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Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2023
Debt Instrument [Line Items] |
Schedule Of Consolidated Debt | Debt and Credit Facilities Long-Term Debt
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2023 |  | 2022 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 0.84% |  | 2023 |  | $ | — |  |  | $ | 750 |  |
| 2.88% |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  | 2025 |  | 550 |  |  | 550 |  |
| 5.85% |  | 2027 |  | 700 |  |  | 700 |  |
| 5.88% |  | 2028 |  | 600 |  |  | — |  |
| 1.60% |  | 2030 |  | 550 |  |  | 550 |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | 96 |  |
| 2.45% |  | 2031 |  | 750 |  |  | 750 |  |
| 6.13% |  | 2033 |  | 400 |  |  | — |  |
| Total Senior Notes |  |  |  | 4,396 |  |  | 4,146 |  |
| Principal Amount Outstanding |  |  |  | 4,396 |  |  | 4,146 |  |
| Amounts Due Within One Year |  |  |  | (750) |  |  | (750) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (25) |  |  | (22) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 3,621 |  |  | $ | 3,374 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2023 |  | 2022 |
|  |  |  |  | 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 |  |
| 3.25% |  | 2023 |  | — |  |  | 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 |  |  | 500 |  |
| 4.90% |  | 2032 |  | 400 |  |  | 400 |  |
| 4.65% |  | 2033 |  | 500 |  |  | — |  |
| 5.20% |  | 2033 |  | 500 |  |  | — |  |
| 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 |  |
| 5.13% |  | 2053 |  | 400 |  |  | — |  |
| 5.45% |  | 2053 |  | 400 |  |  | — |  |
| Total MTNs |  |  |  | 13,750 |  |  | 12,775 |  |
| Principal Amount Outstanding |  |  |  | 13,765 |  |  | 12,790 |  |
| Amounts Due Within One Year |  |  |  | (750) |  |  | (825) |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (102) |  |  | (94) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 12,913 |  |  | $ | 11,871 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2023 |  | 2022 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2025 |  | $ | 1,250 |  |  | $ | 1,250 |  |
| Total Term Loan |  |  |  | 1,250 |  |  | 1,250 |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,250 |  |  | $ | 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, 2023 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
|  |  | Millions |
| 2024 |  | $ | 750 |  |  | $ | 750 |  |  | $ | — |  |  | $ | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | 1,250 |  |  | 2,150 |  |
| 2026 |  | — |  |  | 875 |  |  | — |  |  | 875 |  |
| 2027 |  | 700 |  |  | 425 |  |  | — |  |  | 1,125 |  |
| 2028 |  | 600 |  |  | 700 |  |  | — |  |  | 1,300 |  |
| Thereafter |  | 1,796 |  |  | 10,665 |  |  | — |  |  | 12,461 |  |
| Total |  | $ | 4,396 |  |  | $ | 13,765 |  |  | $ | 1,250 |  |  | $ | 19,411 |  |
Long-Term Debt Financing Transactions During 2023, the following long-term debt transactions occurred: PSEG •issued $600 million of 5.88% Senior Notes due October 2028, •issued $400 million of 6.13% Senior Notes due October 2033, and •retired $750 million of 0.84% Senior Notes at maturity. 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. 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 facility. The commitments under the $4.0 billion credit facilities are provided by a diverse bank group. As of December 31, 2023, the total available credit capacity was $3.4 billion. As of December 31, 2023, no single institution represented more than 10% of the total commitments in the credit facilities. As of December 31, 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 credit facilities and available liquidity as of December 31, 2023 were as follows:
|  |  | As of December 31, 2023 |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |  |
|  |  | Millions |  |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 27 |  |  | $ | 1,473 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |  |
