XML 47 R25.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Debt and Credit Facilities | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2021 |  | 2020 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.00% |  |  | 2021 |  | $ | — |  |  | $ | 300 |  |
| 2.65% |  |  | 2022 |  | 700 |  |  | 700 |  |
| 0.84% |  |  | 2023 |  | 750 |  |  | — |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | 550 |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | 550 |  |
| 2.45% |  |  | 2031 |  | 750 |  |  | — |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | 96 |  |
| Total Senior Notes |  |  |  | 4,146 |  |  | 2,946 |  |
| Principal Amount Outstanding |  |  |  | 4,146 |  |  | 2,946 |  |
| Amounts Due Within One Year |  |  |  | (700) |  |  | (300) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (22) |  |  | (17) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 3,424 |  |  | $ | 2,629 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2021 |  | 2020 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | — |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 15 |  |  | 149 |  |
| Medium-Term Notes (B): |  |  |  |  |  |  |
| 1.90% |  | 2021 |  | — |  |  | 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 |  |
| 0.95% |  | 2026 |  | 450 |  |  | — |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | 375 |  |
| 3.65% |  | 2028 |  | 325 |  |  | 325 |  |
| 3.20% |  | 2029 |  | 375 |  |  | 375 |  |
| 2.45% |  | 2030 |  | 300 |  |  | 300 |  |
| 1.90% |  | 2031 |  | 425 |  |  | — |  |
| 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 |  |  | 300 |  |
| 2.70% |  | 2050 |  | 375 |  |  | 375 |  |
| 2.05% |  | 2050 |  | 375 |  |  | 375 |  |
| 3.00% |  | 2051 |  | 450 |  |  | — |  |
| Total MTNs |  |  |  | 11,875 |  |  | 10,850 |  |
| Principal Amount Outstanding |  |  |  | 11,890 |  |  | 10,999 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (434) |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (95) |  |  | (90) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 11,795 |  |  | $ | 10,475 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2021 |  | 2020 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 3.00% |  |  | 2021 |  | $ | — |  |  | $ | 700 |  |
| 4.15% |  |  | 2021 |  | — |  |  | 250 |  |
| 3.85% |  |  | 2023 |  | — |  |  | 700 |  |
| 4.30% |  |  | 2023 |  | — |  |  | 250 |  |
| 8.63% | (A) |  | 2031 |  | — |  |  | 404 |  |
| Total Senior Notes (C) |  |  |  | — |  |  | 2,304 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2022 |  | — |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | — |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 2,348 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (950) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | — |  |  | (6) |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | — |  |  | $ | 1,392 |  |
(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)All outstanding Senior Notes and the Pennsylvania Economic Development Financing Authority Variable Rate Bonds (PEDFA) of PSEG Power were redeemed during 2021 as described below. Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2021 are as follows:
| Year |  | PSEG |  | PSE&G |  | Total |
| 2022 |  | $ | 700 |  |  | $ | — |  |  | $ | 700 |  |
| 2023 |  | 750 |  |  | 825 |  |  | 1,575 |  |
| 2024 |  | 750 |  |  | 750 |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | 900 |  |
| 2026 |  | — |  |  | 875 |  |  | 875 |  |
| Thereafter |  | 1,396 |  |  | 9,090 |  |  | 10,486 |  |
| Total |  | $ | 4,146 |  |  | $ | 11,890 |  |  | $ | 16,036 |  |
Long-Term Debt Financing Transactions During 2021, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG •issued $750 million of 0.84% Senior Notes due November 2023, •issued $750 million of 2.45% Senior Notes due November 2031, and •retired $300 million of 2.00% Senior Notes at maturity. 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 PEDFA 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 assets. 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 were 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 December 31, 2021, the total available credit capacity was $2.9 billion. As of December 31, 2021, no single institution represented more than 8% of the total commitments in the credit facilities. As of December 31, 2021, the total credit capacity was in excess of the 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 December 31, 2021 were as follows:
|  |  | As of December 31, 2021 |  |  |
| Company/Facility |  | Total Facility |  | Usage (E) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 1,022 |  |  | $ | 478 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 1,022 |  |  | $ | 478 |  |  |  |  |  |
