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Revenues (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues

Disaggregation of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,811

 

 

$

—

 

 

$

—

 

 

$

1,811

 

 

 

Gas Distribution

 

 

161

 

 

 

—

 

 

 

—

 

 

 

161

 

 

 

Transmission

 

 

449

 

 

 

—

 

 

 

—

 

 

 

449

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

379

 

 

 

—

 

 

 

379

 

 

 

Sales to Affiliates

 

 

—

 

 

 

(1

)

 

 

1

 

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

68

 

 

 

—

 

 

 

68

 

 

 

Sales to Affiliates

 

 

—

 

 

 

58

 

 

 

(58

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

92

 

 

 

194

 

 

 

(1

)

 

 

285

 

 

 

Total Revenues from Contracts with Customers

 

 

2,513

 

 

 

698

 

 

 

(58

)

 

 

3,153

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

22

 

 

 

51

 

 

 

—

 

 

 

73

 

 

 

Total Operating Revenues

 

$

2,535

 

 

$

749

 

 

$

(58

)

 

$

3,226

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Nine Months Ended September 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,929

 

 

$

—

 

 

$

—

 

 

$

3,929

 

 

 

Gas Distribution

 

 

1,621

 

 

 

—

 

 

 

—

 

 

 

1,621

 

 

 

Transmission

 

 

1,331

 

 

 

—

 

 

 

—

 

 

 

1,331

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

1,135

 

 

 

—

 

 

 

1,135

 

 

 

Sales to Affiliates

 

 

—

 

 

 

47

 

 

 

(47

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

252

 

 

 

—

 

 

 

252

 

 

 

Sales to Affiliates

 

 

—

 

 

 

687

 

 

 

(687

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

280

 

 

 

556

 

 

 

(4

)

 

 

832

 

 

 

Total Revenues from Contracts with Customers

 

 

7,161

 

 

 

2,677

 

 

 

(738

)

 

 

9,100

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

69

 

 

 

84

 

 

 

—

 

 

 

153

 

 

 

Total Operating Revenues

 

$

7,230

 

 

$

2,761

 

 

$

(738

)

 

$

9,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,406

 

 

$

—

 

 

$

—

 

 

$

1,406

 

 

 

Gas Distribution

 

 

162

 

 

 

—

 

 

 

—

 

 

 

162

 

 

 

Transmission

 

 

441

 

 

 

—

 

 

 

—

 

 

 

441

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

31

 

 

 

(31

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

45

 

 

 

—

 

 

 

45

 

 

 

Sales to Affiliates

 

 

—

 

 

 

48

 

 

 

(48

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

87

 

 

 

181

 

 

 

(1

)

 

 

267

 

 

 

Total Revenues from Contracts with Customers

 

 

2,096

 

 

 

511

 

 

 

(80

)

 

 

2,527

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

43

 

 

 

72

 

 

 

—

 

 

 

115

 

 

 

Total Operating Revenues

 

$

2,139

 

 

$

583

 

 

$

(80

)

 

$

2,642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Nine Months Ended September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,170

 

 

$

—

 

 

$

—

 

 

$

3,170

 

 

 

Gas Distribution

 

 

1,385

 

 

 

—

 

 

 

—

 

 

 

1,385

 

 

 

Transmission

 

 

1,313

 

 

 

—

 

 

 

—

 

 

 

1,313

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

605

 

 

 

—

 

 

 

605

 

 

 

Sales to Affiliates

 

 

—

 

 

 

87

 

 

 

(87

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

155

 

 

 

—

 

 

 

155

 

 

 

Sales to Affiliates

 

 

—

 

 

 

559

 

 

 

(559

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

263

 

 

 

524

 

 

 

(4

)

 

 

783

 

 

 

Total Revenues from Contracts with Customers

 

 

6,131

 

 

 

1,930

 

 

 

(650

)

 

 

7,411

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

204

 

 

 

210

 

 

 

—

 

 

 

414

 

 

 

Total Operating Revenues

 

$

6,335

 

 

$

2,140

 

 

$

(650

)

 

$

7,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.
(B)
Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.
(C)
Includes alternative revenues at PSE&G, including CIP, Green Program Recovery Charge (GPRC) and transmission over or under recoveries, which are authorized to be collected or refunded in future periods, and derivative contracts and lease contracts at PSEG Power & Other.
Reconciliation of Allowance for Credit Losses

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three and nine months ended September 30, 2025 and 2024:

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Balance as of June 30

 

$

226

 

 

$

253

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

41

 

 

 

20

 

 

 

Write-offs, net of Recoveries of $13 million and $10 million in 2025 and 2024, respectively

 

 

(31

)

 

 

(35

)

 

 

Balance as of September 30

 

$

236

 

 

$

238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Balance as of Beginning of Year

$

215

 

 

$

283

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

100

 

 

 

65

 

 

 

Write-offs, net of Recoveries of $32 million and $24 million in 2025 and 2024, respectively

 

 

(79

)

 

 

(110

)

 

 

Balance as of End of Period

$

236

 

 

$

238

 

 

 

 

 

 

 

 

 

 

 

 

 
Revenue, Capacity Auction Obligations

Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. However, changes to capacity market rules have resulted in auction suspensions and delays so that recent auctions have been run closer in time to their operating periods. In July 2024 the results of the 2025/2026 auction were released and in July 2025 the results of the 2026/2027 auction were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

 

 

 

 

 

 

 

 

 

 

 

Delivery Year

 

$ per Megawatt (MW)-Day

 

 

MW Cleared

 

 

 

 June 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

 June 2026 to May 2027

 

$

329

 

 

 

3,500