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Leases | 9 Months Ended
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Sep. 30, 2021
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 30, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSE&G and Services are lessees. As a result of completion of the sale of the Solar Source units in June 2021, PSEG Power’s Operating Lease Right-of-Use Assets and Operating Lease Liabilities were both reduced by $33 million. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power In the third quarter of 2021, PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, entered into an operating lease as the lessor to lease certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale of Solar Source, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. The following is the operating lease income for PSEG Power and Energy Holdings for the three and nine months ended September 30, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | — |  |  | — |  |  | — |  |
| Total Operating Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Nine Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 16 |  |  | $ | 16 |  |
| Variable Lease Income | 12 |  |  | — |  |  | 12 |  |
| Total Operating Lease Income | $ | 12 |  |  | $ | 16 |  |  | $ | 28 |  |
| Three Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |
| Variable Lease Income | 8 |  |  | — |  |  | 8 |  |
| Total Operating Lease Income | $ | 8 |  |  | $ | 4 |  |  | $ | 12 |  |
| Nine Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |
| Variable Lease Income | 21 |  |  | — |  |  | 21 |  |
| Total Operating Lease Income | $ | 21 |  |  | $ | 12 |  |  | $ | 33 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 30, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSE&G and Services are lessees. As a result of completion of the sale of the Solar Source units in June 2021, PSEG Power’s Operating Lease Right-of-Use Assets and Operating Lease Liabilities were both reduced by $33 million. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power In the third quarter of 2021, PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, entered into an operating lease as the lessor to lease certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale of Solar Source, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. The following is the operating lease income for PSEG Power and Energy Holdings for the three and nine months ended September 30, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | — |  |  | — |  |  | — |  |
| Total Operating Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Nine Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 16 |  |  | $ | 16 |  |
| Variable Lease Income | 12 |  |  | — |  |  | 12 |  |
| Total Operating Lease Income | $ | 12 |  |  | $ | 16 |  |  | $ | 28 |  |
| Three Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |
| Variable Lease Income | 8 |  |  | — |  |  | 8 |  |
| Total Operating Lease Income | $ | 8 |  |  | $ | 4 |  |  | $ | 12 |  |
| Nine Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |
| Variable Lease Income | 21 |  |  | — |  |  | 21 |  |
| Total Operating Lease Income | $ | 21 |  |  | $ | 12 |  |  | $ | 33 |  |
Public Service Electric and Gas Company [Member] |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 30, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSE&G and Services are lessees. As a result of completion of the sale of the Solar Source units in June 2021, PSEG Power’s Operating Lease Right-of-Use Assets and Operating Lease Liabilities were both reduced by $33 million. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power In the third quarter of 2021, PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, entered into an operating lease as the lessor to lease certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale of Solar Source, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. The following is the operating lease income for PSEG Power and Energy Holdings for the three and nine months ended September 30, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | — |  |  | — |  |  | — |  |
| Total Operating Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Nine Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 16 |  |  | $ | 16 |  |
| Variable Lease Income | 12 |  |  | — |  |  | 12 |  |
| Total Operating Lease Income | $ | 12 |  |  | $ | 16 |  |  | $ | 28 |  |
| Three Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |
| Variable Lease Income | 8 |  |  | — |  |  | 8 |  |
| Total Operating Lease Income | $ | 8 |  |  | $ | 4 |  |  | $ | 12 |  |
| Nine Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |
| Variable Lease Income | 21 |  |  | — |  |  | 21 |  |
| Total Operating Lease Income | $ | 21 |  |  | $ | 12 |  |  | $ | 33 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 30, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSE&G and Services are lessees. As a result of completion of the sale of the Solar Source units in June 2021, PSEG Power’s Operating Lease Right-of-Use Assets and Operating Lease Liabilities were both reduced by $33 million. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power In the third quarter of 2021, PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, entered into an operating lease as the lessor to lease certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale of Solar Source, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. The following is the operating lease income for PSEG Power and Energy Holdings for the three and nine months ended September 30, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | — |  |  | — |  |  | — |  |
