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Debt and Credit Facilities | 9 Months Ended
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Sep. 30, 2021
Debt Instrument [Line Items] |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the nine months ended September 30, 2021: PSE&G •issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026, •issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, •issued $425 million of 1.90% Secured Medium-Term Notes, Series N, due August 2031, •retired $300 million of 1.90% Secured Medium-Term Notes, Series K, at maturity, and •retired $134 million of 9.25% Mortgage Bonds, Series CC, at maturity. PSEG Power •redeemed in May at par $700 million of 3.00% Senior Notes due to mature in June 2021, •redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021, and •redeemed in August $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Bonds. In October 2021, PSEG redeemed all remaining outstanding Senior Notes of PSEG Power due to covenants that could trigger a default from the sale of PSEG Power’s fossil generating fleet. This included $700 million of 3.85% Senior Notes due to mature in June 2023, $250 million of 4.30% Senior Notes due to mature in November 2023, and $404 million of 8.63% Senior Notes due to mature in April 2031. These Senior Notes were redeemed at a redemption price that included a "make-whole" premium of approximately $294 million plus any interest accrued and unpaid to the redemption date, in each case, calculated in accordance with the indenture governing the Senior Notes. The debt redemption and “make whole” premium were funded with a short-term loan from PSEG and borrowings under PSEG Power’s credit facility. In addition, approximately $4 million of other non-cash debt extinguishment costs will be recorded in October 2021. 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 $4.1 billion credit facilities are provided by a diverse bank group. As of September 30, 2021, the total available credit capacity was $2.8 billion. As of September 30, 2021, no single institution represented more than 8% of the total commitments in the credit facilities. As of September 30, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of September 30, 2021 were as follows:
|  |  | As of September 30, 2021 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 1,207 |  |  | $ | 293 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 1,207 |  |  | $ | 293 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 18 |  |  | $ | 582 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 18 |  |  | $ | 582 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facility |  | $ | 100 |  |  | $ | 86 |  |  | $ | 14 |  |  | Sept 2022 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 37 |  |  | 1,863 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,000 |  |  | $ | 123 |  |  | $ | 1,877 |  |  |  |  |  |
| Total |  | $ | 4,100 |  |  | $ | 1,348 |  |  | $ | 2,752 |  |  |  |  |  |
(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 September 30, 2021, PSEG had $1.2 billion outstanding at a weighted average interest rate of 0.22%. PSE&G had no Commercial Paper outstanding as of September 30, 2021. Debt Covenants PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. Short-Term Loans PSEG In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In May and March 2021, PSEG entered into two 364-day variable rate term loan agreements for $750 million and $500 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021. During the third quarter of 2021, PSEG Power experienced a substantial increase in net cash collateral postings related to hedge positions that are out-of-the-money due to an increase in energy market prices, from $343 million at the end of June to $999 million at the end of September. PSEG issued short-term borrowings, including commercial paper, in order to satisfy the increase in collateral postings and to prepare for the PSEG Power debt redemption. In October, PSEG Power borrowed $755 million from its credit facility to support its Senior Notes redemption and additional collateral postings, as needed.
Public Service Electric and Gas Company [Member] |
Debt Instrument [Line Items] |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the nine months ended September 30, 2021: PSE&G •issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026, •issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, •issued $425 million of 1.90% Secured Medium-Term Notes, Series N, due August 2031, •retired $300 million of 1.90% Secured Medium-Term Notes, Series K, at maturity, and •retired $134 million of 9.25% Mortgage Bonds, Series CC, at maturity. PSEG Power •redeemed in May at par $700 million of 3.00% Senior Notes due to mature in June 2021, •redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021, and •redeemed in August $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Bonds. In October 2021, PSEG redeemed all remaining outstanding Senior Notes of PSEG Power due to covenants that could trigger a default from the sale of PSEG Power’s fossil generating fleet. This included $700 million of 3.85% Senior Notes due to mature in June 2023, $250 million of 4.30% Senior Notes due to mature in November 2023, and $404 million of 8.63% Senior Notes due to mature in April 2031. These Senior Notes were redeemed at a redemption price that included a "make-whole" premium of approximately $294 million plus any interest accrued and unpaid to the redemption date, in each case, calculated in accordance with the indenture governing the Senior Notes. The debt redemption and “make whole” premium were funded with a short-term loan from PSEG and borrowings under PSEG Power’s credit facility. In addition, approximately $4 million of other non-cash debt extinguishment costs will be recorded in October 2021. 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 $4.1 billion credit facilities are provided by a diverse bank group. As of September 30, 2021, the total available credit capacity was $2.8 billion. As of September 30, 2021, no single institution represented more than 8% of the total commitments in the credit facilities. As of September 30, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of September 30, 2021 were as follows:
|  |  | As of September 30, 2021 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 1,207 |  |  | $ | 293 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 1,207 |  |  | $ | 293 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 18 |  |  | $ | 582 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 18 |  |  | $ | 582 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facility |  | $ | 100 |  |  | $ | 86 |  |  | $ | 14 |  |  | Sept 2022 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 37 |  |  | 1,863 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,000 |  |  | $ | 123 |  |  | $ | 1,877 |  |  |  |  |  |
| Total |  | $ | 4,100 |  |  | $ | 1,348 |  |  | $ | 2,752 |  |  |  |  |  |
(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 September 30, 2021, PSEG had $1.2 billion outstanding at a weighted average interest rate of 0.22%. PSE&G had no Commercial Paper outstanding as of September 30, 2021. Debt Covenants PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. Short-Term Loans PSEG In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In May and March 2021, PSEG entered into two 364-day variable rate term loan agreements for $750 million and $500 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021. During the third quarter of 2021, PSEG Power experienced a substantial increase in net cash collateral postings related to hedge positions that are out-of-the-money due to an increase in energy market prices, from $343 million at the end of June to $999 million at the end of September. PSEG issued short-term borrowings, including commercial paper, in order to satisfy the increase in collateral postings and to prepare for the PSEG Power debt redemption. In October, PSEG Power borrowed $755 million from its credit facility to support its Senior Notes redemption and additional collateral postings, as needed.
