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Debt and Credit Facilities | 12 Months Ended
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Dec. 31, 2024
Debt Instrument [Line Items] |
Debt and Credit Facilities | Note 14. Debt and Credit Facilities Long-Term Debt
|  |  |  |  |  | As of December 31, |  |
|  |  |  | Maturity |  | 2024 |  |  | 2023 |  |
|  |  |  |  |  | Millions |  |
| PSEG |  |  |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |  |  |
| 2.88% |  | 2024 |  | $ | — |  |  | $ | 750 |  |
| 0.80% |  | 2025 |  |  | 550 |  |  |  | 550 |  |
| 5.85% |  | 2027 |  |  | 700 |  |  |  | 700 |  |
| 5.88% |  | 2028 |  |  | 600 |  |  |  | 600 |  |
| 5.20% |  |  | 2029 |  |  | 750 |  |  |  | — |  |
| 1.60% |  | 2030 |  |  | 550 |  |  |  | 550 |  |
| 8.63% |  |  | 2031 |  |  | 96 |  |  |  | 96 |  |
| 2.45% |  | 2031 |  |  | 750 |  |  |  | 750 |  |
| 6.13% |  | 2033 |  |  | 400 |  |  |  | 400 |  |
| 5.45% |  |  | 2034 |  |  | 500 |  |  |  | — |  |
| Total Senior Notes |  |  |  |  | 4,896 |  |  |  | 4,396 |  |
| Principal Amount Outstanding |  |  |  |  | 4,896 |  |  |  | 4,396 |  |
| Amounts Due Within One Year |  |  |  |  | (550 | ) |  |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  |  | (30 | ) |  |  | (25 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 4,316 |  |  | $ | 3,621 |  |
|  |  |  | As of December 31, |  |
|  | Maturity |  | 2024 |  |  | 2023 |  |
|  |  |  | Millions |  |
| PSE&G |  |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |  |
| 8.00% | 2037 |  | $ | 7 |  |  | $ | 7 |  |
| 5.00% | 2037 |  |  | 8 |  |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 15 |  |  |  | 15 |  |
| Medium-Term Notes (A): |  |  |  |  |  |  |  |
| 3.75% | 2024 |  |  | — |  |  |  | 250 |  |
| 3.15% | 2024 |  |  | — |  |  |  | 250 |  |
| 3.05% | 2024 |  |  | — |  |  |  | 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 |  |  |  | 500 |  |
| 5.20% | 2033 |  |  | 500 |  |  |  | 500 |  |
| 5.20% | 2034 |  |  | 450 |  |  |  | — |  |
| 4.85% | 2034 |  |  | 600 |  |  |  | — |  |
| 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 |  |  |  | 400 |  |
| 5.45% | 2053 |  |  | 400 |  |  |  | 400 |  |
| 5.45% | 2054 |  |  | 550 |  |  |  | — |  |
| 5.30% | 2054 |  |  | 500 |  |  |  | — |  |
| Total MTNs |  |  |  | 15,100 |  |  |  | 13,750 |  |
| Principal Amount Outstanding |  |  |  | 15,115 |  |  |  | 13,765 |  |
| Amounts Due Within One Year |  |  |  | (350 | ) |  |  | (750 | ) |
| Net Unamortized Discount and Selling Expense |  |  |  | (117 | ) |  |  | (102 | ) |
| Total Long-Term Debt of PSE&G |  |  | $ | 14,648 |  |  | $ | 12,913 |  |
|  |  |  | As of December 31, |  |
|  | Maturity |  | 2024 |  |  | 2023 |  |
|  |  |  | Millions |  |
| PSEG Power |  |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |  |
| Variable Rate | 2025 |  | $ | 1,250 |  |  | $ | 1,250 |  |
| Total Term Loan |  |  |  | 1,250 |  |  |  | 1,250 |  |
| Amounts Due Within One Year |  |  |  | (1,250 | ) |  |  | — |  |
| Total Long-Term Debt of PSEG Power |  |  | $ | — |  |  | $ | 1,250 |  |
(A) 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, 2024 are as follows:
| Year |  | PSEG |  |  | PSE&G |  |  | PSEG Power |  |  | Total |  |
|  |  | Millions |  |
| 2025 |  | $ | 550 |  |  | $ | 350 |  |  | $ | 1,250 |  |  | $ | 2,150 |  |
| 2026 |  |  | — |  |  |  | 875 |  |  |  | — |  |  |  | 875 |  |
| 2027 |  |  | 700 |  |  |  | 425 |  |  |  | — |  |  |  | 1,125 |  |
| 2028 |  |  | 600 |  |  |  | 700 |  |  |  | — |  |  |  | 1,300 |  |
| 2029 |  |  | 750 |  |  |  | 375 |  |  |  | — |  |  |  | 1,125 |  |
| Thereafter |  |  | 2,296 |  |  |  | 12,390 |  |  |  | — |  |  |  | 14,686 |  |
| Total |  | $ | 4,896 |  |  | $ | 15,115 |  |  | $ | 1,250 |  |  | $ | 21,261 |  |
