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Rate Filings | 9 Months Ended
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Sep. 30, 2025
Regulatory Assets [Line Items] |
Rate Filings | Note 4. Rate Filings In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows: BGSS— In April 2025, the BPU gave final approval to PSE&G’s BGSS rate of approximately 33 cents per therm, which was effective October 1, 2024. In May 2025, PSE&G made its annual filing with the BPU requesting an increase to its BGSS rate to approximately 36 cents per therm, effective October 1, 2025. This matter is pending. Under BGSS Orders issued by the BPU, New Jersey gas distribution companies (GDCs) may self-implement a rate increase resulting in no more than a 5% bill increase effective December 1 of the current year, and February 1 of the following year, with one month’s advance notice to the BPU and New Jersey Rate Counsel, and implement a decrease in its BGSS rate at any time during the year upon five days’ notice to the BPU and New Jersey Rate Counsel. In October 2025, PSE&G filed notice to the BPU that it will self-implement a BGSS increase from approximately 33 cents per therm to approximately 36 cents per therm effective December 1, 2025, resulting in an approximate 3% bill increase. Clean Energy Future-Electric Vehicles (CEF-EV)— In October 2025, PSE&G filed a cost recovery petition to recover $9 million annually in electric base rates effective April 1, 2026. This filing requests the return on and of investment for CEF-EV electric investments expected to be placed in service through December 31, 2025. This matter is pending. CIP— In February 2025, the BPU gave final approval to provisional electric CIP rates which were effective August 1, 2024. In May 2025, the BPU gave final approval to the provisional gas CIP rates which were effective October 1, 2024. In May 2025, PSE&G filed its next annual gas CIP petition seeking BPU approval to recover estimated deficient gas revenues of approximately $97 million based on the 12-month period ending September 2025. This matter is pending. In May 2025, the BPU approved on a provisional basis, PSE&G's annual electric petition to recover deficient electric revenues of approximately $65 million effective June 1, 2025. Electric Generation/Capacity Cost Deferral (EGCCD)— In June 2025, the BPU approved an Order authorizing PSE&G to provide a $30 credit to each residential electric customer’s monthly bill for the two-month period July through August 2025. For the six-month period September 2025 through February 2026, PSE&G will apply a charge to each residential electric customer’s monthly bill of $10. Similar orders were issued to all other New Jersey Electric Distribution Companies (EDCs) and were as a result of state regulators’ concern about electric bill increases this summer, which the BPU attributed to the increasing demand for power and a lack of sufficient new generation resources, which led to significant price increases in the 2025/2026 PJM capacity auction. Gas System Modernization Program II Extension (GSMP II Ext)— In July 2025, the BPU approved PSE&G’s updated GSMP II Ext petition to recover $49 million annually in gas base rates effective August 1, 2025. The approved gas revenue increase represents the return on and of actual GSMP II Ext investments placed in service through April 30, 2025. In August 2025, PSE&G filed a GSMP II Ext cost recovery petition seeking BPU approval to recover in gas base rates an annual revenue increase of $28 million effective February 1, 2026. This filing requests the return on and of investment for GSMP II Ext gas investments expected to be placed in service through October 31, 2025. This matter is pending. GPRC— In May 2025, the BPU approved PSE&G's updated 2024 cost recovery petition for annual electric and gas revenue increases of $54 million and $22 million, respectively. In June 2025, PSE&G filed its 2025 GPRC cost recovery petition requesting BPU approval for recovery of increases of $207 million and $24 million in annual electric and gas revenues, respectively. This matter is pending. Infrastructure Advancement Program (IAP)— In April 2025, the BPU approved PSE&G's updated cost recovery petition to recover in electric and gas base rates an annual revenue increase of approximately $6 million and $3 million, respectively, effective May 1, 2025. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2025. In October 2025, PSE&G filed an IAP cost recovery petition seeking BPU approval to recover in electric and gas base rates an annual revenue increase of $14 million and $4 million, respectively, effective April 1, 2026. This increase represents the return of and on IAP investments in service through December 31, 2025. This matter is pending. Remediation Adjustment Charge (RAC)— In January 2025, the BPU approved PSE&G’s RAC 30 petition approving recovery of approximately $56 million of net MGP expenditures incurred from August 1, 2021 through July 31, 2022, with new rates effective February 15, 2025. Tax Adjustment Credit (TAC)— In October 2025, PSE&G made its annual 2025 TAC filing request to increase annual electric and gas revenues by approximately $15 million and $10 million, respectively. This matter is pending. Transmission Formula Rates— In June 2025, in accordance with its transmission formula protocols, PSE&G filed with the FERC its 2024 true-up adjustment relating to its transmission formula rates in effect for calendar year 2024. The June 2025 true-up filing resulted in an approximate $28 million increase in the 2024 revenue requirement from the revenue requirement amount contained in the forecast filing. PSE&G previously recognized the majority of the increased revenue in 2024. In October 2025, PSE&G filed its annual transmission formula rate update with FERC, which will result in an approximate $82 million increase in its annual transmission revenue effective January 1, 2026, subject to true-up. ZEC Program— In August 2025, the BPU approved the final ZEC price of $10 per MWh for the Energy Year ended May 31, 2025. As a result, PSE&G purchased approximately $164 million of ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2025. As a result of the collections and required ZEC payments, there were overcollected revenues totaling $5.5 million, including interest. In September 2025, PSE&G filed a petition with the BPU to refund the overcollection to customers in 2026. This matter is pending.
