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Rate Filings | 9 Months Ended
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Sep. 30, 2021
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, 2020. 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: BGSS—In March 2021, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of 32 cents per therm which had been provisionally approved effective October 1, 2020. In June 2021, PSE&G made its annual BGSS filing with the BPU requesting to maintain the current BGSS rate of 32 cents. This matter is pending. On November 1, 2021, PSE&G, along with other New Jersey gas distribution companies (GDCs), filed with the BPU for a waiver of previous orders and authorizations as may be necessary to permit the GDCs to self-implement periodic BGSS rate increases of up to 5% of the monthly bill of a typical residential customer using 100 therms per month, to be effective December 1, 2021. If the joint motion waiver request is approved by the BPU, PSE&G expects to implement a 5% increase resulting in a BGSS rate of 36 cents per therm, to be effective December 1, 2021. This matter is pending. Community Solar Energy Pilot (CSEP) Program—In May 2021, PSE&G made its initial filing for recovery of costs related to the CSEP program. New Jersey’s Clean Energy Act provided for the establishment of a "Community Solar Energy Pilot Program” which permits electric customers to participate in a solar energy project that is remotely located from their properties but is within their electric public utility service territory. The program allows for a credit to the customer's utility bill equal to the electricity generated attributable to the customer's participation in the solar energy project. PSE&G’s filing proposes to recover an initial revenue requirement of $0.4 million associated with the CSEP Program as a new component of PSE&G’s existing electric Green Program Recovery Charge (GPRC). This matter is pending. COVID-19 Deferral—PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of September 30, 2021 of approximately $95 million for net incremental costs, including $49 million for incremental gas bad debt expense associated with customer accounts receivable, which PSE&G expects are probable of recovery under the BPU order. In September 2021, the BPU extended the period to December 31, 2022 during which incremental costs attributable to COVID-19 could be deferred as Regulatory Assets. Energy Strong (ES) II—In April 2021, the BPU approved PSE&G’s filing for a $13 million revenue increase under this investment program, effective May 2021. This increase represents the return on and of ES II electric investments placed in service through January 2021. GPRC—In June 2021, the BPU approved as final the GPRC rates approved by the Board on a provisional basis in January 2021. In July 2021, PSE&G filed its 2021 GPRC cost recovery petition requesting BPU approval to recover a $2 million increase in each of electric and gas base rates annual revenues. This matter is pending. Gas System Modernization Program II (GSMP II)—In May 2021, the BPU approved PSE&G’s December 2020 cost recovery petition to recover in gas base rates an annual revenue increase of approximately $21 million effective June 1, 2021. This increase represents the return on and of GSMP II investments placed in service through February 2021. In September 2021, PSE&G updated its June 2021 GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $28 million effective December 1, 2021. This increase represents the return on and of GSMP II investments in service through August 31, 2021. This matter is pending. Remediation Adjustment Charge (RAC)—In July 2021, the BPU approved PSE&G’s RAC 28 filing requesting recovery of approximately $35 million in net manufactured gas plant remediation expenditures incurred from August 1, 2019 through July 31, 2020. SBC—In August 2021, the BPU approved PSE&G’s 2020 SBC filing to recover electric and gas costs incurred under its Energy Efficiency and Renewable Energy (EE & RE) and Social Programs. The new rates reflect no change to the overall SBC rates to customers but allowed a decrease in the EE & RE sub-component to be added to the Social Programs rate. The remaining rate increase requested by PSE&G for recovery of its Social Programs costs associated with its electric bad debt costs was deferred to the next SBC filing. As of September 30, 2021, PSE&G had approximately $112 million in deferred electric bad debt costs. In September 2021, the BPU approved the Universal Service Fund/Lifeline component of the SBC effective October 1, 2021, which provides for the recovery of costs provided to assist customers in paying their bills. Tax Adjustment Credit (TAC)—In August 2021, the BPU approved PSE&G’s updated 2020 TAC filing which provides for changes in the TAC electric and gas credits, which will result in an annual decrease of approximately $22 million in electric revenues and an annual increase of approximately $57 million in gas revenues. In October 2021, PSE&G made its annual 2021 TAC filing requesting BPU approval to reduce electric and gas revenues by approximately $15 million and $31 million, respectively, on an annual basis. This matter is pending. Transmission Formula Rates—In June 2021, PSE&G filed its 2020 true-up adjustment pertaining to its transmission formula rates in effect for 2020. This filing resulted in an additional annual revenue requirement of $13 million more than the 2020 originally filed revenue. In October 2021, FERC approved a settlement agreement effective August 1, 2021 reached with the BPU Staff and the New Jersey Rate Counsel with respect to the level of PSE&G’s base transmission return on equity (ROE) and other formula rate matters. The settlement reduces PSE&G’s base ROE from 11.18% to 9.9% and provides that the settling parties will not seek changes to the transmission formula rate for three years. As a result of FERC’s approval of the settlement, PSE&G made the required compliance filing for which final approval is still pending. As of September 30, 2021, PSE&G recorded a reduction of approximately $21 million in transmission revenues and a corresponding Regulatory Liability as a result of the impact of the settlement for the third quarter of 2021. In October 2021, PSE&G also filed its 2021 Annual Formula Rate Update with FERC for its 2022 transmission revenues under the prior methodology and an ROE at 11.18%. PSE&G will update this filing incorporating the revised 9.9% ROE and other changes in formula rate matters, which will result in an approximate $150 million decrease in annual transmission revenue effective January 1, 2022. Weather Normalization Charge (WNC)—In September 2021, the BPU provisionally approved PSE&G’s 2021-2022 WNC petition to refund a $2 million overcollection from the 2020-2021 Winter Period. The overcollection will be refunded to PSE&G gas customers during the 2021-2022 Winter Period. ZEC Program—In October 2021, PSE&G filed a petition with the BPU requesting to refund a total of approximately $4 million, including interest, for overcollections resulting from the ZEC program. For the 2021 energy year, PSE&G purchased approximately $157 million in ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2021. As a result of the collections and required ZEC payments, there were overcollected revenues, including interest which PSE&G now seeks to return to customers in 2022.
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, 2020. 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: BGSS—In March 2021, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of 32 cents per therm which had been provisionally approved effective October 1, 2020. In June 2021, PSE&G made its annual BGSS filing with the BPU requesting to maintain the current BGSS rate of 32 cents. This matter is pending. On November 1, 2021, PSE&G, along with other New Jersey gas distribution companies (GDCs), filed with the BPU for a waiver of previous orders and authorizations as may be necessary to permit the GDCs to self-implement periodic BGSS rate increases of up to 5% of the monthly bill of a typical residential customer using 100 therms per month, to be effective December 1, 2021. If the joint motion waiver request is approved by the BPU, PSE&G expects to implement a 5% increase resulting in a BGSS rate of 36 cents per therm, to be effective December 1, 2021. This matter is pending. Community Solar Energy Pilot (CSEP) Program—In May 2021, PSE&G made its initial filing for recovery of costs related to the CSEP program. New Jersey’s Clean Energy Act provided for the establishment of a "Community Solar Energy Pilot Program” which permits electric customers to participate in a solar energy project that is remotely located from their properties but is within their electric public utility service territory. The program allows for a credit to the customer's utility bill equal to the electricity generated attributable to the customer's participation in the solar energy project. PSE&G’s filing proposes to recover an initial revenue requirement of $0.4 million associated with the CSEP Program as a new component of PSE&G’s existing electric Green Program Recovery Charge (GPRC). This matter is pending. COVID-19 Deferral—PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of September 30, 2021 of approximately $95 million for net incremental costs, including $49 million for incremental gas bad debt expense associated with customer accounts receivable, which PSE&G expects are probable of recovery under the BPU order. In September 2021, the BPU extended the period to December 31, 2022 during which incremental costs attributable to COVID-19 could be deferred as Regulatory Assets. Energy Strong (ES) II—In April 2021, the BPU approved PSE&G’s filing for a $13 million revenue increase under this investment program, effective May 2021. This increase represents the return on and of ES II electric investments placed in service through January 2021. GPRC—In June 2021, the BPU approved as final the GPRC rates approved by the Board on a provisional basis in January 2021. In July 2021, PSE&G filed its 2021 GPRC cost recovery petition requesting BPU approval to recover a $2 million increase in each of electric and gas base rates annual revenues. This matter is pending. Gas System Modernization Program II (GSMP II)—In May 2021, the BPU approved PSE&G’s December 2020 cost recovery petition to recover in gas base rates an annual revenue increase of approximately $21 million effective June 1, 2021. This increase represents the return on and of GSMP II investments placed in service through February 2021. In September 2021, PSE&G updated its June 2021 GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $28 million effective December 1, 2021. This increase represents the return on and of GSMP II investments in service through August 31, 2021. This matter is pending. Remediation Adjustment Charge (RAC)—In July 2021, the BPU approved PSE&G’s RAC 28 filing requesting recovery of approximately $35 million in net manufactured gas plant remediation expenditures incurred from August 1, 2019 through July 31, 2020. SBC—In August 2021, the BPU approved PSE&G’s 2020 SBC filing to recover electric and gas costs incurred under its Energy Efficiency and Renewable Energy (EE & RE) and Social Programs. The new rates reflect no change to the overall SBC rates to customers but allowed a decrease in the EE & RE sub-component to be added to the Social Programs rate. The remaining rate increase requested by PSE&G for recovery of its Social Programs costs associated with its electric bad debt costs was deferred to the next SBC filing. As of September 30, 2021, PSE&G had approximately $112 million in deferred electric bad debt costs. In September 2021, the BPU approved the Universal Service Fund/Lifeline component of the SBC effective October 1, 2021, which provides for the recovery of costs provided to assist customers in paying their bills. Tax Adjustment Credit (TAC)—In August 2021, the BPU approved PSE&G’s updated 2020 TAC filing which provides for changes in the TAC electric and gas credits, which will result in an annual decrease of approximately $22 million in electric revenues and an annual increase of approximately $57 million in gas revenues. In October 2021, PSE&G made its annual 2021 TAC filing requesting BPU approval to reduce electric and gas revenues by approximately $15 million and $31 million, respectively, on an annual basis. This matter is pending. Transmission Formula Rates—In June 2021, PSE&G filed its 2020 true-up adjustment pertaining to its transmission formula rates in effect for 2020. This filing resulted in an additional annual revenue requirement of $13 million more than the 2020 originally filed revenue. In October 2021, FERC approved a settlement agreement effective August 1, 2021 reached with the BPU Staff and the New Jersey Rate Counsel with respect to the level of PSE&G’s base transmission return on equity (ROE) and other formula rate matters. The settlement reduces PSE&G’s base ROE from 11.18% to 9.9% and provides that the settling parties will not seek changes to the transmission formula rate for three years. As a result of FERC’s approval of the settlement, PSE&G made the required compliance filing for which final approval is still pending. As of September 30, 2021, PSE&G recorded a reduction of approximately $21 million in transmission revenues and a corresponding Regulatory Liability as a result of the impact of the settlement for the third quarter of 2021. In October 2021, PSE&G also filed its 2021 Annual Formula Rate Update with FERC for its 2022 transmission revenues under the prior methodology and an ROE at 11.18%. PSE&G will update this filing incorporating the revised 9.9% ROE and other changes in formula rate matters, which will result in an approximate $150 million decrease in annual transmission revenue effective January 1, 2022. Weather Normalization Charge (WNC)—In September 2021, the BPU provisionally approved PSE&G’s 2021-2022 WNC petition to refund a $2 million overcollection from the 2020-2021 Winter Period. The overcollection will be refunded to PSE&G gas customers during the 2021-2022 Winter Period. ZEC Program—In October 2021, PSE&G filed a petition with the BPU requesting to refund a total of approximately $4 million, including interest, for overcollections resulting from the ZEC program. For the 2021 energy year, PSE&G purchased approximately $157 million in ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2021. As a result of the collections and required ZEC payments, there were overcollected revenues, including interest which PSE&G now seeks to return to customers in 2022.

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