| 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 (C) |  | $ | 100 |  |  | $ | 87 |  |  | $ | 13 |  |  | Sept 2023 |  | Letters of Credit |
| 5-year Credit Facilities (D) |  | 1,900 |  |  | 58 |  |  | 1,842 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,000 |  |  | $ | 145 |  |  | $ | 1,855 |  |  |  |  |  |
| Total |  | $ | 4,100 |  |  | $ | 1,185 |  |  | $ | 2,915 |  |  |  |  |  |
(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)In December 2021, PSEG Power extended its letter of credit facility for one year from September 2022 to September 2023. (D)PSEG Power facilities will be reduced by $12 million in March 2022. (E)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, 2021, PSEG had $1.0 billion outstanding at a weighted average interest rate of 0.33%. PSE&G had no Commercial Paper outstanding as of December 31, 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, each of PSEG and 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 March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 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 second half 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 $844 million at the end of December. 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 cash collateral postings, as needed. In November, PSEG issued $1.5 billion of Senior Notes, using a portion of the funds to provide support to PSEG Power for paying off the $755 million loan from the credit facility. 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, 2021 and 2020 are included in the following table and accompanying notes as of December 31, 2021 and 2020. 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, 2021 |  | December 31, 2020 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt (A): |  |  |  |  |  |  |  |  |
| PSEG |  | $ | 4,124 |  |  | $ | 4,172 |  |  | $ | 2,929 |  |  | $ | 3,092 |  |
| PSE&G |  | 11,795 |  |  | 13,374 |  |  | 10,909 |  |  | 13,372 |  |
| PSEG Power (B) |  | — |  |  | — |  |  | 2,342 |  |  | 2,679 |  |
| Total Long-Term Debt |  | $ | 15,919 |  |  | $ | 17,546 |  |  | $ | 16,180 |  |  | $ | 19,143 |  |
(A)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. (B)In October 2021, PSEG redeemed all of PSEG Power’s outstanding Senior Notes.
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 |  | 2021 |  | 2020 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.00% |  |  | 2021 |  | $ | — |  |  | $ | 300 |  |
| 2.65% |  |  | 2022 |  | 700 |  |  | 700 |  |
| 0.84% |  |  | 2023 |  | 750 |  |  | — |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | 550 |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | 550 |  |
| 2.45% |  |  | 2031 |  | 750 |  |  | — |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | 96 |  |
| Total Senior Notes |  |  |  | 4,146 |  |  | 2,946 |  |
| Principal Amount Outstanding |  |  |  | 4,146 |  |  | 2,946 |  |
| Amounts Due Within One Year |  |  |  | (700) |  |  | (300) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (22) |  |  | (17) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 3,424 |  |  | $ | 2,629 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2021 |  | 2020 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 9.25% |  | 2021 |  | $ | — |  |  | $ | 134 |  |
| 8.00% |  | 2037 |  | 7 |  |  | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 15 |  |  | 149 |  |
| Medium-Term Notes (B): |  |  |  |  |  |  |
| 1.90% |  | 2021 |  | — |  |  | 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 |  |
| 0.95% |  | 2026 |  | 450 |  |  | — |  |
| 3.00% |  | 2027 |  | 425 |  |  | 425 |  |
| 3.70% |  | 2028 |  | 375 |  |  | 375 |  |
| 3.65% |  | 2028 |  | 325 |  |  | 325 |  |
| 3.20% |  | 2029 |  | 375 |  |  | 375 |  |
| 2.45% |  | 2030 |  | 300 |  |  | 300 |  |
| 1.90% |  | 2031 |  | 425 |  |  | — |  |
| 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 |  |  | 300 |  |
| 2.70% |  | 2050 |  | 375 |  |  | 375 |  |
| 2.05% |  | 2050 |  | 375 |  |  | 375 |  |
| 3.00% |  | 2051 |  | 450 |  |  | — |  |
| Total MTNs |  |  |  | 11,875 |  |  | 10,850 |  |
| Principal Amount Outstanding |  |  |  | 11,890 |  |  | 10,999 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (434) |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (95) |  |  | (90) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 11,795 |  |  | $ | 10,475 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2021 |  | 2020 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 3.00% |  |  | 2021 |  | $ | — |  |  | $ | 700 |  |
| 4.15% |  |  | 2021 |  | — |  |  | 250 |  |
| 3.85% |  |  | 2023 |  | — |  |  | 700 |  |
| 4.30% |  |  | 2023 |  | — |  |  | 250 |  |
| 8.63% | (A) |  | 2031 |  | — |  |  | 404 |  |
| Total Senior Notes (C) |  |  |  | — |  |  | 2,304 |  |
| Pollution Control Notes: |  |  |  |  |  |  |
| Floating Rate (C) |  | 2022 |  | — |  |  | 44 |  |