| Total Operating Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Nine Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 16 |  |  | $ | 16 |  |
| Variable Lease Income | 12 |  |  | — |  |  | 12 |  |
| Total Operating Lease Income | $ | 12 |  |  | $ | 16 |  |  | $ | 28 |  |
| Three Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |
| Variable Lease Income | 8 |  |  | — |  |  | 8 |  |
| Total Operating Lease Income | $ | 8 |  |  | $ | 4 |  |  | $ | 12 |  |
| Nine Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |
| Variable Lease Income | 21 |  |  | — |  |  | 21 |  |
| Total Operating Lease Income | $ | 21 |  |  | $ | 12 |  |  | $ | 33 |  |
PSEG Power [Member] |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 30, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSE&G and Services are lessees. As a result of completion of the sale of the Solar Source units in June 2021, PSEG Power’s Operating Lease Right-of-Use Assets and Operating Lease Liabilities were both reduced by $33 million. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power In the third quarter of 2021, PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, entered into an operating lease as the lessor to lease certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale of Solar Source, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. The following is the operating lease income for PSEG Power and Energy Holdings for the three and nine months ended September 30, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | — |  |  | — |  |  | — |  |
| Total Operating Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Nine Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 16 |  |  | $ | 16 |  |
| Variable Lease Income | 12 |  |  | — |  |  | 12 |  |
| Total Operating Lease Income | $ | 12 |  |  | $ | 16 |  |  | $ | 28 |  |
| Three Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |
| Variable Lease Income | 8 |  |  | — |  |  | 8 |  |
| Total Operating Lease Income | $ | 8 |  |  | $ | 4 |  |  | $ | 12 |  |
| Nine Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |
| Variable Lease Income | 21 |  |  | — |  |  | 21 |  |
| Total Operating Lease Income | $ | 21 |  |  | $ | 12 |  |  | $ | 33 |  |
Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 30, 2021, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2020 for operating leases in which PSE&G and Services are lessees. As a result of completion of the sale of the Solar Source units in June 2021, PSEG Power’s Operating Lease Right-of-Use Assets and Operating Lease Liabilities were both reduced by $33 million. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power In the third quarter of 2021, PSEG Nuclear, LLC, a wholly owned subsidiary of PSEG Power, entered into an operating lease as the lessor to lease certain parcels of land with terms of 28 years from commencement, plus five optional renewal periods of ten years. Prior to the sale of Solar Source, certain of PSEG Power’s sales agreements related to its solar generating plants qualified as operating leases. Lease income was based on solar energy generation; therefore, all rental income recorded under these leases was variable. Other Energy Holdings is the lessor in leveraged leases. See Note 8. Financing Receivables. Energy Holdings is the lessor in two operating leases for domestic energy generation facilities with remaining terms through 2036, one of which has an optional renewal period. The following is the operating lease income for PSEG Power and Energy Holdings for the three and nine months ended September 30, 2021 and 2020:
|  | PSEG Power |  | Energy Holdings |  | Total |
|  | Millions |
| Operating Lease Income |  |  |  |  |  |
| Three Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Variable Lease Income | — |  |  | — |  |  | — |  |
| Total Operating Lease Income | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |
| Nine Months Ended September 30, 2021 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 16 |  |  | $ | 16 |  |
| Variable Lease Income | 12 |  |  | — |  |  | 12 |  |
| Total Operating Lease Income | $ | 12 |  |  | $ | 16 |  |  | $ | 28 |  |
| Three Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |
| Variable Lease Income | 8 |  |  | — |  |  | 8 |  |
| Total Operating Lease Income | $ | 8 |  |  | $ | 4 |  |  | $ | 12 |  |
| Nine Months Ended September 30, 2020 |  |  |  |  |  |
| Fixed Lease Income | $ | — |  |  | $ | 12 |  |  | $ | 12 |  |
| Variable Lease Income | 21 |  |  | — |  |  | 21 |  |
| Total Operating Lease Income | $ | 21 |  |  | $ | 12 |  |  | $ | 33 |  |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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- Definition The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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