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Financial Information By Business Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting Information [Line Items]  
Financial Information By Business Segments

Note 16. Financial Information by Business Segment

PSE&G

The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants received ZEC revenue from the EDCs in New Jersey, including PSE&G, through May 31, 2025.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an

immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,535

 

 

$

749

 

 

$

(58

)

 

$

3,226

 

 

 

Energy Costs

 

 

1,013

 

 

 

178

 

 

 

(58

)

 

 

1,133

 

 

 

Controllable Operation and Maintenance (C)

 

 

350

 

 

 

207

 

 

 

—

 

 

 

557

 

 

 

Depreciation and Amortization

 

 

277

 

 

 

34

 

 

 

—

 

 

 

311

 

 

 

Interest Income

 

 

3

 

 

 

5

 

 

 

(1

)

 

 

7

 

 

 

Interest Expense

 

 

162

 

 

 

92

 

 

 

(1

)

 

 

253

 

 

 

Income Tax Expense

 

 

58

 

 

 

40

 

 

 

—

 

 

 

98

 

 

 

Other Segment Items (D)

 

 

163

 

 

 

96

 

 

 

—

 

 

 

259

 

 

 

Net Income

 

$

515

 

 

$

107

 

 

$

—

 

 

$

622

 

 

 

Gross Additions to Long-Lived Assets

 

$

614

 

 

$

114

 

 

$

—

 

 

$

728

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,139

 

 

$

583

 

 

$

(80

)

 

$

2,642

 

 

 

Energy Costs

 

 

839

 

 

 

140

 

 

 

(80

)

 

 

899

 

 

 

Controllable Operation and Maintenance (C)

 

 

314

 

 

 

175

 

 

 

—

 

 

 

489

 

 

 

Depreciation and Amortization

 

 

254

 

 

 

40

 

 

 

—

 

 

 

294

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

5

 

 

 

4

 

 

 

(1

)

 

 

8

 

 

 

Interest Expense

 

 

151

 

 

 

77

 

 

 

(1

)

 

 

227

 

 

 

Income Tax Expense (Benefit)

 

 

90

 

 

 

(51

)

 

 

—

 

 

 

39

 

 

 

Other Segment Items (D)

 

 

117

 

 

 

66

 

 

 

—

 

 

 

183

 

 

 

Net Income

 

$

379

 

 

$

141

 

 

$

—

 

 

$

520

 

 

 

Gross Additions to Long-Lived Assets

 

$

672

 

 

$

96

 

 

$

—

 

 

$

768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,230

 

 

$

2,761

 

 

$

(738

)

 

$

9,253

 

 

 

Energy Costs

 

 

2,867

 

 

 

1,016

 

 

 

(738

)

 

 

3,145

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,035

 

 

 

571

 

 

 

—

 

 

 

1,606

 

 

 

Depreciation and Amortization

 

 

832

 

 

 

107

 

 

 

—

 

 

 

939

 

 

 

Interest Income

 

 

12

 

 

 

19

 

 

 

(3

)

 

 

28

 

 

 

Interest Expense

 

 

480

 

 

 

265

 

 

 

(3

)

 

 

742

 

 

 

Income Tax Expense

 

 

135

 

 

 

132

 

 

 

—

 

 

 

267

 

 

 

Other Segment Items (D)

 

 

500

 

 

 

286

 

 

 

—

 

 

 

786

 

 

 

Net Income

 

$

1,393

 

 

$

403

 

 

$

—

 

 

$

1,796

 

 

 

Gross Additions to Long-Lived Assets

 

$

1,893

 

 

$

281

 

 

$

(31

)

 

$

2,143

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

6,335

 

 

$

2,140

 

 

$

(650

)

 

$

7,825

 

 

 

Energy Costs

 

 

2,450

 

 

 

828

 

 

 

(650

)

 

 

2,628

 

 

 

Controllable Operation and Maintenance (C)

 

 

950

 

 

 

539

 

 

 

—

 

 

 

1,489

 

 

 

Depreciation and Amortization

 

 

758

 

 

 

116

 

 

 

—

 

 

 

874

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

Interest Income

 

 

11

 

 

 

23

 

 

 

(4

)

 

 

30

 

 

 

Interest Expense

 

 

430

 

 

 

224

 

 

 

(4

)

 

 

650

 

 

 

Income Tax Expense (Benefit)

 

 

241

 

 

 

(102

)

 

 

—

 

 

 

139

 

 

 

Other Segment Items (D)

 

 

348

 

 

 

243

 

 

 

—

 

 

 

591

 

 

 

Net Income

 

$

1,169

 

 

$

317

 

 

$

—

 

 

$

1,486

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,157

 

 

$

245

 

 

$

—

 

 

$

2,402

 

 

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

48,518

 

 

$

8,773

 

 

$

(378

)

 

$

56,913

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

46,364

 

 

$

8,673

 

 

$

(397

)

 

$

54,640

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

21

 

 

$

—

 

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $15 million and $17 million for the three months and $16 million and $(55) million for the nine months ended September 30, 2025 and 2024, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
(B)
Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 17. Related-Party Transactions.
(C)
Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the Chief Operating Decision Maker (the Chief Executive Officer (CEO) for PSEG and PSE&G).
(D)
Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue
amounts in those segments), non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions.
Public Service Electric and Gas Company [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segments