| Total PSEG |  | $ | 1,500 |  |  | $ | 27 |  |  | $ | 1,473 |  |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 445 |  |  | $ | 555 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |  |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 445 |  |  | $ | 555 |  |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 39 |  |  | $ | 1,211 |  |  | Mar 2027 |  | Funding/Letters of Credit |  |
| Letter of Credit Facility |  | 75 |  |  | 66 |  |  | 9 |  |  | Apr 2026 |  | Letters of Credit |  |
| Letter of Credit Facility |  | 200 |  |  | 83 |  |  | 117 |  |  | Sept 2024 |  | Letters of Credit |  |
| Total PSEG Power |  | $ | 1,525 |  |  | $ | 188 |  |  | $ | 1,337 |  |  |  |  |  |  |
| Total (C) |  | $ | 4,025 |  |  | $ | 660 |  |  | $ | 3,365 |  |  |  |  |  |  |
(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 December 31, 2023, PSEG had $25 million outstanding at a weighted average interest rate of 5.60%. PSE&G had $425 million Commercial Paper outstanding at a weighted average interest rate of 5.57%. (C)Amounts do not include uncommitted credit facilities. PSEG Power has an uncommitted credit facility for $100 million, which can be utilized for letters of credit. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. As of December 31, 2023, there was an immaterial amount outstanding under these facilities. 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. 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. 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, 2023 and 2022 are included in the following table and accompanying notes as of December 31, 2023 and 2022. See Note 17. 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, 2023 |  | December 31, 2022 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) |  | $ | 4,371 |  |  | $ | 4,240 |  |  | $ | 4,124 |  |  | $ | 3,808 |  |
| PSE&G (A) |  | 13,663 |  |  | 12,460 |  |  | 12,696 |  |  | 11,106 |  |
| PSEG Power (B) |  | 1,250 |  |  | 1,250 |  |  | 1,250 |  |  | 1,250 |  |
| Total Long-Term Debt |  | $ | 19,284 |  |  | $ | 17,950 |  |  | $ | 18,070 |  |  | $ | 16,164 |  |
(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 |  | 2023 |  | 2022 |
|  |  |  |  |  | Millions |
| PSEG |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |
| 0.84% |  | 2023 |  | $ | — |  |  | $ | 750 |  |
| 2.88% |  | 2024 |  | 750 |  |  | 750 |  |
| 0.80% |  | 2025 |  | 550 |  |  | 550 |  |
| 5.85% |  | 2027 |  | 700 |  |  | 700 |  |
| 5.88% |  | 2028 |  | 600 |  |  | — |  |
| 1.60% |  | 2030 |  | 550 |  |  | 550 |  |
| 8.63% | (A) |  | 2031 |  | 96 |  |  | 96 |  |
| 2.45% |  | 2031 |  | 750 |  |  | 750 |  |
| 6.13% |  | 2033 |  | 400 |  |  | — |  |
| Total Senior Notes |  |  |  | 4,396 |  |  | 4,146 |  |
| Principal Amount Outstanding |  |  |  | 4,396 |  |  | 4,146 |  |
| Amounts Due Within One Year |  |  |  | (750) |  |  | (750) |  |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  | (25) |  |  | (22) |  |
| Total Long-Term Debt of PSEG |  |  |  | $ | 3,621 |  |  | $ | 3,374 |  |
|  |  |  |  | As of December 31, |
|  |  | Maturity |  | 2023 |  | 2022 |
|  |  |  |  | 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 |  |
| 3.25% |  | 2023 |  | — |  |  | 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 |  |  | 500 |  |
| 4.90% |  | 2032 |  | 400 |  |  | 400 |  |
| 4.65% |  | 2033 |  | 500 |  |  | — |  |
| 5.20% |  | 2033 |  | 500 |  |  | — |  |
| 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 |  |
| 5.13% |  | 2053 |  | 400 |  |  | — |  |
| 5.45% |  | 2053 |  | 400 |  |  | — |  |
| Total MTNs |  |  |  | 13,750 |  |  | 12,775 |  |
| Principal Amount Outstanding |  |  |  | 13,765 |  |  | 12,790 |  |
| Amounts Due Within One Year |  |  |  | (750) |  |  | (825) |  |
| Net Unamortized Discount and Selling Expense |  |  |  | (102) |  |  | (94) |  |
| Total Long-Term Debt of PSE&G |  |  |  | $ | 12,913 |  |  | $ | 11,871 |  |
|  |  |  |  |  | As of December 31, |
|  |  |  | Maturity |  | 2023 |  | 2022 |
|  |  |  |  |  | Millions |
| PSEG Power |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |
| Variable Rate |  | 2025 |  | $ | 1,250 |  |  | $ | 1,250 |  |
| Total Term Loan |  |  |  | 1,250 |  |  | 1,250 |  |
| Total Long-Term Debt of PSEG Power |  |  |  | $ | 1,250 |  |  | $ | 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, 2023 are as follows:
| Year |  | PSEG |  | PSE&G |  | PSEG Power |  | Total |
|  |  | Millions |
| 2024 |  | $ | 750 |  |  | $ | 750 |  |  | $ | — |  |  | $ | 1,500 |  |
| 2025 |  | 550 |  |  | 350 |  |  | 1,250 |  |  | 2,150 |  |
| 2026 |  | — |  |  | 875 |  |  | — |  |  | 875 |  |
| 2027 |  | 700 |  |  | 425 |  |  | — |  |  | 1,125 |  |
| 2028 |  | 600 |  |  | 700 |  |  | — |  |  | 1,300 |  |
| Thereafter |  | 1,796 |  |  | 10,665 |  |  | — |  |  | 12,461 |  |
| Total |  | $ | 4,396 |  |  | $ | 13,765 |  |  | $ | 1,250 |  |  | $ | 19,411 |  |
Long-Term Debt Financing Transactions During 2023, the following long-term debt transactions occurred: PSEG •issued $600 million of 5.88% Senior Notes due October 2028, •issued $400 million of 6.13% Senior Notes due October 2033, and •retired $750 million of 0.84% Senior Notes at maturity. 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. 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 facility. The commitments under the $4.0 billion credit facilities are provided by a diverse bank group. As of December 31, 2023, the total available credit capacity was $3.4 billion. As of December 31, 2023, no single institution represented more than 10% of the total commitments in the credit facilities. As of December 31, 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 credit facilities and available liquidity as of December 31, 2023 were as follows:
|  |  | As of December 31, 2023 |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |  |
|  |  | Millions |  |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 27 |  |  | $ | 1,473 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |  |
| Total PSEG |  | $ | 1,500 |  |  | $ | 27 |  |  | $ | 1,473 |  |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 445 |  |  | $ | 555 |  |  | Mar 2027 |  | Commercial Paper Support/Funding/Letters of Credit |  |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 445 |  |  | $ | 555 |  |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 39 |  |  | $ | 1,211 |  |  | Mar 2027 |  | Funding/Letters of Credit |  |
| Letter of Credit Facility |  | 75 |  |  | 66 |  |  | 9 |  |  | Apr 2026 |  | Letters of Credit |  |
| Letter of Credit Facility |  | 200 |  |  | 83 |  |  | 117 |  |  | Sept 2024 |  | Letters of Credit |  |
| Total PSEG Power |  | $ | 1,525 |  |  | $ | 188 |  |  | $ | 1,337 |  |  |  |  |  |  |
| Total (C) |  | $ | 4,025 |  |  | $ | 660 |  |  | $ | 3,365 |  |  |  |  |  |  |
(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 December 31, 2023, PSEG had $25 million outstanding at a weighted average interest rate of 5.60%. PSE&G had $425 million Commercial Paper outstanding at a weighted average interest rate of 5.57%. (C)Amounts do not include uncommitted credit facilities. PSEG Power has an uncommitted credit facility for $100 million, which can be utilized for letters of credit. A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. As of December 31, 2023, there was an immaterial amount outstanding under these facilities. 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. 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. 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, 2023 and 2022 are included in the following table and accompanying notes as of December 31, 2023 and 2022. See Note 17. 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, 2023 |  | December 31, 2022 |
|  |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
|  |  | Millions |
| Long-Term Debt: |  |  |  |  |  |  |  |  |
| PSEG (A) |  | $ | 4,371 |  |  | $ | 4,240 |  |  | $ | 4,124 |  |  | $ | 3,808 |  |
| PSE&G (A) |  | 13,663 |  |  | 12,460 |  |  | 12,696 |  |  | 11,106 |  |
| PSEG Power (B) |  | 1,250 |  |  | 1,250 |  |  | 1,250 |  |  | 1,250 |  |
| Total Long-Term Debt |  | $ | 19,284 |  |  | $ | 17,950 |  |  | $ | 18,070 |  |  | $ | 16,164 |  |
(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).

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