Long-Term Debt Financing Transactions During 2024, the following long-term debt transactions occurred: PSEG • issued $750 million of 5.20% Senior Notes due April 2029, • issued $500 million of 5.45% Senior Notes due April 2034, and • retired $750 million of 2.88% Senior Notes at maturity. 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, • issued $600 million of 4.85% Secured Medium-Term Notes, Series Q, due August 2034, • issued $500 million of 5.30% Secured Medium-Term Notes, Series Q, due August 2054, • retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity, • retired $250 million of 3.15% Secured Medium-Term Notes, Series J, at maturity, and • retired $250 million of 3.05% Secured Medium-Term Notes, Series J, at maturity. In December 2024, PSEG Power amended its existing $1.25 billion variable rate 3-year term loan agreement to extend through June 2025. 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 $3.8 billion credit facilities are provided by a diverse bank group. As of December 31, 2024, the total available credit capacity was $2.5 billion. As of December 31, 2024, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 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 December 31, 2024 were as follows:
|  |  | As of December 31, 2024 |  |  |
| Company/Facility |  | Total Facility |  |  | Usage (B) |  |  | Available Liquidity |  |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 764 |  |  | $ | 736 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 764 |  |  | $ | 736 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 468 |  |  | $ | 532 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 468 |  |  | $ | 532 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 37 |  |  | $ | 1,213 |  |  | Mar 2028 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  |  | 75 |  |  |  | 45 |  |  |  | 30 |  |  | Apr 2026 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,325 |  |  | $ | 82 |  |  | $ | 1,243 |  |  |  |  |  |
| Total (C) |  | $ | 3,825 |  |  | $ | 1,314 |  |  | $ | 2,511 |  |  |  |  |  |
(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, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%. (C) Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply. PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of December 31, 2024, PSEG Power had $75 million in letters of credit outstanding under these uncommitted credit facilities. In addition, a subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. Debt Covenants PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power from consummating certain mergers and consolidations and the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain asset sales. 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. In December 2024, PSEG Power entered into a new 364-day variable rate term loan for $400 million. 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, 2024 and 2023 are included in the following table and accompanying notes as of December 31, 2024 and 2023. 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, 2024 |  |  | December 31, 2023 |  |
|  |  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |  |
|  |  | Millions |  |
| Long-Term Debt: |  |  |  |  |  |  |  |  |  |  |  |  |
| PSEG (A) |  | $ | 4,866 |  |  | $ | 4,754 |  |  | $ | 4,371 |  |  | $ | 4,240 |  |
| PSE&G (A) |  |  | 14,998 |  |  |  | 13,337 |  |  |  | 13,663 |  |  |  | 12,460 |  |
| PSEG Power (B) |  |  | 1,250 |  |  |  | 1,250 |  |  |  | 1,250 |  |  |  | 1,250 |  |
| Total Long-Term Debt |  | $ | 21,114 |  |  | $ | 19,341 |  |  | $ | 19,284 |  |  | $ | 17,950 |  |
(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. Private term loan with book value approximating fair value (Level 2 measurement).
