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Trust Investments | 6 Months Ended
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Jun. 30, 2025
Schedule of Trust Investments [Line Items] |
Trust Investments | Note 6. T rust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities. The trust contains two separate funds: a qualified fund and a nonqualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power. The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.
|  |  | As of June 30, 2025 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Domestic |  | $ | 559 |  |  | $ | 383 |  |  | $ | (7 | ) |  | $ | 935 |  |
| International |  |  | 416 |  |  |  | 156 |  |  |  | (10 | ) |  |  | 562 |  |
| Total Equity Securities |  |  | 975 |  |  |  | 539 |  |  |  | (17 | ) |  |  | 1,497 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 842 |  |  |  | 4 |  |  |  | (77 | ) |  |  | 769 |  |
| Corporate |  |  | 571 |  |  |  | 7 |  |  |  | (23 | ) |  |  | 555 |  |
| Total Available-for-Sale Debt Securities |  |  | 1,413 |  |  |  | 11 |  |  |  | (100 | ) |  |  | 1,324 |  |
| Total NDT Fund Investments (A) |  | $ | 2,388 |  |  | $ | 550 |  |  | $ | (117 | ) |  | $ | 2,821 |  |
(A) The NDT Fund Investments table excludes cash and foreign currency of $24 million as of June 30, 2025, which is part of the NDT Fund.
|  |  | As of December 31, 2024 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Domestic |  | $ | 508 |  |  | $ | 393 |  |  | $ | (9 | ) |  | $ | 892 |  |
| International |  |  | 419 |  |  |  | 98 |  |  |  | (29 | ) |  |  | 488 |  |
| Total Equity Securities |  |  | 927 |  |  |  | 491 |  |  |  | (38 | ) |  |  | 1,380 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 853 |  |  |  | 1 |  |  |  | (91 | ) |  |  | 763 |  |
| Corporate |  |  | 531 |  |  |  | 3 |  |  |  | (31 | ) |  |  | 503 |  |
| Total Available-for-Sale Debt Securities |  |  | 1,384 |  |  |  | 4 |  |  |  | (122 | ) |  |  | 1,266 |  |
| Total NDT Fund Investments (A) |  | $ | 2,311 |  |  | $ | 495 |  |  | $ | (160 | ) |  | $ | 2,646 |  |
(A) The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund. Net unrealized gains (losses) on debt securities of $(52) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2025. The portion of net unrealized gains (losses) recognized in the second quarter and first six months of 2025 related to equity securities still held as of June 30, 2025 was $98 million and $113 million, respectively. The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
|  |  | As of |  |  | As of |  |
|  |  | June 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| Accounts Receivable |  | $ | 21 |  |  | $ | 18 |  |
| Accounts Payable |  | $ | 22 |  |  | $ | 5 |  |
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.
|  |  | As of June 30, 2025 |  |  | As of December 31, 2024 |  |
|  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |
|  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |
|  |  | Millions |  |
| Equity Securities (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Domestic |  | $ | 72 |  |  | $ | (4 | ) |  | $ | 5 |  |  | $ | (2 | ) |  | $ | 73 |  |  | $ | (8 | ) |  | $ | 4 |  |  | $ | (1 | ) |
| International |  |  | 52 |  |  |  | (6 | ) |  |  | 18 |  |  |  | (5 | ) |  |  | 126 |  |  |  | (19 | ) |  |  | 22 |  |  |  | (10 | ) |
| Total Equity Securities |  |  | 124 |  |  |  | (10 | ) |  |  | 23 |  |  |  | (7 | ) |  |  | 199 |  |  |  | (27 | ) |  |  | 26 |  |  |  | (11 | ) |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government (B) |  |  | 150 |  |  |  | (3 | ) |  |  | 359 |  |  |  | (74 | ) |  |  | 295 |  |  |  | (7 | ) |  |  | 382 |  |  |  | (84 | ) |
