XML 49 R38.htm IDEA: XBRL DOCUMENT
v3.25.2

Financial Risk Management Activities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
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 Condensed 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 Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 11. 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 June 30, 2025 and December 31, 2024. The following tabular disclosure does not include the offsetting of trade receivables and payables.
|  |  | As of June 30, 2025 |  |
|  |  | 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 |  | $ | — |  |  | $ | 723 |  |  | $ | (694 | ) |  | $ | 29 |  |  | $ | 29 |  |
| Noncurrent Assets |  |  | — |  |  |  | 741 |  |  |  | (735 | ) |  |  | 6 |  |  |  | 6 |  |
| Total Mark-to-Market Derivative Assets |  | $ | — |  |  | $ | 1,464 |  |  | $ | (1,429 | ) |  | $ | 35 |  |  | $ | 35 |  |
| Derivative Contracts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Current Liabilities |  | $ | — |  |  | $ | (782 | ) |  | $ | 756 |  |  | $ | (26 | ) |  | $ | (26 | ) |
| Noncurrent Liabilities |  |  | (1 | ) |  |  | (768 | ) |  |  | 754 |  |  |  | (14 | ) |  |  | (15 | ) |
| Total Mark-to-Market Derivative (Liabilities) |  | $ | (1 | ) |  | $ | (1,550 | ) |  | $ | 1,510 |  |  | $ | (40 | ) |  | $ | (41 | ) |
| Total Net Mark-to-Market Derivative Assets (Liabilities) |  | $ | (1 | ) |  | $ | (86 | ) |  | $ | 81 |  |  | $ | (5 | ) |  | $ | (6 | ) |
|  |  | 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 |  |
(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 Condensed Consolidated Balance Sheets. As of June 30, 2025 and December 31, 2024, PSEG Power had net cash collateral (receipts) payments to counterparties of $257 million and $244 million, respectively. Of these net cash collateral (receipts) payments, $81 million as of June 30, 2025 and $121 million as of December 31, 2024 were netted against the corresponding net derivative contract positions. Of the $81 million as of June 30, 2025, $62 million was netted against current liabilities and $19 million against noncurrent liabilities. Of the $121 million as of December 31, 2024, $73 million was netted against current liabilities and $48 million against noncurrent liabilities.
Schedule of Derivative Transactions Designated and Effective as Cash Flow Hedges | The following shows the effect on the Condensed Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the three and six months ended June 30, 2025 and 2024:
|  |  | 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 |  |
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |
| Derivatives in Cash Flow |  | June 30, |  |  |  |  | June 30, |  |
| Hedging Relationships |  | 2025 |  |  | 2024 |  |  |  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |  |  |  | Millions |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Rate Derivatives |  | $ | 11 |  |  | $ | 2 |  |  | Interest Expense |  | $ | 1 |  |  | $ | 4 |  |
| Total PSEG |  | $ | 11 |  |  | $ | 2 |  |  |  |  | $ | 1 |  |  | $ | 4 |  |
|  |  | 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 |  |
|  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
| Derivatives in Cash Flow |  | June 30, |  |  |  |  | June 30, |  |
| Hedging Relationships |  | 2025 |  |  | 2024 |  |  |  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |  |  |  | Millions |  |
| PSEG |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest Rate Derivatives |  | $ | (16 | ) |  | $ | 30 |  |  | Interest Expense |  | $ | 2 |  |  | $ | 7 |  |
| Total PSEG |  | $ | (16 | ) |  | $ | 30 |  |  |  |  | $ | 2 |  |  | $ | 7 |  |
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, 2023 |  | $ | 4 |  |  | $ | 3 |  |
| Gain Recognized in AOCL |  |  | 59 |  |  |  | 42 |  |
| Less: Gain Reclassified into Income |  |  | (13 | ) |  |  | (9 | ) |
| Balance as of December 31, 2024 |  | $ | 50 |  |  | $ | 36 |  |
| Loss Recognized in AOCL |  |  | (16 | ) |  |  | (12 | ) |
| Less: Gain Reclassified into Income |  |  | (2 | ) |  |  | (1 | ) |
| Balance as of June 30, 2025 |  | $ | 32 |  |  | $ | 23 |  |
Schedule of Derivative Instruments Not Designated as Hedging Instruments and Impact on Results of Operations | The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three and six months ended June 30, 2025 and 2024, respectively. 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 |  |
|  |  |  |  | Three Months Ended |  |  | Six Months Ended |  |
|  |  |  |  | June 30, |  |  | June 30, |  |
|  |  |  |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
|  |  |  |  | Millions |  |
| Energy-Related Contracts |  | Operating Revenues |  | $ | 233 |  |  | $ | 225 |  |  | $ | (8 | ) |  | $ | 77 |  |
| Energy-Related Contracts |  | Energy Costs |  |  | (1 | ) |  |  | (1 | ) |  |  | (3 | ) |  |  | — |  |
| Total |  |  |  | $ | 232 |  |  | $ | 224 |  |  | $ | (11 | ) |  | $ | 77 |  |
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 June 30, 2025 and December 31, 2024.
|  |  |  |  | As of |  |  | As of |  |
| Type |  | Notional |  | June 30, 2025 |  |  | December 31, 2024 |  |
|  |  |  |  | Millions |  |
| Natural Gas |  | Dekatherm (Dth) |  |  | 73 |  |  |  | 70 |  |
| Electricity |  | MWh |  |  | (62 | ) |  |  | (49 | ) |
| Financial Transmission Rights (FTRs) |  | MWh |  |  | 27 |  |  |  | 16 |  |
| Interest Rate Derivatives |  | U.S. Dollars |  |  | 100 |  |  |  | 2,290 |  |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration