XML 63 R42.htm IDEA: XBRL DOCUMENT v3.25.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues

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.
Reconciliation of Allowance for Credit Losses

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

 

 

 

 

 

 

 

 

 

 

 
Revenue, Capacity Auction Obligations

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