XML 48 R25.htm IDEA: XBRL DOCUMENT
v3.22.4

Debt and Credit Facilities | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.65% |  |  | 2022 |  | $ | — |  |  | $ | 700 |  |
| 0.84% |  |  | 2023 |  | 750 |  |  | 750 |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | 550 |  |
| 5.85% |  |  | 2027 |  | 700 |  |  | — |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | 550 |  |
| 2.45% |  |  | 2031 |  | 750 |  |  | 750 |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | 96 |  |
| Total Senior Notes |  |  |  | 4,146 |  |  | 4,146 |  |
| Principal Amount Outstanding |  |  |  | 4,146 |  |  | 4,146 |  |
| Amounts Due Within One Year |  |  |  | (750) |  |  | (700) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (22) |  |  | (22) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 3,374 |  |  | $ | 3,424 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 8.00% |  | 2037 |  | $ | 7 |  |  | $ | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 15 |  |  | 15 |  |
| Medium-Term Notes (B): |  |  |  |  |  |  |
| 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 |  |
| 0.95% |  | 2026 |  | 450 |  |  | 450 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 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 |  |  | 425 |  |
| 3.10% |  | 2032 |  | 500 |  |  | — |  |
| 4.90% |  | 2032 |  | 400 |  |  | — |  |
| 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 |  |  | 450 |  |
| Total MTNs |  |  |  | 12,775 |  |  | 11,875 |  |
| Principal Amount Outstanding |  |  |  | 12,790 |  |  | 11,890 |  |
| Amounts Due Within One Year |  |  |  | (825) |  |  | — |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (94) |  |  | (95) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 11,871 |  |  | $ | 11,795 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2025 |  | $ | 1,250 |  |  | $ | — |  |
| Total Term Loan |  |  |  | 1,250 |  |  | — |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,250 |  |  | $ | — |  |
(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. Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2022 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
|  |  | Millions |
| 2023 |  | $ | 750 |  |  | $ | 825 |  |  | $ | — |  |  | $ | 1,575 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | 1,250 |  |  | 2,150 |  |
| 2026 |  | — |  |  | 875 |  |  | — |  |  | 875 |  |
| 2027 |  | 700 |  |  | 425 |  |  | — |  |  | 1,125 |  |
| Thereafter |  | 1,396 |  |  | 9,565 |  |  | — |  |  | 10,961 |  |
| Total |  | $ | 4,146 |  |  | $ | 12,790 |  |  | $ | 1,250 |  |  | $ | 18,186 |  |
Long-Term Debt Financing Transactions During 2022, PSEG and its subsidiaries had the following Long-Term Debt issuances and maturity: PSEG •issued $700 million of 5.85% Senior Notes due November 2027, and •retired $700 million of 2.65% Senior Notes at maturity. PSE&G •issued $500 million of 3.10% Secured Medium-Term Notes, Series P, due March 2032, and •issued $400 million of 4.90% Secured Medium-Term Notes, Series P, due December 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. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2022, the total available credit capacity was $3.7 billion. As of December 31, 2022, no single institution represented more than 10% of the total commitments in the credit facilities. As of December 31, 2022, 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, 2022 were as follows:
|  |  | As of December 31, 2022 |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 202 |  |  | $ | 1,298 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 202 |  |  | $ | 1,298 |  |  |  |  |  |
| 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 |  |  | $ | 63 |  |  | $ | 1,187 |  |  | Mar 2027 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 32 |  |  | $ | 68 |  |  | Apr 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 200 |  |  | 120 |  |  | $ | 80 |  |  | Sept 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 26 |  |  | $ | 74 |  |  | Apr 2025 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,650 |  |  | $ | 241 |  |  | $ | 1,409 |  |  |  |  |  |
| Total (C) |  | $ | 4,150 |  |  | $ | 461 |  |  | $ | 3,689 |  |  |  |  |  |
