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Revenues | 6 Months Ended
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Jun. 30, 2025
Revenues | Note 2. Revenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In May 2025, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants zero emission certificate (ZEC) sales concluded. These nuclear plants received ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognized revenue when the units generated electricity, which was when the performance obligation was satisfied. These revenues have been considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue has been adjusted by the estimated production tax credits (PTCs) generated from these nuclear plants. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 13. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. This agreement expires in December 2025. See Amended OSA below for further information. Other Revenues from Contracts with Customers PSEG Power has contracted to provide energy management and fuel procurement services for LIPA. Revenue is recognized over time as services are rendered. This agreement expires in December 2025. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 10. Financial Risk Management Activities for further discussion. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. 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. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2025 and December 31, 2024. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. The allowance for credit losses represented approximately 12% and 13% of accounts receivable (including unbilled revenues) as of June 30, 2025 and December 31, 2024, respectively. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. 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 |  |
PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2025 and December 31, 2024. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of June 30, 2025 or December 31, 2024. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of June 30, 2025 and December 31, 2024. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: 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 |  |
Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending on December 31, 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 is approximately $45 million and is updated each year based on the change in the Consumer Price Index. In May 2025, the LIPA board of trustees voted to begin negotiations to extend PSEG LI's current contract, however, the ultimate outcome remains uncertain.
Public Service Electric and Gas Company [Member] |
Revenues | Note 2. Revenues Nature of Goods and Services The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power & Other Revenues from Contracts with Customers Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In May 2025, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants zero emission certificate (ZEC) sales concluded. These nuclear plants received ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognized revenue when the units generated electricity, which was when the performance obligation was satisfied. These revenues have been considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue has been adjusted by the estimated production tax credits (PTCs) generated from these nuclear plants. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 13. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released. PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. This agreement expires in December 2025. See Amended OSA below for further information. Other Revenues from Contracts with Customers PSEG Power has contracted to provide energy management and fuel procurement services for LIPA. Revenue is recognized over time as services are rendered. This agreement expires in December 2025. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 10. Financial Risk Management Activities for further discussion. Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. 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. Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2025 and December 31, 2024. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. The allowance for credit losses represented approximately 12% and 13% of accounts receivable (including unbilled revenues) as of June 30, 2025 and December 31, 2024, respectively. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. 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 |  |
PSEG Power & Other PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2025 and December 31, 2024. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of June 30, 2025 or December 31, 2024. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. PSEG LI did not have any material contract balances as of June 30, 2025 and December 31, 2024. Remaining Performance Obligations under Fixed Consideration Contracts PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: 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 |  |
Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending on December 31, 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2025 is approximately $45 million and is updated each year based on the change in the Consumer Price Index. In May 2025, the LIPA board of trustees voted to begin negotiations to extend PSEG LI's current contract, however, the ultimate outcome remains uncertain.

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