Public Service Electric and Gas Company [Member] |
Regulatory Assets [Line Items] |
Rate Filings | Note 4. Rate Filings In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows: BGSS— In April 2025, the BPU gave final approval to PSE&G’s BGSS rate of approximately 33 cents per therm, which was effective October 1, 2024. In May 2025, PSE&G made its annual filing with the BPU requesting an increase to its BGSS rate to approximately 36 cents per therm, effective October 1, 2025. This matter is pending. Under BGSS Orders issued by the BPU, New Jersey gas distribution companies (GDCs) may self-implement a rate increase resulting in no more than a 5% bill increase effective December 1 of the current year, and February 1 of the following year, with one month’s advance notice to the BPU and New Jersey Rate Counsel, and implement a decrease in its BGSS rate at any time during the year upon five days’ notice to the BPU and New Jersey Rate Counsel. In October 2025, PSE&G filed notice to the BPU that it will self-implement a BGSS increase from approximately 33 cents per therm to approximately 36 cents per therm effective December 1, 2025, resulting in an approximate 3% bill increase. Clean Energy Future-Electric Vehicles (CEF-EV)— In October 2025, PSE&G filed a cost recovery petition to recover $9 million annually in electric base rates effective April 1, 2026. This filing requests the return on and of investment for CEF-EV electric investments expected to be placed in service through December 31, 2025. This matter is pending. CIP— In February 2025, the BPU gave final approval to provisional electric CIP rates which were effective August 1, 2024. In May 2025, the BPU gave final approval to the provisional gas CIP rates which were effective October 1, 2024. In May 2025, PSE&G filed its next annual gas CIP petition seeking BPU approval to recover estimated deficient gas revenues of approximately $97 million based on the 12-month period ending September 2025. This matter is pending. In May 2025, the BPU approved on a provisional basis, PSE&G's annual electric petition to recover deficient electric revenues of approximately $65 million effective June 1, 2025. Electric Generation/Capacity Cost Deferral (EGCCD)— In June 2025, the BPU approved an Order authorizing PSE&G to provide a $30 credit to each residential electric customer’s monthly bill for the two-month period July through August 2025. For the six-month period September 2025 through February 2026, PSE&G will apply a charge to each residential electric customer’s monthly bill of $10. Similar orders were issued to all other New Jersey Electric Distribution Companies (EDCs) and were as a result of state regulators’ concern about electric bill increases this summer, which the BPU attributed to the increasing demand for power and a lack of sufficient new generation resources, which led to significant price increases in the 2025/2026 PJM capacity auction. Gas System Modernization Program II Extension (GSMP II Ext)— In July 2025, the BPU approved PSE&G’s updated GSMP II Ext petition to recover $49 million annually in gas base rates effective August 1, 2025. The approved gas revenue increase represents the return on and of actual GSMP II Ext investments placed in service through April 30, 2025. In August 2025, PSE&G filed a GSMP II Ext cost recovery petition seeking BPU approval to recover in gas base rates an annual revenue increase of $28 million effective February 1, 2026. This filing requests the return on and of investment for GSMP II Ext gas investments expected to be placed in service through October 31, 2025. This matter is pending. GPRC— In May 2025, the BPU approved PSE&G's updated 2024 cost recovery petition for annual electric and gas revenue increases of $54 million and $22 million, respectively. In June 2025, PSE&G filed its 2025 GPRC cost recovery petition requesting BPU approval for recovery of increases of $207 million and $24 million in annual electric and gas revenues, respectively. This matter is pending. Infrastructure Advancement Program (IAP)— In April 2025, the BPU approved PSE&G's updated cost recovery petition to recover in electric and gas base rates an annual revenue increase of approximately $6 million and $3 million, respectively, effective May 1, 2025. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2025. In October 2025, PSE&G filed an IAP cost recovery petition seeking BPU approval to recover in electric and gas base rates an annual revenue increase of $14 million and $4 million, respectively, effective April 1, 2026. This increase represents the return of and on IAP investments in service through December 31, 2025. This matter is pending. Remediation Adjustment Charge (RAC)— In January 2025, the BPU approved PSE&G’s RAC 30 petition approving recovery of approximately $56 million of net MGP expenditures incurred from August 1, 2021 through July 31, 2022, with new rates effective February 15, 2025. Tax Adjustment Credit (TAC)— In October 2025, PSE&G made its annual 2025 TAC filing request to increase annual electric and gas revenues by approximately $15 million and $10 million, respectively. This matter is pending. Transmission Formula Rates— In June 2025, in accordance with its transmission formula protocols, PSE&G filed with the FERC its 2024 true-up adjustment relating to its transmission formula rates in effect for calendar year 2024. The June 2025 true-up filing resulted in an approximate $28 million increase in the 2024 revenue requirement from the revenue requirement amount contained in the forecast filing. PSE&G previously recognized the majority of the increased revenue in 2024. In October 2025, PSE&G filed its annual transmission formula rate update with FERC, which will result in an approximate $82 million increase in its annual transmission revenue effective January 1, 2026, subject to true-up. ZEC Program— In August 2025, the BPU approved the final ZEC price of $10 per MWh for the Energy Year ended May 31, 2025. As a result, PSE&G purchased approximately $164 million of ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2025. As a result of the collections and required ZEC payments, there were overcollected revenues totaling $5.5 million, including interest. In September 2025, PSE&G filed a petition with the BPU to refund the overcollection to customers in 2026. This matter is pending.

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