XML 57 R41.htm IDEA: XBRL DOCUMENT
v3.20.1

Financial Risk Management Activities (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Schedule Of Derivative Instruments Fair Value In Balance Sheets |
|  |  | As of March 31, 2020 |
|  |  | PSEG Power (A) |  | PSEG (A) |  | Consolidated |
|  |  | Not Designated |  |  |  |  |  | Cash Flow Hedges |  |  |
| Balance Sheet Location |  | Energy- Related Contracts |  | Netting (B) |  | Total PSEG Power |  | Interest Rate Swaps |  | Total Derivatives |
|  |  | Millions |
| Derivative Contracts |  |  |  |  |  |  |  |  |  |  |
| Current Assets |  | $ | 878 |  |  | $ | (709 | ) |  | $ | 169 |  |  | $ | — |  |  | $ | 169 |  |
| Noncurrent Assets |  | 299 |  |  | (230 | ) |  | 69 |  |  | — |  |  | 69 |  |
| Total Mark-to-Market Derivative Assets |  | $ | 1,177 |  |  | $ | (939 | ) |  | $ | 238 |  |  | $ | — |  |  | $ | 238 |  |
| Derivative Contracts |  |  |  |  |  |  |  |  |  |  |
| Current Liabilities |  | $ | (732 | ) |  | $ | 702 |  |  | $ | (30 | ) |  | $ | (10 | ) |  | $ | (40 | ) |
| Noncurrent Liabilities |  | (227 | ) |  | 224 |  |  | (3 | ) |  | — |  |  | (3 | ) |
| Total Mark-to-Market Derivative (Liabilities) |  | $ | (959 | ) |  | $ | 926 |  |  | $ | (33 | ) |  | $ | (10 | ) |  | $ | (43 | ) |
| Total Net Mark-to-Market Derivative Assets (Liabilities) |  | $ | 218 |  |  | $ | (13 | ) |  | $ | 205 |  |  | $ | (10 | ) |  | $ | 195 |  |
|  |  | As of December 31, 2019 |
|  |  | PSEG Power (A) |  | PSEG (A) |  | Consolidated |
|  |  | Not Designated |  |  |  |  |  | Cash Flow Hedges |  |  |
| Balance Sheet Location |  | Energy- Related Contracts |  | Netting (B) |  | Total PSEG Power |  | Interest Rate Swaps |  | Total Derivatives |
|  |  | Millions |
| Derivative Contracts |  |  |  |  |  |  |  |  |  |  |
| Current Assets |  | $ | 636 |  |  | $ | (523 | ) |  | $ | 113 |  |  | $ | — |  |  | $ | 113 |  |
| Noncurrent Assets |  | 163 |  |  | (139 | ) |  | 24 |  |  | — |  |  | 24 |  |
| Total Mark-to-Market Derivative Assets |  | $ | 799 |  |  | $ | (662 | ) |  | $ | 137 |  |  | $ | — |  |  | $ | 137 |  |
| Derivative Contracts |  |  |  |  |  |  |  |  |  |  |
| Current Liabilities |  | $ | (553 | ) |  | $ | 522 |  |  | $ | (31 | ) |  | $ | (5 | ) |  | $ | (36 | ) |
| Noncurrent Liabilities |  | (139 | ) |  | 138 |  |  | (1 | ) |  | — |  |  | (1 | ) |
| Total Mark-to-Market Derivative (Liabilities) |  | $ | (692 | ) |  | $ | 660 |  |  | $ | (32 | ) |  | $ | (5 | ) |  | $ | (37 | ) |
| Total Net Mark-to-Market Derivative Assets (Liabilities) |  | $ | 107 |  |  | $ | (2 | ) |  | $ | 105 |  |  | $ | (5 | ) |  | $ | 100 |  |
(A) | Substantially all of PSEG Power’s and PSEG’s derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of March 31, 2020 and December 31, 2019.
(B) Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of March 31, 2020 and December 31, 2019, PSEG Power had net cash collateral (receipts) payments to counterparties of $(11) million and $44 million, respectively. Of these net cash collateral (receipts) payments, $(13) million as of March 31, 2020 and $(2) million as of December 31, 2019 were netted against the corresponding net derivative contract positions. Of the $(13) million as of March 31, 2020, $(7) million was netted against current assets and $(6) million was netted against noncurrent assets. Of the $(2) million as of December 31, 2019, $(1) million was netted against current assets and $(1) million was netted against noncurrent assets
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended March 31, 2020 and 2019:
| Derivatives in Cash Flow Hedging Relationships |  | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives |  | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income |  | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income |
|  | Three Months Ended |  |  |  | Three Months Ended |
|  | March 31, |  |  |  | March 31, |
|  | 2020 |  | 2019 |  |  |  | 2020 |  | 2019 |
|  |  | Millions |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Interest Rate Swaps |  | $ | (6 | ) |  | $ | (5 | ) |  | Interest Expense |  | $ | (2 | ) |  | $ | — |  |
| Total PSEG |  | $ | (6 | ) |  | $ | (5 | ) |  |  |  | $ | (2 | ) |  | $ | — |  |
The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months ended March 31, 2020, the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(1) million after-tax. The amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income for the three months ended March 31, 2019 was immaterial.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis.
| Accumulated Other Comprehensive Income (Loss) |  | Pre-Tax |  | After-Tax |
|  |  | Millions |
| Balance as of December 31, 2018 |  | $ | (2 | ) |  | $ | (1 | ) |
| Loss Recognized in AOCI |  | (23 | ) |  | (17 | ) |
| Less: Loss Reclassified into Income |  | 4 |  |  | 3 |  |
| Balance as of December 31, 2019 |  | $ | (21 | ) |  | $ | (15 | ) |
| Loss Recognized in AOCI |  | (6 | ) |  | (4 | ) |
| Less: Loss Reclassified into Income |  | 2 |  |  | 1 |  |
| Balance as of March 31, 2020 |  | $ | (25 | ) |  | $ | (18 | ) |
Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations | The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months ended March 31, 2020 and 2019, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that PSEG Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load.
| Derivatives Not Designated as Hedges |  | Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives | Pre-Tax Gain (Loss) Recognized in Income on Derivatives |
|  |  |  | Three Months Ended |
|  |  |  | March 31, |
|  |  |  | 2020 |  | 2019 |
|  |  |  | Millions |
| PSEG and PSEG Power |  |  |  |  |  |
| Energy-Related Contracts |  | Operating Revenues | $ | 231 |  |  | $ | 139 |  |
| Energy-Related Contracts |  | Energy Costs | (68 | ) |  | (13 | ) |
| Total PSEG and PSEG Power |  |  | $ | 163 |  |  | $ | 126 |  |
Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of March 31, 2020 and December 31, 2019.
| Type |  | Notional |  | Total |  | PSEG |  | PSEG Power |  | PSE&G |
|  |  |  |  | Millions |
| As of March 31, 2020 |  |  |  |  |  |  |  |  |  |  |
| Natural Gas |  | Dekatherm (Dth) |  | 449 |  |  | — |  |  | 449 |  |  | — |  |
| Electricity |  | MWh |  | (60 | ) |  | — |  |  | (60 | ) |  | — |  |
| Financial Transmission Rights (FTRs) |  | MWh |  | 8 |  |  | — |  |  | 8 |  |  | — |  |
| Interest Rate Swaps |  | U.S. Dollars |  | 700 |  |  | 700 |  |  | — |  |  | — |  |
| As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
| Natural Gas |  | Dth |  | 341 |  |  | — |  |  | 341 |  |  | — |  |
| Electricity |  | MWh |  | (62 | ) |  | — |  |  | (62 | ) |  | — |  |
| FTRs |  | MWh |  | 13 |  |  | — |  |  | 13 |  |  | — |  |
| Interest Rate Swaps |  | U.S. Dollars |  | 700 |  |  | 700 |  |  | — |  |  | — |  |
PSEG Power [Member] |
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Schedule Providing Credit Risk From Others, Net Of Collateral | The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of March 31, 2020. It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of PSEG Power’s credit risk by credit rating of the counterparties. As of March 31, 2020, 99% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives, NPNS and non-derivatives).
| Rating |  | Current Exposure |  | Securities Held as Collateral |  | Net Exposure |  | Number of Counterparties >10% |  | Net Exposure of Counterparties >10% |  |
|  |  | Millions |  |  |  | Millions |  |
| Investment Grade |  | $ | 488 |  |  | $ | 93 |  |  | $ | 395 |  |  | 3 |  |  | $ | 235 |  | (A) |
| Non-Investment Grade |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | — |  |  |
| Total |  | $ | 492 |  |  | $ | 93 |  |  | $ | 399 |  |  | 3 |  |  | $ | 235 |  |  |
(A) | Represents net exposure of $137 million with PSE&G and $98 million with two non-affiliated counterparties.
As of March 31, 2020, collateral held from counterparties where PSEG Power had credit exposure included $6 million in cash collateral and $87 million in letters of credit. As of March 31, 2020, PSEG Power had 141 active counterparties.

X
- Definition Schedule providing credit risk from others, net of collateral + References No definition available. + Details
Name: | pseg_ScheduleProvidingCreditRiskFromOthersNetOfCollateralTableTextBlock
Namespace Prefix: | pseg_
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_DerivativeInstrumentsAndHedgingActivitiesDisclosuresLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4CC -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL109998890-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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