Commission File Number | Registrants, State of Incorporation, Address, and Telephone Number | I.R.S. Employer Identification No. | ||
001-09120 | PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (A New Jersey Corporation) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 http://www.pseg.com | 22-2625848 | ||
001-00973 | PUBLIC SERVICE ELECTRIC AND GAS COMPANY (A New Jersey Corporation) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 http://www.pseg.com | 22-1212800 | ||
001-34232 | PSEG POWER LLC (A Delaware Limited Liability Company) 80 Park Plaza Newark, New Jersey 07102 973 430-7000 http://www.pseg.com | 22-3663480 |
Public Service Enterprise Group Incorporated | Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Public Service Electric and Gas Company | Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o |
PSEG Power LLC | Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller reporting company o |
Page | ||
FILING FORMAT | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
Notes to Condensed Consolidated Financial Statements | ||
Note 9. Debt and Credit Facilities | ||
Item 2. | ||
Executive Overview of 2016 and Future Outlook | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 5. | ||
Item 6. | ||
• | adverse changes in the demand for or ongoing low pricing of the capacity and energy that we sell into wholesale electricity markets, |
• | adverse changes in energy industry law, policies and regulations, including market structures and transmission planning, |
• | any inability of our transmission and distribution businesses to obtain adequate and timely rate relief and regulatory approvals from federal and state regulators, including prudency reviews, disallowances and changes in authorized returns, |
• | any deterioration in our credit quality or the credit quality of our counterparties, |
• | changes in federal and state environmental regulations and enforcement that could increase our costs or limit our operations, |
• | adverse outcomes of any legal, regulatory or other proceeding, settlement, investigation or claim applicable to us and/or the energy industry, |
• | changes in nuclear regulation and/or general developments in the nuclear power industry, including various impacts from any accidents or incidents experienced at our facilities or by others in the industry, that could limit operations or increase the cost of our nuclear generating units, |
• | actions or activities at one of our nuclear units located on a multi-unit site that might adversely affect our ability to continue to operate that unit or other units located at the same site, |
• | any inability to manage our energy obligations, available supply and risks, |
• | delays or unforeseen cost escalations in our construction and development activities, or the inability to recover the carrying amount of our assets, |
• | availability of capital and credit at commercially reasonable terms and conditions and our ability to meet cash needs, |
• | increases in competition in energy supply markets as well as for transmission projects, |
• | changes in technology, such as distributed generation, storage and micro grids, and greater reliance on these technologies, |
• | changes in customer behaviors, including increases in energy efficiency, net-metering and demand response, |
• | adverse performance of our decommissioning and defined benefit plan trust fund investments and changes in funding requirements, |
• | any equipment failures, accidents, severe weather events or other incidents that impact our ability to provide safe and reliable service to our customers, and any inability to obtain sufficient insurance coverage or recover proceeds of insurance with respect to such events, |
• | acts of terrorism, cybersecurity attacks or intrusions that could adversely impact our businesses, |
• | delays in receipt of necessary permits and approvals for our construction and development activities, |
• | any inability to achieve, or continue to sustain, our expected levels of operating performance, |
• | changes in the cost of, or interruption in the supply of, fuel and other commodities necessary to the operation of our generating units, |
• | an extended economic recession, |
• | an inability to realize anticipated tax benefits or retain tax credits, |
• | challenges associated with recruitment and/or retention of a qualified workforce, and |
• | changes in the credit quality and the ability of lessees to meet their obligations under our domestic leveraged leases. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
OPERATING REVENUES | $ | 1,905 | $ | 2,314 | $ | 4,521 | $ | 5,449 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 624 | 668 | 1,460 | 1,762 | |||||||||||||
Operation and Maintenance | 710 | 761 | 1,439 | 1,424 | |||||||||||||
Depreciation and Amortization | 224 | 317 | 448 | 647 | |||||||||||||
Total Operating Expenses | 1,558 | 1,746 | 3,347 | 3,833 | |||||||||||||
OPERATING INCOME | 347 | 568 | 1,174 | 1,616 | |||||||||||||
Income from Equity Method Investments | 4 | 4 | 6 | 7 | |||||||||||||
Other Income | 44 | 76 | 92 | 124 | |||||||||||||
Other Deductions | (10 | ) | (10 | ) | (31 | ) | (22 | ) | |||||||||
Other-Than-Temporary Impairments | (10 | ) | (10 | ) | (20 | ) | (15 | ) | |||||||||
Interest Expense | (97 | ) | (97 | ) | (189 | ) | (195 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 278 | 531 | 1,032 | 1,515 | |||||||||||||
Income Tax Expense | (91 | ) | (186 | ) | (374 | ) | (584 | ) | |||||||||
NET INCOME | $ | 187 | $ | 345 | $ | 658 | $ | 931 | |||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
BASIC | 505 | 506 | 505 | 506 | |||||||||||||
DILUTED | 508 | 508 | 508 | 508 | |||||||||||||
NET INCOME PER SHARE: | |||||||||||||||||
BASIC | $ | 0.37 | $ | 0.68 | $ | 1.30 | $ | 1.84 | |||||||||
DILUTED | $ | 0.37 | $ | 0.68 | $ | 1.30 | $ | 1.83 | |||||||||
DIVIDENDS PAID PER SHARE OF COMMON STOCK | $ | 0.41 | $ | 0.39 | $ | 0.82 | $ | 0.78 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
NET INCOME | $ | 187 | $ | 345 | $ | 658 | $ | 931 | |||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(10), $15, $(26) and $2 for the three and six months ended 2016 and 2015, respectively | 10 | (15 | ) | 26 | (1 | ) | |||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0, $0, $(1) and $7 for the three and six months ended 2016 and 2015, respectively | (1 | ) | — | 1 | (9 | ) | |||||||||||
Pension/Other Postretirement Benefit Costs (OPEB) adjustment, net of tax (expense) benefit of $(6), $(6), $(12) and $(12) for the three and six months ended 2016 and 2015, respectively | 8 | 8 | 16 | 16 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 17 | (7 | ) | 43 | 6 | ||||||||||||
COMPREHENSIVE INCOME | $ | 204 | $ | 338 | $ | 701 | $ | 937 | |||||||||
June 30, 2016 | December 31, 2015 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 648 | $ | 394 | |||||
Accounts Receivable, net of allowances of $65 and $67 in 2016 and 2015, respectively | 988 | 1,068 | |||||||
Tax Receivable | 4 | 305 | |||||||
Unbilled Revenues | 202 | 197 | |||||||
Fuel | 351 | 463 | |||||||
Materials and Supplies, net | 554 | 513 | |||||||
Prepayments | 271 | 135 | |||||||
Derivative Contracts | 152 | 242 | |||||||
Regulatory Assets | 310 | 164 | |||||||
Other | 9 | 13 | |||||||
Total Current Assets | 3,489 | 3,494 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 37,285 | 35,494 | |||||||
Less: Accumulated Depreciation and Amortization | (9,271 | ) | (8,955 | ) | |||||
Net Property, Plant and Equipment | 28,014 | 26,539 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,120 | 3,196 | |||||||
Long-Term Investments | 1,218 | 1,233 | |||||||
Nuclear Decommissioning Trust (NDT) Fund | 1,797 | 1,754 | |||||||
Long-Term Tax Receivable | 183 | 171 | |||||||
Long-Term Receivable of Variable Interest Entity (VIE) | 513 | 495 | |||||||
Other Special Funds | 246 | 227 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 131 | 102 | |||||||
Derivative Contracts | 76 | 77 | |||||||
Other | 242 | 231 | |||||||
Total Noncurrent Assets | 7,542 | 7,502 | |||||||
TOTAL ASSETS | $ | 39,045 | $ | 37,535 | |||||
June 30, 2016 | December 31, 2015 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 662 | $ | 734 | |||||
Commercial Paper and Loans | — | 364 | |||||||
Accounts Payable | 1,308 | 1,369 | |||||||
Derivative Contracts | 20 | 76 | |||||||
Accrued Interest | 103 | 96 | |||||||
Accrued Taxes | 107 | 42 | |||||||
Clean Energy Program | 200 | 142 | |||||||
Obligation to Return Cash Collateral | 128 | 128 | |||||||
Regulatory Liabilities | 74 | 123 | |||||||
Regulatory Liabilities of VIEs | 22 | 42 | |||||||
Other | 496 | 459 | |||||||
Total Current Liabilities | 3,120 | 3,575 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | 8,545 | 8,166 | |||||||
Regulatory Liabilities | 165 | 175 | |||||||
Asset Retirement Obligations | 693 | 679 | |||||||
OPEB Costs | 1,199 | 1,228 | |||||||
OPEB Costs of Servco | 389 | 375 | |||||||
Accrued Pension Costs | 429 | 487 | |||||||
Accrued Pension Costs of Servco | 118 | 114 | |||||||
Clean Energy Program | 27 | — | |||||||
Environmental Costs | 402 | 415 | |||||||
Derivative Contracts | 14 | 27 | |||||||
Long-Term Accrued Taxes | 171 | 212 | |||||||
Other | 181 | 181 | |||||||
Total Noncurrent Liabilities | 12,333 | 12,059 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 10,273 | 8,834 | |||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2016 and 2015—534 shares | 4,919 | 4,915 | |||||||
Treasury Stock, at cost, 2016—29 shares; 2015—28 shares | (709 | ) | (671 | ) | |||||
Retained Earnings | 9,360 | 9,117 | |||||||
Accumulated Other Comprehensive Loss | (252 | ) | (295 | ) | |||||
Total Common Stockholders’ Equity | 13,318 | 13,066 | |||||||
Noncontrolling Interest | 1 | 1 | |||||||
Total Stockholders’ Equity | 13,319 | 13,067 | |||||||
Total Capitalization | 23,592 | 21,901 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 39,045 | $ | 37,535 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2016 | 2015 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 658 | $ | 931 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 448 | 647 | |||||||
Amortization of Nuclear Fuel | 105 | 106 | |||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | 334 | 170 | |||||||
Non-Cash Employee Benefit Plan Costs | 63 | 81 | |||||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | (30 | ) | (22 | ) | |||||
Net Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 153 | (9 | ) | ||||||
Change in Accrued Storm Costs | (1 | ) | 15 | ||||||
Net Change in Other Regulatory Assets and Liabilities | (124 | ) | (53 | ) | |||||
Cost of Removal | (74 | ) | (58 | ) | |||||
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (2 | ) | (21 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | 301 | 188 | |||||||
Accrued Taxes | 94 | 71 | |||||||
Margin Deposit | (46 | ) | 69 | ||||||
Other Current Assets and Liabilities | (120 | ) | 98 | ||||||
Employee Benefit Plan Funding and Related Payments | (78 | ) | (67 | ) | |||||
Other | 41 | 88 | |||||||
Net Cash Provided By (Used In) Operating Activities | 1,722 | 2,234 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,971 | ) | (1,743 | ) | |||||
Proceeds from Sales of Available-for-Sale Securities | 392 | 885 | |||||||
Investments in Available-for-Sale Securities | (407 | ) | (918 | ) | |||||
Other | (18 | ) | 3 | ||||||
Net Cash Provided By (Used In) Investing Activities | (2,004 | ) | (1,773 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | (364 | ) | — | ||||||
Issuance of Long-Term Debt | 1,550 | 600 | |||||||
Redemption of Long-Term Debt | (171 | ) | (300 | ) | |||||
Redemption of Securitization Debt | — | (125 | ) | ||||||
Cash Dividends Paid on Common Stock | (415 | ) | (394 | ) | |||||
Other | (64 | ) | (47 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 536 | (266 | ) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 254 | 195 | |||||||
Cash and Cash Equivalents at Beginning of Period | 394 | 402 | |||||||
Cash and Cash Equivalents at End of Period | $ | 648 | $ | 597 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (276 | ) | $ | 184 | ||||
Interest Paid, Net of Amounts Capitalized | $ | 176 | $ | 195 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 513 | $ | 324 | |||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
OPERATING REVENUES | $ | 1,350 | $ | 1,466 | $ | 3,062 | $ | 3,468 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 529 | 544 | 1,258 | 1,436 | |||||||||||||
Operation and Maintenance | 352 | 368 | 734 | 780 | |||||||||||||
Depreciation and Amortization | 136 | 234 | 275 | 481 | |||||||||||||
Total Operating Expenses | 1,017 | 1,146 | 2,267 | 2,697 | |||||||||||||
OPERATING INCOME | 333 | 320 | 795 | 771 | |||||||||||||
Other Income | 19 | 19 | 39 | 37 | |||||||||||||
Other Deductions | (1 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||||
Interest Expense | (74 | ) | (67 | ) | (142 | ) | (136 | ) | |||||||||
INCOME BEFORE INCOME TAXES | 277 | 271 | 690 | 670 | |||||||||||||
Income Tax Expense | (98 | ) | (104 | ) | (249 | ) | (261 | ) | |||||||||
NET INCOME | $ | 179 | $ | 167 | $ | 441 | $ | 409 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
NET INCOME | $ | 179 | $ | 167 | $ | 441 | $ | 409 | |||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 and $0 for the three and six months ended 2016 and 2015, respectively | 1 | (1 | ) | 1 | (1 | ) | |||||||||||
COMPREHENSIVE INCOME | $ | 180 | $ | 166 | $ | 442 | $ | 408 | |||||||||
June 30, 2016 | December 31, 2015 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 168 | $ | 198 | |||||
Accounts Receivable, net of allowances of $65 and $67 in 2016 and 2015, respectively | 736 | 787 | |||||||
Accounts Receivable—Affiliated Companies | — | 222 | |||||||
Unbilled Revenues | 202 | 197 | |||||||
Materials and Supplies | 162 | 148 | |||||||
Prepayments | 196 | 31 | |||||||
Regulatory Assets | 310 | 164 | |||||||
Derivative Contracts | — | 13 | |||||||
Other | 8 | 9 | |||||||
Total Current Assets | 1,782 | 1,769 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 24,976 | 23,732 | |||||||
Less: Accumulated Depreciation and Amortization | (5,627 | ) | (5,504 | ) | |||||
Net Property, Plant and Equipment | 19,349 | 18,228 | |||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | 3,120 | 3,196 | |||||||
Long-Term Investments | 316 | 330 | |||||||
Other Special Funds | 57 | 49 | |||||||
Other | 113 | 105 | |||||||
Total Noncurrent Assets | 3,606 | 3,680 | |||||||
TOTAL ASSETS | $ | 24,737 | $ | 23,677 | |||||
June 30, 2016 | December 31, 2015 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 100 | $ | 171 | |||||
Commercial Paper and Loans | — | 153 | |||||||
Accounts Payable | 680 | 724 | |||||||
Accounts Payable—Affiliated Companies | 179 | 292 | |||||||
Accrued Interest | 73 | 70 | |||||||
Clean Energy Program | 200 | 142 | |||||||
Derivative Contracts | 2 | — | |||||||
Obligation to Return Cash Collateral | 127 | 128 | |||||||
Regulatory Liabilities | 74 | 123 | |||||||
Regulatory Liabilities of VIEs | 22 | 42 | |||||||
Other | 339 | 297 | |||||||
Total Current Liabilities | 1,796 | 2,142 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 5,503 | 5,181 | |||||||
OPEB Costs | 904 | 937 | |||||||
Accrued Pension Costs | 165 | 202 | |||||||
Regulatory Liabilities | 165 | 175 | |||||||
Clean Energy Program | 27 | — | |||||||
Environmental Costs | 336 | 365 | |||||||
Asset Retirement Obligations | 220 | 218 | |||||||
Derivative Contracts | — | 11 | |||||||
Long-Term Accrued Taxes | 99 | 109 | |||||||
Other | 113 | 114 | |||||||
Total Noncurrent Liabilities | 7,532 | 7,312 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | 7,394 | 6,650 | |||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2016 and 2015—132 shares | 892 | 892 | |||||||
Contributed Capital | 695 | 695 | |||||||
Basis Adjustment | 986 | 986 | |||||||
Retained Earnings | 5,440 | 4,999 | |||||||
Accumulated Other Comprehensive Income | 2 | 1 | |||||||
Total Stockholder’s Equity | 8,015 | 7,573 | |||||||
Total Capitalization | 15,409 | 14,223 | |||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | 24,737 | $ | 23,677 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2016 | 2015 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 441 | $ | 409 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 275 | 481 | |||||||
Provision for Deferred Income Taxes and ITC | 290 | 79 | |||||||
Non-Cash Employee Benefit Plan Costs | 36 | 48 | |||||||
Cost of Removal | (74 | ) | (58 | ) | |||||
Change in Accrued Storm Costs | (1 | ) | 15 | ||||||
Net Change in Other Regulatory Assets and Liabilities | (124 | ) | (53 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | 50 | 53 | |||||||
Materials and Supplies | (14 | ) | (10 | ) | |||||
Prepayments | (165 | ) | (162 | ) | |||||
Accounts Payable | (29 | ) | 48 | ||||||
Accounts Receivable/Payable—Affiliated Companies, net | 181 | 154 | |||||||
Other Current Assets and Liabilities | 17 | (27 | ) | ||||||
Employee Benefit Plan Funding and Related Payments | (62 | ) | (55 | ) | |||||
Other | (13 | ) | (13 | ) | |||||
Net Cash Provided By (Used In) Operating Activities | 808 | 909 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (1,355 | ) | (1,230 | ) | |||||
Proceeds from Sales of Available-for-Sale Securities | 12 | 12 | |||||||
Investments in Available-for-Sale Securities | (13 | ) | (14 | ) | |||||
Other | 2 | 12 | |||||||
Net Cash Provided By (Used In) Investing Activities | (1,354 | ) | (1,220 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Short-Term Debt | (153 | ) | — | ||||||
Issuance of Long-Term Debt | 850 | 600 | |||||||
Redemption of Long-Term Debt | (171 | ) | (300 | ) | |||||
Redemption of Securitization Debt | — | (125 | ) | ||||||
Other | (10 | ) | (8 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 516 | 167 | |||||||
Net Increase (Decrease) In Cash and Cash Equivalents | (30 | ) | (144 | ) | |||||
Cash and Cash Equivalents at Beginning of Period | 198 | 310 | |||||||
Cash and Cash Equivalents at End of Period | $ | 168 | $ | 166 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (255 | ) | $ | (74 | ) | |||
Interest Paid, Net of Amounts Capitalized | $ | 134 | $ | 131 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 381 | $ | 282 | |||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
OPERATING REVENUES | $ | 714 | $ | 1,025 | $ | 2,027 | $ | 2,750 | |||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | 381 | 409 | 1,019 | 1,302 | |||||||||||||
Operation and Maintenance | 265 | 313 | 518 | 485 | |||||||||||||
Depreciation and Amortization | 80 | 75 | 159 | 151 | |||||||||||||
Total Operating Expenses | 726 | 797 | 1,696 | 1,938 | |||||||||||||
OPERATING INCOME (LOSS) | (12 | ) | 228 | 331 | 812 | ||||||||||||
Income from Equity Method Investments | 4 | 5 | 6 | 8 | |||||||||||||
Other Income | 25 | 55 | 51 | 84 | |||||||||||||
Other Deductions | (9 | ) | (7 | ) | (27 | ) | (18 | ) | |||||||||
Other-Than-Temporary Impairments | (10 | ) | (10 | ) | (20 | ) | (15 | ) | |||||||||
Interest Expense | (20 | ) | (33 | ) | (42 | ) | (64 | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | (22 | ) | 238 | 299 | 807 | ||||||||||||
Income Tax Benefit (Expense) | 11 | (72 | ) | (118 | ) | (306 | ) | ||||||||||
NET INCOME (LOSS) | $ | (11 | ) | $ | 166 | $ | 181 | $ | 501 | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
NET INCOME (LOSS) | $ | (11 | ) | $ | 166 | $ | 181 | $ | 501 | ||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(9), $14, $(25) and $1 for the three and six months ended 2016 and 2015, respectively | 9 | (14 | ) | 25 | — | ||||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0, $0, $0 and $7 for the three and six months ended 2016 and 2015, respectively | — | — | — | (9 | ) | ||||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(5), $(5), $(10) and $(10) for the three and six months ended 2016 and 2015, respectively | 7 | 7 | 14 | 14 | |||||||||||||
Other Comprehensive Income (Loss), net of tax | 16 | (7 | ) | 39 | 5 | ||||||||||||
COMPREHENSIVE INCOME | $ | 5 | $ | 159 | $ | 220 | $ | 506 | |||||||||
June 30, 2016 | December 31, 2015 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | 16 | $ | 12 | |||||
Accounts Receivable | 202 | 217 | |||||||
Accounts Receivable—Affiliated Companies | 94 | 276 | |||||||
Short-Term Loan to Affiliate | 1,335 | 363 | |||||||
Fuel | 351 | 463 | |||||||
Materials and Supplies, net | 389 | 363 | |||||||
Derivative Contracts | 150 | 223 | |||||||
Prepayments | 7 | 25 | |||||||
Other | 4 | 7 | |||||||
Total Current Assets | 2,548 | 1,949 | |||||||
PROPERTY, PLANT AND EQUIPMENT | 11,969 | 11,354 | |||||||
