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Revenues | 12 Months Ended
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Dec. 31, 2024
Revenues | Note 2. R evenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue recorded has been reduced by the estimated production tax credits (PTCs) generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants for the year ended December 31, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 20. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Other Revenues from Contracts with Customers PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. This agreement expires in December 2025. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 16. Financial Risk Management Activities for further discussion. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 3,977 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,977 |  |
| Gas Distribution |  |  | 2,059 |  |  |  | — |  |  |  | — |  |  |  | 2,059 |  |
| Transmission |  |  | 1,754 |  |  |  |  |  |  |  |  |  | 1,754 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 819 |  |  |  | — |  |  |  | 819 |  |
| Sales to Affiliates |  |  | — |  |  |  | 114 |  |  |  | (114 | ) |  |  | — |  |
| ISO-NE |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 206 |  |  |  | — |  |  |  | 206 |  |
| Sales to Affiliates |  |  | — |  |  |  | 846 |  |  |  | (846 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 368 |  |  |  | 692 |  |  |  | (6 | ) |  |  | 1,054 |  |
| Total Revenues from Contracts with Customers |  |  | 8,158 |  |  |  | 2,682 |  |  |  | (966 | ) |  |  | 9,874 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 291 |  |  |  | 125 |  |  |  | — |  |  |  | 416 |  |
| Total Operating Revenues |  | $ | 8,449 |  |  | $ | 2,807 |  |  | $ | (966 | ) |  | $ | 10,290 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 3,494 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,494 |  |
| Gas Distribution |  |  | 1,982 |  |  |  | — |  |  |  | — |  |  |  | 1,982 |  |
| Transmission |  |  | 1,673 |  |  |  | — |  |  |  | — |  |  |  | 1,673 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 892 |  |  |  | — |  |  |  | 892 |  |
| Sales to Affiliates |  |  | — |  |  |  | 114 |  |  |  | (114 | ) |  |  | — |  |
| ISO-NE |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 13 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 206 |  |  |  | — |  |  |  | 206 |  |
| Sales to Affiliates |  |  | — |  |  |  | 984 |  |  |  | (984 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 368 |  |  |  | 631 |  |  |  | (5 | ) |  |  | 994 |  |
| Total Revenues from Contracts with Customers |  |  | 7,517 |  |  |  | 2,840 |  |  |  | (1,103 | ) |  |  | 9,254 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 290 |  |  |  | 1,693 |  |  |  | — |  |  |  | 1,983 |  |
| Total Operating Revenues |  | $ | 7,807 |  |  | $ | 4,533 |  |  | $ | (1,103 | ) |  | $ | 11,237 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 3,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,503 |  |
| Gas Distribution |  |  | 2,357 |  |  |  | — |  |  |  | (1 | ) |  |  | 2,356 |  |
| Transmission |  |  | 1,589 |  |  |  | — |  |  |  | — |  |  |  | 1,589 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 2,152 |  |  |  | — |  |  |  | 2,152 |  |
| Sales to Affiliates |  |  | — |  |  |  | 151 |  |  |  | (151 | ) |  |  | — |  |
| NYISO |  |  | — |  |  |  | 88 |  |  |  | — |  |  |  | 88 |  |
| ISO-NE |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | 96 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 458 |  |  |  | — |  |  |  | 458 |  |
| Sales to Affiliates |  |  | — |  |  |  | 1,243 |  |  |  | (1,243 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 390 |  |  |  | 605 |  |  |  | (6 | ) |  |  | 989 |  |
| Total Revenues from Contracts with Customers |  |  | 7,839 |  |  |  | 4,793 |  |  |  | (1,401 | ) |  |  | 11,231 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 96 |  |  |  | (1,527 | ) |  |  | — |  |  |  | (1,431 | ) |
| Total Operating Revenues |  | $ | 7,935 |  |  | $ | 3,266 |  |  | $ | (1,401 | ) |  | $ | 9,800 |  |
(A) Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. (B) Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA. (C) Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of December 31, 2024 and 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 13% and 18% of accounts receivable (including unbilled revenues) as of December 31, 2024 and 2023, respectively. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of December 31, 2024, PSE&G had a deferred balance of $78 million from electric bad debts recorded as a Regulatory Asset, which included approximately $78 million of incremental bad debt due to the impact of the coronavirus pandemic. In addition, as of December 31, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. In June 2024, the BPU approved recovery of the incremental electric and gas bad debt amounts of $78 million and $68 million charged to PSE&G’s electric SBC and deferred COVID-19 deferrals, respectively. See Note 6. Regulatory Assets and Liabilities for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2024 and 2023.
