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Debt and Credit Facilities | 9 Months Ended
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Sep. 30, 2023
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 nine months ended September 30, 2023: PSE&G •issued $500 million of 4.65% Secured Medium-Term Notes (Green Bond), Series P, due March 2033, •issued $400 million of 5.13% Secured Medium-Term Notes (Green Bond), Series P, due March 2053, •issued $500 million of 5.20% Secured Medium-Term Notes, Series P, due August 2033, •issued $400 million of 5.45% Secured Medium-Term Notes, Series P, due August 2053, •retired $500 million of 2.38% Secured Medium-Term Notes, Series I, at maturity, and •retired $325 million of 3.25% Secured Medium-Term Notes, Series M, at maturity. In October 2023, PSEG issued $600 million of 5.88% Senior Notes, due October 2028 and $400 million of 6.13% Senior Notes, due October 2033. 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. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of September 30, 2023, the total available credit capacity was $3.7 billion. As of September 30, 2023, no single institution represented more than 10% of the total commitments in the credit facilities. As of September 30, 2023, 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 committed credit facilities and available liquidity as of September 30, 2023 were as follows:
|  |  | As of September 30, 2023 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 97 |  |  | $ | 1,403 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 97 |  |  | $ | 1,403 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 120 |  |  | $ | 880 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 120 |  |  | $ | 880 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 39 |  |  | $ | 1,211 |  |  | Mar 2027 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | — |  |  | 100 |  |  | Apr 2025 |  | Letters of Credit |
| Letter of Credit Facility |  | 200 |  |  | 79 |  |  | 121 |  |  | Sept 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 66 |  |  | 34 |  |  | Apr 2024 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,650 |  |  | $ | 184 |  |  | $ | 1,466 |  |  |  |  |  |
| Total (C) |  | $ | 4,150 |  |  | $ | 401 |  |  | $ | 3,749 |  |  |  |  |  |
(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. 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. (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 September 30, 2023, PSEG had $95 million outstanding at a weighted average interest rate of 5.46% and PSE&G had $100 million outstanding at a weighted average interest rate of 5.49%. (C)Amounts do not include uncommitted credit facilities or 364-day term loans. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be drawn to fund its cash collateral postings. As of September 30, 2023, there were no amounts outstanding under this facility. Short-Term Loans In January 2023, PSEG repaid $750 million of the $1.5 billion 364-day variable rate term loan that was issued in April 2022 and in April 2023 the remaining $750 million matured. In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In May 2023, PSEG’s $500 million 364-day variable rate term loan matured. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan that was issued in April 2023.
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 nine months ended September 30, 2023: PSE&G •issued $500 million of 4.65% Secured Medium-Term Notes (Green Bond), Series P, due March 2033, •issued $400 million of 5.13% Secured Medium-Term Notes (Green Bond), Series P, due March 2053, •issued $500 million of 5.20% Secured Medium-Term Notes, Series P, due August 2033, •issued $400 million of 5.45% Secured Medium-Term Notes, Series P, due August 2053, •retired $500 million of 2.38% Secured Medium-Term Notes, Series I, at maturity, and •retired $325 million of 3.25% Secured Medium-Term Notes, Series M, at maturity. In October 2023, PSEG issued $600 million of 5.88% Senior Notes, due October 2028 and $400 million of 6.13% Senior Notes, due October 2033. 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. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of September 30, 2023, the total available credit capacity was $3.7 billion. As of September 30, 2023, no single institution represented more than 10% of the total commitments in the credit facilities. As of September 30, 2023, 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 committed credit facilities and available liquidity as of September 30, 2023 were as follows:
|  |  | As of September 30, 2023 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 97 |  |  | $ | 1,403 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 97 |  |  | $ | 1,403 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 120 |  |  | $ | 880 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 120 |  |  | $ | 880 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 39 |  |  | $ | 1,211 |  |  | Mar 2027 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | — |  |  | 100 |  |  | Apr 2025 |  | Letters of Credit |
| Letter of Credit Facility |  | 200 |  |  | 79 |  |  | 121 |  |  | Sept 2024 |  | Letters of Credit |
| Letter of Credit Facility |  | 100 |  |  | 66 |  |  | 34 |  |  | Apr 2024 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,650 |  |  | $ | 184 |  |  | $ | 1,466 |  |  |  |  |  |
| Total (C) |  | $ | 4,150 |  |  | $ | 401 |  |  | $ | 3,749 |  |  |  |  |  |
(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. 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. (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 September 30, 2023, PSEG had $95 million outstanding at a weighted average interest rate of 5.46% and PSE&G had $100 million outstanding at a weighted average interest rate of 5.49%. (C)Amounts do not include uncommitted credit facilities or 364-day term loans. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be drawn to fund its cash collateral postings. As of September 30, 2023, there were no amounts outstanding under this facility. Short-Term Loans In January 2023, PSEG repaid $750 million of the $1.5 billion 364-day variable rate term loan that was issued in April 2022 and in April 2023 the remaining $750 million matured. In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In May 2023, PSEG’s $500 million 364-day variable rate term loan matured. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan that was issued in April 2023.

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