Schedule Of Consolidated Debt (Tables)

12 Months Ended

Dec. 31, 2012




	As of December 31,
	2012			2011
	Millions
PSEG (Parent)
Fair Value of Swaps (A)	$	57		$	62
Unamortized Discount Related to Debt Exchange (B)	(19		)	(23		)
Total Long-Term Debt of PSEG (Parent)	$	38		$	39




		As of December 31,
	Maturity	2012			2011
		Millions
Power
Senior Notes:
2.50%	2013	$	300		$	300
5.00%	2014	—			250
5.50%	2015	300			300
5.32%	2016	303			303
2.75%	2016	250			250
5.13%	2020	406			406
4.15%	2021	250			250
8.63%	2031	500			500
Total Senior Notes		2,309			2,559
Pollution Control Notes:
Floating Rate (C)	2014	44			44
5.00%	2012	—			66
5.50%	2020	—			14
5.85%	2027	—			19
5.75%	2031	—			25
5.75%	2037	—			40
Total Pollution Control Notes		44			208
Principal Amount Outstanding		2,353			2,767
Amounts Due Within One Year		(300		)	(66		)
Net Unamortized Discount		(13		)	(16		)
Total Long-Term Debt of Power		$	2,040		$	2,685




		As of December 31,
	Maturity	2012			2011
		Millions
PSE&G
First and Refunding Mortgage Bonds (D):
6.75%	2016	$	171		$	171
9.25%	2021	134			134
8.00%	2037	7			7
5.00%	2037	8			8
Total First and Refunding Mortgage Bonds		320			320
Pollution Control Bonds (D):
5.20%	2025	—			23
5.45%	2032	—			50
Floating rate (C)	2033	50			—
Floating rate (C)	2046	50			—
Total Pollution Control Bonds		100			73
Medium-Term Notes (MTNs) (D):
5.13%	2012	—			300
5.00%	2013	150			150
5.38%	2013	300			300
6.33%	2013	275			275
0.85%	2014	250			250
5.00%	2014	250			250
2.70%	2015	300			300
5.30%	2018	400			400
7.04%	2020	9			9
3.50%	2020	250			250
5.25%	2035	250			250
5.70%	2036	250			250
5.80%	2037	350			350
5.38%	2039	250			250
5.50%	2040	300			300
3.95%	2042	450			—
3.65%	2042	350			—
Total MTNs		4,384			3,884
Principal Amount Outstanding		4,804			4,277
Amounts Due Within One Year		(725		)	(300		)
Net Unamortized Discount		(9		)	(7		)
Total Long-Term Debt of PSE&G (excluding Transition Funding and Transition Funding II)		$	4,070		$	3,970




		As of December 31,
	Maturity	2012			2011
		Millions
Transition Funding (PSE&G)
Securitization Bonds:
6.61%	2011-2013	$	100		$	305
6.75%	2013-2014	220			220
6.89%	2014-2015	370			370
Principal Amount Outstanding		690			895
Amounts Due Within One Year		(214		)	(205		)
Total Securitization Debt of Transition Funding		476			690
Transition Funding II (PSE&G)
Securitization Bonds:
4.34%	2011-2012	—			1
4.49%	2012-2013	9			20
4.57%	2013-2015	23			23
Principal Amount Outstanding		32			44
Amounts Due Within One Year		(12		)	(11		)
Total Securitization Debt of Transition Funding II		20			33
Total Long-Term Debt of PSE&G		$	4,566		$	4,693




		As of December 31,
Energy Holdings	Maturity	2012			2011
		Millions
Non-Recourse Project Debt (E):
Resources - 5.00% to 8.75%	2011-2020	$	44		$	45
Resources - Other (F)	2012	—			50
Principal Amount Outstanding		44			95
Amounts Due Within One Year		(1		)	(51		)
Total Non-Recourse Project Debt		43			44
Total Long-Term Debt of Energy Holdings		$	43		$	44


(A)	PSEG entered into various interest rate swaps to hedge the fair value of certain debt at Power. The fair value adjustments from these hedges are reflected as offsets to long-term debt on the Consolidated Balance Sheet. For additional information, see Note 16. Financial Risk Management Activities.

(B)

In September 2009, Power completed an exchange offer with eligible holders of Energy Holdings’ 8.50% Senior Notes due 2011 in order to manage long-term debt maturities. Since the debt exchange was between two subsidiaries of the same parent company, PSEG, and treated as a debt modification for accounting purposes, the resulting premium was deferred and is being amortized over the term of the newly issued debt. The deferred amount is reflected as an offset to Long-Term Debt on PSEG’s Consolidated Balance Sheet.


(C)	The Pennsylvania Economic Development Authority (PEDFA) bond and The Pollution Control Financing Authority of Salem County bonds for Power and PSE&G, respectively, are variable rate bonds that are in weekly reset mode.


(D)	Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.


(E)	Non-recourse financing transactions consist of loans from banks and other lenders that are typically secured by project assets and cash flows and generally impose no material obligation on the parent-level investor to repay any debt incurred by the project borrower. The consequences of permitting a project-level default include the potential for loss of any invested equity by the parent.


(F)	As a result of the Dynegy bankruptcy proceedings, Energy Holdings ceased leveraged lease accounting and recorded the related nonrecourse project debt on its balance sheet at its fair value of $50 million. Upon settlement of the claims against Dynegy in 2012, Energy Holdings was released from this debt.

Aggregate Principal Amounts Of Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2012 are as follows:




			PSE&G						Energy Holdings
Year	Power		PSE&G		Transition Funding		Transition Funding II		Non-Recourse Debt		Total
	Millions
2013	$	300	$	725	$	214	$	12	$	1	$	1,252
2014	44		500		225		12		1		782
2015	300		300		251		8		17		876
2016	553		171		—		—		7		731
2017	—		—		—		—		1		1
Thereafter	1,156		3,108		—		—		17		4,281
Total	$	2,353	$	4,804	$	690	$	32	$	44	$	7,923

Short-Term Liquidity

Our total credit facilities and available liquidity as of December 31, 2012 were as follows:




	As of December 31, 2012
Company/Facility	Total Facility		Usage			Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	4	(A)	$	496	Mar 2017	Commercial Paper (CP) Support/Funding/Letters of Credit
5-year Credit Facility	500		—			500		Apr 2016	CP Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	4		$	996
Power
5-year Credit Facility	$	1,600	$	65	(A)	$	1,535	Mar 2017	Funding/Letters of Credit
5-year Credit Facility	1,000		—			1,000		Apr 2016	Funding/Letters of Credit
Bilateral Credit Facility	100		100		(A)	—		Sept 2015	Letters of Credit
Total Power	$	2,700	$	165		$	2,535
PSE&G
5-year Credit Facility	$	600	$	276	(B)	$	324	Apr 2016	CP Support/Funding/Letters of Credit
Total PSE&G	$	600	$	276		$	324
Total	$	4,300	$	445		$	3,855


(A)	Includes amounts related to letters of credit outstanding.


(B)	Includes amounts related to CP and letters of credit outstanding

Estimated Fair Values




	December 31, 2012				December 31, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (Parent) (A)	$	38	$	57	$	39	$	62
Power -Recourse Debt (B)	2,340		2,818		2,751		3,158
PSE&G (B)	4,795		5,606		4,270		4,905
Transition Funding (PSE&G) (B)	690		765		895		1,016
Transition Funding II (PSE&G) (B)	32		34		44		47
Energy Holdings:
Project Level, Non-Recourse Debt (C)	44		44		95		95
	$	7,939	$	9,324	$	8,094	$	9,283


(A)	Fair value represents net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. Carrying amount represents such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings.


(B)	The debt fair valuation is based on the present value of each bond’s future cash flows. The discount rates used in the present value analysis are based on an estimate of new issue bond yields across the treasury curve. When a bond has embedded options, an interest rate model is used to reflect the impact of interest rate volatility into the analysis (primarily Level 2 measurements).

(C)

Fair value amounts as of December 31, 2011 include $50 million of non-recourse project debt related to Dynegy which is classified as a Level 3 measurement. As of the June 5, 2012, the effective date of the amended settlement agreement, the $50 million of Notes Payable was written off. See the Fair Value Option Section of Note 17. Fair Value Measurements for additional information. Non-recourse project debt of $44 million is valued as equivalent to the amortized cost and is classified as a Level 3 measurement.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

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