XML 47 R34.htm IDEA: XBRL DOCUMENT v3.24.3
Revenues (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,406

 

 

$

—

 

 

$

—

 

 

$

1,406

 

 

 

Gas Distribution

 

 

162

 

 

 

—

 

 

 

—

 

 

 

162

 

 

 

Transmission

 

 

441

 

 

 

—

 

 

 

—

 

 

 

441

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

31

 

 

 

(31

)

 

 

—

 

 

 

ISO-New England (NE)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

600

 

 

 

—

 

 

 

600

 

 

 

Sales to Affiliates

 

 

—

 

 

 

87

 

 

 

(87

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

5

 

 

 

—

 

 

 

5

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,281

 

 

$

—

 

 

$

—

 

 

$

1,281

 

 

 

Gas Distribution

 

 

147

 

 

 

—

 

 

 

—

 

 

 

147

 

 

 

Transmission

 

 

422

 

 

 

—

 

 

 

—

 

 

 

422

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

216

 

 

 

—

 

 

 

216

 

 

 

Sales to Affiliates

 

 

—

 

 

 

32

 

 

 

(32

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

3

 

 

 

—

 

 

 

3

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

44

 

 

 

—

 

 

 

44

 

 

 

Sales to Affiliates

 

 

—

 

 

 

55

 

 

 

(55

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

90

 

 

 

163

 

 

 

(2

)

 

 

251

 

 

 

Total Revenues from Contracts with Customers

 

 

1,940

 

 

 

513

 

 

 

(89

)

 

 

2,364

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

59

 

 

 

33

 

 

 

—

 

 

 

92

 

 

 

Total Operating Revenues

 

$

1,999

 

 

$

546

 

 

$

(89

)

 

$

2,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Nine Months Ended September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

2,795

 

 

$

—

 

 

$

—

 

 

$

2,795

 

 

 

Gas Distribution

 

 

1,380

 

 

 

—

 

 

 

—

 

 

 

1,380

 

 

 

Transmission

 

 

1,251

 

 

 

—

 

 

 

—

 

 

 

1,251

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PJM

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

703

 

 

 

—

 

 

 

703

 

 

 

Sales to Affiliates

 

 

—

 

 

 

90

 

 

 

(90

)

 

 

—

 

 

 

ISO-NE

 

 

—

 

 

 

9

 

 

 

—

 

 

 

9

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

156

 

 

 

—

 

 

 

156

 

 

 

Sales to Affiliates

 

 

—

 

 

 

703

 

 

 

(703

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

262

 

 

 

469

 

 

 

(4

)

 

 

727

 

 

 

Total Revenues from Contracts with Customers

 

 

5,688

 

 

 

2,130

 

 

 

(797

)

 

 

7,021

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

266

 

 

 

1,345

 

 

 

—

 

 

 

1,611

 

 

 

Total Operating Revenues

 

$

5,954

 

 

$

3,475

 

 

$

(797

)

 

$

8,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 primarily alternative revenues at PSE&G principally from the CIP program 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 months and nine months ended September 30, 2024 and 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Balance as of June 30

$

253

 

 

$

294

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

20

 

 

 

38

 

 

 

Write-offs, net of Recoveries of $10 million and $7 million in 2024 and 2023, respectively

 

 

(35

)

 

 

(49

)

 

 

Balance as of September 30

$

238

 

 

$

283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

 

 

 

Millions

 

 

 

Balance as of Beginning of Year

$

283

 

 

$

339

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

65

 

 

 

62

 

 

 

Write-offs, net of Recoveries of $24 million and $20 million in 2024 and 2023, respectively

 

 

(110

)

 

 

(118

)

 

 

Balance as of End of Period

$

238

 

 

$

283

 

 

 

 

 

 

 

 

 

 

 
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 February 2023, the results of the 2024/2025 auction were released and in July 2024 the results of the 2025/2026 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 2024 to May 2025

 

$

61

 

 

 

3,700

 

 

 

June 2025 to May 2026

 

$

270

 

 

 

3,500