Less: Accumulated Depreciation and Amortization | (3,491 | ) | (3,227 | ) | |||||
Net Property, Plant and Equipment | 8,478 | 8,127 | |||||||
NONCURRENT ASSETS | |||||||||
NDT Fund | 1,797 | 1,754 | |||||||
Long-Term Investments | 112 | 119 | |||||||
Goodwill | 16 | 16 | |||||||
Other Intangibles | 131 | 102 | |||||||
Other Special Funds | 60 | 55 | |||||||
Derivative Contracts | 76 | 77 | |||||||
Other | 60 | 51 | |||||||
Total Noncurrent Assets | 2,252 | 2,174 | |||||||
TOTAL ASSETS | $ | 13,278 | $ | 12,250 | |||||
June 30, 2016 | December 31, 2015 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | 553 | $ | 553 | |||||
Accounts Payable | 466 | 432 | |||||||
Accounts Payable—Affiliated Companies | 102 | 33 | |||||||
Derivative Contracts | 17 | 76 | |||||||
Accrued Interest | 29 | 25 | |||||||
Other | 96 | 107 | |||||||
Total Current Liabilities | 1,263 | 1,226 | |||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | 2,418 | 2,347 | |||||||
Asset Retirement Obligations | 470 | 457 | |||||||
OPEB Costs | 234 | 230 | |||||||
Derivative Contracts | 14 | 16 | |||||||
Accrued Pension Costs | 151 | 166 | |||||||
Long-Term Accrued Taxes | 22 | 35 | |||||||
Other | 104 | 87 | |||||||
Total Noncurrent Liabilities | 3,413 | 3,338 | |||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 8) | |||||||||
LONG-TERM DEBT | 2,380 | 1,684 | |||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | 2,214 | 2,214 | |||||||
Basis Adjustment | (986 | ) | (986 | ) | |||||
Retained Earnings | 5,195 | 5,014 | |||||||
Accumulated Other Comprehensive Loss | (201 | ) | (240 | ) | |||||
Total Member’s Equity | 6,222 | 6,002 | |||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | 13,278 | $ | 12,250 | |||||
Six Months Ended | |||||||||
June 30, | |||||||||
2016 | 2015 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | 181 | $ | 501 | |||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | 159 | 151 | |||||||
Amortization of Nuclear Fuel | 105 | 106 | |||||||
Provision for Deferred Income Taxes and ITC | 37 | 64 | |||||||
Net Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 153 | (9 | ) | ||||||
Non-Cash Employee Benefit Plan Costs | 19 | 24 | |||||||
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (2 | ) | (21 | ) | |||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | 86 | 209 | |||||||
Margin Deposit | (46 | ) | 69 | ||||||
Accounts Receivable | (12 | ) | 76 | ||||||
Accounts Payable | (10 | ) | (62 | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | 179 | 123 | |||||||
Other Current Assets and Liabilities | 11 | (21 | ) | ||||||
Employee Benefit Plan Funding and Related Payments | (10 | ) | (7 | ) | |||||
Other | 67 | 89 | |||||||
Net Cash Provided By (Used In) Operating Activities | 917 | 1,292 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | (598 | ) | (487 | ) | |||||
Proceeds from Sales of Available-for-Sale Securities | 346 | 837 | |||||||
Investments in Available-for-Sale Securities | (359 | ) | (854 | ) | |||||
Short-Term Loan—Affiliated Company, net | (972 | ) | (366 | ) | |||||
Other | (24 | ) | (17 | ) | |||||
Net Cash Provided By (Used In) Investing Activities | (1,607 | ) | (887 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Issuance of Long-Term Debt | 700 | — | |||||||
Cash Dividend Paid | — | (400 | ) | ||||||
Other | (6 | ) | (2 | ) | |||||
Net Cash Provided By (Used In) Financing Activities | 694 | (402 | ) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 4 | 3 | |||||||
Cash and Cash Equivalents at Beginning of Period | 12 | 9 | |||||||
Cash and Cash Equivalents at End of Period | $ | 16 | $ | 12 | |||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | (53 | ) | $ | 218 | ||||
Interest Paid, Net of Amounts Capitalized | $ | 38 | $ | 62 | |||||
Accrued Property, Plant and Equipment Expenditures | $ | 132 | $ | 42 | |||||
• | PSE&G—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the Federal Energy Regulatory Commission (FERC). PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU. |
• | Power—which is a multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy transacting functions primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA) and the states in which they operate. |
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | June 30, 2016 | December 31, 2015 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | 174 | $ | 177 | ||||||
Residential | 12 | 12 | ||||||||
Total | $ | 186 | $ | 189 | ||||||
As of | As of | ||||||||
June 30, 2016 | December 31, 2015 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | 630 | $ | 631 | |||||
Estimated Residual Value of Leased Assets | 519 | 519 | |||||||
Total Investment in Rental Receivables | 1,149 | 1,150 | |||||||
Unearned and Deferred Income | (359 | ) | (366 | ) | |||||
Gross Investment in Leases | 790 | 784 | |||||||
Deferred Tax Liabilities | (694 | ) | (724 | ) | |||||
Net Investment in Leases | $ | 96 | $ | 60 | |||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties’ Credit Rating Standard & Poor's (S&P) as of June 30, 2016 | ||||||
As of June 30, 2016 | ||||||
Millions | ||||||
AA | $ | 16 | ||||
BBB+ — BBB- | 316 | |||||
BB- | 134 | |||||
CCC | 164 | |||||
Total | $ | 630 | ||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | IL | $ | 134 | 64 | % | 1,538 | Coal | BB- | NRG Energy, Inc. | |||||||||||
Joliet Station Units 7 and 8 | IL | $ | 84 | 64 | % | 1,044 | Coal (A) | BB- | NRG Energy, Inc. | |||||||||||
Keystone Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | CCC (C) | NRG REMA, LLC | |||||||||||
Conemaugh Station Units 1 and 2 | PA | $ | 121 | 17 | % | 1,711 | Coal | CCC (C) | NRG REMA, LLC | |||||||||||
Shawville Station Units 1, 2, 3 and 4 | PA | $ | 113 | 100 | % | 603 | Coal (B) | CCC (C) | NRG REMA, LLC | |||||||||||
(A) | The Joliet facility is currently in the process of converting to natural gas. |
(B) | NRG REMA, LLC (NRG REMA) notified PJM that it deactivated the coal-fired units at the Shawville generating facility in June 2015 and has disclosed that it expects to return the Shawville units to service in the fall of 2016 with the ability to use natural gas. |
(C) | On May 24, 2016, S&P lowered its corporate credit rating on GenOn Energy Inc. and affiliates (including NRG REMA) to "CCC" from "CCC+" due to a weaker forward power curve, milder weather patterns and weakening financial measures. PSEG continues to monitor any changes to GenOn's status and potential impacts on Energy Holdings' lease investments. |
As of June 30, 2016 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 679 | $ | 198 | $ | (12 | ) | $ | 865 | ||||||||
Debt Securities | |||||||||||||||||
Government Obligations | 503 | 23 | — | 526 | |||||||||||||
Other | 348 | 12 | (3 | ) | 357 | ||||||||||||
Total Debt Securities | 851 | 35 | (3 | ) | 883 | ||||||||||||
Other Securities | 49 | — | — | 49 | |||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,579 | $ | 233 | $ | (15 | ) | $ | 1,797 | ||||||||
As of December 31, 2015 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 693 | $ | 185 | $ | (13 | ) | $ | 865 | ||||||||
Debt Securities | |||||||||||||||||
Government Obligations | 483 | 8 | (3 | ) | 488 | ||||||||||||
Other | 366 | 3 | (10 | ) | 359 | ||||||||||||
Total Debt Securities | 849 | 11 | (13 | ) | 847 | ||||||||||||
Other Securities | 42 | — | — | 42 | |||||||||||||
Total NDT Available-for-Sale Securities | $ | 1,584 | $ | 196 | $ | (26 | ) | $ | 1,754 | ||||||||
As of | As of | ||||||||
June 30, 2016 | December 31, 2015 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 18 | $ | 17 | |||||
Accounts Payable | $ | 10 | $ | 10 | |||||
As of June 30, 2016 | As of December 31, 2015 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | 108 | $ | (12 | ) | $ | 5 | $ | — | $ | 151 | $ | (13 | ) | $ | 1 | $ | — | |||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||
Government Obligations (B) | 12 | — | 6 | — | 245 | (2 | ) | 19 | (1 | ) | |||||||||||||||||||||||
Other (C) | 12 | — | 43 | (3 | ) | 222 | (7 | ) | 36 | (3 | ) | ||||||||||||||||||||||
Total Debt Securities | 24 | — | 49 | (3 | ) | 467 | (9 | ) | 55 | (4 | ) | ||||||||||||||||||||||
NDT Available-for-Sale Securities | $ | 132 | $ | (12 | ) | $ | 54 | $ | (3 | ) | $ | 618 | $ | (22 | ) | $ | 56 | $ | (4 | ) | |||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. The unrealized losses are distributed over a broad range of securities with limited impairment durations. Power does not consider these securities to be other-than-temporarily impaired as of June 30, 2016. |
(B) | Debt Securities (Government Obligations)—Unrealized losses on Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since Power does not intend to sell nor will it be |
(C) | Debt Securities (Other)—Power’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since Power does not intend to sell these securities nor will it be more-likely-than-not required to sell, Power does not consider these debt securities to be other-than-temporarily impaired as of June 30, 2016. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | 154 | $ | 232 | $ | 331 | $ | 822 | |||||||||
Net Realized Gains (Losses) on NDT Fund: | |||||||||||||||||
Gross Realized Gains | 10 | 14 | 25 | 33 | |||||||||||||
Gross Realized Losses | (6 | ) | (4 | ) | (22 | ) | (13 | ) | |||||||||
Net Realized Gains (Losses) on NDT Fund | $ | 4 | $ | 10 | $ | 3 | $ | 20 | |||||||||
(A) | 2015 proceeds include activity in accounts related to the liquidation of funds being transitioned to new managers. |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 19 | ||||
1 - 5 years | 216 | |||||
6 - 10 years | 220 | |||||
11 - 15 years | 54 | |||||
16 - 20 years | 61 | |||||
Over 20 years | 313 | |||||
Total NDT Available-for-Sale Debt Securities | $ | 883 | ||||
As of June 30, 2016 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 11 | $ | 10 | $ | — | $ | 21 | |||||||||
Debt Securities | |||||||||||||||||
Government Obligations | 104 | 2 | — | 106 | |||||||||||||
Other | 90 | 1 | (1 | ) | 90 | ||||||||||||
Total Debt Securities | 194 | 3 | (1 | ) | 196 | ||||||||||||
Other Securities | 5 | — | — | 5 | |||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 210 | $ | 13 | $ | (1 | ) | $ | 222 | ||||||||
As of December 31, 2015 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | $ | 12 | $ | 10 | $ | — | $ | 22 | |||||||||
Debt Securities | |||||||||||||||||
Government Obligations | 108 | 1 | (1 | ) | 108 | ||||||||||||
Other | 82 | — | (1 | ) | 81 | ||||||||||||
Total Debt Securities | 190 | 1 | (2 | ) | 189 | ||||||||||||
Other Securities | 2 | — | — | 2 | |||||||||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 204 | $ | 11 | $ | (2 | ) | $ | 213 | ||||||||
As of | As of | ||||||||
June 30, 2016 | December 31, 2015 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | 2 | $ | 1 | |||||
Accounts Payable | $ | 4 | $ | — | |||||
As of June 30, 2016 | As of December 31, 2015 | ||||||||||||||||||||||||||||||||
Less Than 12 Months | Greater Than 12 Months | Less Than 12 Months | Greater Than 12 Months | ||||||||||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Equity Securities (A) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Debt Securities | |||||||||||||||||||||||||||||||||
Government Obligations (B) | 14 | — | 3 | — | 53 | (1 | ) | 2 | — | ||||||||||||||||||||||||
Other (C) | 14 | — | 11 | (1 | ) | 46 | (1 | ) | 9 | — | |||||||||||||||||||||||
Total Debt Securities | 28 | — | 14 | (1 | ) | 99 | (2 | ) | 11 | — | |||||||||||||||||||||||
Rabbi Trust Available-for-Sale Securities | $ | 28 | $ | — | $ | 14 | $ | (1 | ) | $ | 99 | $ | (2 | ) | $ | 11 | $ | — | |||||||||||||||
(A) | Equity Securities—Investments in marketable equity securities within the Rabbi Trust Fund are through a mutual fund which invests primarily in common stocks within a broad range of industries and sectors. |
(B) | Debt Securities (Government Obligations)—Unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. Since these investments are guaranteed by the U.S. government or an agency of the U.S. government, it is not expected that these securities will settle for less than their amortized cost basis, since PSEG does not intend to sell nor will it be more-likely-than-not required to sell. PSEG does not consider these securities to be other-than-temporarily impaired as of June 30, 2016. |
(C) | Debt Securities (Other)—PSEG’s investments in corporate bonds are primarily in investment grade securities. It is not expected that these securities would settle for less than their amortized cost. Since PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell, PSEG does not consider these debt securities to be other-than-temporarily impaired as of June 30, 2016. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | 36 | $ | 44 | $ | 61 | $ | 63 | |||||||||
Net Realized Gains (Losses) on Rabbi Trust: | |||||||||||||||||
Gross Realized Gains | $ | 2 | $ | 2 | $ | 3 | $ | 2 | |||||||||
Gross Realized Losses | (1 | ) | — | (2 | ) | — | |||||||||||
Net Realized Gains (Losses) on Rabbi Trust | $ | 1 | $ | 2 | $ | 1 | $ | 2 | |||||||||
(A) | 2015 proceeds include activity in accounts related to the liquidation of funds being transitioned to new managers. |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | 8 | ||||
1 - 5 years | 45 | |||||
6 - 10 years | 48 | |||||
11 - 15 years | 6 | |||||
16 - 20 years | 7 | |||||
Over 20 years | 82 | |||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | 196 | ||||
As of | As of | ||||||||
June 30, 2016 | December 31, 2015 | ||||||||
Millions | |||||||||
PSE&G | $ | 44 | $ | 42 | |||||
Power | 54 | 52 | |||||||
Other | 124 | 119 | |||||||
Total Rabbi Trust Available-for-Sale Securities | $ | 222 | $ | 213 | |||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | |||||||||||||||||||||||||||||||||
Service Cost | $ | 27 | $ | 31 | $ | 4 | $ | 6 | $ | 54 | $ | 62 | $ | 8 | $ | 11 | |||||||||||||||||
Interest Cost | 51 | 58 | 14 | 17 | 101 | 117 | 29 | 34 | |||||||||||||||||||||||||
Expected Return on Plan Assets | (99 | ) | (104 | ) | (7 | ) | (8 | ) | (197 | ) | (207 | ) | (15 | ) | (15 | ) | |||||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||||||||
Prior Service Cost (Credit) | (5 | ) | (4 | ) | (4 | ) | (4 | ) | (9 | ) | (9 | ) | (7 | ) | (7 | ) | |||||||||||||||||
Actuarial Loss | 40 | 37 | 10 | 11 | 79 | 74 | 20 | 21 | |||||||||||||||||||||||||
Total Benefit Costs | $ | 14 | $ | 18 | $ | 17 | $ | 22 | $ | 28 | $ | 37 | $ | 35 | $ | 44 | |||||||||||||||||
Pension Benefits | OPEB | Pension Benefits | OPEB | ||||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
PSE&G | $ | 7 | $ | 10 | $ | 11 | $ | 14 | $ | 14 | $ | 20 | $ | 22 | $ | 28 | |||||||||||||||||
Power | 4 | 5 | 5 | 6 | 8 | 11 | 11 | 13 | |||||||||||||||||||||||||
Other | 3 | 3 | 1 | 2 | 6 | 6 | 2 | 3 | |||||||||||||||||||||||||
Total Benefit Costs | $ | 14 | $ | 18 | $ | 17 | $ | 22 | $ | 28 | $ | 37 | $ | 35 | $ | 44 | |||||||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and |
• | obtain credit. |
• | fully utilize the credit granted to them by every counterparty to whom Power has provided a guarantee, and |
• | all of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, Power would owe money to the counterparties). |
• | counterparty collateral calls related to commodity contracts, and |
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. |
As of | As of | ||||||||
June 30, 2016 | December 31, 2015 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | 1,809 | $ | 1,734 | |||||
Exposure under Current Guarantees | $ | 136 | $ | 172 | |||||
Letters of Credit Margin Posted | $ | 160 | $ | 122 | |||||
Letters of Credit Margin Received | $ | 130 | $ | 192 | |||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Margin Deposited | $ | — | $ | — | |||||
Counterparty Cash Margin Received | $ | (4 | ) | $ | (15 | ) | |||
Net Broker Balance Deposited (Received) | $ | 30 | $ | (5 | ) | ||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | 51 | $ | 51 | |||||
Auction Year | ||||||||||||||
2013 | 2014 | 2015 | 2016 | |||||||||||
36-Month Terms Ending | May 2016 | May 2017 | May 2018 | May 2019 | (A) | |||||||||
Load (MW) | 2,800 | 2,800 | 2,900 | 2,800 | ||||||||||
$ per MWh | $92.18 | $97.39 | $99.54 | $96.38 | ||||||||||
(A) | Prices set in the 2016 BGS auction year became effective on June 1, 2016 when the 2013 BGS auction agreements expired. |
Fuel Type | Power's Share of Commitments through 2020 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | 454 | ||||
Enrichment | $ | 358 | ||||
Fabrication | $ | 180 | ||||
Natural Gas | $ | 972 | ||||
Coal | $ | 265 | ||||
• | issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021, |
• | issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046, and |
• | retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds, Series VV at maturity. |
• | issued $700 million of 3.00% Senior Notes due June 2021. |
As of June 30, 2016 | ||||||||||||||||||
Company/Facility | Total Facility | Usage (D) | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facility | $ | 500 | $ | 10 | $ | 490 | Apr 2019 | Commercial Paper (CP) Support/Funding/Letters of Credit | ||||||||||
5-year Credit Facility (A) | 500 | — | 500 | Apr 2020 | CP Support/Funding/Letters of Credit | |||||||||||||
Total PSEG | $ | 1,000 | $ | 10 | $ | 990 | ||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (B) | $ | 600 | $ | 14 | $ | 586 | Apr 2020 | CP Support/Funding/Letters of Credit | ||||||||||
Total PSE&G | $ | 600 | $ | 14 | $ | 586 | ||||||||||||
Power | ||||||||||||||||||
5-year Credit Facility | $ | 1,600 | $ | 189 | $ | 1,411 | Apr 2019 | Funding/Letters of Credit | ||||||||||
5-year Credit Facility (C) | 953 | 13 | 940 | Apr 2020 | Funding/Letters of Credit | |||||||||||||
Total Power | $ | 2,553 | $ | 202 | $ | 2,351 | ||||||||||||
Total | $ | 4,153 | $ | 226 | $ | 3,927 | ||||||||||||
(A) | PSEG facility will be reduced by $12 million in March 2018. |
(B) | PSE&G facility will be reduced by $14 million in March 2018. |
(D) | The primary use of PSEG's and PSE&G's credit facilities is to support their respective CP Programs. PSEG and PSE&G had no amounts outstanding under their respective CP Programs as of June 30, 2016. |
As of June 30, 2016 (A) | ||||||||||||||||||||||||||
Power | PSE&G | PSEG | Consolidated | |||||||||||||||||||||||
Not Designated | Not Designated | Designated as Hedges | ||||||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Energy- Related Contracts | Interest Rate Swaps | Total Derivatives | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||||||
Current Assets | $ | 460 | $ | (310 | ) | $ | 150 | $ | — | $ | 2 | $ | 152 | |||||||||||||
Noncurrent Assets | 264 | (188 | ) | 76 | — | — | 76 | |||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 724 | $ | (498 | ) | $ | 226 | $ | — | $ | 2 | $ | 228 | |||||||||||||
Derivative Contracts | ||||||||||||||||||||||||||
Current Liabilities | $ | (334 | ) | $ | 317 | $ | (17 | ) | $ | (2 | ) | $ | (1 | ) | $ | (20 | ) | |||||||||
Noncurrent Liabilities | (203 | ) | 189 | (14 | ) | — | — | (14 | ) | |||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (537 | ) | $ | 506 | $ | (31 | ) | $ | (2 | ) | $ | (1 | ) | $ | (34 | ) | |||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 187 | $ | 8 | $ | 195 | $ | (2 | ) | $ | 1 | $ | 194 | |||||||||||||
As of December 31, 2015 (A) | ||||||||||||||||||||||||||
Power | PSE&G | PSEG | Consolidated | |||||||||||||||||||||||
Not Designated | Not Designated | Designated as Hedges | ||||||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total Power | Energy- Related Contracts | Interest Rate Swaps | Total Derivatives | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||||||
Current Assets | $ | 700 | $ | (477 | ) | $ | 223 | $ | 13 | $ | 6 | $ | 242 | |||||||||||||
Noncurrent Assets | 208 | (131 | ) | 77 | — | — | 77 | |||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | 908 | $ | (608 | ) | $ | 300 | $ | 13 | $ | 6 | $ | 319 | |||||||||||||
Derivative Contracts | ||||||||||||||||||||||||||
Current Liabilities | $ | (513 | ) | $ | 437 | $ | (76 | ) | $ | — | $ | — | $ | (76 | ) | |||||||||||
Noncurrent Liabilities | (132 | ) | 116 | (16 | ) | (11 | ) | — | (27 | ) | ||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | (645 | ) | $ | 553 | $ | (92 | ) | $ | (11 | ) | $ | — | $ | (103 | ) | ||||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | 263 | $ | (55 | ) | $ | 208 | $ | 2 | $ | 6 | $ | 216 | |||||||||||||
(A) | Substantially all of Power's and PSEG's derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of June 30, 2016 and December 31, 2015. PSE&G does not have any derivative contracts subject to master netting or similar agreements. |
