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Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2022
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 three months ended March 31, 2022: PSE&G •issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032. PSEG Power •entered into a $1.25 billion variable rate term loan agreement due March 2025. 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. In March 2022, PSEG and PSEG Power amended and consolidated revolving credit agreements with total borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 2027 and provides for $2.75 billion of credit capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. Sub-limits can be adjusted subject to the terms of the Master Credit Facility. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. In March 2022, PSE&G amended its existing $600 million revolving credit agreement to extend the maturity through March 2027 and provide for $1.0 billion of credit capacity. The commitments under the $3.9 billion credit facilities are provided by a diverse bank group. As of March 31, 2022, the total available credit capacity was $3.2 billion. As of March 31, 2022, no single institution represented more than 8% of the total commitments in the credit facilities. As of March 31, 2022, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12 month planning horizon. 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 March 31, 2022 were as follows:
|  |  | As of March 31, 2022 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 428 |  |  | $ | 1,072 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 428 |  |  | $ | 1,072 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 18 |  |  | $ | 982 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 18 |  |  | $ | 982 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 79 |  |  | $ | 1,171 |  |  | Mar 2027 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 83 |  |  | 17 |  |  | Sept 2023 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,350 |  |  | $ | 162 |  |  | $ | 1,188 |  |  |  |  |  |
| Total |  | $ | 3,850 |  |  | $ | 608 |  |  | $ | 3,242 |  |  |  |  |  |
(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power. (B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2022, PSEG had $426 million outstanding at a weighted average interest rate of 0.44%. PSE&G had no Commercial Paper outstanding as of March 31, 2022. In April 2022, PSEG Power entered into two $100 million letter of credit facilities expiring in April 2024 and 2025, respectively. Net Cash Collateral Postings During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in PSEG Power’s daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $1.5 billion at the end of March 2022. Subsequent to March 2022, collateral postings continued to increase and PSEG Power continued to experience significantly higher variation in its daily collateral requirements. Net cash collateral postings were $2.6 billion at the end of April 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil and the closing of a $1.25 billion term loan at PSEG Power have increased PSEG Power’s available liquidity to help support its current collateral requirements in 2022. Short-Term Loans PSEG In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG repaid the $750 million term loan due in May 2022. In April 2022, PSEG entered into a 364-day variable rate term loan agreement for $1.5 billion.
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 three months ended March 31, 2022: PSE&G •issued $500 million of 3.10% Secured Medium-Term Notes (Green Bond), Series P, due March 2032. PSEG Power •entered into a $1.25 billion variable rate term loan agreement due March 2025. 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. In March 2022, PSEG and PSEG Power amended and consolidated revolving credit agreements with total borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 2027 and provides for $2.75 billion of credit capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. Sub-limits can be adjusted subject to the terms of the Master Credit Facility. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions. In March 2022, PSE&G amended its existing $600 million revolving credit agreement to extend the maturity through March 2027 and provide for $1.0 billion of credit capacity. The commitments under the $3.9 billion credit facilities are provided by a diverse bank group. As of March 31, 2022, the total available credit capacity was $3.2 billion. As of March 31, 2022, no single institution represented more than 8% of the total commitments in the credit facilities. As of March 31, 2022, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12 month planning horizon. 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 March 31, 2022 were as follows:
|  |  | As of March 31, 2022 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 428 |  |  | $ | 1,072 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 428 |  |  | $ | 1,072 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 18 |  |  | $ | 982 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 18 |  |  | $ | 982 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 79 |  |  | $ | 1,171 |  |  | Mar 2027 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 83 |  |  | 17 |  |  | Sept 2023 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,350 |  |  | $ | 162 |  |  | $ | 1,188 |  |  |  |  |  |
| Total |  | $ | 3,850 |  |  | $ | 608 |  |  | $ | 3,242 |  |  |  |  |  |
(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power. (B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2022, PSEG had $426 million outstanding at a weighted average interest rate of 0.44%. PSE&G had no Commercial Paper outstanding as of March 31, 2022. In April 2022, PSEG Power entered into two $100 million letter of credit facilities expiring in April 2024 and 2025, respectively. Net Cash Collateral Postings During the second half of 2021 and continuing into 2022, forward energy prices have demonstrated considerable price volatility and have increased dramatically. This has led to significantly higher variation in PSEG Power’s daily collateral requirements which have also increased substantially over that time period for hedge positions that are out-of-the money. PSEG Power’s net cash collateral postings related to these hedge positions increased from $343 million at the end of June 2021 to $1.5 billion at the end of March 2022. Subsequent to March 2022, collateral postings continued to increase and PSEG Power continued to experience significantly higher variation in its daily collateral requirements. Net cash collateral postings were $2.6 billion at the end of April 2022. The majority of this collateral relates to hedges in place through the end of 2023 and is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil and the closing of a $1.25 billion term loan at PSEG Power have increased PSEG Power’s available liquidity to help support its current collateral requirements in 2022. Short-Term Loans PSEG In March and May 2021, PSEG entered into two 364-day variable rate term loan agreements for $500 million and $750 million, respectively. In August 2021, PSEG entered into a $1.25 billion, 364-day variable rate term loan agreement. In March 2022, the $500 million term loan matured and PSEG repaid the $750 million term loan due in May 2022. In April 2022, PSEG entered into a 364-day variable rate term loan agreement for $1.5 billion.

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