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Organization and Basis of Presentation | 9 Months Ended
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Sep. 30, 2023
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are: •Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU. •PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate. PSEG’s other direct wholly owned subsidiaries are: PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds lease investments; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2022. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2022) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
|  | PSE&G |  | PSEG Power & Other (A) |  | Consolidated |
|  | Millions |
| As of December 31, 2022 |  |  |  |  |  |
| Cash and Cash Equivalents | $ | 220 |  |  | $ | 245 |  |  | $ | 465 |  |
| Restricted Cash in Other Current Assets | 27 |  |  | — |  |  | 27 |  |
| Restricted Cash in Other Noncurrent Assets | 19 |  |  | — |  |  | 19 |  |
| Cash, Cash Equivalents and Restricted Cash | $ | 266 |  |  | $ | 245 |  |  | $ | 511 |  |
| As of September 30, 2023 |  |  |  |  |  |
| Cash and Cash Equivalents | $ | 26 |  |  | $ | 31 |  |  | $ | 57 |  |
| Restricted Cash in Other Current Assets | 23 |  |  | — |  |  | 23 |  |
| Restricted Cash in Other Noncurrent Assets | 20 |  |  | — |  |  | 20 |  |
| Cash, Cash Equivalents and Restricted Cash | $ | 69 |  |  | $ | 31 |  |  | $ | 100 |  |
(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
Public Service Electric and Gas Company [Member] |
Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are: •Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU. •PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate. PSEG’s other direct wholly owned subsidiaries are: PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds lease investments; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2022. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2022. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2022) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
|  | PSE&G |  | PSEG Power & Other (A) |  | Consolidated |
|  | Millions |
| As of December 31, 2022 |  |  |  |  |  |
| Cash and Cash Equivalents | $ | 220 |  |  | $ | 245 |  |  | $ | 465 |  |
| Restricted Cash in Other Current Assets | 27 |  |  | — |  |  | 27 |  |
| Restricted Cash in Other Noncurrent Assets | 19 |  |  | — |  |  | 19 |  |
| Cash, Cash Equivalents and Restricted Cash | $ | 266 |  |  | $ | 245 |  |  | $ | 511 |  |
| As of September 30, 2023 |  |  |  |  |  |
| Cash and Cash Equivalents | $ | 26 |  |  | $ | 31 |  |  | $ | 57 |  |
| Restricted Cash in Other Current Assets | 23 |  |  | — |  |  | 23 |  |
| Restricted Cash in Other Noncurrent Assets | 20 |  |  | — |  |  | 20 |  |
| Cash, Cash Equivalents and Restricted Cash | $ | 69 |  |  | $ | 31 |  |  | $ | 100 |  |
(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

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