| Total Pollution Control Notes |  |  |  | — |  |  | 44 |  |
| Principal Amount Outstanding |  |  |  | — |  |  | 2,348 |  |
| Amounts Due Within One Year |  |  |  | — |  |  | (950) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | — |  |  | (6) |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | — |  |  | $ | 1,392 |  |
(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)All outstanding Senior Notes and the Pennsylvania Economic Development Financing Authority Variable Rate Bonds (PEDFA) of PSEG Power were redeemed during 2021 as described below. Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2021 are as follows:
| Year |  | PSEG |  | PSE&G |  | Total |
| 2022 |  | $ | 700 |  |  | $ | — |  |  | $ | 700 |  |
| 2023 |  | 750 |  |  | 825 |  |  | 1,575 |  |
| 2024 |  | 750 |  |  | 750 |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | 900 |  |
| 2026 |  | — |  |  | 875 |  |  | 875 |  |
| Thereafter |  | 1,396 |  |  | 9,090 |  |  | 10,486 |  |
| Total |  | $ | 4,146 |  |  | $ | 11,890 |  |  | $ | 16,036 |  |
Long-Term Debt Financing Transactions During 2021, PSEG and its subsidiaries had the following Long-Term Debt issuances, maturities and redemptions: PSEG •issued $750 million of 0.84% Senior Notes due November 2023, •issued $750 million of 2.45% Senior Notes due November 2031, and •retired $300 million of 2.00% Senior Notes at maturity. 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 PEDFA 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 assets. 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 were 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 December 31, 2021, the total available credit capacity was $2.9 billion. As of December 31, 2021, no single institution represented more than 8% of the total commitments in the credit facilities. As of December 31, 2021, the total credit capacity was in excess of the 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 December 31, 2021 were as follows:
|  |  | As of December 31, 2021 |  |  |
| Company/Facility |  | Total Facility |  | Usage (E) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| 5-year Credit Facilities (A) |  | $ | 1,500 |  |  | $ | 1,022 |  |  | $ | 478 |  |  | Mar 2024 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 1,022 |  |  | $ | 478 |  |  |  |  |  |
| 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 (C) |  | $ | 100 |  |  | $ | 87 |  |  | $ | 13 |  |  | Sept 2023 |  | Letters of Credit |
| 5-year Credit Facilities (D) |  | 1,900 |  |  | 58 |  |  | 1,842 |  |  | Mar 2024 |  | Funding/Letters of Credit |
| Total PSEG Power |  | $ | 2,000 |  |  | $ | 145 |  |  | $ | 1,855 |  |  |  |  |  |
| Total |  | $ | 4,100 |  |  | $ | 1,185 |  |  | $ | 2,915 |  |  |  |  |  |
(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)In December 2021, PSEG Power extended its letter of credit facility for one year from September 2022 to September 2023. (D)PSEG Power facilities will be reduced by $12 million in March 2022. (E)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, 2021, PSEG had $1.0 billion outstanding at a weighted average interest rate of 0.33%. PSE&G had no Commercial Paper outstanding as of December 31, 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, each of PSEG and 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 March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 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 second half 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 $844 million at the end of December. 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 cash collateral postings, as needed. In November, PSEG issued $1.5 billion of Senior Notes, using a portion of the funds to provide support to PSEG Power for paying off the $755 million loan from the credit facility. 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, 2021 and 2020 are included in the following table and accompanying notes as of December 31, 2021 and 2020. 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, 2021 |  | December 31, 2020 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt (A): |  |  |  |  |  |  |  |  |
| PSEG |  | $ | 4,124 |  |  | $ | 4,172 |  |  | $ | 2,929 |  |  | $ | 3,092 |  |
| PSE&G |  | 11,795 |  |  | 13,374 |  |  | 10,909 |  |  | 13,372 |  |
| PSEG Power (B) |  | — |  |  | — |  |  | 2,342 |  |  | 2,679 |  |
| Total Long-Term Debt |  | $ | 15,919 |  |  | $ | 17,546 |  |  | $ | 16,180 |  |  | $ | 19,143 |  |
(A)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. (B)In October 2021, PSEG redeemed all of PSEG Power’s outstanding Senior Notes.

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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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: |