Note 16. Financial Information by Business Segment

PSE&G

The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity into the markets for these products. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants received ZEC revenue from the EDCs in New Jersey, including PSE&G, through May 31, 2025.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an

immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,535

 

 

$

749

 

 

$

(58

)

 

$

3,226

 

 

 

Energy Costs

 

 

1,013

 

 

 

178

 

 

 

(58

)

 

 

1,133

 

 

 

Controllable Operation and Maintenance (C)

 

 

350

 

 

 

207

 

 

 

—

 

 

 

557

 

 

 

Depreciation and Amortization

 

 

277

 

 

 

34

 

 

 

—

 

 

 

311

 

 

 

Interest Income

 

 

3

 

 

 

5

 

 

 

(1

)

 

 

7

 

 

 

Interest Expense

 

 

162

 

 

 

92

 

 

 

(1

)

 

 

253

 

 

 

Income Tax Expense

 

 

58

 

 

 

40

 

 

 

—

 

 

 

98

 

 

 

Other Segment Items (D)

 

 

163

 

 

 

96

 

 

 

—

 

 

 

259

 

 

 

Net Income

 

$

515

 

 

$

107

 

 

$

—

 

 

$

622

 

 

 

Gross Additions to Long-Lived Assets

 

$

614

 

 

$

114

 

 

$

—

 

 

$

728

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,139

 

 

$

583

 

 

$

(80

)

 

$

2,642

 

 

 

Energy Costs

 

 

839

 

 

 

140

 

 

 

(80

)

 

 

899

 

 

 

Controllable Operation and Maintenance (C)

 

 

314

 

 

 

175

 

 

 

—

 

 

 

489

 

 

 

Depreciation and Amortization

 

 

254

 

 

 

40

 

 

 

—

 

 

 

294

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

 

 

Interest Income

 

 

5

 

 

 

4

 

 

 

(1

)

 

 

8

 

 

 

Interest Expense

 

 

151

 

 

 

77

 

 

 

(1

)

 

 

227

 

 

 

Income Tax Expense (Benefit)

 

 

90

 

 

 

(51

)

 

 

—

 

 

 

39

 

 

 

Other Segment Items (D)

 

 

117

 

 

 

66

 

 

 

—

 

 

 

183

 

 

 

Net Income

 

$

379

 

 

$

141

 

 

$

—

 

 

$

520

 

 

 

Gross Additions to Long-Lived Assets

 

$

672

 

 

$

96

 

 

$

—

 

 

$

768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

7,230

 

 

$

2,761

 

 

$

(738

)

 

$

9,253

 

 

 

Energy Costs

 

 

2,867

 

 

 

1,016

 

 

 

(738

)

 

 

3,145

 

 

 

Controllable Operation and Maintenance (C)

 

 

1,035

 

 

 

571

 

 

 

—

 

 

 

1,606

 

 

 

Depreciation and Amortization

 

 

832

 

 

 

107

 

 

 

—

 

 

 

939

 

 

 

Interest Income

 

 

12

 

 

 

19

 

 

 

(3

)

 

 

28

 

 

 

Interest Expense

 

 

480

 

 

 

265

 

 

 

(3

)

 

 

742

 

 

 

Income Tax Expense

 

 

135

 

 

 

132

 

 

 

—

 

 

 

267

 

 

 

Other Segment Items (D)

 

 

500

 

 

 

286

 

 

 

—

 

 

 

786

 

 

 

Net Income

 

$

1,393

 

 

$

403

 

 

$

—

 

 

$

1,796

 

 

 

Gross Additions to Long-Lived Assets

 

$

1,893

 

 

$

281

 

 

$

(31

)

 

$

2,143

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

6,335

 

 

$

2,140

 

 

$

(650

)

 

$

7,825

 

 

 

Energy Costs

 

 

2,450

 

 

 

828

 

 

 

(650

)

 

 

2,628

 

 

 

Controllable Operation and Maintenance (C)

 

 

950

 

 

 

539

 

 

 

—

 

 

 

1,489

 

 

 

Depreciation and Amortization

 

 

758

 

 

 

116

 

 

 

—

 

 

 

874

 

 

 

Income from Equity Method Investments

 

 

—

 

 

 

2

 

 

 

—

 

 

 

2

 

 

 

Interest Income

 

 

11

 

 

 

23

 

 

 

(4

)

 

 

30

 

 

 

Interest Expense

 

 

430

 

 

 

224

 

 

 

(4

)

 

 

650

 

 

 

Income Tax Expense (Benefit)

 

 

241

 

 

 

(102

)

 

 

—

 

 

 

139

 

 

 

Other Segment Items (D)

 

 

348

 

 

 

243

 

 

 

—

 

 

 

591

 

 

 

Net Income

 

$

1,169

 

 

$

317

 

 

$

—

 

 

$

1,486

 

 

 

Gross Additions to Long-Lived Assets

 

$

2,157

 

 

$

245

 

 

$

—

 

 

$

2,402

 

 

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

48,518

 

 

$

8,773

 

 

$

(378

)

 

$

56,913

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

46,364

 

 

$

8,673

 

 

$

(397

)

 

$

54,640

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

21

 

 

$

—

 

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $15 million and $17 million for the three months and $16 million and $(55) million for the nine months ended September 30, 2025 and 2024, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
(B)
Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 17. Related-Party Transactions.
(C)
Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the Chief Operating Decision Maker (the Chief Executive Officer (CEO) for PSEG and PSE&G).
(D)
Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue
amounts in those segments), non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions.