Debt and Credit Facilities

9 Months Ended

Sep. 30, 2024

Debt Instrument [Line Items]

Debt and Credit Facilities

Note 10. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2024:

PSEG

•issued $750 million of 5.20% Senior Notes due April 2029,

•issued $500 million of 5.45% Senior Notes due April 2034, and

•retired $750 million of 2.88% Senior Notes at maturity.

PSE&G

•issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034,

•issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054,

•issued $600 million of 4.85% Secured Medium-Term Notes, Series Q, due August 2034,

•issued $500 million of 5.30% Secured Medium-Term Notes, Series Q, due August 2054,

•retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity, and

•retired $250 million of 3.15% Secured Medium-Term Notes, Series J, at maturity.

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, 2024, the total available credit capacity was $3.2 billion.

As of September 30, 2024, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2024, 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, 2024 were as follows:

	As of September 30, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	561	$	939	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	561	$	939
PSE&G
Revolving Credit Facility	$	1,000	$	21	$	979	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	21	$	979
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	37	$	1,213	Mar 2028	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	$	664	$	3,161

(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, 2024, PSEG had $547 million outstanding commercial paper at a weighted average interest rate of 4.95% and PSE&G had no commercial paper outstanding.

(C)Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of September 30, 2024, PSEG Power had $75 million in letters of credit outstanding under these uncommitted credit facilities. In addition, a subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings.

Short-Term Loans

In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.

Public Service Electric and Gas Company [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Note 10. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2024:

PSEG

•issued $750 million of 5.20% Senior Notes due April 2029,

•issued $500 million of 5.45% Senior Notes due April 2034, and

•retired $750 million of 2.88% Senior Notes at maturity.

PSE&G

•issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034,

•issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054,

•issued $600 million of 4.85% Secured Medium-Term Notes, Series Q, due August 2034,

•issued $500 million of 5.30% Secured Medium-Term Notes, Series Q, due August 2054,

•retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity, and

•retired $250 million of 3.15% Secured Medium-Term Notes, Series J, at maturity.

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, 2024, the total available credit capacity was $3.2 billion.

As of September 30, 2024, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2024, 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, 2024 were as follows:

	As of September 30, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	561	$	939	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	561	$	939
PSE&G
Revolving Credit Facility	$	1,000	$	21	$	979	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	21	$	979
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	37	$	1,213	Mar 2028	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	$	664	$	3,161

(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, 2024, PSEG had $547 million outstanding commercial paper at a weighted average interest rate of 4.95% and PSE&G had no commercial paper outstanding.

(C)Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of September 30, 2024, PSEG Power had $75 million in letters of credit outstanding under these uncommitted credit facilities. In addition, a subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings.

Short-Term Loans

In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.