Public Service Electric and Gas Company [Member] |
Debt Instrument [Line Items] |
Debt and Credit Facilities | Note 14. Debt and Credit Facilities Long-Term Debt
|  |  |  |  |  | As of December 31, |  |
|  |  |  | Maturity |  | 2024 |  |  | 2023 |  |
|  |  |  |  |  | Millions |  |
| PSEG |  |  |  |  |  |  |  |  |
| Senior Notes: |  |  |  |  |  |  |  |  |
| 2.88% |  | 2024 |  | $ | — |  |  | $ | 750 |  |
| 0.80% |  | 2025 |  |  | 550 |  |  |  | 550 |  |
| 5.85% |  | 2027 |  |  | 700 |  |  |  | 700 |  |
| 5.88% |  | 2028 |  |  | 600 |  |  |  | 600 |  |
| 5.20% |  |  | 2029 |  |  | 750 |  |  |  | — |  |
| 1.60% |  | 2030 |  |  | 550 |  |  |  | 550 |  |
| 8.63% |  |  | 2031 |  |  | 96 |  |  |  | 96 |  |
| 2.45% |  | 2031 |  |  | 750 |  |  |  | 750 |  |
| 6.13% |  | 2033 |  |  | 400 |  |  |  | 400 |  |
| 5.45% |  |  | 2034 |  |  | 500 |  |  |  | — |  |
| Total Senior Notes |  |  |  |  | 4,896 |  |  |  | 4,396 |  |
| Principal Amount Outstanding |  |  |  |  | 4,896 |  |  |  | 4,396 |  |
| Amounts Due Within One Year |  |  |  |  | (550 | ) |  |  | (750 | ) |
| Net Unamortized Discount and Debt Issuance Costs |  |  |  |  | (30 | ) |  |  | (25 | ) |
| Total Long-Term Debt of PSEG |  |  |  | $ | 4,316 |  |  | $ | 3,621 |  |
|  |  |  | As of December 31, |  |
|  | Maturity |  | 2024 |  |  | 2023 |  |
|  |  |  | Millions |  |
| PSE&G |  |  |  |  |  |  |  |
| First and Refunding Mortgage Bonds (A): |  |  |  |  |  |  |  |
| 8.00% | 2037 |  | $ | 7 |  |  | $ | 7 |  |
| 5.00% | 2037 |  |  | 8 |  |  |  | 8 |  |
| Total First and Refunding Mortgage Bonds |  |  |  | 15 |  |  |  | 15 |  |
| Medium-Term Notes (A): |  |  |  |  |  |  |  |
| 3.75% | 2024 |  |  | — |  |  |  | 250 |  |
| 3.15% | 2024 |  |  | — |  |  |  | 250 |  |
| 3.05% | 2024 |  |  | — |  |  |  | 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 |  |  |  | 500 |  |
| 5.20% | 2033 |  |  | 500 |  |  |  | 500 |  |
| 5.20% | 2034 |  |  | 450 |  |  |  | — |  |
| 4.85% | 2034 |  |  | 600 |  |  |  | — |  |
| 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 |  |  |  | 400 |  |
| 5.45% | 2053 |  |  | 400 |  |  |  | 400 |  |
| 5.45% | 2054 |  |  | 550 |  |  |  | — |  |
| 5.30% | 2054 |  |  | 500 |  |  |  | — |  |
| Total MTNs |  |  |  | 15,100 |  |  |  | 13,750 |  |
| Principal Amount Outstanding |  |  |  | 15,115 |  |  |  | 13,765 |  |
| Amounts Due Within One Year |  |  |  | (350 | ) |  |  | (750 | ) |
| Net Unamortized Discount and Selling Expense |  |  |  | (117 | ) |  |  | (102 | ) |
| Total Long-Term Debt of PSE&G |  |  | $ | 14,648 |  |  | $ | 12,913 |  |
|  |  |  | As of December 31, |  |
|  | Maturity |  | 2024 |  |  | 2023 |  |
|  |  |  | Millions |  |
| PSEG Power |  |  |  |  |  |  |  |
| Term Loan: |  |  |  |  |  |  |  |
| Variable Rate | 2025 |  | $ | 1,250 |  |  | $ | 1,250 |  |
| Total Term Loan |  |  |  | 1,250 |  |  |  | 1,250 |  |
| Amounts Due Within One Year |  |  |  | (1,250 | ) |  |  | — |  |
| Total Long-Term Debt of PSEG Power |  |  | $ | — |  |  | $ | 1,250 |  |
(A) 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, 2024 are as follows:
| Year |  | PSEG |  |  | PSE&G |  |  | PSEG Power |  |  | Total |  |
|  |  | Millions |  |
| 2025 |  | $ | 550 |  |  | $ | 350 |  |  | $ | 1,250 |  |  | $ | 2,150 |  |
| 2026 |  |  | — |  |  |  | 875 |  |  |  | — |  |  |  | 875 |  |
| 2027 |  |  | 700 |  |  |  | 425 |  |  |  | — |  |  |  | 1,125 |  |
| 2028 |  |  | 600 |  |  |  | 700 |  |  |  | — |  |  |  | 1,300 |  |
| 2029 |  |  | 750 |  |  |  | 375 |  |  |  | — |  |  |  | 1,125 |  |
| Thereafter |  |  | 2,296 |  |  |  | 12,390 |  |  |  | — |  |  |  | 14,686 |  |
| Total |  | $ | 4,896 |  |  | $ | 15,115 |  |  | $ | 1,250 |  |  | $ | 21,261 |  |
