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Rate Filings | 6 Months Ended
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Jun. 30, 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 or FERC 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. In June 2022, PSE&G made its annual BGSS filing with the BPU requesting to increase its BGSS rate to approximately 65 cents per therm, effective October 1, 2022. This matter is pending. CIP—In June 2022, the BPU provisionally approved PSE&G’s filing to recover over two years approximately $52 million of deficient electric revenues, with approximately $18 million approved for recovery for the first year starting on the effective date of June 15, 2022. In June 2022, PSE&G filed its initial gas CIP cost recovery petition seeking BPU approval to recover estimated deficient gas revenues of approximately $53 million. The filing is based on a twelve month period ending September 30, 2022, with actual results through April 2022 and forecasted amounts through September 2022. The revenue deficiency is the result of lower estimated revenues as compared to a baseline established in PSE&G’s most recent distribution base rate proceeding. PSE&G expects to recover its $53 million request over a one year period. New rates are proposed to be effective October 1, 2022. This matter is pending. 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 non-AMI electric meters by the end of 2024. As of June 30, 2022 and December 31, 2021, the net book value of these meters was $183 million and $192 million, respectively. The filing also approved the recovery on and of the stranded costs associated with the retirement of the existing meters. Community Solar Energy Pilot (CSEP) Program, a New Component of the Green Program Recovery Charges (GPRC)—In June 2022, the BPU approved PSE&G’s filing to recover its initial electric revenue requirement of $0.4 million related to the CSEP Program with the new rate effective July 1, 2022. COVID-19 Deferral—PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of June 30, 2022 of approximately $118 million for net incremental costs, including $63 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 May 2022, the BPU approved PSE&G’s updated filing for annual electric and gas revenue increases of $17 million and $1 million, respectively, effective June 1, 2022. These increases represent the return on and of Energy Strong II investments placed in service through January 2022. Gas System Modernization Program (GSMP II)—In May 2022, the BPU approved PSE&G’s filing for an annual gas revenue increase of $25 million effective June 1, 2022. This increase represents the return on and of GSMP II investments placed in service through February 2022. In June 2022, PSE&G filed its next semi-annual GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of approximately $28 million effective December 1, 2022. The increase represents the return on and of GSMP II investments placed in service through August 31, 2022. This matter is pending. GPRC—In June 2022, the BPU approved PSE&G’s updated filing for an annual electric revenue decrease of approximately $4 million and a gas revenue increase of approximately $1 million, with new rates effective June 15, 2022. In July 2022, PSE&G filed its 2022 GPRC cost recovery petition requesting BPU approval to recover increases of $110 million and $8 million in annual electric and gas revenues, respectively. This matter is pending. 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. Solar Successor Incentive (SuSi) Program, a New Component of the GPRC—In June 2022, the BPU approved PSE&G’s filing to recover an annual electric revenue increase of $38 million effective June 15, 2022. These costs will be recovered as a new component of PSE&G’s existing electric GPRC. Tax Adjustment Credit (TAC)—In June 2022, the BPU approved PSE&G’s annual 2021 TAC filing to increase annual electric and gas revenues by approximately $15 million and $31 million, respectively. The new rates were effective June 15, 2022. Transmission Formula Rates—In June 2022, PSE&G filed its 2021 true-up adjustment pertaining to its transmission formula rates in effect for 2021. This filing resulted in a decrease in the 2021 annual revenue requirement of $1 million less than the 2021 original and updated filings, incorporating the FERC approved settlement agreement effective August 1, 2021. ZEC Program—In April 2022, the BPU approved PSE&G’s petition to refund a total of $4 million to customers, 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 or FERC 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. In June 2022, PSE&G made its annual BGSS filing with the BPU requesting to increase its BGSS rate to approximately 65 cents per therm, effective October 1, 2022. This matter is pending. CIP—In June 2022, the BPU provisionally approved PSE&G’s filing to recover over two years approximately $52 million of deficient electric revenues, with approximately $18 million approved for recovery for the first year starting on the effective date of June 15, 2022. In June 2022, PSE&G filed its initial gas CIP cost recovery petition seeking BPU approval to recover estimated deficient gas revenues of approximately $53 million. The filing is based on a twelve month period ending September 30, 2022, with actual results through April 2022 and forecasted amounts through September 2022. The revenue deficiency is the result of lower estimated revenues as compared to a baseline established in PSE&G’s most recent distribution base rate proceeding. PSE&G expects to recover its $53 million request over a one year period. New rates are proposed to be effective October 1, 2022. This matter is pending. 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 non-AMI electric meters by the end of 2024. As of June 30, 2022 and December 31, 2021, the net book value of these meters was $183 million and $192 million, respectively. The filing also approved the recovery on and of the stranded costs associated with the retirement of the existing meters. Community Solar Energy Pilot (CSEP) Program, a New Component of the Green Program Recovery Charges (GPRC)—In June 2022, the BPU approved PSE&G’s filing to recover its initial electric revenue requirement of $0.4 million related to the CSEP Program with the new rate effective July 1, 2022. COVID-19 Deferral—PSE&G continues to make quarterly filings as required by the BPU and has recorded a Regulatory Asset as of June 30, 2022 of approximately $118 million for net incremental costs, including $63 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 May 2022, the BPU approved PSE&G’s updated filing for annual electric and gas revenue increases of $17 million and $1 million, respectively, effective June 1, 2022. These increases represent the return on and of Energy Strong II investments placed in service through January 2022. Gas System Modernization Program (GSMP II)—In May 2022, the BPU approved PSE&G’s filing for an annual gas revenue increase of $25 million effective June 1, 2022. This increase represents the return on and of GSMP II investments placed in service through February 2022. In June 2022, PSE&G filed its next semi-annual GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of approximately $28 million effective December 1, 2022. The increase represents the return on and of GSMP II investments placed in service through August 31, 2022. This matter is pending. GPRC—In June 2022, the BPU approved PSE&G’s updated filing for an annual electric revenue decrease of approximately $4 million and a gas revenue increase of approximately $1 million, with new rates effective June 15, 2022. In July 2022, PSE&G filed its 2022 GPRC cost recovery petition requesting BPU approval to recover increases of $110 million and $8 million in annual electric and gas revenues, respectively. This matter is pending. 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. Solar Successor Incentive (SuSi) Program, a New Component of the GPRC—In June 2022, the BPU approved PSE&G’s filing to recover an annual electric revenue increase of $38 million effective June 15, 2022. These costs will be recovered as a new component of PSE&G’s existing electric GPRC. Tax Adjustment Credit (TAC)—In June 2022, the BPU approved PSE&G’s annual 2021 TAC filing to increase annual electric and gas revenues by approximately $15 million and $31 million, respectively. The new rates were effective June 15, 2022. Transmission Formula Rates—In June 2022, PSE&G filed its 2021 true-up adjustment pertaining to its transmission formula rates in effect for 2021. This filing resulted in a decrease in the 2021 annual revenue requirement of $1 million less than the 2021 original and updated filings, incorporating the FERC approved settlement agreement effective August 1, 2021. ZEC Program—In April 2022, the BPU approved PSE&G’s petition to refund a total of $4 million to customers, including interest, for overcollections resulting from the ZEC program for the energy year ended May 31, 2021.

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