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Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2024
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 three months ended March 31, 2024: PSEG •issued $750 million of 5.20% Senior Notes due April 2029, and •issued $500 million of 5.45% Senior Notes due April 2034. PSE&G •issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034, •issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054, and •retired $250 million of 3.75% Secured Medium-Term Notes, Series I, 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 March 31, 2024, the total available credit capacity was $3.8 billion. In March 2024, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2028. As of March 31, 2024, no single institution represented more than 10% of the total commitments in the credit facilities. As of March 31, 2024, 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 March 31, 2024 were as follows:
|  |  | As of March 31, 2024 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 2 |  |  | $ | 1,498 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 2 |  |  | $ | 1,498 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 45 |  |  | $ | 955 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 45 |  |  | $ | 955 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 39 |  |  | $ | 1,211 |  |  | Mar 2028 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 75 |  |  | 45 |  |  | 30 |  |  | Apr 2026 |  | Letters of Credit |
| Letter of Credit Facility |  | 200 |  |  | 83 |  |  | 117 |  |  | Sept 2024 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,525 |  |  | $ | 167 |  |  | $ | 1,358 |  |  |  |  |  |
| Total (C) |  | $ | 4,025 |  |  | $ | 214 |  |  | $ | 3,811 |  |  |  |  |  |
(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 March 31, 2024, PSEG had no outstanding commercial paper and PSE&G had $25 million outstanding at a weighted average interest rate of 5.45%. (C)Amounts do not include uncommitted credit facilities or 364-day term loans. 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 March 31, 2024, there were no outstanding balances under these facilities. Short-Term Loans In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.
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 three months ended March 31, 2024: PSEG •issued $750 million of 5.20% Senior Notes due April 2029, and •issued $500 million of 5.45% Senior Notes due April 2034. PSE&G •issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034, •issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054, and •retired $250 million of 3.75% Secured Medium-Term Notes, Series I, 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 March 31, 2024, the total available credit capacity was $3.8 billion. In March 2024, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2028. As of March 31, 2024, no single institution represented more than 10% of the total commitments in the credit facilities. As of March 31, 2024, 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 March 31, 2024 were as follows:
|  |  | As of March 31, 2024 |  |  |  |  |
| Company/Facility |  | Total Facility |  | Usage (B) |  | Available Liquidity |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 2 |  |  | $ | 1,498 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 2 |  |  | $ | 1,498 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 45 |  |  | $ | 955 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 45 |  |  | $ | 955 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 39 |  |  | $ | 1,211 |  |  | Mar 2028 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  | 75 |  |  | 45 |  |  | 30 |  |  | Apr 2026 |  | Letters of Credit |
| Letter of Credit Facility |  | 200 |  |  | 83 |  |  | 117 |  |  | Sept 2024 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,525 |  |  | $ | 167 |  |  | $ | 1,358 |  |  |  |  |  |
| Total (C) |  | $ | 4,025 |  |  | $ | 214 |  |  | $ | 3,811 |  |  |  |  |  |
(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 March 31, 2024, PSEG had no outstanding commercial paper and PSE&G had $25 million outstanding at a weighted average interest rate of 5.45%. (C)Amounts do not include uncommitted credit facilities or 364-day term loans. 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 March 31, 2024, there were no outstanding balances under these facilities. Short-Term Loans In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.

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