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Financial Information By Business Segments | 12 Months Ended
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Dec. 31, 2021
Segment Reporting Information [Line Items] |
Financial Information By Business Segments | Financial Information by Business Segment Basis of Organization PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how resources are allocated to each business. PSEG’s reportable segments are PSE&G and PSEG Power. PSE&G represents a single reportable segment and therefore no separate segment information is provided for PSE&G. PSE&G PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, C&I customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in energy efficiency equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power PSEG Power earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. A significant portion of PSEG Power’s revenue is obtained from the various ISOs in which PSEG Power operates. The ISOs act similarly to a clearing house for all of its members in that all revenues paid out are collected from market participants based on their consumption of energy and energy-related products. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G. Other This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
|  |  | PSE&G |  | PSEG Power |  | Other (A) |  | Eliminations (B) |  | Consolidated Total |
|  |  | Millions |
| Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 7,122 |  |  | $ | 3,147 |  |  | $ | 620 |  |  | $ | (1,167) |  |  | $ | 9,722 |  |
| Depreciation and Amortization |  | 928 |  |  | 256 |  |  | 32 |  |  | — |  |  | 1,216 |  |
| Operating Income (Loss) |  | 1,818 |  |  | (2,711) |  |  | 37 |  |  | — |  |  | (856) |  |
| Income from Equity Method Investments |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 16 |  |
| Interest Income |  | 14 |  |  | 2 |  |  | 8 |  |  | (4) |  |  | 20 |  |
| Interest Expense |  | 402 |  |  | 78 |  |  | 95 |  |  | (4) |  |  | 571 |  |
| Income (Loss) before Income Taxes |  | 1,770 |  |  | (2,808) |  |  | (51) |  |  | — |  |  | (1,089) |  |
| Income Tax Expense (Benefit) |  | 324 |  |  | (752) |  |  | (13) |  |  | — |  |  | (441) |  |
| Net Income (Loss) (C) (D) |  | $ | 1,446 |  |  | $ | (2,056) |  |  | $ | (38) |  |  | $ | — |  |  | $ | (648) |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,447 |  |  | $ | 259 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 2,719 |  |
| As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 37,198 |  |  | $ | 9,777 |  |  | $ | 5,150 |  |  | $ | (3,126) |  |  | $ | 48,999 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 62 |  |  | $ | 111 |  |  | $ | — |  |  | $ | 173 |  |
|  |  | PSE&G |  | PSEG Power |  | Other (A) |  | Eliminations (B) |  | Consolidated Total |
|  |  | Millions |
| Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 6,608 |  |  | $ | 3,634 |  |  | $ | 595 |  |  | $ | (1,234) |  |  | $ | 9,603 |  |
| Depreciation and Amortization |  | 887 |  |  | 368 |  |  | 30 |  |  | — |  |  | 1,285 |  |
| Operating Income (Loss) |  | 1,639 |  |  | 603 |  |  | 28 |  |  | — |  |  | 2,270 |  |
| Income from Equity Method Investments |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 14 |  |
| Interest Income |  | 17 |  |  | 6 |  |  | 5 |  |  | (3) |  |  | 25 |  |
| Interest Expense |  | 388 |  |  | 121 |  |  | 94 |  |  | (3) |  |  | 600 |  |
| Income (Loss) before Income Taxes |  | 1,567 |  |  | 782 |  |  | (48) |  |  | — |  |  | 2,301 |  |
| Income Tax Expense (Benefit) |  | 240 |  |  | 188 |  |  | (32) |  |  | — |  |  | 396 |  |
| Net Income (Loss) (C) (D) |  | $ | 1,327 |  |  | $ | 594 |  |  | $ | (16) |  |  | $ | — |  |  | $ | 1,905 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,507 |  |  | $ | 404 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 2,923 |  |
| As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 35,581 |  |  | $ | 12,704 |  |  | $ | 2,692 |  |  | $ | (927) |  |  | $ | 50,050 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 64 |  |  | $ | — |  |  | $ | — |  |  | $ | 64 |  |
|  |  | PSE&G |  | PSEG Power |  | Other (A) |  | Eliminations (B) |  | Consolidated Total |
|  |  | Millions |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 6,625 |  |  | $ | 4,385 |  |  | $ | 549 |  |  | $ | (1,483) |  |  | $ | 10,076 |  |
