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Financial Information By Business Segments | 9 Months Ended
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Sep. 30, 2023
Segment Reporting Information [Line Items] |
Financial Information By Business Segments | Financial Information by Business Segment Basis of Organization PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income and how resources are allocated to each business. Following completion of the sale of the PSEG Power Fossil portfolio in February 2022 and as a result of the transition to a new CEO, our designated CODM, effective September 1, 2022, various changes were made to the content and manner in which the new CEO reviews financial information for purposes of assessing business performance and allocating resources. Based on management’s analysis, PSE&G and PSEG Power were determined to remain operating segments of PSEG. However, PSEG has revised its reportable segments for the year ended December 31, 2022 to PSE&G and PSEG Power & Other. PSE&G continues to be PSEG’s principal reportable segment. The PSEG Power & Other reportable segment includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent company) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. All prior period comparative information has been restated to reflect the change in segment presentation. PSE&G PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power & Other This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G. This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.
|  | PSE&G |  | PSEG Power & Other |  | Eliminations (A) |  | Consolidated Total |
|  | Millions |
| Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 1,999 |  |  | $ | 546 |  |  | $ | (89) |  |  | $ | 2,456 |  |
| Net Income (B) | 401 |  |  | (262) |  |  | — |  |  | 139 |  |
| Gross Additions to Long-Lived Assets | 813 |  |  | 103 |  |  | — |  |  | 916 |  |
| Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 5,954 |  |  | $ | 3,475 |  |  | $ | (797) |  |  | $ | 8,632 |  |
| Net Income (B) | 1,224 |  |  | 793 |  |  | — |  |  | 2,017 |  |
| Gross Additions to Long-Lived Assets | 2,149 |  |  | 211 |  |  | — |  |  | 2,360 |  |
| Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 1,953 |  |  | $ | 433 |  |  | $ | (114) |  |  | $ | 2,272 |  |
| Net Income (Loss) (B) | 399 |  |  | (285) |  |  | — |  |  | 114 |  |
| Gross Additions to Long-Lived Assets | 700 |  |  | 97 |  |  | — |  |  | 797 |  |
| Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 5,905 |  |  | $ | 1,691 |  |  | $ | (935) |  |  | $ | 6,661 |  |
| Net Income (Loss) (B) | 1,213 |  |  | (970) |  |  | — |  |  | 243 |  |
| Gross Additions to Long-Lived Assets | 1,871 |  |  | 217 |  |  | — |  |  | 2,088 |  |
| As of September 30, 2023 |  |  |  |  |  |  |  |
| Total Assets | $ | 41,867 |  |  | $ | 7,916 |  |  | $ | (231) |  |  | $ | 49,552 |  |
| Investments in Equity Method Subsidiaries | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |
| As of December 31, 2022 |  |  |  |  |  |  |  |
| Total Assets | $ | 39,960 |  |  | $ | 9,285 |  |  | $ | (527) |  |  | $ | 48,718 |  |
| Investments in Equity Method Subsidiaries | $ | — |  |  | $ | 306 |  |  | $ | — |  |  | $ | 306 |  |
(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 19. Related-Party Transactions. (B)Includes net after-tax gains (losses) of $(17) million and $(214) million for the three months and $750 million and $(896) million for the nine months ended September 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. Includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction for the three and nine months ended September 30, 2023. See Note 9. Pension and Other Postretirement Benefits (OPEB) .
Public Service Electric and Gas Company [Member] |
Segment Reporting Information [Line Items] |
Financial Information By Business Segments | Financial Information by Business Segment Basis of Organization PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income and how resources are allocated to each business. Following completion of the sale of the PSEG Power Fossil portfolio in February 2022 and as a result of the transition to a new CEO, our designated CODM, effective September 1, 2022, various changes were made to the content and manner in which the new CEO reviews financial information for purposes of assessing business performance and allocating resources. Based on management’s analysis, PSE&G and PSEG Power were determined to remain operating segments of PSEG. However, PSEG has revised its reportable segments for the year ended December 31, 2022 to PSE&G and PSEG Power & Other. PSE&G continues to be PSEG’s principal reportable segment. The PSEG Power & Other reportable segment includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent company) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. All prior period comparative information has been restated to reflect the change in segment presentation. PSE&G PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power & Other This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G. This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.
|  | PSE&G |  | PSEG Power & Other |  | Eliminations (A) |  | Consolidated Total |
|  | Millions |
| Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 1,999 |  |  | $ | 546 |  |  | $ | (89) |  |  | $ | 2,456 |  |
| Net Income (B) | 401 |  |  | (262) |  |  | — |  |  | 139 |  |
| Gross Additions to Long-Lived Assets | 813 |  |  | 103 |  |  | — |  |  | 916 |  |
| Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 5,954 |  |  | $ | 3,475 |  |  | $ | (797) |  |  | $ | 8,632 |  |
| Net Income (B) | 1,224 |  |  | 793 |  |  | — |  |  | 2,017 |  |
| Gross Additions to Long-Lived Assets | 2,149 |  |  | 211 |  |  | — |  |  | 2,360 |  |
| Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 1,953 |  |  | $ | 433 |  |  | $ | (114) |  |  | $ | 2,272 |  |
| Net Income (Loss) (B) | 399 |  |  | (285) |  |  | — |  |  | 114 |  |
| Gross Additions to Long-Lived Assets | 700 |  |  | 97 |  |  | — |  |  | 797 |  |
| Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |
| Operating Revenues | $ | 5,905 |  |  | $ | 1,691 |  |  | $ | (935) |  |  | $ | 6,661 |  |
| Net Income (Loss) (B) | 1,213 |  |  | (970) |  |  | — |  |  | 243 |  |
| Gross Additions to Long-Lived Assets | 1,871 |  |  | 217 |  |  | — |  |  | 2,088 |  |
| As of September 30, 2023 |  |  |  |  |  |  |  |
| Total Assets | $ | 41,867 |  |  | $ | 7,916 |  |  | $ | (231) |  |  | $ | 49,552 |  |
| Investments in Equity Method Subsidiaries | $ | — |  |  | $ | 15 |  |  | $ | — |  |  | $ | 15 |  |
| As of December 31, 2022 |  |  |  |  |  |  |  |
| Total Assets | $ | 39,960 |  |  | $ | 9,285 |  |  | $ | (527) |  |  | $ | 48,718 |  |
| Investments in Equity Method Subsidiaries | $ | — |  |  | $ | 306 |  |  | $ | — |  |  | $ | 306 |  |
(A)Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 19. Related-Party Transactions. (B)Includes net after-tax gains (losses) of $(17) million and $(214) million for the three months and $750 million and $(896) million for the nine months ended September 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates. Includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction for the three and nine months ended September 30, 2023. See Note 9. Pension and Other Postretirement Benefits (OPEB) .

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