revenues from Contracts with Customers Electricity and Related Products—Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Interconnection, L.L.C. (PJM) Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers PSEG Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
|  | PSE&G |  | PSEG Power |  | Other |  | Eliminations |  | Consolidated |
|  | Millions |
| Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |
| Electric Distribution | $ | 649 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 649 |  |
| Gas Distribution | 731 |  |  | — |  |  | — |  |  | (2 | ) |  | 729 |  |
| Transmission | 366 |  |  | — |  |  | — |  |  | — |  |  | 366 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 368 |  |  | — |  |  | — |  |  | 368 |  |
| Sales to Affiliates | — |  |  | 121 |  |  | — |  |  | (121 | ) |  | — |  |
| New York ISO | — |  |  | 25 |  |  | — |  |  | — |  |  | 25 |  |
| ISO New England | — |  |  | 48 |  |  | — |  |  | — |  |  | 48 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 29 |  |  | — |  |  | — |  |  | 29 |  |
| Sales to Affiliates | — |  |  | 354 |  |  | — |  |  | (354 | ) |  | — |  |
| Other Revenues from Contracts with Customers (A) | 82 |  |  | 10 |  |  | 144 |  |  | (1 | ) |  | 235 |  |
| Total Revenues from Contracts with Customers | 1,828 |  |  | 955 |  |  | 144 |  |  | (478 | ) |  | 2,449 |  |
| Revenues Unrelated to Contracts with Customers (B) | 55 |  |  | 265 |  |  | 12 |  |  | — |  |  | 332 |  |
| Total Operating Revenues | $ | 1,883 |  |  | $ | 1,220 |  |  | $ | 156 |  |  | $ | (478 | ) |  | $ | 2,781 |  |
|  | PSE&G |  | PSEG Power |  | Other |  | Eliminations |  | Consolidated |
|  | Millions |
| Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |
| Electric Distribution | $ | 742 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 742 |  |
| Gas Distribution | 931 |  |  | — |  |  | — |  |  | (3 | ) |  | 928 |  |
| Transmission | 288 |  |  | — |  |  | — |  |  | — |  |  | 288 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 515 |  |  | — |  |  | — |  |  | 515 |  |
| Sales to Affiliates | — |  |  | 126 |  |  | — |  |  | (126 | ) |  | — |  |
| New York ISO | — |  |  | 41 |  |  | — |  |  | — |  |  | 41 |  |
| ISO New England | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 47 |  |  | — |  |  | — |  |  | 47 |  |
| Sales to Affiliates | — |  |  | 479 |  |  | — |  |  | (479 | ) |  | — |  |
| Other Revenues from Contracts with Customers (A) | 64 |  |  | 10 |  |  | 131 |  |  | (1 | ) |  | 204 |  |
| Total Revenues from Contracts with Customers | 2,025 |  |  | 1,239 |  |  | 131 |  |  | (609 | ) |  | 2,786 |  |
| Revenues Unrelated to Contracts with Customers (B) | 7 |  |  | 177 |  |  | 10 |  |  | — |  |  | 194 |  |
| Total Operating Revenues | $ | 2,032 |  |  | $ | 1,416 |  |  | $ | 141 |  |  | $ | (609 | ) |  | $ | 2,980 |  |
(A) | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other.
(B) | Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other.
Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2020 and December 31, 2019. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately seven percent and six percent of accounts receivable (including unbilled revenues in 2020) as of March 31, 2020 and December 31, 2019, respectively. As of December 31, 2019, there was no allowance for unbilled revenues. Effective January 1, 2020, PSE&G adopted ASU 2016-13 and recorded an allowance for unbilled revenues. See Note 2. Recent Accounting Standards. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic on the outstanding balances as of March 31, 2020. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2020:
|  | Three Months Ended March 31, 2020 |
|  | Millions |
| Balance as of January 1, 2020 (A) | $ | 68 |  |
| Utility Customer Accounts |  |
| Provision for Expected Credit Losses | 32 |  |
| Write-offs, net of Recoveries of $2 million | (20 | ) |
| Balance as of March 31, 2020 | $ | 80 |  |
(A) | Includes an $8 million pre-tax increase at adoption of ASU 2016-13. See Note 2. Recent Accounting Standards.
PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2020 and December 31, 2019. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2020. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of March 31, 2020 and December 31, 2019. Remaining Performance Obligations under Fixed Consideration Contracts PSEG Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
| Delivery Year |  | $ per MW-Day |  | MW Cleared |
| June 2019 to May 2020 |  | $116 |  | 8,300 |  |
| June 2020 to May 2021 |  | $179 |  | 7,300 |  |
| June 2021 to May 2022 |  | $182 |  | 6,900 |  |
Capacity Payments from the ISO New England Forward Capacity Market—The Forward Capacity Market (FCM) Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:
| Delivery Year |  | $ per MW-Day (A) |  | MW Cleared |
| June 2019 to May 2020 |  | $231 |  | 1,330 |  |
| June 2020 to May 2021 |  | $195 |  | 1,330 |  |
| June 2021 to May 2022 |  | $192 |  | 950 |  |
| June 2022 to May 2023 |  | $179 |  | 950 |  |
| June 2023 to May 2024 |  | $141 |  | 1,060 |  |
| June 2024 to May 2025 |  | $231 |  | 480 |  |
| June 2025 to May 2026 |  | $231 |  | 480 |  |
(A) | Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above.
Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $161 million. Other The LIPA OSA is a 12-year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2020 is $67 million and could increase each year based on the change in the Consumer Price Index (CPI).
Public Service Electric and Gas Company [Member] |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and PSEG Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power Revenues from Contracts with Customers Electricity and Related Products—Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Interconnection, L.L.C. (PJM) Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers PSEG Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
|  | PSE&G |  | PSEG Power |  | Other |  | Eliminations |  | Consolidated |
|  | Millions |
| Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |
| Electric Distribution | $ | 649 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 649 |  |
| Gas Distribution | 731 |  |  | — |  |  | — |  |  | (2 | ) |  | 729 |  |
| Transmission | 366 |  |  | — |  |  | — |  |  | — |  |  | 366 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 368 |  |  | — |  |  | — |  |  | 368 |  |
| Sales to Affiliates | — |  |  | 121 |  |  | — |  |  | (121 | ) |  | — |  |
| New York ISO | — |  |  | 25 |  |  | — |  |  | — |  |  | 25 |  |
| ISO New England | — |  |  | 48 |  |  | — |  |  | — |  |  | 48 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 29 |  |  | — |  |  | — |  |  | 29 |  |
| Sales to Affiliates | — |  |  | 354 |  |  | — |  |  | (354 | ) |  | — |  |
| Other Revenues from Contracts with Customers (A) | 82 |  |  | 10 |  |  | 144 |  |  | (1 | ) |  | 235 |  |
| Total Revenues from Contracts with Customers | 1,828 |  |  | 955 |  |  | 144 |  |  | (478 | ) |  | 2,449 |  |
| Revenues Unrelated to Contracts with Customers (B) | 55 |  |  | 265 |  |  | 12 |  |  | — |  |  | 332 |  |
| Total Operating Revenues | $ | 1,883 |  |  | $ | 1,220 |  |  | $ | 156 |  |  | $ | (478 | ) |  | $ | 2,781 |  |
|  | PSE&G |  | PSEG Power |  | Other |  | Eliminations |  | Consolidated |
|  | Millions |
| Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |
| Electric Distribution | $ | 742 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 742 |  |
| Gas Distribution | 931 |  |  | — |  |  | — |  |  | (3 | ) |  | 928 |  |
| Transmission | 288 |  |  | — |  |  | — |  |  | — |  |  | 288 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 515 |  |  | — |  |  | — |  |  | 515 |  |
| Sales to Affiliates | — |  |  | 126 |  |  | — |  |  | (126 | ) |  | — |  |
| New York ISO | — |  |  | 41 |  |  | — |  |  | — |  |  | 41 |  |
| ISO New England | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 47 |  |  | — |  |  | — |  |  | 47 |  |
| Sales to Affiliates | — |  |  | 479 |  |  | — |  |  | (479 | ) |  | — |  |
| Other Revenues from Contracts with Customers (A) | 64 |  |  | 10 |  |  | 131 |  |  | (1 | ) |  | 204 |  |
| Total Revenues from Contracts with Customers | 2,025 |  |  | 1,239 |  |  | 131 |  |  | (609 | ) |  | 2,786 |  |
| Revenues Unrelated to Contracts with Customers (B) | 7 |  |  | 177 |  |  | 10 |  |  | — |  |  | 194 |  |
| Total Operating Revenues | $ | 2,032 |  |  | $ | 1,416 |  |  | $ | 141 |  |  | $ | (609 | ) |  | $ | 2,980 |  |
(A) | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other.
(B) | Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other.
Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2020 and December 31, 2019. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately seven percent and six percent of accounts receivable (including unbilled revenues in 2020) as of March 31, 2020 and December 31, 2019, respectively. As of December 31, 2019, there was no allowance for unbilled revenues. Effective January 1, 2020, PSE&G adopted ASU 2016-13 and recorded an allowance for unbilled revenues. See Note 2. Recent Accounting Standards. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic on the outstanding balances as of March 31, 2020. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2020:
|  | Three Months Ended March 31, 2020 |
|  | Millions |
| Balance as of January 1, 2020 (A) | $ | 68 |  |
| Utility Customer Accounts |  |
| Provision for Expected Credit Losses | 32 |  |
| Write-offs, net of Recoveries of $2 million | (20 | ) |
| Balance as of March 31, 2020 | $ | 80 |  |
(A) | Includes an $8 million pre-tax increase at adoption of ASU 2016-13. See Note 2. Recent Accounting Standards.
PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2020 and December 31, 2019. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2020. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of March 31, 2020 and December 31, 2019. Remaining Performance Obligations under Fixed Consideration Contracts PSEG Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
| Delivery Year |  | $ per MW-Day |  | MW Cleared |
| June 2019 to May 2020 |  | $116 |  | 8,300 |  |
| June 2020 to May 2021 |  | $179 |  | 7,300 |  |
| June 2021 to May 2022 |  | $182 |  | 6,900 |  |
Capacity Payments from the ISO New England Forward Capacity Market—The Forward Capacity Market (FCM) Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:
| Delivery Year |  | $ per MW-Day (A) |  | MW Cleared |
| June 2019 to May 2020 |  | $231 |  | 1,330 |  |
| June 2020 to May 2021 |  | $195 |  | 1,330 |  |
| June 2021 to May 2022 |  | $192 |  | 950 |  |
| June 2022 to May 2023 |  | $179 |  | 950 |  |
| June 2023 to May 2024 |  | $141 |  | 1,060 |  |
| June 2024 to May 2025 |  | $231 |  | 480 |  |
| June 2025 to May 2026 |  | $231 |  | 480 |  |
(A) | Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above.
Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $161 million. Other The LIPA OSA is a 12-year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2020 is $67 million and could increase each year based on the change in the Consumer Price Index (CPI).
PSEG Power [Member] |
Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and PSEG Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or services are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due within 30 days of month of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power Revenues from Contracts with Customers Electricity and Related Products—Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Interconnection, L.L.C. (PJM) Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers PSEG Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
|  | PSE&G |  | PSEG Power |  | Other |  | Eliminations |  | Consolidated |
|  | Millions |
| Three Months Ended March 31, 2020 |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |
| Electric Distribution | $ | 649 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 649 |  |
| Gas Distribution | 731 |  |  | — |  |  | — |  |  | (2 | ) |  | 729 |  |
| Transmission | 366 |  |  | — |  |  | — |  |  | — |  |  | 366 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 368 |  |  | — |  |  | — |  |  | 368 |  |
| Sales to Affiliates | — |  |  | 121 |  |  | — |  |  | (121 | ) |  | — |  |
| New York ISO | — |  |  | 25 |  |  | — |  |  | — |  |  | 25 |  |
| ISO New England | — |  |  | 48 |  |  | — |  |  | — |  |  | 48 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 29 |  |  | — |  |  | — |  |  | 29 |  |
| Sales to Affiliates | — |  |  | 354 |  |  | — |  |  | (354 | ) |  | — |  |
| Other Revenues from Contracts with Customers (A) | 82 |  |  | 10 |  |  | 144 |  |  | (1 | ) |  | 235 |  |
| Total Revenues from Contracts with Customers | 1,828 |  |  | 955 |  |  | 144 |  |  | (478 | ) |  | 2,449 |  |
| Revenues Unrelated to Contracts with Customers (B) | 55 |  |  | 265 |  |  | 12 |  |  | — |  |  | 332 |  |
| Total Operating Revenues | $ | 1,883 |  |  | $ | 1,220 |  |  | $ | 156 |  |  | $ | (478 | ) |  | $ | 2,781 |  |
|  | PSE&G |  | PSEG Power |  | Other |  | Eliminations |  | Consolidated |
|  | Millions |
| Three Months Ended March 31, 2019 |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |
| Electric Distribution | $ | 742 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 742 |  |
| Gas Distribution | 931 |  |  | — |  |  | — |  |  | (3 | ) |  | 928 |  |
| Transmission | 288 |  |  | — |  |  | — |  |  | — |  |  | 288 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 515 |  |  | — |  |  | — |  |  | 515 |  |
| Sales to Affiliates | — |  |  | 126 |  |  | — |  |  | (126 | ) |  | — |  |
| New York ISO | — |  |  | 41 |  |  | — |  |  | — |  |  | 41 |  |
| ISO New England | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 47 |  |  | — |  |  | — |  |  | 47 |  |
| Sales to Affiliates | — |  |  | 479 |  |  | — |  |  | (479 | ) |  | — |  |
| Other Revenues from Contracts with Customers (A) | 64 |  |  | 10 |  |  | 131 |  |  | (1 | ) |  | 204 |  |
| Total Revenues from Contracts with Customers | 2,025 |  |  | 1,239 |  |  | 131 |  |  | (609 | ) |  | 2,786 |  |
| Revenues Unrelated to Contracts with Customers (B) | 7 |  |  | 177 |  |  | 10 |  |  | — |  |  | 194 |  |
| Total Operating Revenues | $ | 2,032 |  |  | $ | 1,416 |  |  | $ | 141 |  |  | $ | (609 | ) |  | $ | 2,980 |  |
(A) | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other.
(B) | Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other.
Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of March 31, 2020 and December 31, 2019. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately seven percent and six percent of accounts receivable (including unbilled revenues in 2020) as of March 31, 2020 and December 31, 2019, respectively. As of December 31, 2019, there was no allowance for unbilled revenues. Effective January 1, 2020, PSE&G adopted ASU 2016-13 and recorded an allowance for unbilled revenues. See Note 2. Recent Accounting Standards. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic on the outstanding balances as of March 31, 2020. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months ended March 31, 2020:
|  | Three Months Ended March 31, 2020 |
|  | Millions |
| Balance as of January 1, 2020 (A) | $ | 68 |  |
| Utility Customer Accounts |  |
| Provision for Expected Credit Losses | 32 |  |
| Write-offs, net of Recoveries of $2 million | (20 | ) |
| Balance as of March 31, 2020 | $ | 80 |  |
(A) | Includes an $8 million pre-tax increase at adoption of ASU 2016-13. See Note 2. Recent Accounting Standards.
PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of March 31, 2020 and December 31, 2019. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of March 31, 2020. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of March 31, 2020 and December 31, 2019. Remaining Performance Obligations under Fixed Consideration Contracts PSEG Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
| Delivery Year |  | $ per MW-Day |  | MW Cleared |
| June 2019 to May 2020 |  | $116 |  | 8,300 |  |
| June 2020 to May 2021 |  | $179 |  | 7,300 |  |
| June 2021 to May 2022 |  | $182 |  | 6,900 |  |
Capacity Payments from the ISO New England Forward Capacity Market—The Forward Capacity Market (FCM) Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:
| Delivery Year |  | $ per MW-Day (A) |  | MW Cleared |
| June 2019 to May 2020 |  | $231 |  | 1,330 |  |
| June 2020 to May 2021 |  | $195 |  | 1,330 |  |
| June 2021 to May 2022 |  | $192 |  | 950 |  |
| June 2022 to May 2023 |  | $179 |  | 950 |  |
| June 2023 to May 2024 |  | $141 |  | 1,060 |  |
| June 2024 to May 2025 |  | $231 |  | 480 |  |
| June 2025 to May 2026 |  | $231 |  | 480 |  |
(A) | Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above.
Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $161 million. Other The LIPA OSA is a 12-year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2020 is $67 million and could increase each year based on the change in the Consumer Price Index (CPI).

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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