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Organization, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended
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Sep. 30, 2025
Basis of Presentation | Basis of Presentation The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2024. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2024. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows.
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2024) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025. Restricted cash consists primarily of deposits received related to construction projects at PSE&G.
|  |  | PSE&G |  |  | PSEG Power & Other (A) |  |  | Consolidated |  |
|  |  | Millions |  |
| As of September 30, 2025 |  |  |  |  |  |  |  |  |  |
| Cash and Cash Equivalents |  | $ | 273 |  |  | $ | 61 |  |  | $ | 334 |  |
| Restricted Cash in Other Current Assets |  |  | 5 |  |  |  | — |  |  |  | 5 |  |
| Restricted Cash in Other Noncurrent Assets |  |  | 21 |  |  |  | — |  |  |  | 21 |  |
| Cash, Cash Equivalents and Restricted Cash |  | $ | 299 |  |  | $ | 61 |  |  | $ | 360 |  |
| As of December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Cash and Cash Equivalents |  | $ | 79 |  |  | $ | 46 |  |  | $ | 125 |  |
| Restricted Cash in Other Current Assets |  |  | 8 |  |  |  | — |  |  |  | 8 |  |
| Restricted Cash in Other Noncurrent Assets |  |  | 21 |  |  |  | — |  |  |  | 21 |  |
| Cash, Cash Equivalents and Restricted Cash |  | $ | 108 |  |  | $ | 46 |  |  | $ | 154 |  |
(A) Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).
Property, Plant and Equipment | Property, Plant and Equipment PSE&G’s additions to and replacements of existing property, plant and equipment are capitalized at cost. The cost of maintenance, repair and replacement of minor items of property is charged to expense as incurred. At the time units of depreciable property are retired or otherwise disposed of, the original cost, adjusted for net salvage value, is charged to accumulated depreciation. PSEG capitalizes costs related to its generating assets, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG also capitalizes spare parts for its generating assets that meet specific criteria. Capitalized spare parts are depreciated over the remaining lives of their associated assets. Management evaluates its long-lived assets and reassess the reasonableness of their related estimated useful lives whenever events or changes in circumstances warrant assessment. Effective April 2025, PSEG Power revised the estimated useful lives for the Salem 1, Salem 2 and Hope Creek nuclear plants due primarily to the expectation that a 20-year license extension will be approved for these facilities. As a result, PSEG revised the related Asset Retirement Cost (ARC) asset and Asset Retirement Obligation (ARO) liability assumptions, including the probabilities associated with the retirement dates for the nuclear plants, which resulted in a decrease to the ARC asset and ARO liability of $160 million. In February 2022, the NRC issued an order related to its review of the subsequent license renewal (SLR) application for the Peach Bottom nuclear units which concluded that the previous environmental review required by the National Environmental Policy Act (NEPA) was incomplete because it did not adequately address environmental impacts resulting from extending the units' licenses by 20 years and changed the expiration dates for the licenses back to 2033 and 2034, until the completion of the NEPA analysis. The NEPA analysis is now complete and, in September 2025, the NRC reinstated the 2053 and 2054 license expiration dates for the Peach Bottom units.

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