XML 35 R12.htm IDEA: XBRL DOCUMENT
v3.22.4

Revenues | 12 Months Ended
--- | ---
Dec. 31, 2022
Revenues | Revenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products—PSEG Power sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. In addition, wholesale load contracts have been executed in the different ISO regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In December 2022, PJM called its first ISO-wide Maximum Generation Emergency Action, which triggered a Performance Assessment Interval (PAI) event. During the PAI, PSEG Power’s Salem 2 nuclear plant incurred penalties due to an unplanned outage during the second day of the event. Our remaining nuclear plants earned bonus payments during the entire event. The estimated net impact of Salem 2’s penalties and bonuses earned by the other units was not material to PSEG’s financial results. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Servco records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Other Revenues from Contracts with Customers Prior to the sale of Solar Source in June 2021, PSEG Power entered into bilateral contracts to sell solar power and solar renewable energy certificates (SRECs) from its solar facilities. Contract terms ranged from 15 to 30 years. The performance obligations were generally solar power and SRECs which were transferred to customers upon generation. Revenue was recognized upon generation of the solar power. These performance obligations were transferred as part of the sale of Solar Source. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 18. Financial Risk Management Activities for further discussion. Prior to the sale of Solar Source, PSEG Power was also a party to solar contracts that qualified as leases and were accounted for in accordance with lease accounting guidance. These performance obligations were transferred as part of the sale of Solar Source. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
|  | PSE&G |  | PSEG Power & Other (A) |  | Eliminations |  | Consolidated |
|  | Millions |
| Year Ended December 31, 2022 |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |
| Electric Distribution | $ | 3,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,503 |  |
| Gas Distribution | 2,357 |  |  | — |  |  | (1) |  |  | 2,356 |  |
| Transmission | 1,589 |  |  | — |  |  | — |  |  | 1,589 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 2,152 |  |  | — |  |  | 2,152 |  |
| Sales to Affiliates | — |  |  | 151 |  |  | (151) |  |  | — |  |
| NYISO | — |  |  | 88 |  |  | — |  |  | 88 |  |
| ISO-NE | — |  |  | 96 |  |  | — |  |  | 96 |  |
| Gas Sales |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 458 |  |  | — |  |  | 458 |  |
| Sales to Affiliates | — |  |  | 1,243 |  |  | (1,243) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) | 390 |  |  | 605 |  |  | (6) |  |  | 989 |  |
| Total Revenues from Contracts with Customers | 7,839 |  |  | 4,793 |  |  | (1,401) |  |  | 11,231 |  |
| Revenues Unrelated to Contracts with Customers (C) | 96 |  |  | (1,527) |  |  | — |  |  | (1,431) |  |
| Total Operating Revenues | $ | 7,935 |  |  | $ | 3,266 |  |  | $ | (1,401) |  |  | $ | 9,800 |  |
|  | PSE&G |  | PSEG Power & Other (A) |  | Eliminations |  | Consolidated |
|  | Millions |
| Year Ended December 31, 2021 |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |
| Electric Distribution | $ | 3,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,279 |  |
| Gas Distribution | 1,875 |  |  | — |  |  | (13) |  |  | 1,862 |  |
| Transmission | 1,611 |  |  | — |  |  | — |  |  | 1,611 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 2,003 |  |  | — |  |  | 2,003 |  |
| Sales to Affiliates | — |  |  | 265 |  |  | (265) |  |  | — |  |
| NYISO | — |  |  | 247 |  |  | — |  |  | 247 |  |
| ISO-NE | — |  |  | 172 |  |  | — |  |  | 172 |  |
| Gas Sales |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 181 |  |  | — |  |  | 181 |  |
| Sales to Affiliates | — |  |  | 886 |  |  | (886) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) | 343 |  |  | 620 |  |  | (3) |  |  | 960 |  |
| Total Revenues from Contracts with Customers | 7,108 |  |  | 4,374 |  |  | (1,167) |  |  | 10,315 |  |
| Revenues Unrelated to Contracts with Customers (C) | 14 |  |  | (607) |  |  | — |  |  | (593) |  |
| Total Operating Revenues | $ | 7,122 |  |  | $ | 3,767 |  |  | $ | (1,167) |  |  | $ | 9,722 |  |
|  | PSE&G |  | PSEG Power & Other (A) |  | Eliminations |  | Consolidated |
|  | Millions |
| Year Ended December 31, 2020 |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |
| Electric Distribution | $ | 3,130 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,130 |  |
| Gas Distribution | 1,646 |  |  | — |  |  | (12) |  |  | 1,634 |  |
| Transmission | 1,485 |  |  | — |  |  | — |  |  | 1,485 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 1,551 |  |  | — |  |  | 1,551 |  |
| Sales to Affiliates | — |  |  | 447 |  |  | (447) |  |  | — |  |
| NYISO | — |  |  | 124 |  |  | — |  |  | 124 |  |
| ISO-NE | — |  |  | 126 |  |  | — |  |  | 126 |  |
| Gas Sales |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 83 |  |  | — |  |  | 83 |  |
| Sales to Affiliates | — |  |  | 771 |  |  | (771) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) | 338 |  |  | 632 |  |  | (4) |  |  | 966 |  |
| Total Revenues from Contracts with Customers | 6,599 |  |  | 3,734 |  |  | (1,234) |  |  | 9,099 |  |
| Revenues Unrelated to Contracts with Customers (C) | 9 |  |  | 495 |  |  | — |  |  | 504 |  |
| Total Operating Revenues | $ | 6,608 |  |  | $ | 4,229 |  |  | $ | (1,234) |  |  | $ | 9,603 |  |
(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. (B)Includes primarily revenues from appliance repair services and the sale of SRECs at auction at PSE&G. PSEG Power & Other includes PSEG Power’s energy management fee with LIPA and PSEG LI’s OSA with LIPA. PSEG Power & Other also includes PSEG Power’s solar power projects in 2021 and 2020. (C)Includes primarily alternative revenues at PSE&G principally from the CIP program in 2022 and derivative contracts and lease contracts at PSEG Power & Other. For the years ended December 31, 2021 and 2020, PSEG Power & Other includes losses of $9 million and $26 million, respectively, related to Energy Holdings’ investments in leases. For additional information, see Note 9. Long-Term Investments. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of December 31, 2022 and 2021. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 20% and 21% of accounts receivable (including unbilled revenues) as of December 31, 2022 and 2021, respectively. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of December 31, 2022. PSE&G’s electric bad debt expense is recoverable through its SBC mechanism. As of December 31, 2022, PSE&G had a deferred balance of $145 million from electric bad debts recorded as a Regulatory Asset. In addition, as of December 31, 2022, PSE&G had deferred incremental gas bad debt expense of $68 million recorded as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 7. Regulatory Assets and Liabilities for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2022 and 2021.
|  | Years Ended December 31, |
|  | 2022 |  | 2021 |
|  | Millions |
| Balance at Beginning of Year | $ | 337 |  |  | $ | 206 |  |
| Utility Customer and Other Accounts |  |  |  |
| Provision | 114 |  |  | 195 |  |
| Write-offs, net of Recoveries of $46 million and $17 million for 2022 and 2021, respectively | (112) |  |  | (64) |  |
| Balance at End of Year | $ | 339 |  |  | $ | 337 |  |
PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of December 31, 2022 and 2021. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs, wholesale load contracts and capacity sales which are executed in the different ISO regions, and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of December 31, 2022 and 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of December 31, 2022 and 2021. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction was held in June 2021 and the 2023/2024 auction was held in June 2022. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
| Delivery Year |  | $ per Megawatt (MW)-Day |  | MW Cleared |
| June 2022 to May 2023 |  | $97 |  | 3,300 |
| June 2023 to May 2024 |  | $49 |  | 3,700 |
Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position. Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2028 are anticipated to result in revenues totaling $36 million. Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2023 is approximately $42 million and is updated each year based on the change in the Consumer Price Index (CPI).
Public Service Electric and Gas Company |
Revenues | Revenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products—PSEG Power sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. In addition, wholesale load contracts have been executed in the different ISO regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In December 2022, PJM called its first ISO-wide Maximum Generation Emergency Action, which triggered a Performance Assessment Interval (PAI) event. During the PAI, PSEG Power’s Salem 2 nuclear plant incurred penalties due to an unplanned outage during the second day of the event. Our remaining nuclear plants earned bonus payments during the entire event. The estimated net impact of Salem 2’s penalties and bonuses earned by the other units was not material to PSEG’s financial results. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Servco records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Other Revenues from Contracts with Customers Prior to the sale of Solar Source in June 2021, PSEG Power entered into bilateral contracts to sell solar power and solar renewable energy certificates (SRECs) from its solar facilities. Contract terms ranged from 15 to 30 years. The performance obligations were generally solar power and SRECs which were transferred to customers upon generation. Revenue was recognized upon generation of the solar power. These performance obligations were transferred as part of the sale of Solar Source. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 18. Financial Risk Management Activities for further discussion. Prior to the sale of Solar Source, PSEG Power was also a party to solar contracts that qualified as leases and were accounted for in accordance with lease accounting guidance. These performance obligations were transferred as part of the sale of Solar Source. See Note 4. Early Plant Retirements/Asset Dispositions and Impairments. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
|  | PSE&G |  | PSEG Power & Other (A) |  | Eliminations |  | Consolidated |
|  | Millions |
| Year Ended December 31, 2022 |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |
| Electric Distribution | $ | 3,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,503 |  |
| Gas Distribution | 2,357 |  |  | — |  |  | (1) |  |  | 2,356 |  |
| Transmission | 1,589 |  |  | — |  |  | — |  |  | 1,589 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 2,152 |  |  | — |  |  | 2,152 |  |
| Sales to Affiliates | — |  |  | 151 |  |  | (151) |  |  | — |  |
| NYISO | — |  |  | 88 |  |  | — |  |  | 88 |  |
| ISO-NE | — |  |  | 96 |  |  | — |  |  | 96 |  |
| Gas Sales |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 458 |  |  | — |  |  | 458 |  |
| Sales to Affiliates | — |  |  | 1,243 |  |  | (1,243) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) | 390 |  |  | 605 |  |  | (6) |  |  | 989 |  |
| Total Revenues from Contracts with Customers | 7,839 |  |  | 4,793 |  |  | (1,401) |  |  | 11,231 |  |
| Revenues Unrelated to Contracts with Customers (C) | 96 |  |  | (1,527) |  |  | — |  |  | (1,431) |  |
| Total Operating Revenues | $ | 7,935 |  |  | $ | 3,266 |  |  | $ | (1,401) |  |  | $ | 9,800 |  |
|  | PSE&G |  | PSEG Power & Other (A) |  | Eliminations |  | Consolidated |
|  | Millions |
| Year Ended December 31, 2021 |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |
| Electric Distribution | $ | 3,279 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,279 |  |
| Gas Distribution | 1,875 |  |  | — |  |  | (13) |  |  | 1,862 |  |
| Transmission | 1,611 |  |  | — |  |  | — |  |  | 1,611 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 2,003 |  |  | — |  |  | 2,003 |  |
| Sales to Affiliates | — |  |  | 265 |  |  | (265) |  |  | — |  |
| NYISO | — |  |  | 247 |  |  | — |  |  | 247 |  |
| ISO-NE | — |  |  | 172 |  |  | — |  |  | 172 |  |
| Gas Sales |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 181 |  |  | — |  |  | 181 |  |
| Sales to Affiliates | — |  |  | 886 |  |  | (886) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) | 343 |  |  | 620 |  |  | (3) |  |  | 960 |  |
| Total Revenues from Contracts with Customers | 7,108 |  |  | 4,374 |  |  | (1,167) |  |  | 10,315 |  |
| Revenues Unrelated to Contracts with Customers (C) | 14 |  |  | (607) |  |  | — |  |  | (593) |  |
| Total Operating Revenues | $ | 7,122 |  |  | $ | 3,767 |  |  | $ | (1,167) |  |  | $ | 9,722 |  |
|  | PSE&G |  | PSEG Power & Other (A) |  | Eliminations |  | Consolidated |
|  | Millions |
| Year Ended December 31, 2020 |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |
| Electric Distribution | $ | 3,130 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,130 |  |
| Gas Distribution | 1,646 |  |  | — |  |  | (12) |  |  | 1,634 |  |
| Transmission | 1,485 |  |  | — |  |  | — |  |  | 1,485 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 1,551 |  |  | — |  |  | 1,551 |  |
| Sales to Affiliates | — |  |  | 447 |  |  | (447) |  |  | — |  |
| NYISO | — |  |  | 124 |  |  | — |  |  | 124 |  |
| ISO-NE | — |  |  | 126 |  |  | — |  |  | 126 |  |
| Gas Sales |  |  |  |  |  |  |  |
| Third-Party Sales | — |  |  | 83 |  |  | — |  |  | 83 |  |
| Sales to Affiliates | — |  |  | 771 |  |  | (771) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) | 338 |  |  | 632 |  |  | (4) |  |  | 966 |  |
| Total Revenues from Contracts with Customers | 6,599 |  |  | 3,734 |  |  | (1,234) |  |  | 9,099 |  |
| Revenues Unrelated to Contracts with Customers (C) | 9 |  |  | 495 |  |  | — |  |  | 504 |  |
| Total Operating Revenues | $ | 6,608 |  |  | $ | 4,229 |  |  | $ | (1,234) |  |  | $ | 9,603 |  |
(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. (B)Includes primarily revenues from appliance repair services and the sale of SRECs at auction at PSE&G. PSEG Power & Other includes PSEG Power’s energy management fee with LIPA and PSEG LI’s OSA with LIPA. PSEG Power & Other also includes PSEG Power’s solar power projects in 2021 and 2020. (C)Includes primarily alternative revenues at PSE&G principally from the CIP program in 2022 and derivative contracts and lease contracts at PSEG Power & Other. For the years ended December 31, 2021 and 2020, PSEG Power & Other includes losses of $9 million and $26 million, respectively, related to Energy Holdings’ investments in leases. For additional information, see Note 9. Long-Term Investments. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of December 31, 2022 and 2021. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 20% and 21% of accounts receivable (including unbilled revenues) as of December 31, 2022 and 2021, respectively. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of December 31, 2022. PSE&G’s electric bad debt expense is recoverable through its SBC mechanism. As of December 31, 2022, PSE&G had a deferred balance of $145 million from electric bad debts recorded as a Regulatory Asset. In addition, as of December 31, 2022, PSE&G had deferred incremental gas bad debt expense of $68 million recorded as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 7. Regulatory Assets and Liabilities for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2022 and 2021.
|  | Years Ended December 31, |
|  | 2022 |  | 2021 |
|  | Millions |
| Balance at Beginning of Year | $ | 337 |  |  | $ | 206 |  |
| Utility Customer and Other Accounts |  |  |  |
| Provision | 114 |  |  | 195 |  |
| Write-offs, net of Recoveries of $46 million and $17 million for 2022 and 2021, respectively | (112) |  |  | (64) |  |
| Balance at End of Year | $ | 339 |  |  | $ | 337 |  |
PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of December 31, 2022 and 2021. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs, wholesale load contracts and capacity sales which are executed in the different ISO regions, and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of December 31, 2022 and 2021. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of December 31, 2022 and 2021. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction was held in June 2021 and the 2023/2024 auction was held in June 2022. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
| Delivery Year |  | $ per Megawatt (MW)-Day |  | MW Cleared |
| June 2022 to May 2023 |  | $97 |  | 3,300 |
| June 2023 to May 2024 |  | $49 |  | 3,700 |
Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position. Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2028 are anticipated to result in revenues totaling $36 million. Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2023 is approximately $42 million and is updated each year based on the change in the Consumer Price Index (CPI).

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=pseg_PublicServiceElectricandGasCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |