XML 54 R25.htm IDEA: XBRL DOCUMENT
v3.20.4

Debt and Credit Facilities | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2020 |  | 2019 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2020 |  | $ | — |  |  | $ | 700 |  |
| Total Term Loan |  |  |  | — |  |  | 700 |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.00% |  |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  |  | 2022 |  | 700 |  |  | 700 |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | — |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | — |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | — |  |
| Total Senior Notes |  |  |  | 2,946 |  |  | 1,750 |  |
| Principal Amount Outstanding |  |  |  | 2,946 |  |  | 2,450 |  |
| Amounts Due Within One Year |  |  |  | (300) |  |  | (700) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (17) |  |  | (9) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 2,629 |  |  | $ | 1,741 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2020 |  | 2019 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 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 (B): |  |  |  |  |  |  |
| 3.50% |  | 2020 |  | — |  |  | 250 |  |
| 7.04% |  | 2020 |  | — |  |  | 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 |  |  | 375 |  |
| 2.45% |  | 2030 |  | 300 |  |  | — |  |
| 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 |  |  | 375 |  |
| 3.20% |  | 2049 |  | 400 |  |  | 400 |  |
| 3.15% |  | 2050 |  | 300 |  |  | — |  |
| 2.70% |  | 2050 |  | 375 |  |  | — |  |
| 2.05% |  | 2050 |  | 375 |  |  | — |  |
| Total MTNs |  |  |  | 10,850 |  |  | 9,759 |  |
| Principal Amount Outstanding |  |  |  | 10,999 |  |  | 9,908 |  |
| Amounts Due Within One Year |  |  |  | (434) |  |  | (259) |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (90) |  |  | (81) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 10,475 |  |  | $ | 9,568 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2020 |  | 2019 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.13% |  |  | 2020 |  | $ | — |  |  | $ | 406 |  |
| 3.00% |  |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  |  | 2023 |  | 700 |  |  | 700 |  |
| 4.30% |  |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% | (A) |  | 2031 |  | 404 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,304 |  |  | 2,806 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2022 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,348 |  |  | 2,850 |  |
| Amounts Due Within One Year |  |  |  | (950) |  |  | (406) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (6) |  |  | (10) |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,392 |  |  | $ | 2,434 |  |
(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power. (B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. (C)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, 2020 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
| 2021 |  | $ | 300 |  |  | $ | 434 |  |  | $ | 950 |  |  | $ | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | 44 |  |  | 744 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | — |  |  | 900 |  |
| Thereafter |  | 646 |  |  | 8,640 |  |  | 404 |  |  | 9,690 |  |
| Total |  | $ | 2,946 |  |  | $ | 10,999 |  |  | $ | 2,348 |  |  | $ | 16,293 |  |
Long-Term Debt Financing Transactions During 2020, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG •issued $550 million of 0.80% Senior Notes due August 2025, •issued $550 million of 1.60% Senior Notes due August 2030, •issued $96 million of 8.63% Senior Notes due April 2031 in exchange for a like amount of 8.63% Senior Notes due April 2031 originally issued by PSEG Power, and •retired a $700 million Term Loan at maturity. PSE&G •issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, •issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050, •issued $375 million of 2.70% Secured Medium-Term Notes, Series N, due May 2050, •issued $375 million of 2.05% Secured Medium-Term Notes, Series N, due August 2050, •retired $250 million of 3.50% Medium-Term Notes, Series G, at maturity, and •retired $9 million of 7.04% Medium-Term Notes, Series A, at maturity. PSEG Power •retired $406 million of 5.13% Senior Notes at maturity, and •cancelled $96 million of 8.63% Senior Notes that were exchanged for a like amount of 8.63% Senior Notes due April 2031 issued by PSEG. Debt Covenants PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. 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, 2020, the total available credit capacity was $3.3 billion. As of December 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2020, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to capital to meet redemptions. 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, 2020 were as follows:
|  |  | As of December 31, 2020 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 665 |  |  | $ | 835 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 665 |  |  | $ | 835 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 117 |  |  | $ | 483 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 117 |  |  | $ | 483 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facility |  | $ | 100 |  |  | $ | 48 |  |  | $ | 52 |  |  | Sept 2021 |  | Letters of Credit |
