XML 31 R20.htm IDEA: XBRL DOCUMENT v3.25.3
Debt and Credit Facilities
 9 Months Ended
Sep. 30, 2025
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 9. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2025:

PSEG

•
issued $600 million of 4.90% Senior Notes due March 2030,
•
issued $400 million of 5.40% Senior Notes due March 2035, and
•
retired $550 million of 0.80% Senior Notes at maturity.

PSE&G

•
issued $400 million of 5.05% Secured Medium-Term Notes, Series Q, due March 2035,
•
issued $500 million of 5.50% Secured Medium-Term Notes, Series Q, due March 2055,
•
issued $450 million of 4.90% Secured Medium-Term Notes, Series Q, due August 2035, and
•
retired $350 million of 3.00% Secured Medium-Term Notes, Series K at maturity.

PSEG Power

•
issued $750 million of 5.20% Senior Unsecured Notes, due May 2030,
•
issued $500 million of 5.75% Senior Unsecured Notes, due May 2035, and
•
repaid $1.25 billion variable rate term loan in May 2025, due June 2025.

 

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility.

The commitments under the $3.8 billion credit facilities are provided by a diverse bank group. As of September 30, 2025, the total available credit capacity was $3.3 billion. In March 2025, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2029, and PSEG Power amended certain provisions in the Master Credit Facility including removal of subsidiary guarantees of PSEG Power. The PSEG Power letter of credit facilities and term loans were also amended to be consistent with the Master Credit Facility, and the $150 million uncommitted credit facility at a subsidiary of PSEG Power was terminated.

As of September 30, 2025, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2025, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total committed credit facilities and available liquidity as of September 30, 2025 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2025

 

 

 

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

444

 

 

$

1,056

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

444

 

 

$

1,056

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

25

 

 

$

975

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

25

 

 

$

975

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2029

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

45

 

 

 

30

 

 

Apr 2026

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

82

 

 

$

1,243

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

551

 

 

$

3,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.
(B)
The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of September 30, 2025, PSEG had $429 million outstanding commercial paper at a weighted average interest rate of 4.51% and PSE&G had no outstanding commercial paper.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $275 million, which can be utilized for letters of credit. As of September 30, 2025, PSEG Power had $166 million in letters of credit outstanding under these uncommitted credit facilities.

Public Service Electric and Gas Company [Member]  
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 9. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2025:

PSEG

•
issued $600 million of 4.90% Senior Notes due March 2030,
•
issued $400 million of 5.40% Senior Notes due March 2035, and
•
retired $550 million of 0.80% Senior Notes at maturity.

PSE&G

•
issued $400 million of 5.05% Secured Medium-Term Notes, Series Q, due March 2035,
•
issued $500 million of 5.50% Secured Medium-Term Notes, Series Q, due March 2055,
•
issued $450 million of 4.90% Secured Medium-Term Notes, Series Q, due August 2035, and
•
retired $350 million of 3.00% Secured Medium-Term Notes, Series K at maturity.

PSEG Power

•
issued $750 million of 5.20% Senior Unsecured Notes, due May 2030,
•
issued $500 million of 5.75% Senior Unsecured Notes, due May 2035, and
•
repaid $1.25 billion variable rate term loan in May 2025, due June 2025.

 

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility.

The commitments under the $3.8 billion credit facilities are provided by a diverse bank group. As of September 30, 2025, the total available credit capacity was $3.3 billion. In March 2025, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2029, and PSEG Power amended certain provisions in the Master Credit Facility including removal of subsidiary guarantees of PSEG Power. The PSEG Power letter of credit facilities and term loans were also amended to be consistent with the Master Credit Facility, and the $150 million uncommitted credit facility at a subsidiary of PSEG Power was terminated.

As of September 30, 2025, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2025, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total committed credit facilities and available liquidity as of September 30, 2025 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2025

 

 

 

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

444

 

 

$

1,056

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

444

 

 

$

1,056

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

25

 

 

$

975

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

25

 

 

$

975

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2029

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

45

 

 

 

30

 

 

Apr 2026

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

82

 

 

$

1,243

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

551

 

 

$

3,274

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.
(B)
The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of September 30, 2025, PSEG had $429 million outstanding commercial paper at a weighted average interest rate of 4.51% and PSE&G had no outstanding commercial paper.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $275 million, which can be utilized for letters of credit. As of September 30, 2025, PSEG Power had $166 million in letters of credit outstanding under these uncommitted credit facilities.