|  |  | Years Ended December 31, |  |
|  |  | 2024 |  |  | 2023 |  |
|  |  | Millions |  |
| Balance at Beginning of Year |  | $ | 283 |  |  | $ | 339 |  |
| Utility Customer and Other Accounts |  |  |  |  |  |  |
| Provision |  |  | 103 |  |  |  | 100 |  |
| Write-offs, net of Recoveries of $31 million and $25 million for 2024 and 2023, respectively |  |  | (171 | ) |  |  | (156 | ) |
| Balance at End of Year |  | $ | 215 |  |  | $ | 283 |  |
PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of December 31, 2024 and 2023. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of December 31, 2024 and 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of December 31, 2024 and 2023. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. However, changes to capacity market rules have resulted in auction suspensions and delays so that recent auctions have been run closer in time to their operating periods. In February 2023, the results of the 2024/2025 auction were released and in July 2024 the results of the 2025/2026 auction were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
| Delivery Year |  | $ per MW-Day |  |  | MW Cleared |  |
| June 2024 to May 2025 |  | $ | 61 |  |  |  | 3,700 |  |
| June 2025 to May 2026 |  | $ | 270 |  |  |  | 3,500 |  |
Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 is approximately $45 million and is updated each year based on the change in the Consumer Price Index (CPI).
Public Service Electric and Gas Company [Member] |
Revenues | Note 2. R evenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue recorded has been reduced by the estimated production tax credits (PTCs) generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants for the year ended December 31, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 20. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Other Revenues from Contracts with Customers PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. This agreement expires in December 2025. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 16. Financial Risk Management Activities for further discussion. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 3,977 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,977 |  |
| Gas Distribution |  |  | 2,059 |  |  |  | — |  |  |  | — |  |  |  | 2,059 |  |
| Transmission |  |  | 1,754 |  |  |  |  |  |  |  |  |  | 1,754 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 819 |  |  |  | — |  |  |  | 819 |  |
| Sales to Affiliates |  |  | — |  |  |  | 114 |  |  |  | (114 | ) |  |  | — |  |
| ISO-NE |  |  | — |  |  |  | 5 |  |  |  | — |  |  |  | 5 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 206 |  |  |  | — |  |  |  | 206 |  |
| Sales to Affiliates |  |  | — |  |  |  | 846 |  |  |  | (846 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 368 |  |  |  | 692 |  |  |  | (6 | ) |  |  | 1,054 |  |
| Total Revenues from Contracts with Customers |  |  | 8,158 |  |  |  | 2,682 |  |  |  | (966 | ) |  |  | 9,874 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 291 |  |  |  | 125 |  |  |  | — |  |  |  | 416 |  |
| Total Operating Revenues |  | $ | 8,449 |  |  | $ | 2,807 |  |  | $ | (966 | ) |  | $ | 10,290 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 3,494 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,494 |  |
| Gas Distribution |  |  | 1,982 |  |  |  | — |  |  |  | — |  |  |  | 1,982 |  |
| Transmission |  |  | 1,673 |  |  |  | — |  |  |  | — |  |  |  | 1,673 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 892 |  |  |  | — |  |  |  | 892 |  |
| Sales to Affiliates |  |  | — |  |  |  | 114 |  |  |  | (114 | ) |  |  | — |  |
| ISO-NE |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | 13 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 206 |  |  |  | — |  |  |  | 206 |  |
| Sales to Affiliates |  |  | — |  |  |  | 984 |  |  |  | (984 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 368 |  |  |  | 631 |  |  |  | (5 | ) |  |  | 994 |  |
| Total Revenues from Contracts with Customers |  |  | 7,517 |  |  |  | 2,840 |  |  |  | (1,103 | ) |  |  | 9,254 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 290 |  |  |  | 1,693 |  |  |  | — |  |  |  | 1,983 |  |
| Total Operating Revenues |  | $ | 7,807 |  |  | $ | 4,533 |  |  | $ | (1,103 | ) |  | $ | 11,237 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 3,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,503 |  |
| Gas Distribution |  |  | 2,357 |  |  |  | — |  |  |  | (1 | ) |  |  | 2,356 |  |
| Transmission |  |  | 1,589 |  |  |  | — |  |  |  | — |  |  |  | 1,589 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| PJM |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 2,152 |  |  |  | — |  |  |  | 2,152 |  |
| Sales to Affiliates |  |  | — |  |  |  | 151 |  |  |  | (151 | ) |  |  | — |  |
| NYISO |  |  | — |  |  |  | 88 |  |  |  | — |  |  |  | 88 |  |
| ISO-NE |  |  | — |  |  |  | 96 |  |  |  | — |  |  |  | 96 |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 458 |  |  |  | — |  |  |  | 458 |  |
| Sales to Affiliates |  |  | — |  |  |  | 1,243 |  |  |  | (1,243 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 390 |  |  |  | 605 |  |  |  | (6 | ) |  |  | 989 |  |
| Total Revenues from Contracts with Customers |  |  | 7,839 |  |  |  | 4,793 |  |  |  | (1,401 | ) |  |  | 11,231 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 96 |  |  |  | (1,527 | ) |  |  | — |  |  |  | (1,431 | ) |
| Total Operating Revenues |  | $ | 7,935 |  |  | $ | 3,266 |  |  | $ | (1,401 | ) |  | $ | 9,800 |  |
(A) Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings. (B) Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA. (C) Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of December 31, 2024 and 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 13% and 18% of accounts receivable (including unbilled revenues) as of December 31, 2024 and 2023, respectively. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of December 31, 2024, PSE&G had a deferred balance of $78 million from electric bad debts recorded as a Regulatory Asset, which included approximately $78 million of incremental bad debt due to the impact of the coronavirus pandemic. In addition, as of December 31, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. In June 2024, the BPU approved recovery of the incremental electric and gas bad debt amounts of $78 million and $68 million charged to PSE&G’s electric SBC and deferred COVID-19 deferrals, respectively. See Note 6. Regulatory Assets and Liabilities for additional information. The following provides a reconciliation of PSE&G’s allowance for credit losses for the years ended December 31, 2024 and 2023.
|  |  | Years Ended December 31, |  |
|  |  | 2024 |  |  | 2023 |  |
|  |  | Millions |  |
| Balance at Beginning of Year |  | $ | 283 |  |  | $ | 339 |  |
| Utility Customer and Other Accounts |  |  |  |  |  |  |
| Provision |  |  | 103 |  |  |  | 100 |  |
| Write-offs, net of Recoveries of $31 million and $25 million for 2024 and 2023, respectively |  |  | (171 | ) |  |  | (156 | ) |
| Balance at End of Year |  | $ | 215 |  |  | $ | 283 |  |
PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of December 31, 2024 and 2023. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of December 31, 2024 and 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of December 31, 2024 and 2023. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. However, changes to capacity market rules have resulted in auction suspensions and delays so that recent auctions have been run closer in time to their operating periods. In February 2023, the results of the 2024/2025 auction were released and in July 2024 the results of the 2025/2026 auction were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
| Delivery Year |  | $ per MW-Day |  |  | MW Cleared |  |
| June 2024 to May 2025 |  | $ | 61 |  |  |  | 3,700 |  |
| June 2025 to May 2026 |  | $ | 270 |  |  |  | 3,500 |  |
Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 is approximately $45 million and is updated each year based on the change in the Consumer Price Index (CPI).

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