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Rate Filings | 6 Months Ended
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Jun. 30, 2020
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2019. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU are as follows: COVID-19 Deferral—In July 2020, the BPU authorized regulated utilities in the State of New Jersey to create a COVID-19-related Regulatory Asset by deferring on their books and records the prudently incurred incremental costs related to COVID-19 beginning on March 9, 2020 through September 30, 2021, or 60 days after the New Jersey governor determines that the Public Health Emergency is no longer in effect, or in the absence of such a determination, 60 days from the time the Public Health Emergency automatically terminates by law, whichever is later. Deferred costs should be offset by any federal or state assistance that the utility may receive as a direct result of the COVID-19 pandemic. Utilities must file quarterly reports of the costs incurred and offsets, with the first quarterly report due on August 1, 2020 for the period ending June 30, 2020. Each New Jersey utility regulated by the BPU must file a petition by December 31, 2021, or within 60 days of the close of the Regulatory Asset period as described above, whichever is later. Any potential rate recovery, including any prudency determinations and the appropriate period of recovery, will be addressed through that filing, or in the alternative, the utility may request that the BPU defer consideration of rate recovery for a future base rate case. PSE&G will make its first filing on August 3, 2020 and is evaluating the order and the deferral amounts that would be allowed under the order and expects to record a deferral commencing in the third quarter of 2020. Transmission Formula Rates—In June 2020, PSE&G filed its 2019 true-up adjustment pertaining to its transmission formula rates in effect for 2019. This filing resulted in an additional annual revenue requirement of $24 million more than the 2019 originally filed revenue. In April 2020, the Internal Revenue Service (IRS) issued a Private Letter Ruling (PLR) to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC approved PSE&G’s request to allow the entire amount of these unprotected excess deferred income taxes be returned to customers in the 2019 true-up filing. PSE&G had previously recognized the majority of the revenue requirement true-up in its 2019 Consolidated Statement of Operations, except for the revenue reduction resulting from the flowback of the additional unprotected excess deferred income taxes which reduces the revenue requirement by $37 million. The related revenue reduction for the excess deferred income tax adjustment will be recognized in the third quarter of 2020, and included as a 2021 reduction to transmission rates. Basic Gas Supply Service (BGSS)—In June 2020, PSE&G made its annual BGSS filing with the BPU requesting to maintain the current BGSS rate of 32 cents. If approved, the BGSS rate would remain in place beginning October 1, 2020. This matter is pending. Gas System Modernization Program II (GSMP II)—In July 2020, the BPU approved PSE&G’s GSMP II cost recovery petition requesting approximately $18 million in gas revenues on an annual basis, which included GSMP II investments in service as of February 29, 2020. The increase was effective July 16, 2020. In June 2020, PSE&G filed a GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $22 million effective December 1, 2020. This increase represents the return on and of GSMP II investments expected to be in service through August 31, 2020. This request will be updated in September 2020 for actual costs. Tax Adjustment Credit (TAC)—In July 2020, the BPU gave final approval to PSE&G’s TAC filing that had been approved on a provisional basis in January 2020, with additional credits included in the final ruling. The final approval provides for a reduction to electric and gas revenues of $25 million and $29 million, respectively, on an annual basis effective July 16, 2020. As discussed above, PSE&G received a PLR from the IRS in April 2020 that concluded that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the tax normalization rules allowing them to be refunded to customers sooner as agreed to with the BPU. As part of a procedural discovery to obtain the BPU’s final approval, PSE&G proposed that it change its current provisional TAC rates to increase the credit and start flowing back these unprotected amounts starting in July 2020 through December 31, 2024, which the BPU approved. This resulted in a total additional credit to electric and gas customers of $50 million and $46 million, respectively, of which $10 million and $19 million will be flowed back annually, effective July 16, 2020 for electric and gas, respectively. Weather Normalization Charge (WNC)—In June 2020, PSE&G filed its 2019-2020 WNC petition seeking to recover an undercollection of $34 million from customers over the 2020-2021 Winter Period. The undercollection is the result of deficient revenues from the warmer-than-normal 2019-2020 Winter Period. This matter is pending. Green Program Recovery Charge (GPRC)—In June 2020, PSE&G filed its 2020 GPRC cost recovery petition requesting recovery of approximately $67 million and $20 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Transition Incentive Program—In 2019, the BPU approved an order establishing a Transition Incentive Program to serve as a bridge between the existing Solar Renewable Energy Certificate (SREC) program and a to-be-established successor program and created a new incentive mechanism known as Transition Renewable Incentive Certificates (TRECs). TRECs will be awarded to qualifying solar projects under the new program. In the TREC Order, the BPU directed the New Jersey EDCs to engage a TREC Administrator to acquire, on behalf of the EDCs. TRECs produced by eligible solar projects, which will be funded through a TREC charge to electric customers collected by the EDCs. The order allows the EDCs to recover their costs associated with the TREC program in an annual filing, subject to approval by the BPU. In April 2020, PSE&G filed for increased rates of approximately $23 million annually for recovery of its expected share of TREC costs. PSE&G’s filing proposes to recover the revenue requirements associated with the TREC Program as a new component of PSE&G’s existing electric GPRC. This matter is pending.
