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Rate Filings | 3 Months Ended
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Mar. 31, 2024
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU are as follows: BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm. CIP—In February 2024, PSE&G filed its annual electric CIP petition seeking BPU approval to recover estimated deficient electric revenues of approximately $99 million based on the 12-month period ending May 31, 2024 with new rates proposed to be effective June 1, 2024. This matter is pending. In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023. COVID-19 Deferral—As of March 31, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders. PSE&G’s COVID-19 recovery filing is pending. Energy Strong II—In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates to be effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023. Green Program Recovery Charges (GPRC)—In February 2024, PSE&G updated its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $49 million and $15 million in annual electric and gas revenues, respectively. This matter is pending. Infrastructure Advancement Program (IAP)—In February 2024, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million effective May 1, 2024. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. This matter is pending. SBC—In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. This order deferred the review and recovery of incremental electric bad debt expense as a result of COVID-19 collection moratoriums pending resolution of the COVID-19 proceeding described above. Tax Adjustment Credit (TAC)—In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024.
Public Service Electric and Gas Company [Member] |
Regulatory Assets [Line Items] |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU are as follows: BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm. CIP—In February 2024, PSE&G filed its annual electric CIP petition seeking BPU approval to recover estimated deficient electric revenues of approximately $99 million based on the 12-month period ending May 31, 2024 with new rates proposed to be effective June 1, 2024. This matter is pending. In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023. COVID-19 Deferral—As of March 31, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders. PSE&G’s COVID-19 recovery filing is pending. Energy Strong II—In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates to be effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023. Green Program Recovery Charges (GPRC)—In February 2024, PSE&G updated its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $49 million and $15 million in annual electric and gas revenues, respectively. This matter is pending. Infrastructure Advancement Program (IAP)—In February 2024, PSE&G filed an updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million effective May 1, 2024. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. This matter is pending. SBC—In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. This order deferred the review and recovery of incremental electric bad debt expense as a result of COVID-19 collection moratoriums pending resolution of the COVID-19 proceeding described above. Tax Adjustment Credit (TAC)—In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024.

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