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Rate Filings | 3 Months Ended
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Mar. 31, 2022
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, 2021. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU are as follows: Basic Generation Service (BGS)—In January 2022, the BPU approved changes to BGS rates as a result of the FERC-approved changes to transmission charges, primarily as a result of the decrease in PSE&G’s transmission formula rate return on equity. PSE&G’s BGS customers are being credited over a 12-month period effective February 1, 2022. BGSS—In April 2022, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of approximately 41 cents per therm which had been provisionally approved effective February 1, 2022. Clean Energy Future (CEF)-Energy Cloud (EC) or Advanced Metering Infrastructure (AMI) Initiative—As a result of PSE&G’s approved CEF-EC filing in 2021 to provide smart meters to its electric customers, PSE&G expects to retire most of its current solid state electric meters by the end of 2024. As of March 31, 2022 and December 31, 2021, the net book value of these meters was $188 million and $192 million, respectively. The filing also approved the recovery of and on the stranded costs associated with the retirement of the existing meters. COVID-19 Deferral—PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of March 31, 2022 of approximately $120 million for net incremental costs, including $66 million for incremental gas bad debt expense associated with customer accounts receivable, which PSE&G expects are probable of recovery under the BPU order. Energy Strong II—In April 2022, PSE&G updated its pending Energy Strong II petition to request a change in its previously filed electric revenue requirement. The updated petition seeks annual electric and gas revenue increases of $17 million and $1 million, respectively, with rates effective no earlier than May 1, 2022. This matter is pending. Gas System Modernization Program (GSMP II)—In March 2022, PSE&G updated its petition previously filed in December 2021 seeking BPU approval to recover in gas base rates an annual revenue increase of approximately $25 million effective June 1, 2022 representing the return on and of GSMP II investments placed in service through February 2022. Remediation Adjustment Charge (RAC)—In March 2022, PSE&G filed its RAC 29 petition with the BPU seeking recovery of $44 million of net Manufactured Gas Plant (MGP) remediation expenditures incurred from August 1, 2020 through July 31, 2021. This matter is pending. ZEC Program—In April 2022, the BPU approved PSE&G’s petition to refund a total of $4 million, including interest, for overcollections resulting from the ZEC program for the energy year ended May 31, 2021.
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, 2021. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU are as follows: Basic Generation Service (BGS)—In January 2022, the BPU approved changes to BGS rates as a result of the FERC-approved changes to transmission charges, primarily as a result of the decrease in PSE&G’s transmission formula rate return on equity. PSE&G’s BGS customers are being credited over a 12-month period effective February 1, 2022. BGSS—In April 2022, the BPU gave final approval to PSE&G’s request to maintain the current BGSS rate of approximately 41 cents per therm which had been provisionally approved effective February 1, 2022. Clean Energy Future (CEF)-Energy Cloud (EC) or Advanced Metering Infrastructure (AMI) Initiative—As a result of PSE&G’s approved CEF-EC filing in 2021 to provide smart meters to its electric customers, PSE&G expects to retire most of its current solid state electric meters by the end of 2024. As of March 31, 2022 and December 31, 2021, the net book value of these meters was $188 million and $192 million, respectively. The filing also approved the recovery of and on the stranded costs associated with the retirement of the existing meters. COVID-19 Deferral—PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of March 31, 2022 of approximately $120 million for net incremental costs, including $66 million for incremental gas bad debt expense associated with customer accounts receivable, which PSE&G expects are probable of recovery under the BPU order. Energy Strong II—In April 2022, PSE&G updated its pending Energy Strong II petition to request a change in its previously filed electric revenue requirement. The updated petition seeks annual electric and gas revenue increases of $17 million and $1 million, respectively, with rates effective no earlier than May 1, 2022. This matter is pending. Gas System Modernization Program (GSMP II)—In March 2022, PSE&G updated its petition previously filed in December 2021 seeking BPU approval to recover in gas base rates an annual revenue increase of approximately $25 million effective June 1, 2022 representing the return on and of GSMP II investments placed in service through February 2022. Remediation Adjustment Charge (RAC)—In March 2022, PSE&G filed its RAC 29 petition with the BPU seeking recovery of $44 million of net Manufactured Gas Plant (MGP) remediation expenditures incurred from August 1, 2020 through July 31, 2021. This matter is pending. ZEC Program—In April 2022, the BPU approved PSE&G’s petition to refund a total of $4 million, including interest, for overcollections resulting from the ZEC program for the energy year ended May 31, 2021.

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