PSEG Power [Member] |
Debt Instrument [Line Items] |
Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the nine months ended September 30, 2021: PSE&G •issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026, •issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, •issued $425 million of 1.90% Secured Medium-Term Notes, Series N, due August 2031, •retired $300 million of 1.90% Secured Medium-Term Notes, Series K, at maturity, and •retired $134 million of 9.25% Mortgage Bonds, Series CC, at maturity. PSEG Power •redeemed in May at par $700 million of 3.00% Senior Notes due to mature in June 2021, •redeemed in June at par $250 million of 4.15% Senior Notes due to mature in September 2021, and •redeemed in August $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Bonds. In October 2021, PSEG redeemed all remaining outstanding Senior Notes of PSEG Power due to covenants that could trigger a default from the sale of PSEG Power’s fossil generating fleet. This included $700 million of 3.85% Senior Notes due to mature in June 2023, $250 million of 4.30% Senior Notes due to mature in November 2023, and $404 million of 8.63% Senior Notes due to mature in April 2031. These Senior Notes were redeemed at a redemption price that included a "make-whole" premium of approximately $294 million plus any interest accrued and unpaid to the redemption date, in each case, calculated in accordance with the indenture governing the Senior Notes. The debt redemption and “make whole” premium were funded with a short-term loan from PSEG and borrowings under PSEG Power’s credit facility. In addition, approximately $4 million of other non-cash debt extinguishment costs will be recorded in October 2021. 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 $4.1 billion credit facilities are provided by a diverse bank group. As of September 30, 2021, the total available credit capacity was $2.8 billion. As of September 30, 2021, no single institution represented more than 8% of the total commitments in the credit facilities. As of September 30, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to external financing 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 its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of September 30, 2021 were as follows:
|  |  | As of September 30, 2021 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (D) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 1,207 |  |  | $ | 293 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 1,207 |  |  | $ | 293 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facility (B) |  | $ | 600 |  |  | $ | 18 |  |  | $ | 582 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 600 |  |  | $ | 18 |  |  | $ | 582 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| 3-year Letter of Credit Facility |  | $ | 100 |  |  | $ | 86 |  |  | $ | 14 |  |  | Sept 2022 |  | Letters of Credit |
| 5-year Credit Facilities (C) |  | 1,900 |  |  | 37 |  |  | 1,863 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,000 |  |  | $ | 123 |  |  | $ | 1,877 |  |  |  |  |  |
| Total |  | $ | 4,100 |  |  | $ | 1,348 |  |  | $ | 2,752 |  |  |  |  |  |
(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 September 30, 2021, PSEG had $1.2 billion outstanding at a weighted average interest rate of 0.22%. PSE&G had no Commercial Paper outstanding as of September 30, 2021. Debt Covenants PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. Short-Term Loans PSEG In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In May and March 2021, PSEG entered into two 364-day variable rate term loan agreements for $750 million and $500 million, respectively. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021. During the third quarter of 2021, PSEG Power experienced a substantial increase in net cash collateral postings related to hedge positions that are out-of-the-money due to an increase in energy market prices, from $343 million at the end of June to $999 million at the end of September. PSEG issued short-term borrowings, including commercial paper, in order to satisfy the increase in collateral postings and to prepare for the PSEG Power debt redemption. In October, PSEG Power borrowed $755 million from its credit facility to support its Senior Notes redemption and additional collateral postings, as needed.

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- 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
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