(B) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015, net cash collateral (received) paid of $8 million and $(55) million, respectively, were netted against the corresponding net derivative contract positions. Of the $8 million as of June 30, 2016, $(2) million of cash collateral was netted against current assets, and $10 million was netted against current liabilities. Of the $(55) million as of December 31, 2015, $(53) million and $(16) million were netted against current assets and noncurrent assets, respectively, and $12 million and $2 million were netted against current liabilities and noncurrent liabilities, respectively. |
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | |||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | — | $ | — | Operating Revenues | $ | — | $ | — | Operating Revenues | $ | — | $ | — | ||||||||||||||||
Interest Rate Swaps | (1 | ) | — | Interest Expense | — | — | Interest Expense | — | — | |||||||||||||||||||||
Total PSEG | $ | (1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Power | ||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | — | $ | — | Operating Revenues | $ | — | $ | — | Operating Revenues | $ | — | $ | — | ||||||||||||||||
Total Power | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion) | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | |||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
June 30, | June 30, | June 30, | ||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | — | $ | 1 | Operating Revenues | $ | — | $ | 17 | Operating Revenues | $ | — | $ | — | ||||||||||||||||
Interest Rate Swaps | 2 | — | Interest Expense | — | — | Interest Expense | — | — | ||||||||||||||||||||||
Total PSEG | $ | 2 | $ | 1 | $ | — | $ | 17 | $ | — | $ | — | ||||||||||||||||||
Power | ||||||||||||||||||||||||||||||
Energy-Related Contracts | $ | — | $ | 1 | Operating Revenues | $ | — | $ | 17 | Operating Revenues | $ | — | $ | — | ||||||||||||||||
Total Power | $ | — | $ | 1 | $ | — | $ | 17 | $ | — | $ | — | ||||||||||||||||||
Accumulated Other Comprehensive Income | Pre-Tax | After-Tax | |||||||||
Millions | |||||||||||
Balance as of December 31, 2014 | $ | 17 | $ | 10 | |||||||
Gain Recognized in AOCI | 3 | 2 | |||||||||
Less: Gain Reclassified into Income | (20 | ) | (12 | ) | |||||||
Balance as of December 31, 2015 | $ | — | $ | — | |||||||
Gain Recognized in AOCI | 3 | — | 2 | ||||||||
Less: Gain Reclassified into Income | — | — | |||||||||
Balance as of March 31, 2016 | $ | 3 | $ | 2 | |||||||
Loss Recognized in AOCI | (1 | ) | (1 | ) | |||||||
Less: Gain Reclassified into Income | — | — | |||||||||
Balance as of June 30, 2016 | $ | 2 | $ | 1 | |||||||
Derivatives Not Designated as Hedges | Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives | Pre-Tax Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Millions | ||||||||||||||||||||
PSEG and Power | ||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | (86 | ) | $ | 124 | $ | 130 | $ | 48 | ||||||||||
Energy-Related Contracts | Energy Costs | 6 | (10 | ) | 8 | — | ||||||||||||||
Total PSEG and Power | $ | (80 | ) | $ | 114 | $ | 138 | $ | 48 | |||||||||||
Type | Notional | Total | PSEG | Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of June 30, 2016 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | 347 | — | 327 | 20 | |||||||||||
Electricity | MWh | 326 | — | 326 | — | |||||||||||
Financial Transmission Rights (FTRs) | MWh | 21 | — | 21 | — | |||||||||||
Interest Rate Swaps | U.S. Dollars | 1,050 | 1,050 | — | — | |||||||||||
As of December 31, 2015 | ||||||||||||||||
Natural Gas | Dth | 201 | — | 168 | 33 | |||||||||||
Electricity | MWh | 299 | — | 299 | — | |||||||||||
FTRs | MWh | 23 | — | 23 | — | |||||||||||
Interest Rate Swaps | U.S. Dollars | 550 | 550 | — | — | |||||||||||
Rating | Current Exposure | Securities Held as Collateral | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade—External Rating | $ | 334 | $ | 129 | $ | 205 | 2 | $ | 125 | (A) | ||||||||||||
Non-Investment Grade—External Rating | 20 | — | 20 | — | — | |||||||||||||||||
Investment Grade—No External Rating | 8 | 1 | 7 | — | — | |||||||||||||||||
Non-Investment Grade—No External Rating | 3 | — | 3 | — | — | |||||||||||||||||
Total | $ | 365 | $ | 130 | $ | 235 | 2 | $ | 125 | |||||||||||||
(A) | Represents net exposure of $94 million with PSE&G. The remaining net exposure of $31 million is with a non-affiliated power purchaser which is an investment grade counterparty. |
Recurring Fair Value Measurements as of June 30, 2016 | ||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Millions | ||||||||||||||||||||||
PSEG | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 570 | $ | — | $ | 570 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 226 | $ | (498 | ) | $ | — | $ | 717 | $ | 7 | |||||||||||
Interest Rate Swaps (C) | $ | 2 | $ | — | $ | — | $ | 2 | $ | — | ||||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 865 | $ | — | $ | 865 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 526 | $ | — | $ | — | $ | 526 | $ | — | ||||||||||||
Debt Securities—Other | $ | 357 | $ | — | $ | — | $ | 357 | $ | — | ||||||||||||
Other Securities | $ | 49 | $ | — | $ | 49 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 21 | $ | — | $ | 21 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 106 | $ | — | $ | — | $ | 106 | $ | — | ||||||||||||
Debt Securities—Other | $ | 90 | $ | — | $ | — | $ | 90 | $ | — | ||||||||||||
Other Securities | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (33 | ) | $ | 506 | $ | — | $ | (537 | ) | $ | (2 | ) | |||||||||
Interest Rate Swaps (C) | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | $ | — | ||||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 125 | $ | — | $ | 125 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 4 | $ | — | $ | 4 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | ||||||||||||
Debt Securities—Other | $ | 18 | $ | — | $ | — | $ | 18 | $ | — | ||||||||||||
Other Securities | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (2 | ) | $ | — | $ | — | $ | — | $ | (2 | ) | ||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 226 | $ | (498 | ) | $ | — | $ | 717 | $ | 7 | |||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 865 | $ | — | $ | 865 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 526 | $ | — | $ | — | $ | 526 | $ | — | ||||||||||||
Debt Securities—Other | $ | 357 | $ | — | $ | — | $ | 357 | $ | — | ||||||||||||
Other Securities | $ | 49 | $ | — | $ | 49 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 26 | $ | — | $ | — | $ | 26 | $ | — | ||||||||||||
Debt Securities—Other | $ | 22 | $ | — | $ | — | $ | 22 | $ | — | ||||||||||||
Other Securities | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (31 | ) | $ | 506 | $ | — | $ | (537 | ) | $ | — | ||||||||||
Recurring Fair Value Measurements as of December 31, 2015 | ||||||||||||||||||||||
Description | Total | Netting (E) | Quoted Market Prices for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Millions | ||||||||||||||||||||||
PSEG | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 326 | $ | — | $ | 326 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 313 | $ | (608 | ) | $ | — | $ | 896 | $ | 25 | |||||||||||
Interest Rate Swaps (C) | $ | 6 | $ | — | $ | — | $ | 6 | $ | — | ||||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 865 | $ | — | $ | 865 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 488 | $ | — | $ | — | $ | 488 | $ | — | ||||||||||||
Debt Securities—Other | $ | 359 | $ | — | $ | — | $ | 359 | $ | — | ||||||||||||
Other Securities | $ | 42 | $ | — | $ | 42 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 22 | $ | — | $ | 22 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 108 | $ | — | $ | — | $ | 108 | $ | — | ||||||||||||
Debt Securities—Other | $ | 81 | $ | — | $ | — | $ | 81 | $ | — | ||||||||||||
Other Securities | $ | 2 | $ | — | $ | 2 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (103 | ) | $ | 553 | $ | — | $ | (644 | ) | $ | (12 | ) | |||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | 160 | $ | — | $ | 160 | $ | — | $ | — | ||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy Related Contracts (B) | $ | 13 | $ | — | $ | — | $ | — | $ | 13 | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 21 | $ | — | $ | — | $ | 21 | $ | — | ||||||||||||
Debt Securities—Other | $ | 16 | $ | — | $ | — | $ | 16 | $ | — | ||||||||||||
Other Securities | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (11 | ) | $ | — | $ | — | $ | — | $ | (11 | ) | ||||||||||
Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | 300 | $ | (608 | ) | $ | — | $ | 896 | $ | 12 | |||||||||||
NDT Fund (D) | ||||||||||||||||||||||
Equity Securities | $ | 865 | $ | — | $ | 865 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 488 | $ | — | $ | — | $ | 488 | $ | — | ||||||||||||
Debt Securities—Other | $ | 359 | $ | — | $ | — | $ | 359 | $ | — | ||||||||||||
Other Securities | $ | 42 | $ | — | $ | 42 | $ | — | $ | — | ||||||||||||
Rabbi Trust (D) | ||||||||||||||||||||||
Equity Securities—Mutual Funds | $ | 5 | $ | — | $ | 5 | $ | — | $ | — | ||||||||||||
Debt Securities—Govt Obligations | $ | 26 | $ | — | $ | — | $ | 26 | $ | — | ||||||||||||
Debt Securities—Other | $ | 20 | $ | — | $ | — | $ | 20 | $ | — | ||||||||||||
Other Securities | $ | 1 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | (92 | ) | $ | 553 | $ | — | $ | (644 | ) | $ | (1 | ) | |||||||||
(A) | Represents money market mutual funds. |
(B) | Level 2—Fair values for energy-related contracts are obtained primarily using a market-based approach. Most derivative contracts (forward purchase or sale contracts and swaps) are valued using the average of the bid/ask |
(C) | Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgment. |
(D) | The NDT Fund maintains investments in various equity and fixed income securities classified as “available for sale.” The Rabbi Trust maintains investments in an S&P 500 index fund and various fixed income securities classified as “available for sale.” These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). |
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. All cash collateral received or posted that has been allocated to derivative positions, where the right of offset exists, has been offset in the Condensed Consolidated Balance Sheets. As of June 30, 2016, net cash collateral (received) paid of $8 million was netted against the corresponding net derivative contract positions. Of the $8 million as of June 30, 2016, $(2) million of cash collateral was netted against assets, and $10 million was netted against liabilities. As of December 31, 2015, net cash collateral (received) paid of $(55) million was netted against the corresponding net derivative contract positions. Of the $(55) million of cash collateral as of December 31, 2015, $(69) million was netted against assets, and $14 million was netted against liabilities. |
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | June 30, 2016 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
PSE&G | ||||||||||||||||||
Gas | Natural Gas Supply Contracts | $ | — | $ | (2 | ) | Discounted Cash Flow | Transportation Costs | $0.60 to $0.80/Dth | |||||||||
Total PSE&G | $ | — | $ | (2 | ) | |||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 7 | $ | — | Discounted Cash flow | Historic Load Variability | 0% to +10% | ||||||||||
Total Power | $ | 7 | $ | — | ||||||||||||||
Total PSEG | $ | 7 | $ | (2 | ) | |||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | December 31, 2015 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
PSE&G | ||||||||||||||||||
Gas | Natural Gas Supply Contracts | $ | 13 | $ | (11 | ) | Discounted Cash Flow | Transportation Costs | $0.60 to $0.80/Dth | |||||||||
Total PSE&G | $ | 13 | $ | (11 | ) | |||||||||||||
Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | 11 | $ | (1 | ) | Discounted Cash Flow | Historic Load Variability | 0% to +10% | |||||||||
Electricity | Other | 1 | — | |||||||||||||||
Total Power | $ | 12 | $ | (1 | ) | |||||||||||||
Total PSEG | $ | 25 | $ | (12 | ) | |||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of April 1, 2016 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2016 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 21 | $ | 1 | $ | (12 | ) | $ | — | $ | (5 | ) | $ | — | $ | 5 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 10 | $ | — | $ | (12 | ) | $ | — | $ | — | $ | — | $ | (2 | ) | ||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 11 | $ | 1 | $ | — | $ | — | $ | (5 | ) | $ | — | $ | 7 | |||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2016 | Included in Income (A) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2016 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 13 | $ | 16 | $ | (4 | ) | $ | — | $ | (20 | ) | $ | — | $ | 5 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 2 | $ | — | $ | (4 | ) | $ | — | $ | — | $ | — | $ | (2 | ) | ||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 11 | $ | 16 | $ | — | $ | — | $ | (20 | ) | $ | — | $ | 7 | |||||||||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of April 1, 2015 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2015 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 9 | $ | 5 | $ | (2 | ) | $ | — | $ | (4 | ) | $ | — | $ | 8 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 7 | $ | — | $ | (2 | ) | $ | — | $ | — | $ | — | $ | 5 | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 2 | $ | 5 | $ | — | $ | — | $ | (4 | ) | $ | — | $ | 3 | |||||||||||||||
Six Months Ended June 30, 2015 | ||||||||||||||||||||||||||||||
Total Gains or (Losses) Realized/Unrealized | ||||||||||||||||||||||||||||||
Description | Balance as of January 1, 2015 | Included in Income (E) | Included in Regulatory Assets/ Liabilities (B) | Purchases (Sales) | Issuances/ Settlements (C) | Transfers In/Out (D) | Balance as of June 30, 2015 | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||
PSEG | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 37 | $ | 8 | $ | (21 | ) | $ | — | $ | (16 | ) | $ | — | $ | 8 | ||||||||||||||
PSE&G | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 26 | $ | — | $ | (21 | ) | $ | — | $ | — | $ | — | $ | 5 | |||||||||||||||
Power | ||||||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | 11 | $ | 8 | $ | — | $ | — | $ | (16 | ) | $ | — | $ | 3 | |||||||||||||||
(A) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $1 million and $16 million in Operating Income for the three months and six months ended June 30, 2016, respectively. Of the $1 million in Operating Income, $(4) million is unrealized. Of the $16 million in Operating Income, $(4) million is unrealized. |
(B) | Mainly includes gains/losses on PSE&G’s derivative contracts that are not included in either earnings or Accumulated Other Comprehensive Income, as they are deferred as a Regulatory Asset/Liability and are expected to be recovered from/returned to PSE&G’s customers. |
(C) | Represents $(5) million and $(20) million in settlements for the three months and six months ended June 30, 2016, respectively. Represents $(4) million and $(16) million in settlements for the three months and six months ended June 30, 2015, respectively. |
(D) | There were no transfers among levels during the three months and six months ended June 30, 2016 and 2015. |
(E) | PSEG’s and Power’s gains and losses attributable to changes in net derivative assets and liabilities include $5 million and $8 million in Operating Income for the three months and six months ended June 30, 2015, respectively. The $5 million in Operating Income is realized. Of the $8 million in Operating Income, $(9) million is unrealized. |
As of | As of | ||||||||||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (Parent) (A) | $ | 501 | $ | 502 | $ | 503 | $ | 506 | |||||||||
PSE&G (B) | 7,494 | 8,624 | 6,821 | 7,235 | |||||||||||||
Power - Recourse Debt (B) | 2,933 | 3,274 | 2,237 | 2,508 | |||||||||||||
Energy Holdings: | |||||||||||||||||
Project Level, Non-Recourse Debt (C) | 7 | 7 | 7 | 7 | |||||||||||||
Total Long-Term Debt | $ | 10,935 | $ | 12,407 | $ | 9,568 | $ | 10,256 | |||||||||
(A) | Fair value includes a $500 million floating rate term loan and net offsets to debt resulting from adjustments from interest rate swaps entered into to hedge certain debt at Power. The fair value of the term loan debt (Level 2 measurement) was considered to be equal to the carrying value because the interest payments are based on LIBOR rates that are reset monthly. Carrying amount includes such fair value reduced by the unamortized premium resulting from a debt exchange entered into between Power and Energy Holdings. |
(B) | Given that most bonds do not trade, the fair value amounts of taxable debt securities (primarily Level 2 measurements) are generally determined by a valuation model that is based on a conventional discounted cash flow methodology and utilizes assumptions of current market pricing curves. In order to incorporate the credit risk into the discount rates, pricing is obtained (i.e. U.S. Treasury rate plus credit spread) based on expected new issue pricing across each of the companies’ respective debt maturity spectrum. The credit spreads of various tenors obtained from this information are added to the appropriate benchmark U.S. Treasury rates in order to determine the current market yields for the various tenors. The yields are then converted into discount rates of various tenors that are used for discounting the respective cash flows of the same tenor for each bond or note. |
(C) | Non-recourse project debt is valued as equivalent to the amortized cost and is classified as a Level 3 measurement. |
Other Income | PSE&G | Power | Other (A) | Consolidated | |||||||||||||
Millions | |||||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 23 | $ | — | $ | 23 | |||||||||
Allowance for Funds Used During Construction | 10 | — | — | 10 | |||||||||||||
Solar Loan Interest | 5 | — | — | 5 | |||||||||||||
Other | 4 | 2 | — | 6 | |||||||||||||
Total Other Income | $ | 19 | $ | 25 | $ | — | $ | 44 | |||||||||
Six Months Ended June 30, 2016 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 48 | $ | — | $ | 48 | |||||||||
Allowance for Funds Used During Construction | 21 | — | — | 21 | |||||||||||||
Solar Loan Interest | 11 | — | — | 11 | |||||||||||||
Other | 7 | 3 | 2 | 12 | |||||||||||||
Total Other Income | $ | 39 | $ | 51 | $ | 2 | $ | 92 | |||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 25 | $ | — | $ | 25 | |||||||||
Allowance for Funds Used During Construction | 12 | — | — | 12 | |||||||||||||
Solar Loan Interest | 6 | — | — | 6 | |||||||||||||
Gain on Insurance Recovery | — | 28 | — | 28 | |||||||||||||
Other | 1 | 2 | 2 | 5 | |||||||||||||
Total Other Income | $ | 19 | $ | 55 | $ | 2 | $ | 76 | |||||||||
Six Months Ended June 30, 2015 | |||||||||||||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ | — | $ | 54 | $ | — | $ | 54 | |||||||||
Allowance for Funds Used During Construction | 22 | — | — | 22 | |||||||||||||
Solar Loan Interest | 12 | — | — | 12 | |||||||||||||
Gain on Insurance Recovery | — | 28 | — | 28 | |||||||||||||
Other | 3 | 2 | 3 | 8 | |||||||||||||
Total Other Income | $ | 37 | $ | 84 | $ | 3 | $ | 124 | |||||||||
Other Deductions | PSE&G | Power | Other (A) | Consolidated | |||||||||||||
Millions | |||||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 8 | $ | — | $ | 8 | |||||||||
Other | 1 | 1 | — | 2 | |||||||||||||
Total Other Deductions | $ | 1 | $ | 9 | $ | — | $ | 10 | |||||||||
Six Months Ended June 30, 2016 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 26 | $ | — | $ | 26 | |||||||||
Other | 2 | 1 | 2 | 5 | |||||||||||||
Total Other Deductions | $ | 2 | $ | 27 | $ | 2 | $ | 31 | |||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 6 | $ | — | $ | 6 | |||||||||
Other | 1 | 1 | 2 | 4 | |||||||||||||
Total Other Deductions | $ | 1 | $ | 7 | $ | 2 | $ | 10 | |||||||||
Six Months Ended June 30, 2015 | |||||||||||||||||
NDT Fund Realized Losses and Expenses | $ | — | $ | 17 | $ | — | $ | 17 | |||||||||
Other | 2 | 1 | 2 | 5 | |||||||||||||
Total Other Deductions | $ | 2 | $ | 18 | $ | 2 | $ | 22 | |||||||||
(A) | Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations. |
Three Months Ended | Six Months Ended | ||||||||
June 30, | June 30, | ||||||||
2016 | 2015 | 2016 | 2015 | ||||||
PSEG | 32.7% | 35.0% | 36.2% | 38.5% | |||||
PSE&G | 35.4% | 38.4% | 36.1% | 39.0% | |||||
Power | 50.0% | 30.3% | 39.5% | 37.9% | |||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2016 | $ | 2 | $ | (378 | ) | $ | 107 | $ | (269 | ) | ||||||||
