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Financial Information By Business Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Financial Information By Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 includes 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.