Public Service Electric and Gas Company [Member] |
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2019. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU are as follows: COVID-19 Deferral—In July 2020, the BPU authorized regulated utilities in the State of New Jersey to create a COVID-19-related Regulatory Asset by deferring on their books and records the prudently incurred incremental costs related to COVID-19 beginning on March 9, 2020 through September 30, 2021, or 60 days after the New Jersey governor determines that the Public Health Emergency is no longer in effect, or in the absence of such a determination, 60 days from the time the Public Health Emergency automatically terminates by law, whichever is later. Deferred costs should be offset by any federal or state assistance that the utility may receive as a direct result of the COVID-19 pandemic. Utilities must file quarterly reports of the costs incurred and offsets, with the first quarterly report due on August 1, 2020 for the period ending June 30, 2020. Each New Jersey utility regulated by the BPU must file a petition by December 31, 2021, or within 60 days of the close of the Regulatory Asset period as described above, whichever is later. Any potential rate recovery, including any prudency determinations and the appropriate period of recovery, will be addressed through that filing, or in the alternative, the utility may request that the BPU defer consideration of rate recovery for a future base rate case. PSE&G will make its first filing on August 3, 2020 and is evaluating the order and the deferral amounts that would be allowed under the order and expects to record a deferral commencing in the third quarter of 2020. Transmission Formula Rates—In June 2020, PSE&G filed its 2019 true-up adjustment pertaining to its transmission formula rates in effect for 2019. This filing resulted in an additional annual revenue requirement of $24 million more than the 2019 originally filed revenue. In April 2020, the Internal Revenue Service (IRS) issued a Private Letter Ruling (PLR) to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC approved PSE&G’s request to allow the entire amount of these unprotected excess deferred income taxes be returned to customers in the 2019 true-up filing. PSE&G had previously recognized the majority of the revenue requirement true-up in its 2019 Consolidated Statement of Operations, except for the revenue reduction resulting from the flowback of the additional unprotected excess deferred income taxes which reduces the revenue requirement by $37 million. The related revenue reduction for the excess deferred income tax adjustment will be recognized in the third quarter of 2020, and included as a 2021 reduction to transmission rates. Basic Gas Supply Service (BGSS)—In June 2020, PSE&G made its annual BGSS filing with the BPU requesting to maintain the current BGSS rate of 32 cents. If approved, the BGSS rate would remain in place beginning October 1, 2020. This matter is pending. Gas System Modernization Program II (GSMP II)—In July 2020, the BPU approved PSE&G’s GSMP II cost recovery petition requesting approximately $18 million in gas revenues on an annual basis, which included GSMP II investments in service as of February 29, 2020. The increase was effective July 16, 2020. In June 2020, PSE&G filed a GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $22 million effective December 1, 2020. This increase represents the return on and of GSMP II investments expected to be in service through August 31, 2020. This request will be updated in September 2020 for actual costs. Tax Adjustment Credit (TAC)—In July 2020, the BPU gave final approval to PSE&G’s TAC filing that had been approved on a provisional basis in January 2020, with additional credits included in the final ruling. The final approval provides for a reduction to electric and gas revenues of $25 million and $29 million, respectively, on an annual basis effective July 16, 2020. As discussed above, PSE&G received a PLR from the IRS in April 2020 that concluded that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the tax normalization rules allowing them to be refunded to customers sooner as agreed to with the BPU. As part of a procedural discovery to obtain the BPU’s final approval, PSE&G proposed that it change its current provisional TAC rates to increase the credit and start flowing back these unprotected amounts starting in July 2020 through December 31, 2024, which the BPU approved. This resulted in a total additional credit to electric and gas customers of $50 million and $46 million, respectively, of which $10 million and $19 million will be flowed back annually, effective July 16, 2020 for electric and gas, respectively. Weather Normalization Charge (WNC)—In June 2020, PSE&G filed its 2019-2020 WNC petition seeking to recover an undercollection of $34 million from customers over the 2020-2021 Winter Period. The undercollection is the result of deficient revenues from the warmer-than-normal 2019-2020 Winter Period. This matter is pending. Green Program Recovery Charge (GPRC)—In June 2020, PSE&G filed its 2020 GPRC cost recovery petition requesting recovery of approximately $67 million and $20 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Transition Incentive Program—In 2019, the BPU approved an order establishing a Transition Incentive Program to serve as a bridge between the existing Solar Renewable Energy Certificate (SREC) program and a to-be-established successor program and created a new incentive mechanism known as Transition Renewable Incentive Certificates (TRECs). TRECs will be awarded to qualifying solar projects under the new program. In the TREC Order, the BPU directed the New Jersey EDCs to engage a TREC Administrator to acquire, on behalf of the EDCs. TRECs produced by eligible solar projects, which will be funded through a TREC charge to electric customers collected by the EDCs. The order allows the EDCs to recover their costs associated with the TREC program in an annual filing, subject to approval by the BPU. In April 2020, PSE&G filed for increased rates of approximately $23 million annually for recovery of its expected share of TREC costs. PSE&G’s filing proposes to recover the revenue requirements associated with the TREC Program as a new component of PSE&G’s existing electric GPRC. This matter is pending.

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