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Financing Receivables | 9 Months Ended
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Sep. 30, 2025
Schedule of Financial Receivables [Line Items] |
Financing Receivables | Note 5. Financ ing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducted a comprehensive credit review for all borrowers. As of September 30, 2025, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”
|  |  | As of |  |
| Outstanding Loans by Class of Customers |  | September 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| Commercial/Industrial |  | $ | 22 |  |  | $ | 38 |  |
| Residential |  |  | 1 |  |  |  | 2 |  |
| Total |  |  | 23 |  |  |  | 40 |  |
| Current Portion (included in Accounts Receivable) |  |  | (12 | ) |  |  | (17 | ) |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 11 |  |  | $ | 23 |  |
The solar loans originated under the remaining Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of September 30, 2025 |  |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |  |
| Solar Loan II |  | $ | 11 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  |  | 12 |  |  | prior to 2022 |  | 10 years |  | 10 years |
| Total |  | $ | 23 |  |  |  |  |  |  |  |
The average life of loans paid in full is 8 years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of September 30, 2025 and have an average remaining life of approximately 2 years. There are no remaining residential loans outstanding under the Solar Loan I and II programs and less than $1 million of commercial loans outstanding under the Solar Loan I program. Energy Holdings Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets. Leveraged leases outstanding as of September 30, 2025 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of September 30, 2025 and December 31, 2024.
|  |  | As of |  |
|  |  | September 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| Lease Receivables (net of Non-Recourse Debt) |  | $ | 178 |  |  | $ | 200 |  |
| Estimated Residual Value of Leased Assets |  |  | — |  |  |  | — |  |
| Total Investment in Rental Receivables |  |  | 178 |  |  |  | 200 |  |
| Unearned and Deferred Income |  |  | (42 | ) |  |  | (50 | ) |
| Gross Investments in Leases |  |  | 136 |  |  |  | 150 |  |
| Deferred Tax Liabilities |  |  | (30 | ) |  |  | (33 | ) |
| Net Investments in Leases |  | $ | 106 |  |  | $ | 117 |  |
The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
|  |  | Lease Receivables, Net of Non-Recourse Debt |  |
| Counterparties' Standard & Poor's (S&P) Credit Rating as of September 30, 2025 |  | As of September 30, 2025 |  |
|  |  | Millions |  |
| AA |  | $ | 6 |  |
| A- |  |  | 149 |  |
| BBB+ |  |  | 23 |  |
| Total |  | $ | 178 |  |
PSEG recorded no credit losses for the leveraged leases existing on September 30, 2025. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.
Public Service Electric and Gas Company [Member] |
Schedule of Financial Receivables [Line Items] |
Financing Receivables | Note 5. Financ ing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducted a comprehensive credit review for all borrowers. As of September 30, 2025, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”
|  |  | As of |  |
| Outstanding Loans by Class of Customers |  | September 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| Commercial/Industrial |  | $ | 22 |  |  | $ | 38 |  |
| Residential |  |  | 1 |  |  |  | 2 |  |
| Total |  |  | 23 |  |  |  | 40 |  |
| Current Portion (included in Accounts Receivable) |  |  | (12 | ) |  |  | (17 | ) |
| Noncurrent Portion (included in Long-Term Investments) |  | $ | 11 |  |  | $ | 23 |  |
The solar loans originated under the remaining Solar Loan Programs are comprised as follows:
| Programs |  | Balance as of September 30, 2025 |  |  | Funding Provided |  | Residential Loan Term |  | Non-Residential Loan Term |
|  |  | Millions |  |  |  |  |  |  |  |
| Solar Loan II |  | $ | 11 |  |  | prior to 2015 |  | 10 years |  | 15 years |
| Solar Loan III |  |  | 12 |  |  | prior to 2022 |  | 10 years |  | 10 years |
| Total |  | $ | 23 |  |  |  |  |  |  |  |
The average life of loans paid in full is 8 years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of September 30, 2025 and have an average remaining life of approximately 2 years. There are no remaining residential loans outstanding under the Solar Loan I and II programs and less than $1 million of commercial loans outstanding under the Solar Loan I program. Energy Holdings Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets. Leveraged leases outstanding as of September 30, 2025 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of September 30, 2025 and December 31, 2024.
|  |  | As of |  |
|  |  | September 30, 2025 |  |  | December 31, 2024 |  |
|  |  | Millions |  |
| Lease Receivables (net of Non-Recourse Debt) |  | $ | 178 |  |  | $ | 200 |  |
| Estimated Residual Value of Leased Assets |  |  | — |  |  |  | — |  |
| Total Investment in Rental Receivables |  |  | 178 |  |  |  | 200 |  |
| Unearned and Deferred Income |  |  | (42 | ) |  |  | (50 | ) |
| Gross Investments in Leases |  |  | 136 |  |  |  | 150 |  |
| Deferred Tax Liabilities |  |  | (30 | ) |  |  | (33 | ) |
| Net Investments in Leases |  | $ | 106 |  |  | $ | 117 |  |
The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
|  |  | Lease Receivables, Net of Non-Recourse Debt |  |
| Counterparties' Standard & Poor's (S&P) Credit Rating as of September 30, 2025 |  | As of September 30, 2025 |  |
|  |  | Millions |  |
| AA |  | $ | 6 |  |
| A- |  |  | 149 |  |
| BBB+ |  |  | 23 |  |
| Total |  | $ | 178 |  |
PSEG recorded no credit losses for the leveraged leases existing on September 30, 2025. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

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