(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 December 31, 2022, PSEG had $200 million outstanding at a weighted average interest rate of 4.4%. PSE&G had no Commercial Paper outstanding as of December 31, 2022. (C)Amounts do not include uncommitted credit facilities. In September 2022, a subsidiary of PSEG Power entered into an uncommitted credit facility for $200 million, which can be drawn to fund its cash collateral postings. As of December 31, 2022, there were no amounts outstanding under this facility. 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. Net Cash Collateral Postings During the second half of 2021 and continuing throughout 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 December 2022. Subsequent to December 2022, collateral postings have decreased but PSEG Power continued to experience significant fluctuations in its daily collateral requirements. Net cash collateral postings were approximately $700 million as of February 17, 2023. As historical lower-priced trades continue to settle through 2024, collateral is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil, the closing of a $1.25 billion term loan in March 2022 at PSEG Power, and short-term borrowings at PSEG have contributed to available liquidity to help support PSEG Power’s 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 July 2022, PSEG repaid the $1.25 billion term loan due in August 2022. In April 2022 and May 2022, PSEG entered into 364-day variable rate term loan agreements for $1.5 billion and $500 million, respectively. In January 2023, PSEG repaid $750 million of the $1.5 billion term loan due in April 2023. Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2022 and 2021 are included in the following table and accompanying notes as of December 31, 2022 and 2021. 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, 2022 |  | December 31, 2021 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) |  | $ | 4,124 |  |  | $ | 3,808 |  |  | $ | 4,124 |  |  | $ | 4,172 |  |
| PSE&G (A) |  | 12,696 |  |  | 11,106 |  |  | 11,795 |  |  | 13,374 |  |
| PSEG Power (B) |  | 1,250 |  |  | 1,250 |  |  | — |  |  | — |  |
| Total Long-Term Debt |  | $ | 18,070 |  |  | $ | 16,164 |  |  | $ | 15,919 |  |  | $ | 17,546 |  |
(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 using market-based measurements that are processed through a rules-based pricing 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)Private term loan with book value approximating fair value (Level 2 measurement).
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 |  | 2022 |  | 2021 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 2.65% |  |  | 2022 |  | $ | — |  |  | $ | 700 |  |
| 0.84% |  |  | 2023 |  | 750 |  |  | 750 |  |
| 2.88% |  |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  |  | 2025 |  | 550 |  |  | 550 |  |
| 5.85% |  |  | 2027 |  | 700 |  |  | — |  |
| 1.60% |  |  | 2030 |  | 550 |  |  | 550 |  |
| 2.45% |  |  | 2031 |  | 750 |  |  | 750 |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | 96 |  |
| Total Senior Notes |  |  |  | 4,146 |  |  | 4,146 |  |
| Principal Amount Outstanding |  |  |  | 4,146 |  |  | 4,146 |  |
| Amounts Due Within One Year |  |  |  | (750) |  |  | (700) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (22) |  |  | (22) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 3,374 |  |  | $ | 3,424 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  | Millions |
| PSE&G |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (B): |  |  |  |  |  |  |
| 8.00% |  | 2037 |  | $ | 7 |  |  | $ | 7 |  |
| 5.00% |  | 2037 |  | 8 |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 15 |  |  | 15 |  |
| Medium-Term Notes (B): |  |  |  |  |  |  |
| 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 |  |
| 0.95% |  | 2026 |  | 450 |  |  | 450 |  |
| 2.25% |  | 2026 |  | 425 |  |  | 425 |  |
| 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 |  |  | 425 |  |
| 3.10% |  | 2032 |  | 500 |  |  | — |  |
| 4.90% |  | 2032 |  | 400 |  |  | — |  |
| 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 |  |  | 450 |  |
| Total MTNs |  |  |  | 12,775 |  |  | 11,875 |  |
| Principal Amount Outstanding |  |  |  | 12,790 |  |  | 11,890 |  |
| Amounts Due Within One Year |  |  |  | (825) |  |  | — |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (94) |  |  | (95) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 11,871 |  |  | $ | 11,795 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2022 |  | 2021 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2025 |  | $ | 1,250 |  |  | $ | — |  |
| Total Term Loan |  |  |  | 1,250 |  |  | — |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,250 |  |  | $ | — |  |
(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. Long-Term Debt Maturities The aggregate principal amounts of maturities for each of the five years following December 31, 2022 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
|  |  | Millions |
| 2023 |  | $ | 750 |  |  | $ | 825 |  |  | $ | — |  |  | $ | 1,575 |  |
| 2024 |  | 750 |  |  | 750 |  |  | — |  |  | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | 1,250 |  |  | 2,150 |  |
| 2026 |  | — |  |  | 875 |  |  | — |  |  | 875 |  |
| 2027 |  | 700 |  |  | 425 |  |  | — |  |  | 1,125 |  |
| Thereafter |  | 1,396 |  |  | 9,565 |  |  | — |  |  | 10,961 |  |
| Total |  | $ | 4,146 |  |  | $ | 12,790 |  |  | $ | 1,250 |  |  | $ | 18,186 |  |
Long-Term Debt Financing Transactions During 2022, PSEG and its subsidiaries had the following Long-Term Debt issuances and maturity: PSEG •issued $700 million of 5.85% Senior Notes due November 2027, and •retired $700 million of 2.65% Senior Notes at maturity. PSE&G •issued $500 million of 3.10% Secured Medium-Term Notes, Series P, due March 2032, and •issued $400 million of 4.90% Secured Medium-Term Notes, Series P, due December 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. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of December 31, 2022, the total available credit capacity was $3.7 billion. As of December 31, 2022, no single institution represented more than 10% of the total commitments in the credit facilities. As of December 31, 2022, 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, 2022 were as follows:
|  |  | As of December 31, 2022 |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 202 |  |  | $ | 1,298 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 202 |  |  | $ | 1,298 |  |  |  |  |  |
| 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 |  |  | $ | 63 |  |  | $ | 1,187 |  |  | Mar 2027 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 32 |  |  | $ | 68 |  |  | Apr 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 200 |  |  | 120 |  |  | $ | 80 |  |  | Sept 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 26 |  |  | $ | 74 |  |  | Apr 2025 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,650 |  |  | $ | 241 |  |  | $ | 1,409 |  |  |  |  |  |
| Total (C) |  | $ | 4,150 |  |  | $ | 461 |  |  | $ | 3,689 |  |  |  |  |  |
(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 December 31, 2022, PSEG had $200 million outstanding at a weighted average interest rate of 4.4%. PSE&G had no Commercial Paper outstanding as of December 31, 2022. (C)Amounts do not include uncommitted credit facilities. In September 2022, a subsidiary of PSEG Power entered into an uncommitted credit facility for $200 million, which can be drawn to fund its cash collateral postings. As of December 31, 2022, there were no amounts outstanding under this facility. 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. Net Cash Collateral Postings During the second half of 2021 and continuing throughout 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 December 2022. Subsequent to December 2022, collateral postings have decreased but PSEG Power continued to experience significant fluctuations in its daily collateral requirements. Net cash collateral postings were approximately $700 million as of February 17, 2023. As historical lower-priced trades continue to settle through 2024, collateral is expected to be returned as PSEG Power satisfies its obligations under those contracts. Proceeds from the sale of Fossil, the closing of a $1.25 billion term loan in March 2022 at PSEG Power, and short-term borrowings at PSEG have contributed to available liquidity to help support PSEG Power’s 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 July 2022, PSEG repaid the $1.25 billion term loan due in August 2022. In April 2022 and May 2022, PSEG entered into 364-day variable rate term loan agreements for $1.5 billion and $500 million, respectively. In January 2023, PSEG repaid $750 million of the $1.5 billion term loan due in April 2023. Fair Value of Debt The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2022 and 2021 are included in the following table and accompanying notes as of December 31, 2022 and 2021. 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, 2022 |  | December 31, 2021 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) |  | $ | 4,124 |  |  | $ | 3,808 |  |  | $ | 4,124 |  |  | $ | 4,172 |  |
| PSE&G (A) |  | 12,696 |  |  | 11,106 |  |  | 11,795 |  |  | 13,374 |  |
| PSEG Power (B) |  | 1,250 |  |  | 1,250 |  |  | — |  |  | — |  |
| Total Long-Term Debt |  | $ | 18,070 |  |  | $ | 16,164 |  |  | $ | 15,919 |  |  | $ | 17,546 |  |
(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 using market-based measurements that are processed through a rules-based pricing 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)Private term loan with book value approximating fair value (Level 2 measurement).

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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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: |