| Corporate (C) |  |  | 34 |  |  |  | (1 | ) |  |  | 195 |  |  |  | (22 | ) |  |  | 119 |  |  |  | (2 | ) |  |  | 227 |  |  |  | (29 | ) |
| Total Available-for-Sale Debt Securities |  |  | 184 |  |  |  | (4 | ) |  |  | 554 |  |  |  | (96 | ) |  |  | 414 |  |  |  | (9 | ) |  |  | 609 |  |  |  | (113 | ) |
| NDT Trust Investments |  | $ | 308 |  |  | $ | (14 | ) |  | $ | 577 |  |  | $ | (103 | ) |  | $ | 613 |  |  | $ | (36 | ) |  | $ | 635 |  |  | $ | (124 | ) |
(A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities. The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:
|  |  | Three Months Ended |  |  | Six Months Ended |  |
|  |  | June 30, |  |  | June 30, |  |
|  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |
| Proceeds from NDT Fund Sales |  | $ | 328 |  |  | $ | 439 |  |  | $ | 715 |  |  | $ | 799 |  |
| Net Realized Gains (Losses) on NDT Fund |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Realized Gains |  | $ | 41 |  |  | $ | 46 |  |  | $ | 89 |  |  | $ | 77 |  |
| Gross Realized Losses |  |  | (26 | ) |  |  | (17 | ) |  |  | (55 | ) |  |  | (31 | ) |
| Net Realized Gains (Losses) on NDT Fund (A) |  |  | 15 |  |  |  | 29 |  |  |  | 34 |  |  |  | 46 |  |
| Net Unrealized Gains (Losses) on Equity Securities |  |  | 79 |  |  |  | (23 | ) |  |  | 69 |  |  |  | 55 |  |
| Net Gains (Losses) on NDT Fund Investments |  | $ | 94 |  |  | $ | 6 |  |  | $ | 103 |  |  | $ | 101 |  |
(A) The cost of these securities was determined on the basis of specific identification. The NDT Fund debt securities held as of June 30, 2025 had the following maturities:
| Time Frame |  | Fair Value |  |
|  |  | Millions |  |
| Less than one year |  | $ | 22 |  |
| 1 - 5 years |  |  | 354 |  |
| 6 - 10 years |  |  | 235 |  |
| 11 - 15 years |  |  | 69 |  |
| 16 - 20 years |  |  | 113 |  |
| Over 20 years |  |  | 531 |  |
| Total NDT Available-for-Sale Debt Securities |  | $ | 1,324 |  |
PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” The following tables show the amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.
|  |  | As of June 30, 2025 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Domestic Equity Securities |  | $ | 8 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 17 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 106 |  |  |  | — |  |  |  | (20 | ) |  |  | 86 |  |
| Corporate |  |  | 70 |  |  |  | — |  |  |  | (9 | ) |  |  | 61 |  |
| Total Available-for-Sale Debt Securities |  |  | 176 |  |  |  | — |  |  |  | (29 | ) |  |  | 147 |  |
| Total Rabbi Trust Investments |  | $ | 184 |  |  | $ | 9 |  |  | $ | (29 | ) |  | $ | 164 |  |
|  |  | As of December 31, 2024 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Domestic Equity Securities |  | $ | 8 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 17 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 105 |  |  |  | — |  |  |  | (22 | ) |  |  | 83 |  |
| Corporate |  |  | 76 |  |  |  | — |  |  |  | (11 | ) |  |  | 65 |  |
| Total Available-for-Sale Debt Securities |  |  | 181 |  |  |  | — |  |  |  | (33 | ) |  |  | 148 |  |
| Total Rabbi Trust Investments |  | $ | 189 |  |  | $ | 9 |  |  | $ | (33 | ) |  | $ | 165 |  |
Net unrealized gains (losses) on debt securities of $(21) million (after-tax) were included in AOCL on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2025. The portion of net unrealized gains (losses) recognized during the second quarter and first six months of 2025 related to equity securities still held as of June 30, 2025 was approximately $2 million and $1 million, respectively. The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts were immaterial as of June 30, 2025 and December 31, 2024. The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.