| Depreciation and Amortization |  | 837 |  |  | 377 |  |  | 34 |  |  | — |  |  | 1,248 |  |
| Operating Income (Loss) |  | 1,469 |  |  | 448 |  |  | 26 |  |  | — |  |  | 1,943 |  |
| Income from Equity Method Investments |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 14 |  |
| Interest Income |  | 18 |  |  | 7 |  |  | 6 |  |  | (5) |  |  | 26 |  |
| Interest Expense |  | 361 |  |  | 119 |  |  | 94 |  |  | (5) |  |  | 569 |  |
| Income (Loss) before Income Taxes |  | 1,343 |  |  | 671 |  |  | (64) |  |  | — |  |  | 1,950 |  |
| Income Tax Expense (Benefit) |  | 93 |  |  | 203 |  |  | (39) |  |  | — |  |  | 257 |  |
| Net Income (Loss) (C) (D) |  | $ | 1,250 |  |  | $ | 468 |  |  | $ | (25) |  |  | $ | — |  |  | $ | 1,693 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,542 |  |  | $ | 607 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 3,166 |  |
| As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 33,266 |  |  | $ | 12,805 |  |  | $ | 2,715 |  |  | $ | (1,056) |  |  | $ | 47,730 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 66 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 67 |  |
(A)Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. (B)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 26. Related-Party Transactions. (C)Includes after-tax impairment losses and other charges, including debt extinguishment costs, related to the sale of the fossil generating assets at PSEG Power of $2,158 million in the year ended December 31, 2021. Includes an after-tax gain of $86 million in the year ended December 31, 2020 related to the sale of PSEG Power’s interest in the Yards Creek generation facility and an after-tax loss of $286 million in the year ended December 31, 2019 related to the sale of PSEG Power’s ownership interests in the Keystone and Conemaugh fossil generation plants. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for additional information. (D)Includes net after-tax losses of $446 million and $58 million in the years ended December 31, 2021 and 2020 and a net after-tax gain of $205 million in the year ended December 31, 2019 at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
Public Service Electric and Gas Company |
Segment Reporting Information [Line Items] |
Financial Information By Business Segments | Financial Information by Business Segment Basis of Organization PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how management measures performance based on segment Net Income, as illustrated in the following table, and how resources are allocated to each business. PSEG’s reportable segments are PSE&G and PSEG Power. PSE&G represents a single reportable segment and therefore no separate segment information is provided for PSE&G. PSE&G PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, C&I customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in energy efficiency equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power PSEG Power earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. A significant portion of PSEG Power’s revenue is obtained from the various ISOs in which PSEG Power operates. The ISOs act similarly to a clearing house for all of its members in that all revenues paid out are collected from market participants based on their consumption of energy and energy-related products. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G. Other This category includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
|  |  | PSE&G |  | PSEG Power |  | Other (A) |  | Eliminations (B) |  | Consolidated Total |
|  |  | Millions |
| Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 7,122 |  |  | $ | 3,147 |  |  | $ | 620 |  |  | $ | (1,167) |  |  | $ | 9,722 |  |
| Depreciation and Amortization |  | 928 |  |  | 256 |  |  | 32 |  |  | — |  |  | 1,216 |  |
| Operating Income (Loss) |  | 1,818 |  |  | (2,711) |  |  | 37 |  |  | — |  |  | (856) |  |
| Income from Equity Method Investments |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 16 |  |
| Interest Income |  | 14 |  |  | 2 |  |  | 8 |  |  | (4) |  |  | 20 |  |
| Interest Expense |  | 402 |  |  | 78 |  |  | 95 |  |  | (4) |  |  | 571 |  |
| Income (Loss) before Income Taxes |  | 1,770 |  |  | (2,808) |  |  | (51) |  |  | — |  |  | (1,089) |  |
| Income Tax Expense (Benefit) |  | 324 |  |  | (752) |  |  | (13) |  |  | — |  |  | (441) |  |
| Net Income (Loss) (C) (D) |  | $ | 1,446 |  |  | $ | (2,056) |  |  | $ | (38) |  |  | $ | — |  |  | $ | (648) |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,447 |  |  | $ | 259 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 2,719 |  |
| As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 37,198 |  |  | $ | 9,777 |  |  | $ | 5,150 |  |  | $ | (3,126) |  |  | $ | 48,999 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 62 |  |  | $ | 111 |  |  | $ | — |  |  | $ | 173 |  |
|  |  | PSE&G |  | PSEG Power |  | Other (A) |  | Eliminations (B) |  | Consolidated Total |
|  |  | Millions |
| Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 6,608 |  |  | $ | 3,634 |  |  | $ | 595 |  |  | $ | (1,234) |  |  | $ | 9,603 |  |
| Depreciation and Amortization |  | 887 |  |  | 368 |  |  | 30 |  |  | — |  |  | 1,285 |  |
| Operating Income (Loss) |  | 1,639 |  |  | 603 |  |  | 28 |  |  | — |  |  | 2,270 |  |
| Income from Equity Method Investments |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 14 |  |
| Interest Income |  | 17 |  |  | 6 |  |  | 5 |  |  | (3) |  |  | 25 |  |
| Interest Expense |  | 388 |  |  | 121 |  |  | 94 |  |  | (3) |  |  | 600 |  |
| Income (Loss) before Income Taxes |  | 1,567 |  |  | 782 |  |  | (48) |  |  | — |  |  | 2,301 |  |
| Income Tax Expense (Benefit) |  | 240 |  |  | 188 |  |  | (32) |  |  | — |  |  | 396 |  |
| Net Income (Loss) (C) (D) |  | $ | 1,327 |  |  | $ | 594 |  |  | $ | (16) |  |  | $ | — |  |  | $ | 1,905 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,507 |  |  | $ | 404 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 2,923 |  |
| As of December 31, 2020 |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 35,581 |  |  | $ | 12,704 |  |  | $ | 2,692 |  |  | $ | (927) |  |  | $ | 50,050 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 64 |  |  | $ | — |  |  | $ | — |  |  | $ | 64 |  |
|  |  | PSE&G |  | PSEG Power |  | Other (A) |  | Eliminations (B) |  | Consolidated Total |
|  |  | Millions |
| Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 6,625 |  |  | $ | 4,385 |  |  | $ | 549 |  |  | $ | (1,483) |  |  | $ | 10,076 |  |
| Depreciation and Amortization |  | 837 |  |  | 377 |  |  | 34 |  |  | — |  |  | 1,248 |  |
| Operating Income (Loss) |  | 1,469 |  |  | 448 |  |  | 26 |  |  | — |  |  | 1,943 |  |
| Income from Equity Method Investments |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 14 |  |
| Interest Income |  | 18 |  |  | 7 |  |  | 6 |  |  | (5) |  |  | 26 |  |
| Interest Expense |  | 361 |  |  | 119 |  |  | 94 |  |  | (5) |  |  | 569 |  |
| Income (Loss) before Income Taxes |  | 1,343 |  |  | 671 |  |  | (64) |  |  | — |  |  | 1,950 |  |
| Income Tax Expense (Benefit) |  | 93 |  |  | 203 |  |  | (39) |  |  | — |  |  | 257 |  |
| Net Income (Loss) (C) (D) |  | $ | 1,250 |  |  | $ | 468 |  |  | $ | (25) |  |  | $ | — |  |  | $ | 1,693 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,542 |  |  | $ | 607 |  |  | $ | 17 |  |  | $ | — |  |  | $ | 3,166 |  |
| As of December 31, 2019 |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 33,266 |  |  | $ | 12,805 |  |  | $ | 2,715 |  |  | $ | (1,056) |  |  | $ | 47,730 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 66 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 67 |  |
(A)Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. (B)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 26. Related-Party Transactions. (C)Includes after-tax impairment losses and other charges, including debt extinguishment costs, related to the sale of the fossil generating assets at PSEG Power of $2,158 million in the year ended December 31, 2021. Includes an after-tax gain of $86 million in the year ended December 31, 2020 related to the sale of PSEG Power’s interest in the Yards Creek generation facility and an after-tax loss of $286 million in the year ended December 31, 2019 related to the sale of PSEG Power’s ownership interests in the Keystone and Conemaugh fossil generation plants. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for additional information. (D)Includes net after-tax losses of $446 million and $58 million in the years ended December 31, 2021 and 2020 and a net after-tax gain of $205 million in the year ended December 31, 2019 at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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