Other Comprehensive Income before Reclassifications | (1 | ) | — | 8 | 7 | |||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 8 | 2 | 10 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (1 | ) | 8 | 10 | 17 | |||||||||||||
Balance as of June 30, 2016 | $ | 1 | $ | (370 | ) | $ | 117 | $ | (252 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2015 | $ | 1 | $ | (403 | ) | $ | 132 | $ | (270 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | (14 | ) | (14 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 8 | (1 | ) | 7 | |||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 8 | (15 | ) | (7 | ) | ||||||||||||
Balance as of June 30, 2015 | $ | 1 | $ | (395 | ) | $ | 117 | $ | (277 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2015 | $ | — | $ | (386 | ) | $ | 91 | $ | (295 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 18 | 19 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 16 | 8 | 24 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | 1 | 16 | 26 | 43 | ||||||||||||||
Balance as of June 30, 2016 | $ | 1 | $ | (370 | ) | $ | 117 | $ | (252 | ) | ||||||||
PSEG | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2015 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 10 | $ | (411 | ) | $ | 118 | $ | (283 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 2 | 3 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (10 | ) | 16 | (3 | ) | 3 | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (9 | ) | 16 | (1 | ) | 6 | ||||||||||||
Balance as of June 30, 2015 | $ | 1 | $ | (395 | ) | $ | 117 | $ | (277 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2016 | $ | — | $ | (320 | ) | $ | 103 | $ | (217 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 6 | 6 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | 3 | 10 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 7 | 9 | 16 | ||||||||||||||
Balance as of June 30, 2016 | $ | — | $ | (313 | ) | $ | 112 | $ | (201 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Three Months Ended June 30, 2015 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2015 | $ | 2 | $ | (344 | ) | $ | 126 | $ | (216 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | (14 | ) | (14 | ) | ||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 7 | — | 7 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 7 | (14 | ) | (7 | ) | ||||||||||||
Balance as of June 30, 2015 | $ | 2 | $ | (337 | ) | $ | 112 | $ | (223 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2016 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2015 | $ | — | $ | (327 | ) | $ | 87 | $ | (240 | ) | ||||||||
Other Comprehensive Income before Reclassifications | — | — | 16 | 16 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | — | 14 | 9 | 23 | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | — | 14 | 25 | 39 | ||||||||||||||
Balance as of June 30, 2016 | $ | — | $ | (313 | ) | $ | 112 | $ | (201 | ) | ||||||||
Power | Other Comprehensive Income (Loss) | |||||||||||||||||
Six Months Ended June 30, 2015 | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2014 | $ | 11 | $ | (351 | ) | $ | 112 | $ | (228 | ) | ||||||||
Other Comprehensive Income before Reclassifications | 1 | — | 2 | 3 | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (10 | ) | 14 | (2 | ) | 2 | ||||||||||||
Net Current Period Other Comprehensive Income (Loss) | (9 | ) | 14 | — | 5 | |||||||||||||
Balance as of June 30, 2015 | $ | 2 | $ | (337 | ) | $ | 112 | $ | (223 | ) | ||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | ||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2016 | June 30, 2016 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 6 | (2 | ) | 4 | ||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (17 | ) | 7 | (10 | ) | (34 | ) | 14 | (20 | ) | ||||||||||||||||
Total Pension and OPEB Plans | (14 | ) | 6 | (8 | ) | (28 | ) | 12 | (16 | ) | |||||||||||||||||
Available-for-Sale Securities | |||||||||||||||||||||||||||
Realized Gains | Other Income | 12 | (6 | ) | 6 | 28 | (14 | ) | 14 | ||||||||||||||||||
Realized Losses | Other Deductions | (7 | ) | 4 | (3 | ) | (24 | ) | 12 | (12 | ) | ||||||||||||||||
Other-Than-Temporary Impairments (OTTI) | OTTI | (10 | ) | 5 | (5 | ) | (20 | ) | 10 | (10 | ) | ||||||||||||||||
Total Available-for-Sale Securities | (5 | ) | 3 | (2 | ) | (16 | ) | 8 | (8 | ) | |||||||||||||||||
Total | $ | (19 | ) | $ | 9 | $ | (10 | ) | $ | (44 | ) | $ | 20 | $ | (24 | ) | |||||||||||
PSEG | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2015 | June 30, 2015 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | — | $ | — | $ | — | $ | 17 | $ | (7 | ) | $ | 10 | ||||||||||||||
Total Cash Flow Hedges | — | — | — | 17 | (7 | ) | 10 | |||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 6 | (2 | ) | 4 | |||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (17 | ) | 7 | (10 | ) | (34 | ) | 14 | (20 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (14 | ) | 6 | (8 | ) | (28 | ) | 12 | (16 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains | Other Income | 16 | (8 | ) | 8 | 35 | (18 | ) | 17 | |||||||||||||||||||
Realized Losses | Other Deductions | (4 | ) | 2 | (2 | ) | (13 | ) | 7 | (6 | ) | |||||||||||||||||
OTTI | OTTI | (10 | ) | 5 | (5 | ) | (15 | ) | 7 | (8 | ) | |||||||||||||||||
Total Available-for-Sale Securities | 2 | (1 | ) | 1 | 7 | (4 | ) | 3 | ||||||||||||||||||||
Total | $ | (12 | ) | $ | 5 | $ | (7 | ) | $ | (4 | ) | $ | 1 | $ | (3 | ) | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2016 | June 30, 2016 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | $ | 2 | $ | (1 | ) | $ | 1 | $ | 5 | $ | (2 | ) | $ | 3 | |||||||||||||
Amortization of Actuarial Loss | O&M Expense | (14 | ) | 6 | (8 | ) | (29 | ) | 12 | (17 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (12 | ) | 5 | (7 | ) | (24 | ) | 10 | (14 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains | Other Income | 10 | (5 | ) | 5 | 25 | (13 | ) | 12 | |||||||||||||||||||
Realized Losses | Other Deductions | (6 | ) | 3 | (3 | ) | (22 | ) | 11 | (11 | ) | |||||||||||||||||
OTTI | OTTI | (10 | ) | 5 | (5 | ) | (20 | ) | 10 | (10 | ) | |||||||||||||||||
Total Available-for-Sale Securities | (6 | ) | 3 | (3 | ) | (17 | ) | 8 | (9 | ) | ||||||||||||||||||
Total | $ | (18 | ) | $ | 8 | $ | (10 | ) | $ | (41 | ) | $ | 18 | $ | (23 | ) | ||||||||||||
Power | Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement | |||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | Location of Pre-Tax Amount In Statement of Operations | June 30, 2015 | June 30, 2015 | |||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | |||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||
Cash Flow Hedges | ||||||||||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | — | $ | — | $ | — | $ | 17 | $ | (7 | ) | $ | 10 | ||||||||||||||
Total Cash Flow Hedges | — | — | — | 17 | (7 | ) | 10 | |||||||||||||||||||||
Pension and OPEB Plans | ||||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | O&M Expense | 3 | (1 | ) | 2 | 6 | (2 | ) | 4 | |||||||||||||||||||
Amortization of Actuarial Loss | O&M Expense | (15 | ) | 6 | (9 | ) | (30 | ) | 12 | (18 | ) | |||||||||||||||||
Total Pension and OPEB Plans | (12 | ) | 5 | (7 | ) | (24 | ) | 10 | (14 | ) | ||||||||||||||||||
Available-for-Sale Securities | ||||||||||||||||||||||||||||
Realized Gains | Other Income | 14 | (7 | ) | 7 | 33 | (17 | ) | 16 | |||||||||||||||||||
Realized Losses | Other Deductions | (4 | ) | 2 | (2 | ) | (13 | ) | 7 | (6 | ) | |||||||||||||||||
OTTI | OTTI | (10 | ) | 5 | (5 | ) | (15 | ) | 7 | (8 | ) | |||||||||||||||||
Total Available-for-Sale Securities | — | — | — | 5 | (3 | ) | 2 | |||||||||||||||||||||
Total | $ | (12 | ) | $ | 5 | $ | (7 | ) | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||||||||||||||||||
Net Income | $ | 187 | $ | 187 | $ | 345 | $ | 345 | $ | 658 | $ | 658 | $ | 931 | $ | 931 | |||||||||||||||||
EPS Denominator (Millions): | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | 505 | 505 | 506 | 506 | 505 | 505 | 506 | 506 | |||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | — | 3 | — | 2 | — | 3 | — | 2 | |||||||||||||||||||||||||
Total Shares | 505 | 508 | 506 | 508 | 505 | 508 | 506 | 508 | |||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||||||||
Net Income | $ | 0.37 | $ | 0.37 | $ | 0.68 | $ | 0.68 | $ | 1.30 | $ | 1.30 | $ | 1.84 | $ | 1.83 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Dividend Payments on Common Stock | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Per Share | $ | 0.41 | $ | 0.39 | $ | 0.82 | $ | 0.78 | |||||||||
In Millions | $ | 208 | $ | 197 | $ | 415 | $ | 394 | |||||||||
PSE&G | Power | Other (A) | Eliminations (B) | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,350 | $ | 714 | $ | 127 | $ | (286 | ) | $ | 1,905 | ||||||||||
Net Income (Loss) | 179 | (11 | ) | 19 | — | 187 | |||||||||||||||
Gross Additions to Long-Lived Assets | 631 | 265 | 10 | — | 906 | ||||||||||||||||
Six Months Ended June 30, 2016 | |||||||||||||||||||||
Operating Revenues | $ | 3,062 | $ | 2,027 | $ | 249 | $ | (817 | ) | $ | 4,521 | ||||||||||
Net Income (Loss) | 441 | 181 | 36 | — | 658 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 1,355 | 598 | 18 | — | 1,971 | ||||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||||
Total Operating Revenues | $ | 1,466 | $ | 1,025 | $ | 108 | $ | (285 | ) | $ | 2,314 | ||||||||||
Net Income (Loss) | 167 | 166 | 12 | — | 345 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 631 | 348 | 17 | — | 996 | ||||||||||||||||
Six Months Ended June 30, 2015 | |||||||||||||||||||||
Operating Revenues | $ | 3,468 | $ | 2,750 | $ | 206 | $ | (975 | ) | $ | 5,449 | ||||||||||
Net Income (Loss) | 409 | 501 | 21 | — | 931 | ||||||||||||||||
Gross Additions to Long-Lived Assets | 1,230 | 487 | 26 | — | 1,743 | ||||||||||||||||
As of June 30, 2016 | |||||||||||||||||||||
Total Assets | $ | 24,737 | $ | 13,278 | $ | 2,873 | $ | (1,843 | ) | $ | 39,045 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 112 | $ | — | $ | — | $ | 112 | |||||||||||
As of December 31, 2015 | |||||||||||||||||||||
Total Assets | $ | 23,677 | $ | 12,250 | $ | 2,810 | $ | (1,202 | ) | $ | 37,535 | ||||||||||
Investments in Equity Method Subsidiaries | $ | — | $ | 119 | $ | — | $ | — | $ | 119 | |||||||||||
(A) | Includes amounts applicable to Energy Holdings and PSEG LI, which are below the quantitative threshold for separate disclosure as reportable segments. Other also includes amounts applicable to PSEG (parent corporation) and Services. |
(B) | Intercompany eliminations primarily relate to intercompany transactions between PSE&G and Power. No gains or losses are recorded on any intercompany transactions; rather, all intercompany transactions are at cost or, in the case of the BGS and BGSS contracts between PSE&G and Power, at rates prescribed by the BPU. For a further discussion of the intercompany transactions between PSE&G and Power, see Note 17. Related-Party Transactions. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Millions | |||||||||||||||||
Billings from Affiliates: | |||||||||||||||||
Net Billings from Power primarily through BGS and BGSS (A) | $ | 297 | $ | 297 | $ | 842 | $ | 993 | |||||||||
Administrative Billings from Services (B) | 82 | 65 | 151 | 131 | |||||||||||||
Total Billings from Affiliates | $ | 379 | $ | 362 | $ | 993 | $ | 1,124 | |||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2016 | December 31, 2015 | |||||||
Millions | |||||||||
Receivables from PSEG (C) | $ | — | $ | 222 | |||||
Payable to Power (A) | $ | 94 | $ | 212 | |||||
Payable to Services (B) | 79 | 80 | |||||||
Payable to PSEG (C) | 6 | — | |||||||
Accounts Payable—Affiliated Companies | $ | 179 | $ | 292 | |||||
Working Capital Advances to Services (D) | $ | 33 | $ | 33 | |||||
Long-Term Accrued Taxes Payable | $ | 99 | $ | 109 | |||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Millions | |||||||||||||||||
Billings to Affiliates: | |||||||||||||||||
Net Billings to PSE&G primarily through BGS and BGSS (A) | $ | 297 | $ | 297 | $ | 842 | $ | 993 | |||||||||
Billings from Affiliates: | |||||||||||||||||
Administrative Billings from Services (B) | $ | 45 | $ | 46 | $ | 90 | $ | 91 | |||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2016 | December 31, 2015 | |||||||
Millions | |||||||||
Receivables from PSE&G (A) | $ | 94 | $ | 212 | |||||
Receivables from PSEG (C) | — | 64 | |||||||
Accounts Receivable—Affiliated Companies | $ | 94 | $ | 276 | |||||
Payable to Services (B) | $ | 28 | $ | 33 | |||||
Payable to PSEG (C) | 74 | — | |||||||
Accounts Payable—Affiliated Companies | $ | 102 | $ | 33 | |||||
Short-Term Loan Due (to) from Affiliate (E) | $ | 1,335 | $ | 363 | |||||
Working Capital Advances to Services (D) | $ | 17 | $ | 17 | |||||
Long-Term Accrued Taxes Payable | $ | 22 | $ | 35 | |||||
(A) | PSE&G has entered into a requirements contract with Power under which Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Power has also entered into contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, Power and PSE&G provide certain technical services for each other in compliance with FERC and BPU affiliate rules. |
(B) | Services provides and bills administrative services to PSE&G and Power at cost. In addition, PSE&G and Power have other payables to Services, including amounts related to certain common costs, such as pension and OPEB costs, which Services pays on behalf of each of the operating companies. |
(C) | PSEG files a consolidated federal income tax return with its affiliated companies. A tax allocation agreement exists between PSEG and each of its affiliated companies. The general operation of these agreements is that the subsidiary company will compute its taxable income on a stand-alone basis. If the result is a net tax liability, such amount shall be paid to PSEG. If there are net operating losses and/or tax credits, the subsidiary shall receive payment for the tax savings from PSEG to the extent that PSEG is able to utilize those benefits. |
(D) | PSE&G and Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and Power’s Condensed Consolidated Balance Sheets. |
(E) | Power’s short-term loans with PSEG are for working capital and other short-term needs. Interest Income and Interest Expense relating to these short-term funding activities were immaterial. |
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 700 | $ | 46 | $ | (32 | ) | $ | 714 | ||||||||||
Operating Expenses | 2 | 716 | 40 | (32 | ) | 726 | |||||||||||||||
Operating Income (Loss) | (2 | ) | (16 | ) | 6 | — | (12 | ) | |||||||||||||
Equity Earnings (Losses) of Subsidiaries | (1 | ) | 1 | 4 | — | 4 | |||||||||||||||
Other Income | 17 | 30 | — | (22 | ) | 25 | |||||||||||||||
Other Deductions | — | (9 | ) | — | — | (9 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (10 | ) | — | — | (10 | ) | ||||||||||||||
Interest Expense | (31 | ) | (7 | ) | (4 | ) | 22 | (20 | ) | ||||||||||||
Income Tax Benefit (Expense) | 6 | 3 | 2 | — | 11 | ||||||||||||||||
Net Income (Loss) | $ | (11 | ) | $ | (8 | ) | $ | 8 | $ | — | $ | (11 | ) | ||||||||
Comprehensive Income (Loss) | $ | 5 | $ | 1 | $ | 8 | $ | (9 | ) | $ | 5 | ||||||||||
Six Months Ended June 30, 2016 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 2,002 | $ | 88 | $ | (63 | ) | $ | 2,027 | ||||||||||
Operating Expenses | 12 | 1,668 | 79 | (63 | ) | 1,696 | |||||||||||||||
Operating Income (Loss) | (12 | ) | 334 | 9 | — | 331 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 204 | — | 6 | (204 | ) | 6 | |||||||||||||||
Other Income | 34 | 62 | — | (45 | ) | 51 | |||||||||||||||
Other Deductions | — | (27 | ) | — | — | (27 | ) | ||||||||||||||
Other-Than-Temporary Impairments | — | (20 | ) | — | — | (20 | ) | ||||||||||||||
Interest Expense | (61 | ) | (17 | ) | (9 | ) | 45 | (42 | ) | ||||||||||||
Income Tax Benefit (Expense) | 16 | (137 | ) | 3 | — | (118 | ) | ||||||||||||||
Net Income (Loss) | $ | 181 | $ | 195 | $ | 9 | $ | (204 | ) | $ | 181 | ||||||||||
Comprehensive Income (Loss) | $ | 220 | $ | 220 | $ | 9 | $ | (229 | ) | $ | 220 | ||||||||||
Six Months Ended June 30, 2016 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 337 | $ | 777 | $ | 159 | $ | (356 | ) | $ | 917 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (1,287 | ) | $ | (504 | ) | $ | (395 | ) | $ | 579 | $ | (1,607 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | 951 | $ | (273 | ) | $ | 239 | $ | (223 | ) | $ | 694 | |||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 1,012 | $ | 39 | $ | (26 | ) | $ | 1,025 | ||||||||||
Operating Expenses | (1 | ) | 787 | 37 | (26 | ) | 797 | ||||||||||||||
Operating Income (Loss) | 1 | 225 | 2 | — | 228 | ||||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 186 | (1 | ) | 5 | (185 | ) | 5 | ||||||||||||||
Other Income | 12 | 55 | — | (12 | ) | 55 | |||||||||||||||
Other Deductions | (1 | ) | (6 | ) | — | — | (7 | ) | |||||||||||||
Other-Than-Temporary Impairments | — | (10 | ) | — | — | (10 | ) | ||||||||||||||
Interest Expense | (33 | ) | (7 | ) | (5 | ) | 12 | (33 | ) | ||||||||||||
Income Tax Benefit (Expense) | 1 | (73 | ) | — | — | (72 | ) | ||||||||||||||
Net Income (Loss) | $ | 166 | $ | 183 | $ | 2 | $ | (185 | ) | $ | 166 | ||||||||||
Comprehensive Income (Loss) | $ | 159 | $ | 169 | $ | 2 | $ | (171 | ) | $ | 159 | ||||||||||
Six Months Ended June 30, 2015 | |||||||||||||||||||||
Operating Revenues | $ | — | $ | 2,727 | $ | 107 | $ | (84 | ) | $ | 2,750 | ||||||||||
Operating Expenses | 4 | 1,918 | 100 | (84 | ) | 1,938 | |||||||||||||||
Operating Income (Loss) | (4 | ) | 809 | 7 | — | 812 | |||||||||||||||
Equity Earnings (Losses) of Subsidiaries | 535 | (2 | ) | 8 | (533 | ) | 8 | ||||||||||||||
Other Income | 23 | 85 | — | (24 | ) | 84 | |||||||||||||||
Other Deductions | (1 | ) | (17 | ) | — | — | (18 | ) | |||||||||||||
Other-Than-Temporary Impairments | — | (15 | ) | — | — | (15 | ) | ||||||||||||||
Interest Expense | (62 | ) | (16 | ) | (10 | ) | 24 | (64 | ) | ||||||||||||
Income Tax Benefit (Expense) | 10 | (315 | ) | (1 | ) | — | (306 | ) | |||||||||||||
Net Income (Loss) | $ | 501 | $ | 529 | $ | 4 | $ | (533 | ) | $ | 501 | ||||||||||
Comprehensive Income (Loss) | $ | 506 | $ | 520 | $ | 4 | $ | (524 | ) | $ | 506 | ||||||||||
Six Months Ended June 30, 2015 | |||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 410 | $ | 1,508 | $ | 61 | $ | (687 | ) | $ | 1,292 | ||||||||||
Net Cash Provided By (Used In) Investing Activities | $ | (480 | ) | $ | (963 | ) | $ | (210 | ) | $ | 766 | $ | (887 | ) | |||||||
Net Cash Provided By (Used In) Financing Activities | $ | 70 | $ | (543 | ) | $ | 150 | $ | (79 | ) | $ | (402 | ) | ||||||||
Power | Guarantor Subsidiaries | Other Subsidiaries | Consolidating Adjustments | Total | |||||||||||||||||
Millions | |||||||||||||||||||||
As of June 30, 2016 | |||||||||||||||||||||
Current Assets | $ | 5,490 | $ | 1,655 | $ | 231 | $ | (4,828 | ) | $ | 2,548 | ||||||||||
Property, Plant and Equipment, net | 58 | 6,476 | 1,944 | — | 8,478 | ||||||||||||||||
Investment in Subsidiaries | 4,419 | 345 | — | (4,764 | ) | — | |||||||||||||||
Noncurrent Assets | 134 | 2,041 | 128 | (51 | ) | 2,252 | |||||||||||||||
Total Assets | $ | 10,101 | $ | 10,517 | $ | 2,303 | $ | (9,643 | ) | $ | 13,278 | ||||||||||
Current Liabilities | $ | 1,079 | $ | 3,719 | $ | 1,293 | $ | (4,828 | ) | $ | 1,263 | ||||||||||
Noncurrent Liabilities | 420 | 2,652 | 392 | (51 | ) | 3,413 | |||||||||||||||
Long-Term Debt | 2,380 | — | — | — | 2,380 | ||||||||||||||||
Member's Equity | 6,222 | 4,146 | 618 | (4,764 | ) | 6,222 | |||||||||||||||
Total Liabilities and Member's Equity | $ | 10,101 | $ | 10,517 | $ | 2,303 | $ | (9,643 | ) | $ | 13,278 | ||||||||||
As of December 31, 2015 | |||||||||||||||||||||
Current Assets | $ | 4,501 | $ | 1,912 | $ | 364 | $ | (4,828 | ) | $ | 1,949 | ||||||||||
Property, Plant and Equipment, net | 83 | 6,502 | 1,542 | — | 8,127 | ||||||||||||||||
Investment in Subsidiaries | 4,501 | 346 | — | (4,847 | ) | — | |||||||||||||||
Noncurrent Assets | 155 | 1,959 | 136 | (76 | ) | 2,174 | |||||||||||||||
Total Assets | $ | 9,240 | $ | 10,719 | $ | 2,042 | $ | (9,751 | ) | $ | 12,250 | ||||||||||
Current Liabilities | $ | 1,112 | $ | 3,866 | $ | 1,076 | $ | (4,828 | ) | $ | 1,226 | ||||||||||
Noncurrent Liabilities | 442 | 2,597 | 375 | (76 | ) | 3,338 | |||||||||||||||
Long-Term Debt | 1,684 | — | — | — | 1,684 | ||||||||||||||||
Member's Equity | 6,002 | 4,256 | 591 | (4,847 | ) | 6,002 | |||||||||||||||
Total Liabilities and Member's Equity | $ | 9,240 | $ | 10,719 | $ | 2,042 | $ | (9,751 | ) | $ | 12,250 | ||||||||||
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) |
• | PSE&G, our public utility company which is engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU) and the Federal Energy Regulatory Commission (FERC). PSE&G also invests in solar generation projects and has implemented energy efficiency and demand response programs in New Jersey, which are regulated by the BPU, and |
• | Power, our multi-regional, wholesale energy supply company that integrates its generating asset operations and gas supply commitments with its wholesale energy, fuel supply and energy transacting functions primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), the Environmental Protection Agency (EPA), and the states in which they operate. |
• | improving utility operations through growth in investment in T&D and other infrastructure projects designed to enhance resiliency, and |
• | maintaining and expanding a reliable generation fleet with the flexibility to utilize a diverse mix of fuels which allows us to respond to market volatility and capitalize on opportunities as they arise. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Earnings | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Millions | |||||||||||||||||
PSE&G | $ | 179 | $ | 167 | $ | 441 | $ | 409 | |||||||||
Power (A) | (11 | ) | 166 | 181 | 501 | ||||||||||||
Other (B) | 19 | 12 | 36 | 21 | |||||||||||||
PSEG Net Income | $ | 187 | $ | 345 | $ | 658 | $ | 931 | |||||||||
PSEG Net Income Per Share (Diluted) | $ | 0.37 | $ | 0.68 | $ | 1.30 | $ | 1.83 | |||||||||
(A) | Includes an after-tax insurance recovery for Superstorm Sandy of $27 million and $102 million in the three months and six months ended June 30, 2015, respectively. |
(B) | Other includes activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||
Millions, after tax | |||||||||||||||||
NDT Fund Income (Expense) (A) (B) | $ | (1 | ) | $ | 1 | $ | (6 | ) | $ | 3 | |||||||
Non-Trading MTM Gains (Losses) (C) | $ | (101 | ) | $ | 28 | $ | (88 | ) | 8 | ||||||||
(A) | NDT Fund Income (Expense) includes the realized gains and losses, interest and dividend income and other costs related to the NDT Fund which are recorded in Other Income and Deductions, and impairments on certain NDT securities recorded as Other-Than-Temporary Impairments. Interest accretion expense on Power’s nuclear Asset Retirement Obligation (ARO) is recorded in Operation and Maintenance (O&M) Expense and the depreciation related to the ARO asset is recorded in Depreciation and Amortization Expense. |
(B) | Net of tax (expense) benefit of $(1) million, $(2) million, $2 million and $(7) million for the three and six months ended June 30, 2016 and 2015, respectively. |
(C) | Net of tax (expense) benefit of $70 million, $(20) million, $61 million and $(6) million for the three and six months ended June 30, 2016 and 2015, respectively. |
• | MTM losses in 2016 as compared to MTM gains in 2015, |
• | lower volumes of energy sold at lower average realized prices primarily in the PJM Interconnection, L.L.C. (PJM) region, |
• | higher congestion costs in PJM resulting from credits received in 2015 due to the colder than normal weather, and |
• | insurance recoveries received primarily by Power in 2015 related to Superstorm Sandy. |
• | higher revenues due to increased investments in transmission projects, |
• | lower generation costs driven by lower natural gas prices and reduced generation output, and |
• | lower O&M expense at Power due to higher costs incurred in 2015 for planned major outages. |
• | MTM losses in 2016 as compared to MTM gains in 2015, |
• | lower volumes of energy sold at lower average realized sales primarily in the PJM region and lower volumes of energy sold under wholesale load contracts, |
• | lower operating reserve revenues and capacity revenues in PJM, |
• | lower volumes of gas sold at lower average prices under the Basic Gas Supply Service (BGSS) contract, and |
• | insurance recoveries received primarily by Power in 2015 related to Superstorm Sandy. |
• | higher revenues due to increased investments in transmission projects. |
• | total nuclear fleet achieved an average capacity factor of 91.2%, and |
• | diverse fuel mix and dispatch flexibility allowed us to generate approximately 26 terra-watt hours while addressing unit outages and balancing fuel availability and price volatility. |
• | had cash on hand of $648 million as of June 30, 2016, |
• | maintained solid investment grade credit ratings, and |
• | increased our indicative annual dividend for 2016 to $1.64 per share. |
• | made additional investments in transmission infrastructure projects, |
• | began executing our GSMP and continued executing Energy Strong and other existing BPU-approved utility programs, |
• | commenced construction of our Keys and Sewaren 7 generation projects for targeted commercial operation in 2018 and announced our plan to construct BH5 and commence operations in mid-2019, and |
• | acquired three solar energy projects totaling 100 MW-direct current in North Carolina and Colorado expected to go into service during 2016. |
• | focus on controlling costs while maintaining safety and reliability and complying with applicable standards and requirements, |
• | successfully manage our energy obligations and re-contract our open supply positions, |
• | execute our utility capital investment program, including our Energy Strong program, GSMP and other investments for growth that yield contemporaneous and reasonable risk-adjusted returns, while enhancing the resiliency of our infrastructure and maintaining the reliability of the service we provide to our customers, |
• | effectively manage construction of our Keys, Sewaren 7, BH5 and other generation projects, |
• | advocate for measures to ensure the implementation by PJM and FERC of market design and transmission planning rules that continue to promote fair and efficient electricity markets, |
• | engage multiple stakeholders, including regulators, government officials, customers and investors, and |
• | successfully operate the LIPA T&D system and manage LIPA's fuel supply and generation dispatch obligations. |
• | regulatory and political uncertainty, both with regard to future energy policy, design of energy and capacity markets, transmission policy and environmental regulation, as well as with respect to the outcome of any legal, regulatory or other proceeding, settlement, investigation or claim, applicable to us and/or the energy industry, |
• | fair and timely rate relief from the BPU and FERC for recovery of costs and return on investments, including with respect to our base rate case which must be filed with the BPU no later than November 1, 2017, |
• | uncertainty in the slowly improving national and regional economic recovery, continuing customer conservation efforts, changes in energy usage patterns and evolving technologies, which impact customer behaviors and demand, |
• | the potential for continued reductions in demand and sustained lower natural gas and electricity prices, both at market hubs and the locations where we operate, |
• | delays and other obstacles that might arise in connection with the construction of our T&D, generation and other development projects, including in connection with permitting and regulatory approvals, and |
• | FERC Staff’s continuing investigation of certain of Power’s New Jersey fossil generating unit bids in the PJM energy market. |
• | the acquisition, construction or disposition of transmission and distribution facilities and/or generation units, |
• | the disposition or reorganization of our merchant generation business or other existing businesses or the acquisition or development of new businesses, such as retail energy marketing, |
• | the expansion of our geographic footprint, |
• | continued or expanded participation in solar, demand response and energy efficiency programs, and |
• | investments in capital improvements and additions, including the installation of environmental upgrades and retrofits, improvements to system resiliency and modernizing existing infrastructure. |
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,905 | $ | 2,314 | $ | (409 | ) | (18 | ) | $ | 4,521 | $ | 5,449 | $ | (928 | ) | (17 | ) | |||||||||||||
Energy Costs | 624 | 668 | (44 | ) | (7 | ) | 1,460 | 1,762 | (302 | ) | (17 | ) | |||||||||||||||||||
Operation and Maintenance | 710 | 761 | (51 | ) | (7 | ) | 1,439 | 1,424 | 15 | 1 | |||||||||||||||||||||
Depreciation and Amortization | 224 | 317 | (93 | ) | (29 | ) | 448 | 647 | (199 | ) | (31 | ) | |||||||||||||||||||
Income from Equity Method Investments | 4 | 4 | — | — | 6 | 7 | (1 | ) | (14 | ) | |||||||||||||||||||||
Other Income (Deductions) | 34 | 66 | (32 | ) | (48 | ) | 61 | 102 | (41 | ) | (40 | ) | |||||||||||||||||||
Other-Than-Temporary Impairments | 10 | 10 | — | — | 20 | 15 | 5 | 33 | |||||||||||||||||||||||
Interest Expense | 97 | 97 | — | — | 189 | 195 | (6 | ) | (3 | ) | |||||||||||||||||||||
Income Tax Expense | 91 | 186 | (95 | ) | (51 | ) | 374 | 584 | (210 | ) | (36 | ) | |||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,350 | $ | 1,466 | $ | (116 | ) | (8 | ) | $ | 3,062 | $ | 3,468 | $ | (406 | ) | (12 | ) | |||||||||||||
Energy Costs | 529 | 544 | (15 | ) | (3 | ) | 1,258 | 1,436 | (178 | ) | (12 | ) | |||||||||||||||||||
Operation and Maintenance | 352 | 368 | (16 | ) | (4 | ) | 734 | 780 | (46 | ) | (6 | ) | |||||||||||||||||||
Depreciation and Amortization | 136 | 234 | (98 | ) | (42 | ) | 275 | 481 | (206 | ) | (43 | ) | |||||||||||||||||||
Other Income (Deductions) | 18 | 18 | — | — | 37 | 35 | 2 | 6 | |||||||||||||||||||||||
Interest Expense | 74 | 67 | 7 | 10 | 142 | 136 | 6 | 4 | |||||||||||||||||||||||
Income Tax Expense | 98 | 104 | (6 | ) | (6 | ) | 249 | 261 | (12 | ) | (5 | ) | |||||||||||||||||||
• | Transmission revenues were $48 million higher due to increased capital investments. |
• | Electric distribution revenues decreased $19 million due primarily to lower Green Program Recovery Charges (GPRC) of $14 million and $5 million in lower sales volumes. |
• | Electric revenues decreased $30 million due primarily to $15 million of lower revenues from collections of Non-Utility Generation Charges (NGC), a $7 million or 2% decrease in BGS revenues due to lower sales volumes, and a decrease of $8 million due to lower volumes of Non-Utility Generation (NUG) energy sold. |
• | Gas revenues increased $15 million due to higher BGSS sales volumes. |
• | a $28 million net reduction in costs related to various clause mechanisms and GPRC, |
• | partially offset by a $7 million increase in distribution maintenance, due to increases of $4 million for vegetation management and $3 million for corrective maintenance. |
• | Transmission revenues were $102 million higher due to increased capital investments. |
• | Electric distribution revenues decreased $42 million due primarily to lower GPRC of $26 million and $16 million in lower sales volumes. |
• | Gas distribution revenues decreased $3 million due primarily to $68 million of lower delivery volumes and lower GPRC of $7 million due to lower sales volumes from warmer winter weather. These decreases were almost entirely offset by $62 million in higher Weather Normalization Clause revenue and $10 million due to the roll in of Energy Strong into base rates effective September 1, 2015. |
• | Gas revenues decreased $94 million due primarily to lower BGSS sales volumes. |
• | Electric revenues decreased $84 million due primarily to a $42 million or 5% decrease in BGS revenues due to lower sales volumes, $26 million of lower revenues from collections of NGC and a decrease of $16 million due to lower volumes of NUG energy sold at lower prices. |
• | a $72 million net reduction in costs related to various clause mechanisms and GPRC, |
• | partially offset by an $11 million increase in distribution maintenance, due to increases of $6 million for corrective maintenance and $5 million for vegetation management and |
• | $10 million of storm insurance recovery proceeds received in 2015. |
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2016 | 2015 | 2016 vs. 2015 | 2016 | 2015 | 2016 vs. 2015 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 714 | $ | 1,025 | $ | (311 | ) | (30 | ) | $ | 2,027 | $ | 2,750 | $ | (723 | ) | (26 | ) | |||||||||||||
Energy Costs | 381 | 409 | (28 | ) | (7 | ) | 1,019 | 1,302 | (283 | ) | (22 | ) | |||||||||||||||||||
Operation and Maintenance | 265 | 313 | (48 | ) | (15 | ) | 518 | 485 | 33 | 7 | |||||||||||||||||||||
Depreciation and Amortization | 80 | 75 | 5 | 7 | 159 | 151 | 8 | 5 | |||||||||||||||||||||||
Income from Equity Method Investments | 4 | 5 | (1 | ) | (20 | ) | 6 | 8 | (2 | ) | (25 | ) | |||||||||||||||||||
Other Income (Deductions) | 16 | 48 | (32 | ) | (67 | ) | 24 | 66 | (42 | ) | (64 | ) | |||||||||||||||||||
Other-Than-Temporary Impairments | 10 | 10 | — | — | 20 | 15 | 5 | 33 | |||||||||||||||||||||||
Interest Expense | 20 | 33 | (13 | ) | (39 | ) | 42 | 64 | (22 | ) | (34 | ) | |||||||||||||||||||
Income Tax Expense | (11 | ) | 72 | (83 | ) | N/A | 118 | 306 | (188 | ) | (61 | ) | |||||||||||||||||||
• | a decrease of $212 million due to MTM losses in 2016 as compared to MTM gains in 2015. Of this amount, $187 million was due to changes in forward power prices, which increased in the current period and decreased during the comparable period in 2015. Also contributing to the decrease was $25 million from higher gains on positions reclassified to realized upon settlement this year compared to last year, |
• | a decrease of $66 million in energy sales primarily in the PJM region due to lower volumes and lower average realized prices, |
• | a decrease of $14 million in capacity revenue primarily in the PJM region due to the retirement of older peaking units in June 2015, and |
• | a net decrease of $8 million in electricity sold under our BGS contracts due primarily to lower volumes. |
• | a net decrease of $15 million in sales under the BGSS contract primarily due to lower average sales prices and MTM losses, and |
• | a net increase of $4 million on sales to third party customers, of which $8 million was due to higher volumes sold partially offset by $4 million of lower average sales prices. |
• | Generation costs decreased $37 million due primarily to lower natural gas and coal fuel costs of $30 million reflecting lower average realized prices and the utilization of lower volumes. |
• | Gas costs increased $9 million mainly related to higher volumes sold to third parties. |
• | a net decrease of $35 million related to our fossil plants, primarily due to higher costs incurred in 2015 for the installation of upgraded technology at our combined cycle Bergen generating plant, and |
• | a net decrease of $33 million related to our nuclear facilities, largely due to a planned outage at our 100%-owned Hope Creek plant in 2015, partly offset in 2016 by an extended refueling outage at our 57%-owned Salem Unit 1 plant, |
• | partially offset by $17 million of insurance recoveries received in 2015 related to Superstorm Sandy, |
• | a decrease of $173 million due to MTM losses in 2016 as compared to MTM gains in 2015. Of this amount, $103 million was due to higher gains on positions reclassified to realized upon settlement this year compared to last year. Also contributing to the decrease was $70 million from a decrease in forward power prices in 2015, |
• | a decrease of $140 million in energy sales volumes in the PJM and New England (NE) regions due primarily to milder weather and lower average realized prices in the PJM and New York regions, |
• | a net decrease of $87 million primarily in the PJM region due to lower operating reserve revenues coupled with lower capacity revenues resulting from the retirement of older peaking units in June 2015, and |
• | a decrease of $40 million in electricity sold under wholesale load contracts in the PJM and NE regions due primarily to lower volumes and lower average prices. |
• | a net decrease of $234 million in sales under the BGSS contract, substantially comprised of lower sales volumes due to warmer average temperatures in the 2016 winter heating season, coupled with lower average sales prices, and |
• | a net decrease of $15 million on sales to third party customers, of which $47 million was due to lower average sales prices, partially offset by $32 million of higher volumes sold. |
• | lower fuel costs of $267 million reflecting lower average realized prices for natural gas and the utilization of lower volumes of fuel, and |
• | a decrease of $18 million due to MTM gains in 2016 as compared to MTM losses in 2015. The 2016 MTM gains were primarily due to favorable forward price movements on natural gas, while the 2015 MTM losses were primarily due to higher gains on positions reclassified to realized upon settlement on transmission products, |
• | partially offset by higher congestion costs in PJM of $142 million, mainly as a result of credits received in the prior year due to extremely cold weather. |
• | a decrease of $136 million related to sales under the BGSS contract due primarily to lower volumes sold due to warmer average temperatures during the 2016 winter heating season and lower average gas costs, |
• | partially offset by a net increase of $13 million related to sales to third parties due primarily to an increase in volumes sold. |
• | $145 million of insurance recoveries received in 2015 related to Superstorm Sandy, |
• | partially offset by a net decrease of $85 million related to our fossil plants, largely due to higher costs incurred in 2015 for our planned major outages at the Bethlehem Energy Center and Bergen generating plants, and |
• | a net decrease of $38 million related to our nuclear plants due primarily to the aforementioned reasons provided for the second quarter variance. |
Company/Facility | As of June 30, 2016 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,000 | $ | 10 | $ | 990 | ||||||||
PSE&G | 600 | 14 | 586 | |||||||||||
Power | 2,553 | 202 | 2,351 | |||||||||||
Total | $ | 4,153 | $ | 226 | $ | 3,927 | ||||||||
Moody’s (A) | S&P (B) | |||||
PSEG | ||||||
Outlook | Positive | Stable | ||||
Commercial Paper | P2 | A2 | ||||
PSE&G | ||||||
Outlook | Stable | Stable | ||||
Mortgage Bonds | Aa3 | A | ||||
Commercial Paper | P1 | A2 | ||||
Power | ||||||
Outlook | Stable | Stable | ||||
Senior Notes | Baa1 | BBB+ | ||||
(A) | Moody’s ratings range from Aaa (highest) to C (lowest) for long-term securities and P1 (highest) to NP (lowest) for short-term securities. |
(B) | S&P ratings range from AAA (highest) to D (lowest) for long-term securities and A1 (highest) to D (lowest) for short-term securities. The Corporate Credit Rating outlook does not apply to PSEG's or PSE&G's Commercial Paper Rating or PSE&G's Mortgage Bond rating. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
MTM VaR | ||||||||||
Three Months Ended June 30, 2016 | Year Ended December 31, 2015 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 16 | $ | 24 | ||||||
Average for the Period | $ | 15 | $ | 17 | ||||||
High | $ | 18 | $ | 40 | ||||||
Low | $ | 10 | $ | 8 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 25 | $ | 38 | ||||||
Average for the Period | $ | 23 | $ | 26 | ||||||
High | $ | 27 | $ | 63 | ||||||
Low | $ | 16 | $ | 12 | ||||||
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Three Months Ended June 30, 2016 | Total Number of Shares Purchased | Average Price Paid per Share | ||||||
April 1 - April 30 | — | $ | — | |||||
May 1 - May 31 | 228,639 | $ | 46.23 | |||||
June 1- June 30 | 50,000 | $ | 44.50 | |||||
ITEM 6. | EXHIBITS |
a. PSEG: | ||
Exhibit 10a(10): | Key Executive Severance Plan of Public Service Enterprise Group Incorporated, Amended effective July 19, 2016 | |
Exhibit 12: | Computation of Ratios of Earnings to Fixed Charges | |
Exhibit 31: | Certification by Ralph Izzo Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
Exhibit 31.1: | Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
Exhibit 32: | Certification by Ralph Izzo Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
Exhibit 32.1: | Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document | |
b. PSE&G: | ||
Exhibit 10a(9): | Key Executive Severance Plan of Public Service Enterprise Group Incorporated, Amended effective July 19, 2016 (1) | |
Exhibit 12.1: | Computation of Ratios of Earnings to Fixed Charges Plus Preferred Securities Dividend Requirements | |
Exhibit 31.2: | Certification by Ralph Izzo Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
Exhibit 31.3: | Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
Exhibit 32.2: | Certification by Ralph Izzo Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
Exhibit 32.3: | Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document | |
c. Power: | ||
Exhibit 10a(8): | Key Executive Severance Plan of Public Service Enterprise Group Incorporated, Amended effective July 19, 2016 (1) | |
Exhibit 12.2: | Computation of Ratios of Earnings to Fixed Charges | |
Exhibit 31.4: | Certification by Ralph Izzo Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
Exhibit 31.5: | Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
Exhibit 32.4: | Certification by Ralph Izzo Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
Exhibit 32.5: | Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
Exhibit 101.INS: | XBRL Instance Document | |
Exhibit 101.SCH: | XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | XBRL Taxonomy Extension Definition Document |
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |
PUBLIC SERVICE ELECTRIC AND GAS COMPANY | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |
PSEG POWER LLC | |
(Registrant) | |
By: | /S/ STUART J. BLACK |
Stuart J. Black Vice President and Controller (Principal Accounting Officer) |
(i) | Misconduct, gross negligence, theft, or fraud against the Company; |
(ii) | For “Performance Reasons,” as defined in Section 2.21 of the Plan; |
(iii) | Violation of the Standards of Integrity or other Company policy; |
(iv) | Insubordination; |
(v) | One or more significant acts of dishonesty; |
(vi) | Any act that is likely to have the effect of injuring the reputation, business, or business relationship of, the Company, its Board of Directors, Officers, or employees, or its affiliates or subsidiaries; |
(vii) | Violation of any fiduciary duty; |
(viii) | Breach of any duty of loyalty; |
(ix) | Any breach of the restrictive covenants contained in Exhibit I below; |
(x) | One or more acts of moral turpitude that constitute a violation of applicable law (included but not limited to a felony); or |
(xi) | Conviction of a felony or plea of nolo contendere to a felony charge. |
(i) | The willful and continued failure to substantially perform his employment duties; |
(ii) | The willful engaging in gross misconduct that is materially and demonstrably injurious to the Employer; |
(iii) | The willful violation of the Company’s Standards of Integrity or other applicable corporate code of conduct, or |
(iv) | The conviction of a felony or a plea of nolo contetendere to a felony charge. |
(a) | Any “person” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is or becomes the beneficial owner within the meaning of Rule 13d-3 under the Exchange Act (a “Beneficial Owner”), directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly from the Company or its Affiliates) representing 25% or more of the combined voting power of the Company’s then outstanding securities, excluding any person who |
(b) | The following individuals cease for any reason to constitute a majority of the number of directors of the Company then serving: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; or |
(c) | There is consummated a merger or consolidation of the Company or any direct or indirect wholly-owned subsidiary of the Company with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company or of its Affiliates, at least 75% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company’s then outstanding securities; or |
(d) | The shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 75% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. |
(a) | Any material reduction in the Participant’s Annual Base Salary, Target Bonus or Target Long-Term Incentive, other than reductions pursuant to a broad-based compensation reduction program or policy affecting the Participant and all similarly situated employees of the Employer; |
(b) | Any material adverse change in the Participant’s title, authority, duties, or responsibilities or the assignment to the Participant of any duties or responsibilities inconsistent in any respect with those customarily associated with the position of the Participant immediately prior to the Change in Control; |
(c) | The failure of any successor to the Company to assume this Plan in accordance with Section 11.5(b); |
(d) | Where the only comparable position offered to the Participant within the Employer following a Change in Control would otherwise meet the requirements of subsections (a) and (b) of this Section 2.17 of the Plan, but would require the Participant to increase his or her one-way commuting distance from his or her principal residence by more than 50 miles; or |
(e) | Any other material breach of the terms of the Plan by the Company that either is not taken in good faith or, even if taken in good faith, is not remedied by the Company promptly after receipt of notice thereof from the Participant. |
(a) | The Participant will not provide any additional services for the Company or an Affiliate after a certain date; or |
(b) | The level of bona fide services performed by the Participant after a certain date will permanently decrease to no more than 50 percent of the average level of bona fide services performed by the Participant over the immediately preceding 36 months. |
(c) | If a Participant is absent from employment due to military leave, sick leave or any other bona fide leave of absence authorized by the Company or an Affiliate and there is a reasonable expectation that the Participant will return to perform services for the Company or an Affiliate, a Separation from Service will not occur until the later of: (i) the first date immediately following the date that is six months after the date that the Participant was first absent from employment; or (ii) the date the Participant no longer retains a right to reemployment, to the extent the Participant retains a right to reemployment with the Company or any Affiliates under applicable law or by contract. If a Participant fails to return to work upon the expiration of any military leave, sick leave or other bona fide leave of absence where such leave is for less than six months, the Separation from Service shall occur as of the date of the expiration of such leave, unless a greater period is provided for under applicable law. |
(a) | The Participant’s base salary and accrued vacation pay through the Date of Termination to the extent not theretofore paid (hereinafter referred to as the “Accrued Obligations”); and |
(b) | An amount equal to the product of 1.0 times (0.5 times if the Participant were employed less than one year) the sum of the Participant’s Annual Base Salary and Target Bonus. |
(a) | Retiree Health Care Coverage. A Participant who has not otherwise satisfied the eligibility criteria for participation prior to his Date of Termination, shall be entitled to elect retiree coverage under the Employer’s applicable retiree group health care plans as though he or she otherwise satisfied such plans’ eligibility requirements if: |
(i) | The Participant has attained age 50 and completed ten or more Years of Service as of his Date of Termination but the sum of the Participant’s age and Years of Service is less than 80; or |
(ii) | The Participant has attained age 49 and completed 20 or more Years of Service as of his Date of Termination but the sum of the Participant’s age and Years of Service is less than 80. |
(b) | COBRA Continuation Coverage. Each Participant who is not eligible for, or does not elect, the retiree health care coverage described in this Section 4.7 of the Plan shall be entitled, pursuant to any continuation coverage rights under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), to continue individual and dependent coverage under the Company's group health care plans following the Participant’s Date of Termination. If continuation coverage is elected, the Employer shall pay the same portion of the cost of medical coverage that it paid immediately prior to the Participant’s Date of Termination for active employees during the one-year period following the Participant’s Date of Termination, and the Participant shall pay the balance. The Participant shall be charged the full expense of medical coverage (102 percent of the cost of coverage) during the remainder of the COBRA coverage period, if any, and the full expense of dental and (if applicable) vision and hearing coverage (102 percent of the cost of coverage) during the entire COBRA coverage period. |
(a) | Severance Pay. The Participant shall receive a lump sum cash payment in accordance with Section 6.1 of the Plan, based upon the amount of the Participant’s base salary, the number of Years of Service completed as of the Participant’s Termination Date, as follows: |
(i) | Less than Thirteen Years of Service: If, as of the Participant’s Date of Termination, he has completed fewer than thirteen Years of Service, the amount of severance pay shall equal 26 weeks of base salary. |
(ii) | Thirteen or More Years of Service: If, as of the Participant’s Date of Termination, he has completed thirteen or more Years of Service, the amount of severance pay shall equal two weeks of base salary for each Year of Service, up to a maximum of 52 weeks of base salary. |
(b) | Annual Incentive Awards. A Participant shall receive a prorated annual incentive award pursuant to the performance incentive program, if applicable, for the calendar year in which the Participant’s Termination of Employment occurs. The award shall be calculated based solely on 100 percent of the target incentive award and prorated based on the number of days of employment in the calendar year in which the participant’s Termination of Employment occurs through the employee’s Termination Date. Annual incentive awards with respect to the calendar year in which a Participant’s Termination Date occurs will be paid at the same time as awards for such calendar year are paid to active employees of the Employer. |
(c) | Outplacement Services. Outplacement services approved by the Committee, which may include individual or group counseling and administrative assistance or workshops, shall be available beginning on the participant’s Termination Date or such earlier date designated by the participant’s business unit leadership. Outplacement services shall continue to be available for the period up to 12 months. |
(d) | Educational Assistance. Education assistance shall be provided in accordance with the Employer’s tuition program. |
(e) | Health Care Benefits. |
(i) | Retiree Health Care Coverage. An Eligible Employee who has not otherwise satisfied the eligibility criteria for participation prior to his Date of Termination, shall be entitled to elect retiree coverage under the Employer’s applicable retiree group health care plans as though he or she otherwise satisfied such plans’ eligibility requirements if: |
(A) | The Participant has attained age 50 and completed ten or more Years of Service as of his Date of Termination but the sum of the Participant’s age and Years of Service is less than 80; or |
(B) | The Participant has attained age 49 and completed 20 or more Years of Service as of his Date of Termination but the sum of the Participant’s age and Years of Service is less than 80. |
(ii) | COBRA Continuation Coverage. Each Participant who is not eligible for, or does not elect, the retiree health care coverage described in this subsection (i) shall be entitled, pursuant to any continuation coverage rights under COBRA to continue individual and dependent coverage under the Company's group health care plans following the Participant’s Termination Date. If continuation coverage is elected, the Employer shall pay the same portion of the cost of medical coverage that it paid immediately prior to the Participant’s Date of Termination for active employees during the period that the Participant would have received severance pay if severance pay had been paid in bi-weekly installments, and the Participant shall pay the balance. The Participant shall be charged the full expense of medical coverage (102 percent of the cost of coverage) during the remainder of the COBRA coverage period, if any, and the full expense of dental and (if applicable) vision and hearing coverage (102 percent of the cost of coverage) during the entire COBRA coverage period. |
(f) | Life Insurance. A Participant who is not eligible for coverage under the Employer’s retiree life insurance plan shall be entitled during the period that the Participant would have received severance pay if severance pay had been paid in bi-weekly installments, to life insurance coverage at the Employer’s expense in an amount equal to the group term life insurance coverage in effect for such Participant under the Employer’s group term life insurance plan for active employees as of his Date of Termination Date. |
(g) | Other Benefits. A Participant shall not be entitled to any severance, separation or early retirement incentive pay or benefits other than as provided under the Plan or under any qualified or nonqualified retirement plan or deferred compensation arrangement maintained by the Employer. Except as provided in the foregoing sentence, a Participant’s rights under any other employee benefit plans maintained by the Company or an Affiliate shall be determined in accordance with the provisions of such plans, including the Company’s right to amend or terminate such plans at any time. |
(i) | The Participant’s base salary and accrued through the Date of Termination; and |
(ii) | The product of (x) the Participant’s Target Bonus and (y) a fraction, the numerator of which is the number of days in the current calendar year through the Date of Termination, and the denominator of which is 365; |
(b) | Either (i), (ii) or (iii): |
(i) | In the case of a Schedule A Participant, the amount equal to the product of two times the sum of the Schedule A Participant’s Annual Base Salary and Target Bonus; |
(ii) | In the case of a Schedule B Participant, the amount equal to the product of three times the sum of the Schedule B Participant’s Annual Base Salary and Target Bonus; or |
(iii) | In the case of a Schedule C Participant, the amount equal to the product of one and half times the sum of the Schedule C Participant’s Annual Base Salary and Target Bonus. |
(a) | The actuarial equivalent of the benefit under the Company’s applicable Retirement Plan (utilizing the rate used to determine lump sums and, to the extent applicable, other actuarial assumptions no less favorable to the Participant than those in effect under the Retirement Plan immediately prior to the Effective Date), any benefit under the Nonqualified Plan and, to the extent applicable, any other defined benefit retirement arrangement between the Participant and the Company (“Other Pension Benefits”) which the Participant would receive if the Participant’s employment continued for two, three or one and half additional years (for Schedule A Participants, Schedule B and Schedule C Participants, respectively) beyond the Date of Termination and, assuming that the Participant’s compensation for such deemed additional period was the Participant’s Annual Base Salary as in effect immediately prior to the Date of Termination and assuming a bonus in each year during such deemed additional period equal to the Target Bonus, over |
(b) | The actuarial equivalent of the Participant’s actual benefit (paid or payable), if any, under the Retirement Plan, the Nonqualified Plan and Other Pension Benefits as of the Date of Termination (utilizing the rate used to determine lump sums and, to the extent applicable, other actuarial assumptions no less favorable to the Participant than those in effect under the Retirement Plan immediately prior to the effective date of the Change in Control). |
(a) | Severance Pay. The Participant shall receive a lump sum payment in accordance with Section 6.1 of the Plan based upon the amount of the Participant’s base salary, the number of Years of Service completed as of the Participant’s Termination Date, as indicated below: |
(i) | Less than Thirteen Years of Service: If, as of the Participant’s Termination Date he or she has completed fewer than thirteen Years of Service, the amount of severance pay shall equal 26 weeks of base salary. |
(ii) | Thirteen or More Years of Service: If, as of the Participant’s Termination Date, he or she has completed thirteen or more Years of Service, the amount of severance pay shall equal two weeks of base salary for each Year of Service, up to a maximum of 52 weeks of base salary. |
(b) | Annual Incentive Awards. A Participant shall receive a prorated annual incentive award pursuant to the performance incentive program, if applicable, for the calendar year in which the Participant’s Termination of Employment occurs. The award shall be calculated based solely on 100 percent of the target incentive award and prorated based on the number of days of employment in the calendar year in which the participant’s Termination of Employment occurs through the |
(c) | Outplacement Services. Outplacement services approved by the Committee, which may include individual or group counseling and administrative assistance or workshops, shall be available beginning on the Participant’s Date of Termination or such earlier date designated by the participant’s business unit leadership. Outplacement services shall continue to be available for the period up to 12 months. |
(d) | Educational Assistance. Education assistance shall be provided in accordance with the Employer’s tuition program. |
(e) | Health Care Benefits. |
(i) | Retiree Health Care Coverage. An Eligible Employee who has not otherwise satisfied the eligibility criteria for participation prior to his Date of Termination Date, shall be entitled to elect retiree coverage under the Employer’s applicable retiree group health care plans as though he or she otherwise satisfied such plans’ eligibility requirements if: |
(A) | The Participant has attained age 50 and completed ten or more Years of Service as of his or her Termination Date but the sum of the Participant’s age and Years of Service is less than 80; or |
(B) | The Participant has attained age 49 and completed 20 or more Years of Service as of his or her Termination Date but the sum of the Participant’s age and Years of Service is less than 80. |
(ii) | COBRA Continuation Coverage. Each Participant who is not eligible for, or does not elect, the retiree health care coverage described in this subsection (e) shall be entitled, pursuant to any continuation coverage rights under COBRA to continue individual and dependent coverage under the Company's group health care plans following the Participant’s Termination Date. If continuation coverage is elected, the Employer shall pay the same portion of the cost of medical coverage that it paid immediately prior to the Participant’s Date of Termination for active employees during the period that the Participant would have received severance pay if severance pay had been paid in bi-weekly installments, and the Participant shall pay the balance. The Participant shall be charged the full expense of medical coverage (102 percent of the cost of coverage) |
(f) | Life Insurance. A Participant who is not eligible for coverage under the Employer’s retiree life insurance plan shall be entitled, during the period that the Participant would have received severance pay if severance pay had been paid in bi-weekly installments, to life insurance coverage at the Employer’s expense in an amount equal to the group term life insurance coverage in effect for such Participant under the Employer’s group term life insurance plan for active employees as of his Date of Termination. |
(g) | Other Benefits. A Participant shall not be entitled to any severance, separation or early retirement incentive pay or benefits other than as provided under the Plan or under any qualified or nonqualified retirement plan or deferred compensation arrangement maintained by the Employer. Except as provided in the foregoing sentence, a Participant’s rights under any other employee benefit plans maintained by the Company or an Affiliate shall be determined in accordance with the provisions of such plans, including the Company’s right to amend or terminate such plans at any time. |
(a) | With respect to benefits under Sections 4.2, 4.10(a), 5.2, 5.5, 5.9(a), 5.12 and 5.13 of the Plan, payment to a Participant who is not a Specified Employee shall be made within the 60-day period following the Participant’s Date of Termination. With respect to benefits under Section 5.11 of the Plan, payment shall be made within the 60-day period following the Participant’s date of the Participant’s death. However, if the period to consider and revoke the written agreement required to receive the benefits described in Articles IV and V of the Plan (i.e., the waiver and release) spans two taxable years, in all events the payments will be made in second taxable year within 30 days following the later of the end of the first taxable year or the date the executed release is received by the Company. |
(b) | With respect to benefits under Sections 4.4, 4.10(b) and 5.9(b) of the Plan, payments shall be made to the Participants at the same time the payments are made to active employees. |
(c) | Notwithstanding anything to the contrary in the Plan, to the extent necessary to comply with Section 409A of the Code, payments to a Participant who is a Specified Employee shall be made within the 60-day period following the six-month anniversary of the Participant’s Date of Termination (other than by reason of death). |
(d) | All payments under the Plan that are reimbursements of covered expenses incurred by the Participant shall be made within the taxable year in which the expense is incurred. |
(a) | The severance benefits under Articles IV or V shall not exceed an amount which, together with any other Parachute Payments the Participant has a right to receive |
(b) | The determination of whether any limitation on the severance benefits payable under Articles IV or V is necessary shall be made by the Company’s independent auditor or such other certified public accounting firm as may be jointly designated by the Participant and the Company (the “Accounting Firm”), which shall provide detailed supporting calculations to the Participant and the Company. The determinations of the Accounting Firm shall be conclusive and binding on the Company and the Participant. All fees and expenses of the Accounting Firm shall be borne solely by the Company. |
(c) | If through error or otherwise, a Participant shall receive payments under the Plan, together with other Parachute Payments the Participant has the right to receive from an Employer, in excess of 2.99 times his base amount, the Participant shall immediately repay the excess to the Employer upon notification from the Employer that an overpayment has been made. If the Participant fails to repay the excess to the Employer within 10 business days of the date of the Employer’s notification, the Participant will become liable to the Employer for an amount equal to two (2) times the excess amount. |
(a) | The Committee shall have responsibility for the day to day administration of the Plan. In addition, the Committee shall have the specific powers, duties, responsibilities and obligations specifically provided for herein. |
(b) | Subject to the express provisions of the Plan, the Committee shall have full and exclusive authority to interpret the Plan and to make all other factual determinations deemed necessary or advisable in the implementation and administration of the Plan, including but not limited to determinations with respect to the eligibility of Participants to receive benefits under the Plan and the status and rights of such Participants and all other persons affected hereunder. The Committee’s interpretation and construction of the Plan shall be conclusive and binding on all persons. |
(c) | The Committee shall have sole authority to adopt rules and regulations, which shall be administered by the Committee. In addition, the Committee shall have the discretionary authority to issue rulings and interpretations concerning the Plan and all matters arising thereunder, on a uniform and nondiscriminatory basis, provided the same shall not be contrary to or inconsistent with any provision of the Plan. |
(d) | As a condition of distributing any benefit under the Plan, the Committee may prescribe the use of such forms and require the furnishing of such information as the Committee may deem appropriate for administering the Plan. |
(d) | Delegate any of its duties and responsibilities hereunder to such officer or officers of the Company as the Committee shall designate; except, however, that the Committee may not delegate to any other person the designation of Eligible Employees under Section 3.1 or the authority to consider and determine appeals of alleged adverse benefit determinations. |
(a) | Initial Denial of Claim - Any denial of a claim shall include: |
(i) | Reason or reasons for the denial; |
(ii) | Reference to pertinent Plan provisions on which the denial is based; |
(iii) | Description of any additional material or information necessary for the Participant to perfect the claim together with an explanation of why the material or information is necessary; and |
(iv) | Explanation of the Plan’s claim review procedure, described below. |
(b) | Review of a Denied Claim - A Participant shall have a reasonable opportunity to appeal a denied claim to the Committee (or its delegate) for a full and fair review. The Participant or a duly authorized representative: |
(i) | Shall have 60 days, after receipt of written notification of the denial of claim in which to request a review. |
(ii) | May request a review upon written application to the Committee. |
(iii) | Shall submit written comments, documents, records and other information relating to the claim. |
(iv) | May review, free of charge, pertinent Plan documents, records and other information relevant to the claim. |
(c) | Committee Review - The Committee’s (or its delegate’s) review shall take into account all comments, documents, records and other information submitted by the Participant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. |
(d) | Written Decision - The Committee (or its delegate) shall issue a decision on the reviewed claim promptly but no later than 60 days after receipt of the review. The Committee may take an additional 60 days to review the claim, provided that the Participant is notified in writing within the initial 60-day period. The Committee’s decision shall be in writing and shall include: |
(i) | Reasons for the decision; |
(ii) | References to the Plan provisions on which the decision is based; |
(iii) | Statement that the Participant is entitled to receive, upon request, reasonable access to, and copies of, all documents, records and other information relevant to the claim; and |
(iv) | Statement that the Participant is entitled to bring a civil suit under Section 502(a) of ERISA. |
(e) | Binding Effect - The Committee’s (or its delegate’s) decision shall be final and binding on the Participant and the Employer. |
(a) | This Plan shall inure to the benefit of and be binding upon the Company and its successors and assigns. |
(b) | The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform the Company’s obligations under the Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. |
(c) | In no event shall a Participant assign his interests under the Plan to any other person without the prior written consent of the Committee. |
* * * | ||||
/s/ Margaret M. Pego | 7/21/2016 | |||
Signature | Date | |||
NAME | TITLE | PARTICIPATION DATE |
Stuart J. Black | VP and Controller | 03/01/10 |
Jorge L. Cardenas | VP - Asset Management and Centralized Services, PSE&G | 1/23/07 |
Rose M. Chernick | VP - Finance Holdings & Corporate Strategy & Planning | 8/09/10 |
John Paul Cowan | SVP - Operations, PSEG Fossil | 09/15/09 |
Lathrop B. Craig | VP - ISO Operations (ER&T) | 09/05/11 |
Daniel J. Cregg | EVP & CFO, PSEG | 12/09/06 |
David M. Daly | President and COO - PSEG Long Island | 1/28/08 |
Paul J. Davison | VP - Hope Creek, PSEG Nuclear | 12/14/09 |
Derek DiRisio | President - PSEG Services Corporation | 12/20/04 |
Diana L. Drysdale | VP - Renewables | 02/15/10 |
Kathleen Fitzgerald | VP - Corporate Communications | 01/03/12 |
Joseph A. Forline | VP - Gas Operations | 12/19/06 |
Carl J. Fricker | VP - Trading Support & Operations (ER&T) | 12/14/09 |
Kim C. Hanemann | SVP - Delivery Projects and Construction | 12/21/10 |
Bradford D. Huntington | VP & Treasurer | 04/16/11 |
Scott Jennings | VP - Finance PSE&G | 10/18/05 |
Robert C. Krueger, Jr | VP & Assistant Controller - Tax | 12/19/06 |
Kathleen A. Lally | VP - Investor Relations | 01/16/07 |
John R. Latka | SVP - Electric & Gas Operations, PSE&G | 10/23/06 |
Shawn P. Leyden | VP and Deputy General Counsel | 12/20/04 |
Tamara L. Linde | EVP and General Counsel | 12/19/06 |
Kristen M. Ludecke | VP - Federal Affairs | 02/22/10 |
Shahid Malik | President - Energy Resources & Trade (ER&T) | 12/5/11 |
Christine T. Neely | VP - Internal Auditing Services | 9/30/13 |
Margaret M. Pego | SVP - Human Resources & CHRO | 12/20/04 |
John F. Perry | VP - Salem, PSEG Nuclear | 09/15/09 |
Kevin J. Quinn | VP - Finance Power | 03/01/10 |
Sheila J. Rostiac | VP - Total Rewards & Talent Management | 08/20/12 |
Joseph Santamaria | VP - Information Technology & CIO | 10/29/12 |
John P. Scarlata | VP - Gas Supply, PSEG ER&T | 4/20/10 |
Richard T. Thigpen | VP - State Governmental Affairs | 3/26/07 |
NAME | TITLE | PARTICIPATION DATE |
Ralph Izzo | Chairman of the Board, President and CEO | 12/15/08 |
Ralph A. LaRossa | President & COO - Public Service Electric and Gas Company, and COB, PSEG Long Island | 10/17/06 |
William Levis | President & COO, PSEG Power LLC | 01/01/07 |
NAME | TITLE | PARTICIPATION DATE |
John A. Bridges | VP Electric Operations | 12/21/15 |
Kevin B. Cellars | VP Construction | 2/17/15 |
Gregory Dunlap | VP Customer Operations - PSE&G | 7/14/14 |
Aaron Ford | VP Business Assurance and Resilience | 11/18/15 |
M. Courtney McCormick | VP Renewables and Energy Solutions | 3/31/14 |
Laurent Pommier | VP Risk Management and Chief Risk Officer | 7/14/14 |
Peter P. Sena III | President & CNO, PSEG Nuclear | 3/21/16 |
Six Months Ended | Years Ended | |||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(Millions, except ratios) | ||||||||||||||||||||||||||||||
Earnings as Defined in Regulation S-K (A): | ||||||||||||||||||||||||||||||
Pre-tax Income from Continuing Operations | $ | 1,032 | $ | 1,515 | $ | 2,680 | $ | 2,456 | $ | 2,055 | $ | 2,011 | $ | 2,384 | ||||||||||||||||
(Income) Loss from Equity Investees, net of Distributions | 3 | 2 | 3 | 4 | (7 | ) | 9 | (4 | ) | |||||||||||||||||||||
Fixed Charges | 232 | 223 | 457 | 450 | 458 | 479 | 522 | |||||||||||||||||||||||
Capitalized Interest | (19 | ) | (5 | ) | (18 | ) | (16 | ) | (16 | ) | (19 | ) | (14 | ) | ||||||||||||||||
Total Earnings | $ | 1,248 | $ | 1,735 | $ | 3,122 | $ | 2,894 | $ | 2,490 | $ | 2,480 | $ | 2,888 | ||||||||||||||||
Fixed Charges as Defined in Regulation S-K (B) | ||||||||||||||||||||||||||||||
Interest Expense | $ | 221 | $ | 213 | $ | 437 | $ | 430 | $ | 442 | $ | 465 | $ | 509 | ||||||||||||||||
Interest Factor in Rentals | 11 | 10 | 20 | 20 | 16 | 14 | 13 | |||||||||||||||||||||||
Total Fixed Charges | $ | 232 | $ | 223 | $ | 457 | $ | 450 | $ | 458 | $ | 479 | $ | 522 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 5.38 | 7.78 | 6.83 | 6.43 | 5.44 | 5.18 | 5.53 | |||||||||||||||||||||||
(A) | The term “earnings” shall be defined as pre-tax Income from Continuing Operations before income or loss from equity investees plus distributed income from equity investees. Add to pre-tax income the amount of fixed charges adjusted to exclude (a) the amount of any interest capitalized during the period and (b) the actual amount of any preferred securities dividend requirements of majority-owned subsidiaries stated on a pre-tax level. |
(B) | Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense, (c) an estimate of interest implicit in rentals, and (d) preferred securities dividend requirements of majority-owned subsidiaries stated on a pre-tax level. There were no preferred stock dividend requirements for any period presented. |
Six Months Ended | Years Ended | ||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(Millions, except ratios) | |||||||||||||||||||||||||||||
Earnings as Defined in Regulation S-K (A): | |||||||||||||||||||||||||||||
Pre-tax Income from Continuing Operations | $ | 690 | $ | 670 | $ | 1,257 | $ | 1,174 | $ | 993 | $ | 835 | $ | 861 | |||||||||||||||
Fixed Charges | 154 | 148 | 306 | 303 | 316 | 314 | 319 | ||||||||||||||||||||||
Capitalized Interest | (7 | ) | (8 | ) | (17 | ) | (16 | ) | (16 | ) | (13 | ) | (4 | ) | |||||||||||||||
Total Earnings | $ | 837 | $ | 810 | $ | 1,546 | $ | 1,461 | $ | 1,293 | $ | 1,136 | $ | 1,176 | |||||||||||||||
Fixed Charges as Defined in Regulation S-K (B) | |||||||||||||||||||||||||||||
Interest Expense | $ | 149 | $ | 144 | $ | 297 | $ | 293 | $ | 309 | $ | 308 | $ | 314 | |||||||||||||||
Interest Factor in Rentals | 5 | 4 | 9 | 10 | 7 | 6 | 5 | ||||||||||||||||||||||
Total Fixed Charges | $ | 154 | $ | 148 | $ | 306 | $ | 303 | $ | 316 | $ | 314 | $ | 319 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 5.44 | 5.47 | 5.05 | 4.82 | 4.09 | 3.62 | 3.69 | ||||||||||||||||||||||
(A) | The term "earnings" shall be defined as pre-tax income from continuing operations. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period. |
(B) | Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense, (c) an estimate of interest implicit in rentals, and (d) preferred securities dividend requirements of majority owned subsidiaries and preferred stock dividends, increased to reflect the pre-tax earnings requirement for PSE&G. There were no preferred stock dividend requirements for any period presented. |
Six Months Ended | Years Ended | |||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(Millions, except ratios) | ||||||||||||||||||||||||||||||
Earnings as Defined in Regulation S-K (A): | ||||||||||||||||||||||||||||||
Pre-tax Income from Continuing Operations | $ | 299 | $ | 807 | $ | 1,367 | $ | 1,251 | $ | 1,063 | $ | 1,099 | $ | 1,703 | ||||||||||||||||
(Income) Loss from Equity Investees, net of Distributions | 3 | 1 | 1 | 3 | (10 | ) | (6 | ) | (12 | ) | ||||||||||||||||||||
Fixed Charges | 69 | 78 | 152 | 150 | 143 | 164 | 208 | |||||||||||||||||||||||
Capitalized Interest | (12 | ) | 2 | (1 | ) | 1 | 1 | (6 | ) | (10 | ) | |||||||||||||||||||
Total Earnings | $ | 359 | $ | 888 | $ | 1,519 | $ | 1,405 | $ | 1,197 | $ | 1,251 | $ | 1,889 | ||||||||||||||||
Fixed Charges as Defined in Regulation S-K (B) | ||||||||||||||||||||||||||||||
Interest Expense | $ | 67 | $ | 75 | $ | 148 | $ | 146 | $ | 139 | $ | 161 | $ | 205 | ||||||||||||||||
Interest Factor in Rentals | 2 | 3 | 4 | 4 | 4 | 3 | 3 | |||||||||||||||||||||||
Total Fixed Charges | $ | 69 | $ | 78 | $ | 152 | $ | 150 | $ | 143 | $ | 164 | $ | 208 | ||||||||||||||||
Ratio of Earnings to Fixed Charges | 5.20 | 11.38 | 9.99 | 9.37 | 8.37 | 7.63 | 9.08 | |||||||||||||||||||||||
(A) | The term “earnings” shall be defined as pre-tax Income from Continuing Operations before income or loss from equity method investees plus distributed income from equity investees. Add to pre-tax income the amount of fixed charges adjusted to exclude the amount of any interest capitalized during the period. |
(B) | Fixed Charges represent (a) interest, whether expensed or capitalized, (b) amortization of debt discount, premium and expense, and (c) an estimate of interest implicit in rentals. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Public Service Enterprise Group Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 29, 2016 | /s/ Ralph Izzo |
Ralph Izzo | ||
Public Service Enterprise Group Incorporated | ||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Public Service Enterprise Group Incorporated; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 29, 2016 | /s/ Daniel J. Cregg |
Daniel J. Cregg | ||
Public Service Enterprise Group Incorporated | ||
Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Public Service Electric and Gas Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 29, 2016 | /s/ Ralph Izzo |
Ralph Izzo | ||
Public Service Electric and Gas Company | ||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Public Service Electric and Gas Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 29, 2016 | /s/ Daniel J. Cregg |
Daniel J. Cregg | ||
Public Service Electric and Gas Company | ||
Chief Financial Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of PSEG Power LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 29, 2016 | /s/ Ralph Izzo |
Ralph Izzo | ||
PSEG Power LLC | ||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of PSEG Power LLC; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | July 29, 2016 | /s/ Daniel J. Cregg |
Daniel J. Cregg | ||
PSEG Power LLC | ||
Chief Financial Officer |
/s/ Ralph Izzo |
Ralph Izzo |
Public Service Enterprise Group Incorporated |
Chief Executive Officer |
July 29, 2016 |
/s/ Daniel J. Cregg |
Daniel J. Cregg |
Public Service Enterprise Group Incorporated |
Chief Financial Officer |
July 29, 2016 |
/s/ Ralph Izzo |
Ralph Izzo |
Public Service Electric and Gas Company |
Chief Executive Officer |
July 29, 2016 |
/s/ Daniel J. Cregg |
Daniel J. Cregg |
Public Service Electric and Gas Company |
Chief Financial Officer |
July 29, 2016 |
/s/ Ralph Izzo |
Ralph Izzo |
PSEG Power LLC |
Chief Executive Officer |
July 29, 2016 |
/s/ Daniel J. Cregg |
Daniel J. Cregg |
PSEG Power LLC |
Chief Financial Officer |
July 29, 2016 |
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ (10) | $ 15 | $ (26) | $ 2 |
Unrealized Gains (Losses) on Cash Flow Hedges, tax | 0 | 0 | (1) | 7 |
Pension/OPEB adjustment, tax | (6) | (6) | (12) | (12) |
PSE And G [Member] | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | 0 | 0 | 0 | 0 |
Power [Member] | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities, tax | (9) | 14 | (25) | 1 |
Unrealized Gains (Losses) on Cash Flow Hedges, tax | 0 | 0 | 0 | 7 |
Pension/OPEB adjustment, tax | $ (5) | $ (5) | $ (10) | $ (10) |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts Receivable, allowances | $ 65 | $ 67 |
Common Stock, issued | 534 | 534 |
Common Stock, authorized | 1,000 | 1,000 |
Treasury Stock, Shares | 29 | 28 |
PSE And G [Member] | ||
Accounts Receivable, allowances | $ 65 | $ 67 |
Common Stock, issued | 132 | 132 |
Common Stock, outstanding | 132 | 132 |
Common Stock, authorized | 150 | 150 |
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | $ 658 | $ 931 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 448 | 647 |
Amortization of Nuclear Fuel | 105 | 106 |
Provision for Deferred Income Taxes and ITC | 334 | 170 |
Non-Cash Employee Benefit Plan Costs | 63 | 81 |
Leveraged Lease Income, Adjusted for Rents Received and Deferred Taxes | (30) | (22) |
Net Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 153 | (9) |
Change in Accrued Storm Costs | (1) | 15 |
Net Change in Other Regulatory Assets and Liabilities | (124) | (53) |
Cost of Removal | (74) | (58) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (2) | (21) |
Net Change in Certain Current Assets and Liabilities: | ||
Tax Receivable | 301 | 188 |
Accrued Taxes | 94 | 71 |
Margin Deposit | (46) | 69 |
Other Current Assets and Liabilities | (120) | 98 |
Employee Benefit Plan Funding and Related Payments | (78) | (67) |
Other | 41 | 88 |
Net Cash Provided By (Used In) Operating Activities | 1,722 | 2,234 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (1,971) | (1,743) |
Proceeds from Sale of Available-for-Sale Securities | 392 | 885 |
Investments in Available-for-Sale Securities | (407) | (918) |
Other | (18) | 3 |
Net Cash Provided By (Used In) Investing Activities | (2,004) | (1,773) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Commercial Paper and Loans | (364) | 0 |
Issuance of Long-Term Debt | 1,550 | 600 |
Redemption of Long-Term Debt | (171) | (300) |
Redemption of Securitization Debt | 0 | (125) |
Cash Dividends Paid on Common Stock | (415) | (394) |
Other | (64) | (47) |
Net Cash Provided By (Used In) Financing Activities | 536 | (266) |
Net Increase (Decrease) In Cash and Cash Equivalents | 254 | 195 |
Cash and Cash Equivalents at Beginning of Period | 394 | 402 |
Cash and Cash Equivalents at End of Period | 648 | 597 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (276) | 184 |
Interest Paid, Net of Amounts Capitalized | 176 | 195 |
Accrued Property, Plant and Equipment Expenditures | 513 | 324 |
PSE And G [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 441 | 409 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 275 | 481 |
Provision for Deferred Income Taxes and ITC | 290 | 79 |
Non-Cash Employee Benefit Plan Costs | 36 | 48 |
Change in Accrued Storm Costs | (1) | 15 |
Net Change in Other Regulatory Assets and Liabilities | (124) | (53) |
Cost of Removal | (74) | (58) |
Net Change in Certain Current Assets and Liabilities: | ||
Accounts Receivable and Unbilled Revenues | 50 | 53 |
Fuel, Materials and Supplies | (14) | (10) |
Prepayments | (165) | (162) |