|  |  | As of June 30, 2025 |  |  | As of December 31, 2024 |  |
|  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |
|  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |
|  |  | Millions |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government (A) |  | $ | 5 |  |  | $ | — |  |  | $ | 70 |  |  | $ | (20 | ) |  | $ | 10 |  |  | $ | — |  |  | $ | 71 |  |  | $ | (22 | ) |
| Corporate (B) |  |  | 5 |  |  |  | — |  |  |  | 44 |  |  |  | (9 | ) |  |  | 11 |  |  |  | — |  |  |  | 49 |  |  |  | (11 | ) |
| Total Available-for-Sale Debt Securities |  |  | 10 |  |  |  | — |  |  |  | 114 |  |  |  | (29 | ) |  |  | 21 |  |  |  | — |  |  |  | 120 |  |  |  | (33 | ) |
| Rabbi Trust Investments |  | $ | 10 |  |  | $ | — |  |  | $ | 114 |  |  | $ | (29 | ) |  | $ | 21 |  |  | $ | — |  |  | $ | 120 |  |  | $ | (33 | ) |
(A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade. The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:
|  |  | Three Months Ended |  |  | Six Months Ended |  |
|  |  | June 30, |  |  | June 30, |  |
|  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |
| Proceeds from Rabbi Trust Sales |  | $ | 9 |  |  | $ | 6 |  |  | $ | 16 |  |  | $ | 15 |  |
| Net Realized Gains (Losses) on Rabbi Trust: |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Realized Gains |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |
| Gross Realized Losses |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |
| Net Realized Gains (Losses) on Rabbi Trust (A) |  |  | (1 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | 1 |  |
| Net Unrealized Gains (Losses) on Equity Securities |  |  | 2 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |
| Net Gains (Losses) on Rabbi Trust Investments |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |
(A) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of June 30, 2025 had the following maturities:
| Time Frame |  | Fair Value |  |
|  |  | Millions |  |
| Less than one year |  | $ | 5 |  |
| 1 - 5 years |  |  | 30 |  |
| 6 - 10 years |  |  | 16 |  |
| 11 - 15 years |  |  | 11 |  |
| 16 - 20 years |  |  | 17 |  |
| Over 20 years |  |  | 68 |  |
| Total Rabbi Trust Available-for-Sale Debt Securities |  | $ | 147 |  |
PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:
|  |  | As of |  |  | As of |  |
|  |  | June 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| PSE&G |  | $ | 29 |  |  | $ | 30 |  |
| PSEG Power & Other |  |  | 135 |  |  |  | 135 |  |
| Total Rabbi Trust Investments |  | $ | 164 |  |  | $ | 165 |  |
Public Service Electric and Gas Company [Member] |
Schedule of Trust Investments [Line Items] |
Trust Investments | Note 6. T rust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities. The trust contains two separate funds: a qualified fund and a nonqualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power. The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.
|  |  | As of June 30, 2025 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Domestic |  | $ | 559 |  |  | $ | 383 |  |  | $ | (7 | ) |  | $ | 935 |  |
| International |  |  | 416 |  |  |  | 156 |  |  |  | (10 | ) |  |  | 562 |  |
| Total Equity Securities |  |  | 975 |  |  |  | 539 |  |  |  | (17 | ) |  |  | 1,497 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 842 |  |  |  | 4 |  |  |  | (77 | ) |  |  | 769 |  |
| Corporate |  |  | 571 |  |  |  | 7 |  |  |  | (23 | ) |  |  | 555 |  |
| Total Available-for-Sale Debt Securities |  |  | 1,413 |  |  |  | 11 |  |  |  | (100 | ) |  |  | 1,324 |  |
| Total NDT Fund Investments (A) |  | $ | 2,388 |  |  | $ | 550 |  |  | $ | (117 | ) |  | $ | 2,821 |  |
(A) The NDT Fund Investments table excludes cash and foreign currency of $24 million as of June 30, 2025, which is part of the NDT Fund.
|  |  | As of December 31, 2024 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Domestic |  | $ | 508 |  |  | $ | 393 |  |  | $ | (9 | ) |  | $ | 892 |  |
| International |  |  | 419 |  |  |  | 98 |  |  |  | (29 | ) |  |  | 488 |  |
| Total Equity Securities |  |  | 927 |  |  |  | 491 |  |  |  | (38 | ) |  |  | 1,380 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 853 |  |  |  | 1 |  |  |  | (91 | ) |  |  | 763 |  |
| Corporate |  |  | 531 |  |  |  | 3 |  |  |  | (31 | ) |  |  | 503 |  |
| Total Available-for-Sale Debt Securities |  |  | 1,384 |  |  |  | 4 |  |  |  | (122 | ) |  |  | 1,266 |  |
| Total NDT Fund Investments (A) |  | $ | 2,311 |  |  | $ | 495 |  |  | $ | (160 | ) |  | $ | 2,646 |  |
(A) The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund. Net unrealized gains (losses) on debt securities of $(52) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2025. The portion of net unrealized gains (losses) recognized in the second quarter and first six months of 2025 related to equity securities still held as of June 30, 2025 was $98 million and $113 million, respectively. The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
|  |  | As of |  |  | As of |  |
|  |  | June 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| Accounts Receivable |  | $ | 21 |  |  | $ | 18 |  |
| Accounts Payable |  | $ | 22 |  |  | $ | 5 |  |
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.
|  |  | As of June 30, 2025 |  |  | As of December 31, 2024 |  |
|  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |
|  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |
|  |  | Millions |  |
| Equity Securities (A) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Domestic |  | $ | 72 |  |  | $ | (4 | ) |  | $ | 5 |  |  | $ | (2 | ) |  | $ | 73 |  |  | $ | (8 | ) |  | $ | 4 |  |  | $ | (1 | ) |
| International |  |  | 52 |  |  |  | (6 | ) |  |  | 18 |  |  |  | (5 | ) |  |  | 126 |  |  |  | (19 | ) |  |  | 22 |  |  |  | (10 | ) |
| Total Equity Securities |  |  | 124 |  |  |  | (10 | ) |  |  | 23 |  |  |  | (7 | ) |  |  | 199 |  |  |  | (27 | ) |  |  | 26 |  |  |  | (11 | ) |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government (B) |  |  | 150 |  |  |  | (3 | ) |  |  | 359 |  |  |  | (74 | ) |  |  | 295 |  |  |  | (7 | ) |  |  | 382 |  |  |  | (84 | ) |
| Corporate (C) |  |  | 34 |  |  |  | (1 | ) |  |  | 195 |  |  |  | (22 | ) |  |  | 119 |  |  |  | (2 | ) |  |  | 227 |  |  |  | (29 | ) |
| Total Available-for-Sale Debt Securities |  |  | 184 |  |  |  | (4 | ) |  |  | 554 |  |  |  | (96 | ) |  |  | 414 |  |  |  | (9 | ) |  |  | 609 |  |  |  | (113 | ) |
| NDT Trust Investments |  | $ | 308 |  |  | $ | (14 | ) |  | $ | 577 |  |  | $ | (103 | ) |  | $ | 613 |  |  | $ | (36 | ) |  | $ | 635 |  |  | $ | (124 | ) |
(A) Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income. (B) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities. The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:
|  |  | Three Months Ended |  |  | Six Months Ended |  |
|  |  | June 30, |  |  | June 30, |  |
|  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |
| Proceeds from NDT Fund Sales |  | $ | 328 |  |  | $ | 439 |  |  | $ | 715 |  |  | $ | 799 |  |
| Net Realized Gains (Losses) on NDT Fund |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Realized Gains |  | $ | 41 |  |  | $ | 46 |  |  | $ | 89 |  |  | $ | 77 |  |
| Gross Realized Losses |  |  | (26 | ) |  |  | (17 | ) |  |  | (55 | ) |  |  | (31 | ) |
| Net Realized Gains (Losses) on NDT Fund (A) |  |  | 15 |  |  |  | 29 |  |  |  | 34 |  |  |  | 46 |  |
| Net Unrealized Gains (Losses) on Equity Securities |  |  | 79 |  |  |  | (23 | ) |  |  | 69 |  |  |  | 55 |  |
| Net Gains (Losses) on NDT Fund Investments |  | $ | 94 |  |  | $ | 6 |  |  | $ | 103 |  |  | $ | 101 |  |
(A) The cost of these securities was determined on the basis of specific identification. The NDT Fund debt securities held as of June 30, 2025 had the following maturities:
| Time Frame |  | Fair Value |  |
|  |  | Millions |  |
| Less than one year |  | $ | 22 |  |
| 1 - 5 years |  |  | 354 |  |
| 6 - 10 years |  |  | 235 |  |
| 11 - 15 years |  |  | 69 |  |
| 16 - 20 years |  |  | 113 |  |
| Over 20 years |  |  | 531 |  |
| Total NDT Available-for-Sale Debt Securities |  | $ | 1,324 |  |
PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” The following tables show the amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.
|  |  | As of June 30, 2025 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Domestic Equity Securities |  | $ | 8 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 17 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 106 |  |  |  | — |  |  |  | (20 | ) |  |  | 86 |  |
| Corporate |  |  | 70 |  |  |  | — |  |  |  | (9 | ) |  |  | 61 |  |
| Total Available-for-Sale Debt Securities |  |  | 176 |  |  |  | — |  |  |  | (29 | ) |  |  | 147 |  |
| Total Rabbi Trust Investments |  | $ | 184 |  |  | $ | 9 |  |  | $ | (29 | ) |  | $ | 164 |  |
|  |  | As of December 31, 2024 |  |
|  |  | Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |  |
|  |  | Millions |  |
| Domestic Equity Securities |  | $ | 8 |  |  | $ | 9 |  |  | $ | — |  |  | $ | 17 |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |
| Government |  |  | 105 |  |  |  | — |  |  |  | (22 | ) |  |  | 83 |  |
| Corporate |  |  | 76 |  |  |  | — |  |  |  | (11 | ) |  |  | 65 |  |
| Total Available-for-Sale Debt Securities |  |  | 181 |  |  |  | — |  |  |  | (33 | ) |  |  | 148 |  |
| Total Rabbi Trust Investments |  | $ | 189 |  |  | $ | 9 |  |  | $ | (33 | ) |  | $ | 165 |  |
Net unrealized gains (losses) on debt securities of $(21) million (after-tax) were included in AOCL on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2025. The portion of net unrealized gains (losses) recognized during the second quarter and first six months of 2025 related to equity securities still held as of June 30, 2025 was approximately $2 million and $1 million, respectively. The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts were immaterial as of June 30, 2025 and December 31, 2024. The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.
|  |  | As of June 30, 2025 |  |  | As of December 31, 2024 |  |
|  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |  | Less Than 12 Months |  |  | Greater Than 12 Months |  |
|  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |  | Fair Value |  |  | Gross Unrealized Losses |  |
|  |  | Millions |  |
| Available-for-Sale Debt Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Government (A) |  | $ | 5 |  |  | $ | — |  |  | $ | 70 |  |  | $ | (20 | ) |  | $ | 10 |  |  | $ | — |  |  | $ | 71 |  |  | $ | (22 | ) |
| Corporate (B) |  |  | 5 |  |  |  | — |  |  |  | 44 |  |  |  | (9 | ) |  |  | 11 |  |  |  | — |  |  |  | 49 |  |  |  | (11 | ) |
| Total Available-for-Sale Debt Securities |  |  | 10 |  |  |  | — |  |  |  | 114 |  |  |  | (29 | ) |  |  | 21 |  |  |  | — |  |  |  | 120 |  |  |  | (33 | ) |
| Rabbi Trust Investments |  | $ | 10 |  |  | $ | — |  |  | $ | 114 |  |  | $ | (29 | ) |  | $ | 21 |  |  | $ | — |  |  | $ | 120 |  |  | $ | (33 | ) |
(A) Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. (B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade. The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:
|  |  | Three Months Ended |  |  | Six Months Ended |  |
|  |  | June 30, |  |  | June 30, |  |
|  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |
| Proceeds from Rabbi Trust Sales |  | $ | 9 |  |  | $ | 6 |  |  | $ | 16 |  |  | $ | 15 |  |
| Net Realized Gains (Losses) on Rabbi Trust: |  |  |  |  |  |  |  |  |  |  |  |  |
| Gross Realized Gains |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |
| Gross Realized Losses |  |  | (1 | ) |  |  | — |  |  |  | (1 | ) |  |  | (1 | ) |
| Net Realized Gains (Losses) on Rabbi Trust (A) |  |  | (1 | ) |  |  | 1 |  |  |  | (1 | ) |  |  | 1 |  |
| Net Unrealized Gains (Losses) on Equity Securities |  |  | 2 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |
| Net Gains (Losses) on Rabbi Trust Investments |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |
(A) The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of June 30, 2025 had the following maturities:
| Time Frame |  | Fair Value |  |
|  |  | Millions |  |
| Less than one year |  | $ | 5 |  |
| 1 - 5 years |  |  | 30 |  |
| 6 - 10 years |  |  | 16 |  |
| 11 - 15 years |  |  | 11 |  |
| 16 - 20 years |  |  | 17 |  |
| Over 20 years |  |  | 68 |  |
| Total Rabbi Trust Available-for-Sale Debt Securities |  | $ | 147 |  |
PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:
|  |  | As of |  |  | As of |  |
|  |  | June 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| PSE&G |  | $ | 29 |  |  | $ | 30 |  |
| PSEG Power & Other |  |  | 135 |  |  |  | 135 |  |
| Total Rabbi Trust Investments |  | $ | 164 |  |  | $ | 165 |  |

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