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Financial Information By Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting Information [Line Items] |
Financial Information By Business Segments | Note 23. Financial Infor mation by Business Segment Basis of Organization PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income. The CODM uses Net Income for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each segment. Based on management’s analysis, PSE&G and PSEG Power were determined to be operating segments of PSEG. The operating segments were determined based on the nature of regulated and unregulated operations and services provided by the respective segments. As discussed below, PSEG's reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. PSE&G The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power & Other This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and its gas supply obligations. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G. This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations (B) |  |  | Consolidated Total |  |
|  |  | Millions
| Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 8,449 |  |  | $ | 2,807 |  |  | $ | (966 | ) |  | $ | 10,290 |  |
| Energy Costs |  |  | 3,189 |  |  |  | 1,170 |  |  |  | (966 | ) |  |  | 3,393 |  |
| Controllable Operation and Maintenance (C) |  |  | 1,317 |  |  |  | 771 |  |  |  | — |  |  |  | 2,088 |  |
| Depreciation and Amortization |  |  | 1,025 |  |  |  | 157 |  |  |  | — |  |  |  | 1,182 |  |
| Income from Equity Method Investments |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |
| Interest Income |  |  | 14 |  |  |  | 23 |  |  |  | (5 | ) |  |  | 32 |  |
| Interest Expense |  |  | 582 |  |  |  | 305 |  |  |  | (5 | ) |  |  | 882 |  |
| Income Tax Expense (Benefit) |  |  | 298 |  |  |  | (245 | ) |  |  | — |  |  |  | 53 |  |
| Other Segment Items (D) |  |  | 505 |  |  |  | 448 |  |  |  | — |  |  |  | 953 |  |
| Net Income |  | $ | 1,547 |  |  | $ | 225 |  |  | $ | — |  |  | $ | 1,772 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,921 |  |  | $ | 459 |  |  | $ | — |  |  | $ | 3,380 |  |
| As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 46,364 |  |  | $ | 8,673 |  |  | $ | (397 | ) |  | $ | 54,640 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations (B) |  |  | Consolidated Total |  |
|  |  | Millions
| Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 7,807 |  |  | $ | 4,533 |  |  | $ | (1,103 | ) |  | $ | 11,237 |  |
| Energy Costs |  |  | 3,010 |  |  |  | 1,353 |  |  |  | (1,103 | ) |  |  | 3,260 |  |
| Controllable Operation and Maintenance (C) |  |  | 1,193 |  |  |  | 713 |  |  |  | — |  |  |  | 1,906 |  |
| Depreciation and Amortization |  |  | 980 |  |  |  | 155 |  |  |  | — |  |  |  | 1,135 |  |
| Income from Equity Method Investments |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |
| Interest Income |  |  | 19 |  |  |  | 38 |  |  |  | (4 | ) |  |  | 53 |  |
| Interest Expense |  |  | 493 |  |  |  | 259 |  |  |  | (4 | ) |  |  | 748 |  |
| Income Tax Expense (Benefit) |  |  | 160 |  |  |  | 358 |  |  |  | — |  |  |  | 518 |  |
| Other Segment Items (D) |  |  | 475 |  |  |  | 686 |  |  |  | — |  |  |  | 1,161 |  |
| Net Income |  | $ | 1,515 |  |  | $ | 1,048 |  |  | $ | — |  |  | $ | 2,563 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,998 |  |  | $ | 327 |  |  | $ | — |  |  | $ | 3,325 |  |
| As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 42,873 |  |  | $ | 8,407 |  |  | $ | (539 | ) |  | $ | 50,741 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations (B) |  |  | Consolidated Total |  |
|  |  | Millions
| Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 7,935 |  |  | $ | 3,266 |  |  | $ | (1,401 | ) |  | $ | 9,800 |  |
| Energy Costs |  |  | 3,270 |  |  |  | 2,149 |  |  |  | (1,401 | ) |  |  | 4,018 |  |
| Controllable Operation and Maintenance (C) |  |  | 1,219 |  |  |  | 712 |  |  |  | — |  |  |  | 1,931 |  |
| Depreciation and Amortization |  |  | 935 |  |  |  | 165 |  |  |  | — |  |  |  | 1,100 |  |
| Income from Equity Method Investments |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 14 |  |
| Interest Income |  |  | 19 |  |  |  | 13 |  |  |  | (1 | ) |  |  | 31 |  |
| Interest Expense |  |  | 427 |  |  |  | 202 |  |  |  | (1 | ) |  |  | 628 |  |
| Income Tax Expense (Benefit) |  |  | 267 |  |  |  | (296 | ) |  |  | — |  |  |  | (29 | ) |
| Other Segment Items (D) |  |  | 271 |  |  |  | 895 |  |  |  | — |  |  |  | 1,166 |  |
| Net Income (Loss) |  | $ | 1,565 |  |  | $ | (534 | ) |  | $ | — |  |  | $ | 1,031 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,590 |  |  | $ | 298 |  |  | $ | — |  |  | $ | 2,888 |  |
| As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 39,960 |  |  | $ | 9,285 |  |  | $ | (527 | ) |  | $ | 48,718 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 306 |  |  | $ | — |  |  | $ | 306 |  |
(A) PSEG Power & Other results include net after-tax gains (losses) of $(151) million, $959 million and $(457) million in the years ended December 31, 2024, 2023 and 2022, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 24. Related-Party Transactions. (C) Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM. (D) Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions and impairments, non operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This i ncludes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023 and after-tax impairments of $92 million related to certain Energy Holdings investments and additional adjustments related to the sale of PSEG Power’s fossil generation assets in 2022. See Note 3. Asset Dispositions and Impairments for additional information.
Public Service Electric and Gas Company [Member] |
Segment Reporting Information [Line Items] |
Financial Information By Business Segments | Note 23. Financial Infor mation by Business Segment Basis of Organization PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income. The CODM uses Net Income for each segment in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about the allocation of operating and capital resources to each segment. Based on management’s analysis, PSE&G and PSEG Power were determined to be operating segments of PSEG. The operating segments were determined based on the nature of regulated and unregulated operations and services provided by the respective segments. As discussed below, PSEG's reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. PSE&G The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services. PSEG Power & Other This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and its gas supply obligations. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G. This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent corporation) and Services.
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations (B) |  |  | Consolidated Total |  |
|  |  | Millions
| Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 8,449 |  |  | $ | 2,807 |  |  | $ | (966 | ) |  | $ | 10,290 |  |
| Energy Costs |  |  | 3,189 |  |  |  | 1,170 |  |  |  | (966 | ) |  |  | 3,393 |  |
| Controllable Operation and Maintenance (C) |  |  | 1,317 |  |  |  | 771 |  |  |  | — |  |  |  | 2,088 |  |
| Depreciation and Amortization |  |  | 1,025 |  |  |  | 157 |  |  |  | — |  |  |  | 1,182 |  |
| Income from Equity Method Investments |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |
| Interest Income |  |  | 14 |  |  |  | 23 |  |  |  | (5 | ) |  |  | 32 |  |
| Interest Expense |  |  | 582 |  |  |  | 305 |  |  |  | (5 | ) |  |  | 882 |  |
| Income Tax Expense (Benefit) |  |  | 298 |  |  |  | (245 | ) |  |  | — |  |  |  | 53 |  |
| Other Segment Items (D) |  |  | 505 |  |  |  | 448 |  |  |  | — |  |  |  | 953 |  |
| Net Income |  | $ | 1,547 |  |  | $ | 225 |  |  | $ | — |  |  | $ | 1,772 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,921 |  |  | $ | 459 |  |  | $ | — |  |  | $ | 3,380 |  |
| As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 46,364 |  |  | $ | 8,673 |  |  | $ | (397 | ) |  | $ | 54,640 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | 21 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations (B) |  |  | Consolidated Total |  |
|  |  | Millions
| Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 7,807 |  |  | $ | 4,533 |  |  | $ | (1,103 | ) |  | $ | 11,237 |  |
| Energy Costs |  |  | 3,010 |  |  |  | 1,353 |  |  |  | (1,103 | ) |  |  | 3,260 |  |
| Controllable Operation and Maintenance (C) |  |  | 1,193 |  |  |  | 713 |  |  |  | — |  |  |  | 1,906 |  |
| Depreciation and Amortization |  |  | 980 |  |  |  | 155 |  |  |  | — |  |  |  | 1,135 |  |
| Income from Equity Method Investments |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |
| Interest Income |  |  | 19 |  |  |  | 38 |  |  |  | (4 | ) |  |  | 53 |  |
| Interest Expense |  |  | 493 |  |  |  | 259 |  |  |  | (4 | ) |  |  | 748 |  |
| Income Tax Expense (Benefit) |  |  | 160 |  |  |  | 358 |  |  |  | — |  |  |  | 518 |  |
| Other Segment Items (D) |  |  | 475 |  |  |  | 686 |  |  |  | — |  |  |  | 1,161 |  |
| Net Income |  | $ | 1,515 |  |  | $ | 1,048 |  |  | $ | — |  |  | $ | 2,563 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,998 |  |  | $ | 327 |  |  | $ | — |  |  | $ | 3,325 |  |
| As of December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 42,873 |  |  | $ | 8,407 |  |  | $ | (539 | ) |  | $ | 50,741 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations (B) |  |  | Consolidated Total |  |
|  |  | Millions
| Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
| Operating Revenues |  | $ | 7,935 |  |  | $ | 3,266 |  |  | $ | (1,401 | ) |  | $ | 9,800 |  |
| Energy Costs |  |  | 3,270 |  |  |  | 2,149 |  |  |  | (1,401 | ) |  |  | 4,018 |  |
| Controllable Operation and Maintenance (C) |  |  | 1,219 |  |  |  | 712 |  |  |  | — |  |  |  | 1,931 |  |
| Depreciation and Amortization |  |  | 935 |  |  |  | 165 |  |  |  | — |  |  |  | 1,100 |  |
| Income from Equity Method Investments |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | 14 |  |
| Interest Income |  |  | 19 |  |  |  | 13 |  |  |  | (1 | ) |  |  | 31 |  |
| Interest Expense |  |  | 427 |  |  |  | 202 |  |  |  | (1 | ) |  |  | 628 |  |
| Income Tax Expense (Benefit) |  |  | 267 |  |  |  | (296 | ) |  |  | — |  |  |  | (29 | ) |
| Other Segment Items (D) |  |  | 271 |  |  |  | 895 |  |  |  | — |  |  |  | 1,166 |  |
| Net Income (Loss) |  | $ | 1,565 |  |  | $ | (534 | ) |  | $ | — |  |  | $ | 1,031 |  |
| Gross Additions to Long-Lived Assets |  | $ | 2,590 |  |  | $ | 298 |  |  | $ | — |  |  | $ | 2,888 |  |
| As of December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 39,960 |  |  | $ | 9,285 |  |  | $ | (527 | ) |  | $ | 48,718 |  |
| Investments in Equity Method Subsidiaries |  | $ | — |  |  | $ | 306 |  |  | $ | — |  |  | $ | 306 |  |
(A) PSEG Power & Other results include net after-tax gains (losses) of $(151) million, $959 million and $(457) million in the years ended December 31, 2024, 2023 and 2022, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates. (B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 24. Related-Party Transactions. (C) Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the CODM. (D) Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue amounts in those segments), losses on asset dispositions and impairments, non operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions. This i ncludes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction in 2023 and after-tax impairments of $92 million related to certain Energy Holdings investments and additional adjustments related to the sale of PSEG Power’s fossil generation assets in 2022. See Note 3. Asset Dispositions and Impairments for additional information.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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