| 3-year Letter of Credit Facility |  | 100 |  |  | 81 |  |  | 19 |  |  | Sept 2022 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 39 |  |  | 1,861 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 168 |  |  | $ | 1,932 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 950 |  |  | $ | 3,250 |  |  |  |  |  |
(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, 2020, PSEG had $663 million outstanding at a weighted average interest rate of 0.33%. PSE&G had $100 million outstanding at a weighted average interest rate of 0.28% under its Commercial Paper Program as of December 31, 2020. Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement, which was prepaid in January 2021. In April 2020, PSEG entered into two 364-day variable rate term loan agreements for $200 million and $300 million which were prepaid in August 2020. 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, 2020 and 2019 are included in the following table and accompanying notes as of December 31, 2020 and 2019. 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, 2020 |  | December 31, 2019 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,929 |  |  | $ | 3,092 |  |  | $ | 2,441 |  |  | $ | 2,479 |  |
| PSE&G (B) |  | 10,909 |  |  | 13,372 |  |  | 9,827 |  |  | 11,107 |  |
| PSEG Power (B) |  | 2,342 |  |  | 2,679 |  |  | 2,840 |  |  | 3,137 |  |
| Total Long-Term Debt |  | $ | 16,180 |  |  | $ | 19,143 |  |  | $ | 15,108 |  |  | $ | 16,723 |  |
(A)Includes a floating-rate term loan of $700 million at PSEG as of December 31, 2019. The fair value of the term loan debt (Level 2 measurement) approximates 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. 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 |  | 2020 |  | 2019 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2020 |  | $ | — |  |  | $ | 700 |  |
| Total Term Loan |  |  |  | — |  |  | 700 |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.00% |  |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  |  | 2022 |  | 700 |  |  | 700 |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | — |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | — |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | — |  |
| Total Senior Notes |  |  |  | 2,946 |  |  | 1,750 |  |
| Principal Amount Outstanding |  |  |  | 2,946 |  |  | 2,450 |  |
| Amounts Due Within One Year |  |  |  | (300) |  |  | (700) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (17) |  |  | (9) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 2,629 |  |  | $ | 1,741 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2020 |  | 2019 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 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 (B): |  |  |  |  |  |  |
| 3.50% |  | 2020 |  | — |  |  | 250 |  |
| 7.04% |  | 2020 |  | — |  |  | 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 |  |  | 375 |  |
| 2.45% |  | 2030 |  | 300 |  |  | — |  |
| 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 |  |  | 375 |  |
| 3.20% |  | 2049 |  | 400 |  |  | 400 |  |
| 3.15% |  | 2050 |  | 300 |  |  | — |  |
| 2.70% |  | 2050 |  | 375 |  |  | — |  |
| 2.05% |  | 2050 |  | 375 |  |  | — |  |
| Total MTNs |  |  |  | 10,850 |  |  | 9,759 |  |
| Principal Amount Outstanding |  |  |  | 10,999 |  |  | 9,908 |  |
| Amounts Due Within One Year |  |  |  | (434) |  |  | (259) |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (90) |  |  | (81) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 10,475 |  |  | $ | 9,568 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2020 |  | 2019 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.13% |  |  | 2020 |  | $ | — |  |  | $ | 406 |  |
| 3.00% |  |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  |  | 2023 |  | 700 |  |  | 700 |  |
| 4.30% |  |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% | (A) |  | 2031 |  | 404 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,304 |  |  | 2,806 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2022 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,348 |  |  | 2,850 |  |
| Amounts Due Within One Year |  |  |  | (950) |  |  | (406) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (6) |  |  | (10) |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,392 |  |  | $ | 2,434 |  |
(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power. (B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. (C)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, 2020 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
| 2021 |  | $ | 300 |  |  | $ | 434 |  |  | $ | 950 |  |  | $ | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | 44 |  |  | 744 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | — |  |  | 900 |  |
| Thereafter |  | 646 |  |  | 8,640 |  |  | 404 |  |  | 9,690 |  |
| Total |  | $ | 2,946 |  |  | $ | 10,999 |  |  | $ | 2,348 |  |  | $ | 16,293 |  |
Long-Term Debt Financing Transactions During 2020, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG •issued $550 million of 0.80% Senior Notes due August 2025, •issued $550 million of 1.60% Senior Notes due August 2030, •issued $96 million of 8.63% Senior Notes due April 2031 in exchange for a like amount of 8.63% Senior Notes due April 2031 originally issued by PSEG Power, and •retired a $700 million Term Loan at maturity. PSE&G •issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, •issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050, •issued $375 million of 2.70% Secured Medium-Term Notes, Series N, due May 2050, •issued $375 million of 2.05% Secured Medium-Term Notes, Series N, due August 2050, •retired $250 million of 3.50% Medium-Term Notes, Series G, at maturity, and •retired $9 million of 7.04% Medium-Term Notes, Series A, at maturity. PSEG Power •retired $406 million of 5.13% Senior Notes at maturity, and •cancelled $96 million of 8.63% Senior Notes that were exchanged for a like amount of 8.63% Senior Notes due April 2031 issued by PSEG. Debt Covenants PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. 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, 2020, the total available credit capacity was $3.3 billion. As of December 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2020, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to capital to meet redemptions. 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, 2020 were as follows:
|  |  | As of December 31, 2020 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 665 |  |  | $ | 835 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 665 |  |  | $ | 835 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 117 |  |  | $ | 483 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 117 |  |  | $ | 483 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facility |  | $ | 100 |  |  | $ | 48 |  |  | $ | 52 |  |  | Sept 2021 |  | Letters of Credit |
| 3-year Letter of Credit Facility |  | 100 |  |  | 81 |  |  | 19 |  |  | Sept 2022 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 39 |  |  | 1,861 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 168 |  |  | $ | 1,932 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 950 |  |  | $ | 3,250 |  |  |  |  |  |
(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, 2020, PSEG had $663 million outstanding at a weighted average interest rate of 0.33%. PSE&G had $100 million outstanding at a weighted average interest rate of 0.28% under its Commercial Paper Program as of December 31, 2020. Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement, which was prepaid in January 2021. In April 2020, PSEG entered into two 364-day variable rate term loan agreements for $200 million and $300 million which were prepaid in August 2020. 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, 2020 and 2019 are included in the following table and accompanying notes as of December 31, 2020 and 2019. 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, 2020 |  | December 31, 2019 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,929 |  |  | $ | 3,092 |  |  | $ | 2,441 |  |  | $ | 2,479 |  |
| PSE&G (B) |  | 10,909 |  |  | 13,372 |  |  | 9,827 |  |  | 11,107 |  |
| PSEG Power (B) |  | 2,342 |  |  | 2,679 |  |  | 2,840 |  |  | 3,137 |  |
| Total Long-Term Debt |  | $ | 16,180 |  |  | $ | 19,143 |  |  | $ | 15,108 |  |  | $ | 16,723 |  |
(A)Includes a floating-rate term loan of $700 million at PSEG as of December 31, 2019. The fair value of the term loan debt (Level 2 measurement) approximates 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. 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 |  | 2020 |  | 2019 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2020 |  | $ | — |  |  | $ | 700 |  |
| Total Term Loan |  |  |  | — |  |  | 700 |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.00% |  |  | 2021 |  | 300 |  |  | 300 |  |
| 2.65% |  |  | 2022 |  | 700 |  |  | 700 |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | — |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | — |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | — |  |
| Total Senior Notes |  |  |  | 2,946 |  |  | 1,750 |  |
| Principal Amount Outstanding |  |  |  | 2,946 |  |  | 2,450 |  |
| Amounts Due Within One Year |  |  |  | (300) |  |  | (700) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (17) |  |  | (9) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 2,629 |  |  | $ | 1,741 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2020 |  | 2019 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 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 (B): |  |  |  |  |  |  |
| 3.50% |  | 2020 |  | — |  |  | 250 |  |
| 7.04% |  | 2020 |  | — |  |  | 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 |  |  | 375 |  |
| 2.45% |  | 2030 |  | 300 |  |  | — |  |
| 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 |  |  | 375 |  |
| 3.20% |  | 2049 |  | 400 |  |  | 400 |  |
| 3.15% |  | 2050 |  | 300 |  |  | — |  |
| 2.70% |  | 2050 |  | 375 |  |  | — |  |
| 2.05% |  | 2050 |  | 375 |  |  | — |  |
| Total MTNs |  |  |  | 10,850 |  |  | 9,759 |  |
| Principal Amount Outstanding |  |  |  | 10,999 |  |  | 9,908 |  |
| Amounts Due Within One Year |  |  |  | (434) |  |  | (259) |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (90) |  |  | (81) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 10,475 |  |  | $ | 9,568 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2020 |  | 2019 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 5.13% |  |  | 2020 |  | $ | — |  |  | $ | 406 |  |
| 3.00% |  |  | 2021 |  | 700 |  |  | 700 |  |
| 4.15% |  |  | 2021 |  | 250 |  |  | 250 |  |
| 3.85% |  |  | 2023 |  | 700 |  |  | 700 |  |
| 4.30% |  |  | 2023 |  | 250 |  |  | 250 |  |
| 8.63% | (A) |  | 2031 |  | 404 |  |  | 500 |  |
| Total Senior Notes |  |  |  | 2,304 |  |  | 2,806 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2022 |  | 44 |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | 44 |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | 2,348 |  |  | 2,850 |  |
| Amounts Due Within One Year |  |  |  | (950) |  |  | (406) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (6) |  |  | (10) |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,392 |  |  | $ | 2,434 |  |
(A)In December 2020, PSEG issued $96 million principal amount of 8.63% Senior Notes due 2031 to holders of a like principal amount of 8.63% Senior Notes due 2031 originally issued by PSEG Power who validly tendered their notes pursuant to an offer to exchange. Upon consummation of the offer to exchange, the PSEG Power notes accepted in the exchange were cancelled. The transaction resulted in a non-cash financing activity for both PSEG and PSEG Power. (B)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage. (C)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, 2020 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
| 2021 |  | $ | 300 |  |  | $ | 434 |  |  | $ | 950 |  |  | $ | 1,684 |  |
| 2022 |  | 700 |  |  | — |  |  | 44 |  |  | 744 |  |
| 2023 |  | — |  |  | 825 |  |  | 950 |  |  | 1,775 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | — |  |  | 900 |  |
| Thereafter |  | 646 |  |  | 8,640 |  |  | 404 |  |  | 9,690 |  |
| Total |  | $ | 2,946 |  |  | $ | 10,999 |  |  | $ | 2,348 |  |  | $ | 16,293 |  |
Long-Term Debt Financing Transactions During 2020, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG •issued $550 million of 0.80% Senior Notes due August 2025, •issued $550 million of 1.60% Senior Notes due August 2030, •issued $96 million of 8.63% Senior Notes due April 2031 in exchange for a like amount of 8.63% Senior Notes due April 2031 originally issued by PSEG Power, and •retired a $700 million Term Loan at maturity. PSE&G •issued $300 million of 2.45% Secured Medium-Term Notes, Series N, due January 2030, •issued $300 million of 3.15% Secured Medium-Term Notes, Series N, due January 2050, •issued $375 million of 2.70% Secured Medium-Term Notes, Series N, due May 2050, •issued $375 million of 2.05% Secured Medium-Term Notes, Series N, due August 2050, •retired $250 million of 3.50% Medium-Term Notes, Series G, at maturity, and •retired $9 million of 7.04% Medium-Term Notes, Series A, at maturity. PSEG Power •retired $406 million of 5.13% Senior Notes at maturity, and •cancelled $96 million of 8.63% Senior Notes that were exchanged for a like amount of 8.63% Senior Notes due April 2031 issued by PSEG. Debt Covenants PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. 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, 2020, the total available credit capacity was $3.3 billion. As of December 31, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 31, 2020, the total credit capacity was in excess of the anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to capital to meet redemptions. 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, 2020 were as follows:
|  |  | As of December 31, 2020 |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 665 |  |  | $ | 835 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 665 |  |  | $ | 835 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 117 |  |  | $ | 483 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 117 |  |  | $ | 483 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facility |  | $ | 100 |  |  | $ | 48 |  |  | $ | 52 |  |  | Sept 2021 |  | Letters of Credit |
| 3-year Letter of Credit Facility |  | 100 |  |  | 81 |  |  | 19 |  |  | Sept 2022 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 39 |  |  | 1,861 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,100 |  |  | $ | 168 |  |  | $ | 1,932 |  |  |  |  |  |
| Total |  | $ | 4,200 |  |  | $ | 950 |  |  | $ | 3,250 |  |  |  |  |  |
(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, 2020, PSEG had $663 million outstanding at a weighted average interest rate of 0.33%. PSE&G had $100 million outstanding at a weighted average interest rate of 0.28% under its Commercial Paper Program as of December 31, 2020. Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement, which was prepaid in January 2021. In April 2020, PSEG entered into two 364-day variable rate term loan agreements for $200 million and $300 million which were prepaid in August 2020. 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, 2020 and 2019 are included in the following table and accompanying notes as of December 31, 2020 and 2019. 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, 2020 |  | December 31, 2019 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) (B) |  | $ | 2,929 |  |  | $ | 3,092 |  |  | $ | 2,441 |  |  | $ | 2,479 |  |
| PSE&G (B) |  | 10,909 |  |  | 13,372 |  |  | 9,827 |  |  | 11,107 |  |
| PSEG Power (B) |  | 2,342 |  |  | 2,679 |  |  | 2,840 |  |  | 3,137 |  |
| Total Long-Term Debt |  | $ | 16,180 |  |  | $ | 19,143 |  |  | $ | 15,108 |  |  | $ | 16,723 |  |
(A)Includes a floating-rate term loan of $700 million at PSEG as of December 31, 2019. The fair value of the term loan debt (Level 2 measurement) approximates 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. 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: |