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v3.25.2

Revenues (Tables) | 6 Months Ended
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Jun. 30, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenues | Disaggregation of Revenues
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 1,174 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,174 |  |
| Gas Distribution |  |  | 317 |  |  |  | — |  |  |  | — |  |  |  | 317 |  |
| Transmission |  |  | 443 |  |  |  | — |  |  |  | — |  |  |  | 443 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 303 |  |  |  | — |  |  |  | 303 |  |
| Sales to Affiliates |  |  | — |  |  |  | 16 |  |  |  | (16 | ) |  |  | — |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 44 |  |  |  | — |  |  |  | 44 |  |
| Sales to Affiliates |  |  | — |  |  |  | 128 |  |  |  | (128 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 97 |  |  |  | 184 |  |  |  | (2 | ) |  |  | 279 |  |
| Total Revenues from Contracts with Customers |  |  | 2,031 |  |  |  | 675 |  |  |  | (146 | ) |  |  | 2,560 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | — |  |  |  | 245 |  |  |  | — |  |  |  | 245 |  |
| Total Operating Revenues |  | $ | 2,031 |  |  | $ | 920 |  |  | $ | (146 | ) |  | $ | 2,805 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 2,118 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,118 |  |
| Gas Distribution |  |  | 1,460 |  |  |  | — |  |  |  | — |  |  |  | 1,460 |  |
| Transmission |  |  | 882 |  |  |  | — |  |  |  | — |  |  |  | 882 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 756 |  |  |  | — |  |  |  | 756 |  |
| Sales to Affiliates |  |  | — |  |  |  | 48 |  |  |  | (48 | ) |  |  | — |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 184 |  |  |  | — |  |  |  | 184 |  |
| Sales to Affiliates |  |  | — |  |  |  | 629 |  |  |  | (629 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 188 |  |  |  | 362 |  |  |  | (3 | ) |  |  | 547 |  |
| Total Revenues from Contracts with Customers |  |  | 4,648 |  |  |  | 1,979 |  |  |  | (680 | ) |  |  | 5,947 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 47 |  |  |  | 33 |  |  |  | — |  |  |  | 80 |  |
| Total Operating Revenues |  | $ | 4,695 |  |  | $ | 2,012 |  |  | $ | (680 | ) |  | $ | 6,027 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 983 |  |  | $ | — |  |  | $ | — |  |  | $ | 983 |  |
| Gas Distribution |  |  | 301 |  |  |  | — |  |  |  | — |  |  |  | 301 |  |
| Transmission |  |  | 436 |  |  |  | — |  |  |  | — |  |  |  | 436 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 169 |  |  |  | — |  |  |  | 169 |  |
| Sales to Affiliates |  |  | — |  |  |  | 26 |  |  |  | (26 | ) |  |  | — |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 34 |  |  |  | — |  |  |  | 34 |  |
| Sales to Affiliates |  |  | — |  |  |  | 97 |  |  |  | (97 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 92 |  |  |  | 169 |  |  |  | (2 | ) |  |  | 259 |  |
| Total Revenues from Contracts with Customers |  |  | 1,812 |  |  |  | 495 |  |  |  | (125 | ) |  |  | 2,182 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 51 |  |  |  | 190 |  |  |  | — |  |  |  | 241 |  |
| Total Operating Revenues |  | $ | 1,863 |  |  | $ | 685 |  |  | $ | (125 | ) |  | $ | 2,423 |  |
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Eliminations |  |  | Consolidated |  |
|  |  | Millions |  |
| Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
| Revenues from Contracts with Customers |  |  |  |  |  |  |  |  |  |  |  |  |
| Electric Distribution |  | $ | 1,764 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,764 |  |
| Gas Distribution |  |  | 1,223 |  |  |  | — |  |  |  | — |  |  |  | 1,223 |  |
| Transmission |  |  | 872 |  |  |  | — |  |  |  | — |  |  |  | 872 |  |
| Electricity and Related Product Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 399 |  |  |  | — |  |  |  | 399 |  |
| Sales to Affiliates |  |  | — |  |  |  | 56 |  |  |  | (56 | ) |  |  | — |  |
| Gas Sales |  |  |  |  |  |  |  |  |  |  |  |  |
| Third-Party Sales |  |  | — |  |  |  | 110 |  |  |  | — |  |  |  | 110 |  |
| Sales to Affiliates |  |  | — |  |  |  | 511 |  |  |  | (511 | ) |  |  | — |  |
| Other Revenues from Contracts with Customers (B) |  |  | 176 |  |  |  | 343 |  |  |  | (3 | ) |  |  | 516 |  |
| Total Revenues from Contracts with Customers |  |  | 4,035 |  |  |  | 1,419 |  |  |  | (570 | ) |  |  | 4,884 |  |
| Revenues Unrelated to Contracts with Customers (C) |  |  | 161 |  |  |  | 138 |  |  |  | — |  |  |  | 299 |  |
| Total Operating Revenues |  | $ | 4,196 |  |  | $ | 1,557 |  |  | $ | (570 | ) |  | $ | 5,183 |  |
(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 alternative revenues at PSE&G, including CIP, Green Program Recovery Charge (GPRC) and transmission over or under recoveries, which are authorized to be collected or refunded in future periods, 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 three and six months ended June 30, 2025 and 2024:
|  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |
| Balance as of March 31 | $ | 234 |  |  | $ | 273 |  |
| Utility Customer and Other Accounts |  |  |  |  |  |
| Provision |  |  | 22 |  |  |  | 19 |  |
| Write-offs, net of Recoveries of $10 million and $7 million in 2025 and 2024, respectively |  |  | (30 | ) |  |  | (39 | ) |
| Balance as of June 30 | $ | 226 |  |  | $ | 253 |  |
|  |  | 2025 |  |  | 2024 |  |
|  |  | Millions |  |
| Balance as of Beginning of Year | $ | 215 |  |  | $ | 283 |  |
| Utility Customer and Other Accounts |  |  |  |  |  |
| Provision |  |  | 59 |  |  |  | 45 |  |
| Write-offs, net of Recoveries of $19 million and $14 million in 2025 and 2024, respectively |  |  | (48 | ) |  |  | (75 | ) |
| Balance as of End of Period | $ | 226 |  |  | $ | 253 |  |
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 July 2024 the results of the 2025/2026 auction were released and in July 2025 the results of the 2026/2027 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 Megawatt (MW)-Day |  |  | MW Cleared |  |
| June 2025 to May 2026 |  | $ | 270 |  |  |  | 3,500 |  |
| June 2026 to May 2027 |  | $ | 329 |  |  |  | 3,500 |  |

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