Long-Term Debt Financing Transactions During 2024, the following long-term debt transactions occurred: PSEG • issued $750 million of 5.20% Senior Notes due April 2029, • issued $500 million of 5.45% Senior Notes due April 2034, and • retired $750 million of 2.88% Senior Notes at maturity. 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, • issued $600 million of 4.85% Secured Medium-Term Notes, Series Q, due August 2034, • issued $500 million of 5.30% Secured Medium-Term Notes, Series Q, due August 2054, • retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity, • retired $250 million of 3.15% Secured Medium-Term Notes, Series J, at maturity, and • retired $250 million of 3.05% Secured Medium-Term Notes, Series J, at maturity. In December 2024, PSEG Power amended its existing $1.25 billion variable rate 3-year term loan agreement to extend through June 2025. 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 $3.8 billion credit facilities are provided by a diverse bank group. As of December 31, 2024, the total available credit capacity was $2.5 billion. As of December 31, 2024, no single institution represented more than 9% of the total commitments in the credit facilities. As of December 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 December 31, 2024 were as follows:
|  |  | As of December 31, 2024 |  |  |
| Company/Facility |  | Total Facility |  |  | Usage (B) |  |  | Available Liquidity |  |  | Expiration Date |  | Primary Purpose |
|  |  | Millions |  |  |  |  |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,500 |  |  | $ | 764 |  |  | $ | 736 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSEG |  | $ | 1,500 |  |  | $ | 764 |  |  | $ | 736 |  |  |  |  |  |
| PSE&G |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility |  | $ | 1,000 |  |  | $ | 468 |  |  | $ | 532 |  |  | Mar 2028 |  | Commercial Paper Support/Funding/Letters of Credit |
| Total PSE&G |  | $ | 1,000 |  |  | $ | 468 |  |  | $ | 532 |  |  |  |  |  |
| PSEG Power |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Revolving Credit Facility (A) |  | $ | 1,250 |  |  | $ | 37 |  |  | $ | 1,213 |  |  | Mar 2028 |  | Funding/Letters of Credit |
| Letter of Credit Facility |  |  | 75 |  |  |  | 45 |  |  |  | 30 |  |  | Apr 2026 |  | Letters of Credit |
| Total PSEG Power |  | $ | 1,325 |  |  | $ | 82 |  |  | $ | 1,243 |  |  |  |  |  |
| Total (C) |  | $ | 3,825 |  |  | $ | 1,314 |  |  | $ | 2,511 |  |  |  |  |  |
(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, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%. (C) Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply. PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of December 31, 2024, PSEG Power had $75 million in letters of credit outstanding under these uncommitted credit facilities. In addition, a subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings. Debt Covenants PSEG Power’s existing credit agreements contain covenants restricting the ability of PSEG Power from consummating certain mergers and consolidations and the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain asset sales. 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. In December 2024, PSEG Power entered into a new 364-day variable rate term loan for $400 million. 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, 2024 and 2023 are included in the following table and accompanying notes as of December 31, 2024 and 2023. 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, 2024 |  |  | December 31, 2023 |  |
|  |  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |  |
|  |  | Millions |  |
| Long-Term Debt: |  |  |  |  |  |  |  |  |  |  |  |  |
| PSEG (A) |  | $ | 4,866 |  |  | $ | 4,754 |  |  | $ | 4,371 |  |  | $ | 4,240 |  |
| PSE&G (A) |  |  | 14,998 |  |  |  | 13,337 |  |  |  | 13,663 |  |  |  | 12,460 |  |
| PSEG Power (B) |  |  | 1,250 |  |  |  | 1,250 |  |  |  | 1,250 |  |  |  | 1,250 |  |
| Total Long-Term Debt |  | $ | 21,114 |  |  | $ | 19,341 |  |  | $ | 19,284 |  |  | $ | 17,950 |  |
(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. Private term loan with book value approximating fair value (Level 2 measurement).

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