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Financial Risk Management Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Fair Value in Balance Sheets

The following are the fair values of derivative instruments on the Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Consolidated Balance Sheets of PSEG. For additional information see Note 17. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of December 31, 2024 and 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

			As of December 31, 2024
			PSEG				PSEG Power												Consolidated
			Cash Flow Hedges				Not Designated
	Balance Sheet Location		Interest Rate Derivatives				Energy- Related Contracts				Netting (A)				Total PSEG Power				Total Derivatives
			Millions
	Derivative Contracts
	Current Assets		$	—			$	403			$	(370	)		$	33			$	33
	Noncurrent Assets			32				375				(356	)			19				51
	Total Mark-to-Market Derivative Assets		$	32			$	778			$	(726	)		$	52			$	84
	Derivative Contracts
	Current Liabilities		$	—			$	(448	)		$	443			$	(5	)		$	(5	)
	Noncurrent Liabilities			—				(408	)			404				(4	)			(4	)
	Total Mark-to-Market Derivative (Liabilities)		$	—			$	(856	)		$	847			$	(9	)		$	(9	)
	Total Net Mark-to-Market Derivative Assets (Liabilities)		$	32			$	(78	)		$	121			$	43			$	75

			As of December 31, 2023
			PSEG				PSEG Power												Consolidated
			Cash Flow Hedges				Not Designated
	Balance Sheet Location		Interest Rate Derivatives				Energy- Related Contracts				Netting (A)				Total PSEG Power				Total Derivatives
			Millions
	Derivative Contracts
	Current Assets		$	6			$	912			$	(806	)		$	106			$	112
	Noncurrent Assets			—				440				(411	)			29				29
	Total Mark-to-Market Derivative Assets		$	6			$	1,352			$	(1,217	)		$	135			$	141
	Derivative Contracts
	Current Liabilities		$	(16	)		$	(890	)		$	820			$	(70	)		$	(86	)
	Noncurrent Liabilities			(1	)			(424	)			419				(5	)			(6	)
	Total Mark-to-Market Derivative (Liabilities)		$	(17	)		$	(1,314	)		$	1,239			$	(75	)		$	(92	)
	Total Net Mark-to-Market Derivative Assets (Liabilities)		$	(11	)		$	38			$	22			$	60			$	49

(A)Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, PSEG Power had net cash collateral payments to counterparties of $244 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $121 million as of December 31, 2024 and $22 million as of December 31, 2023 were netted against the corresponding net derivative contract positions. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million was netted against noncurrent liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

Schedule of Derivative Transactions Designated and Effective as Cash Flow Hedges

The following shows the effect on the Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the years ended December 31, 2024, 2023 and 2022.

			Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives												Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income		Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Derivatives in Cash Flow Hedging Relationships		Years Ended December 31,														Years Ended December 31,
			2024				2023				2022						2024				2023				2022
			Millions														Millions
	Interest Rate Derivatives		$	59			$	13			$	—			Interest Expense		$	13			$	5			$	(5	)
	Total		$	59			$	13			$	—					$	13			$	5			$	(5	)

Schedule of Reconciliation for Derivative Activity Included in Accumulated Other Comprehensive Income (Loss)

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the AOCL of PSEG on a pre-tax and after-tax basis.

	Accumulated Other Comprehensive Income (Loss)		Pre-Tax				After-Tax
			Millions
	Balance as of December 31, 2022		$	(4	)		$	(3	)
	Gain Recognized in AOCI			13				9
	Less: Gain Reclassified into Income			(5	)			(3	)
	Balance as of December 31, 2023		$	4			$	3
	Gain Recognized in AOCI			59				42
	Less: Gain Reclassified into Income			(13	)			(9	)
	Balance as of December 31, 2024		$	50			$	36

Schedule of Derivative Instruments Not Designated as Hedging Instruments and Impact on Results of Operations

The following shows the effect on the Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the years ended December 31, 2024, 2023 and 2022. PSEG Power’s derivative contracts reflected in this table primarily includes contracts to hedge the purchase and sale of electricity and natural gas.

	Derivatives Not Designated as Hedges		Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives		Pre-Tax Gain (Loss) Recognized in Income on Derivatives
					Years Ended December 31,
					2024				2023				2022
					Millions
	Energy-Related Contracts		Operating Revenues		$	27			$	1,567			$	(1,748	)
	Energy-Related Contracts		Energy Costs			2				—				2
	Total				$	29			$	1,567			$	(1,746	)

Schedule of Net Notional Volume for Open Derivative Contracts

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of December 31, 2024 and 2023.

					As of December 31,
	Type		Notional		2024				2023
					Millions
	Natural Gas		Dekatherm			70				66
	Electricity		MWh			(49	)			(60	)
	Financial Transmission Rights		MWh			16				19
	Interest Rate Derivatives		U.S. Dollars			2,290				2,000

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