Accounts Payable | (29) | 48 |
Accounts Receivable/Payable-Affiliated Companies, net | 181 | 154 |
Other Current Assets and Liabilities | 17 | (27) |
Employee Benefit Plan Funding and Related Payments | (62) | (55) |
Other | (13) | (13) |
Net Cash Provided By (Used In) Operating Activities | 808 | 909 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (1,355) | (1,230) |
Proceeds from Sale of Available-for-Sale Securities | 12 | 12 |
Investments in Available-for-Sale Securities | (13) | (14) |
Other | 2 | 12 |
Net Cash Provided By (Used In) Investing Activities | (1,354) | (1,220) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net Change in Short-Term Debt | (153) | 0 |
Issuance of Long-Term Debt | 850 | 600 |
Redemption of Long-Term Debt | (171) | (300) |
Redemption of Securitization Debt | 0 | (125) |
Other | (10) | (8) |
Net Cash Provided By (Used In) Financing Activities | 516 | 167 |
Net Increase (Decrease) In Cash and Cash Equivalents | (30) | (144) |
Cash and Cash Equivalents at Beginning of Period | 198 | 310 |
Cash and Cash Equivalents at End of Period | 168 | 166 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (255) | (74) |
Interest Paid, Net of Amounts Capitalized | 134 | 131 |
Accrued Property, Plant and Equipment Expenditures | 381 | 282 |
Power [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income | 181 | 501 |
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
Depreciation and Amortization | 159 | 151 |
Amortization of Nuclear Fuel | 105 | 106 |
Provision for Deferred Income Taxes and ITC | 37 | 64 |
Non-Cash Employee Benefit Plan Costs | 19 | 24 |
Net Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | 153 | (9) |
Net Realized (Gains) Losses and (Income) Expense from NDT Fund | (2) | (21) |
Net Change in Certain Current Assets and Liabilities: | ||
Fuel, Materials and Supplies | 86 | 209 |
Margin Deposit | (46) | 69 |
Accounts Receivable | (12) | 76 |
Accounts Payable | (10) | (62) |
Accounts Receivable/Payable-Affiliated Companies, net | 179 | 123 |
Other Current Assets and Liabilities | 11 | (21) |
Employee Benefit Plan Funding and Related Payments | (10) | (7) |
Other | 67 | 89 |
Net Cash Provided By (Used In) Operating Activities | 917 | 1,292 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Additions to Property, Plant and Equipment | (598) | (487) |
Proceeds from Sale of Available-for-Sale Securities | 346 | 837 |
Investments in Available-for-Sale Securities | (359) | (854) |
Short-Term Loan-Affiliated Company, net | (972) | (366) |
Other | (24) | (17) |
Net Cash Provided By (Used In) Investing Activities | (1,607) | (887) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of Long-Term Debt | 700 | 0 |
Cash Dividends Paid on Common Stock | 0 | (400) |
Other | (6) | (2) |
Net Cash Provided By (Used In) Financing Activities | 694 | (402) |
Net Increase (Decrease) In Cash and Cash Equivalents | 4 | 3 |
Cash and Cash Equivalents at Beginning of Period | 12 | 9 |
Cash and Cash Equivalents at End of Period | 16 | 12 |
Supplemental Disclosure of Cash Flow Information: | ||
Income Taxes Paid (Received) | (53) | 218 |
Interest Paid, Net of Amounts Capitalized | 38 | 62 |
Accrued Property, Plant and Equipment Expenditures | $ 132 | $ 42 |
Organization and Basis of Presentation |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation Organization PSEG is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid-Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are:
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority's (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. |
||||||||
PSE And G [Member] | |||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation Organization PSEG is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid-Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are:
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority's (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. |
||||||||
Power [Member] | |||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation Organization PSEG is a holding company with a diversified business mix within the energy industry. Its operations are primarily in the Northeastern and Mid-Atlantic United States and in other select markets. PSEG’s principal direct wholly owned subsidiaries are:
PSEG's other direct wholly owned subsidiaries include PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority's (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. |
Recent Accounting Standards |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. |
PSE And G [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. |
Power [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Recent Accounting Standards | Recent Accounting Standards New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. |
Variable Interest Entities (VIEs) |
6 Months Ended |
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Jun. 30, 2016 | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) VIEs for which PSE&G is the Primary Beneficiary PSE&G is the primary beneficiary and consolidates two marginally capitalized VIEs, PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II), which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which was pledged as collateral to a trustee. PSE&G acted as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds were remitted to Transition Funding and Transition Funding II and were used for interest and principal payments on the transition bonds and related costs. During 2015, Transition Funding and Transition Funding II paid their final securitization bond payments and as of December 31, 2015, no further debt or related costs remained with these VIEs. Effective January 1, 2016, PSE&G commenced refunding the overcollections from customers associated with these VIEs and expects to fully refund these liabilities in 2016. VIE for which PSEG LI is the Primary Beneficiary PSEG LI consolidates Long Island Electric Utility Servco, LLC (Servco), a marginally capitalized VIE, which was created for the purpose of operating LIPA's T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco's economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. Pursuant to the OSA, Servco's operating costs are reimbursable entirely by LIPA, and therefore, PSEG LI's risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to reimbursement of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contractual management fee, in certain situations, could be partially offset by Servco's annual storm costs not approved by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics. For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. Servco recorded $101 million and $84 million for the three months and $199 million and $166 million for the six months ended June 30, 2016 and 2015, respectively, of O&M costs, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG's Condensed Consolidated Statement of Operations. |
PSE And G [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entities (VIEs) | Variable Interest Entities (VIEs) VIEs for which PSE&G is the Primary Beneficiary PSE&G is the primary beneficiary and consolidates two marginally capitalized VIEs, PSE&G Transition Funding LLC (Transition Funding) and PSE&G Transition Funding II LLC (Transition Funding II), which were created for the purpose of issuing transition bonds and purchasing bond transitional property of PSE&G, which was pledged as collateral to a trustee. PSE&G acted as the servicer for these entities to collect securitization transition charges authorized by the BPU. These funds were remitted to Transition Funding and Transition Funding II and were used for interest and principal payments on the transition bonds and related costs. During 2015, Transition Funding and Transition Funding II paid their final securitization bond payments and as of December 31, 2015, no further debt or related costs remained with these VIEs. Effective January 1, 2016, PSE&G commenced refunding the overcollections from customers associated with these VIEs and expects to fully refund these liabilities in 2016. VIE for which PSEG LI is the Primary Beneficiary PSEG LI consolidates Long Island Electric Utility Servco, LLC (Servco), a marginally capitalized VIE, which was created for the purpose of operating LIPA's T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco's economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG. Pursuant to the OSA, Servco's operating costs are reimbursable entirely by LIPA, and therefore, PSEG LI's risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to reimbursement of Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contractual management fee, in certain situations, could be partially offset by Servco's annual storm costs not approved by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics. For transactions in which Servco acts as principal, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. Servco recorded $101 million and $84 million for the three months and $199 million and $166 million for the six months ended June 30, 2016 and 2015, respectively, of O&M costs, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG's Condensed Consolidated Statement of Operations. |
Rate Filings |
6 Months Ended |
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Jun. 30, 2016 | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 5. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2015. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Remediation Adjustment Charge (RAC)—In April 2016, the BPU approved PSE&G's filing with respect to its RAC 23 petition allowing recovery of $54 million effective May 7, 2016 related to net Manufactured Gas Plant expenditures from August 1, 2014 through July 31, 2015. Energy Strong Recovery Filing—In March and September of each year, PSE&G files with the BPU for base rate recovery of Energy Strong investments which include a return of and on its investment. In June 2016, PSE&G updated its March cost recovery petition to include Energy Strong investments in service as of May 31, 2016 which represents estimated annual increases in electric and gas revenues of $16 million and $23 million, respectively. The petition requests rates to be effective September 1, 2016, consistent with the BPU Order of approval of the Energy Strong program. This matter is pending. Basic Gas Supply Service (BGSS)—In June 2016, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $87 million in annual BGSS revenues. If approved, the BGSS rate would be reduced from approximately 40 cents to 34 cents per therm effective October 1, 2016. This matter is pending. Transmission Formula Rate Filings—In June 2016, PSE&G filed its 2015 true-up adjustment pertaining to its transmission formula rates in effect for 2015. This resulted in an adjustment of $34 million less than the 2015 originally filed revenues primarily due to the impact of bonus depreciation legislation enacted after PSE&G filed its 2015 formula rate requirement in October 2014. PSE&G had recognized the majority of this adjustment in its Consolidated Statement of Operations for the year ended December 31, 2015. Weather Normalization Clause—On July 1, 2016, PSE&G filed a petition requesting approval to collect $54 million in net deficiency gas revenues as a result of the warmer than normal 2015-2016 Winter Period. The deficiency gas revenues would be collected from customers over the 2016-2017 and 2017-2018 Winter Periods (October 1 through May 31). This matter is pending. Solar and Energy Efficiency - Green Program Recovery Charges (GPRC)—Each year PSE&G files with the BPU for annual recovery of its Green Program investments which include a return on its investment and recovery of expenses. On July 1, 2016, PSE&G filed its 2016 GPRC cost recovery petition requesting recovery for the nine combined components of the electric and gas GPRC. The filing proposes rates for the period October 1, 2016 through September 30, 2017 designed to recover approximately $44 million and $13 million in electric and gas revenues, respectively, on an annual basis associated with PSE&G's implementation of these BPU approved programs. This matter is pending. Gas System Modernization Program (GSMP)—On July 29, 2016, PSE&G filed its initial annual GSMP cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $13 million effective January 1, 2017. This increase represents the return of and on investment for GSMP investments expected to be in service through September 30, 2016. This request will be updated in October 2016 for actual costs. |
PSE And G [Member] | |
Regulatory Assets [Line Items] | |
Rate Filings | Rate Filings This Note should be read in conjunction with Note 5. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2015. In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with FERC and the BPU by PSE&G are as follows: Remediation Adjustment Charge (RAC)—In April 2016, the BPU approved PSE&G's filing with respect to its RAC 23 petition allowing recovery of $54 million effective May 7, 2016 related to net Manufactured Gas Plant expenditures from August 1, 2014 through July 31, 2015. Energy Strong Recovery Filing—In March and September of each year, PSE&G files with the BPU for base rate recovery of Energy Strong investments which include a return of and on its investment. In June 2016, PSE&G updated its March cost recovery petition to include Energy Strong investments in service as of May 31, 2016 which represents estimated annual increases in electric and gas revenues of $16 million and $23 million, respectively. The petition requests rates to be effective September 1, 2016, consistent with the BPU Order of approval of the Energy Strong program. This matter is pending. Basic Gas Supply Service (BGSS)—In June 2016, PSE&G made its annual BGSS filing with the BPU requesting a reduction of $87 million in annual BGSS revenues. If approved, the BGSS rate would be reduced from approximately 40 cents to 34 cents per therm effective October 1, 2016. This matter is pending. Transmission Formula Rate Filings—In June 2016, PSE&G filed its 2015 true-up adjustment pertaining to its transmission formula rates in effect for 2015. This resulted in an adjustment of $34 million less than the 2015 originally filed revenues primarily due to the impact of bonus depreciation legislation enacted after PSE&G filed its 2015 formula rate requirement in October 2014. PSE&G had recognized the majority of this adjustment in its Consolidated Statement of Operations for the year ended December 31, 2015. Weather Normalization Clause—On July 1, 2016, PSE&G filed a petition requesting approval to collect $54 million in net deficiency gas revenues as a result of the warmer than normal 2015-2016 Winter Period. The deficiency gas revenues would be collected from customers over the 2016-2017 and 2017-2018 Winter Periods (October 1 through May 31). This matter is pending. Solar and Energy Efficiency - Green Program Recovery Charges (GPRC)—Each year PSE&G files with the BPU for annual recovery of its Green Program investments which include a return on its investment and recovery of expenses. On July 1, 2016, PSE&G filed its 2016 GPRC cost recovery petition requesting recovery for the nine combined components of the electric and gas GPRC. The filing proposes rates for the period October 1, 2016 through September 30, 2017 designed to recover approximately $44 million and $13 million in electric and gas revenues, respectively, on an annual basis associated with PSE&G's implementation of these BPU approved programs. This matter is pending. Gas System Modernization Program (GSMP)—On July 29, 2016, PSE&G filed its initial annual GSMP cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $13 million effective January 1, 2017. This increase represents the return of and on investment for GSMP investments expected to be in service through September 30, 2016. This request will be updated in October 2016 for actual costs. |
Financing Receivables |
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Schedule of Financial Receivables [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | Financing Receivables PSE&G PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with solar renewable energy certificates generated from the installed solar electric system. A substantial portion of these amounts are noncurrent and reported in Long-Term Investments on PSEG's and PSE&G's Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.”
Energy Holdings Energy Holdings, through several of its indirect subsidiary companies, has investments in domestic energy and real estate assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ investments in the leases are comprised of the total expected lease receivables on its investments over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets. The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2016 and December 31, 2015, respectively.
The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
The “BB-” and the "CCC" ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of June 30, 2016, the gross investment in the leases of such assets, net of non-recourse debt, was $573 million ($(5) million, net of deferred taxes). A more detailed description of such assets under lease, as of June 30, 2016, is presented in the following table.
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations which could be mitigated by tax indemnification claims with the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service. Although all lease payments are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and the quality and condition of assets under lease. |
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Receivables [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | Financing Receivables PSE&G PSE&G sponsors a solar loan program designed to help finance the installation of solar power systems throughout its electric service area. The loans are generally paid back with solar renewable energy certificates generated from the installed solar electric system. A substantial portion of these amounts are noncurrent and reported in Long-Term Investments on PSEG's and PSE&G's Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.”
Energy Holdings Energy Holdings, through several of its indirect subsidiary companies, has investments in domestic energy and real estate assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ investments in the leases are comprised of the total expected lease receivables on its investments over the lease terms plus the estimated residual values at the end of the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets. The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2016 and December 31, 2015, respectively.
The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
The “BB-” and the "CCC" ratings in the preceding table represent lease receivables related to coal-fired assets in Illinois and Pennsylvania, respectively. As of June 30, 2016, the gross investment in the leases of such assets, net of non-recourse debt, was $573 million ($(5) million, net of deferred taxes). A more detailed description of such assets under lease, as of June 30, 2016, is presented in the following table.
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease transactions. These credit enhancement features vary from lease to lease and may include letters of credit or affiliate guarantees. Upon the occurrence of certain defaults, indirect subsidiary companies of Energy Holdings would exercise their rights and attempt to seek recovery of their investment, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital investments and trigger certain material tax obligations which could be mitigated by tax indemnification claims with the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims. Failure to recover adequate value could ultimately lead to a foreclosure on the assets under lease by the lenders. If foreclosures were to occur, Energy Holdings could potentially record a pre-tax write-off up to its gross investment in these facilities and may also be required to pay significant cash tax liabilities to the Internal Revenue Service. Although all lease payments are current, no assurances can be given that future payments in accordance with the lease contracts will continue. Factors which may impact future lease cash flows include, but are not limited to, new environmental legislation and regulation regarding air quality, water and other discharges in the process of generating electricity, market prices for fuel, electricity and capacity, overall financial condition of lease counterparties and the quality and condition of assets under lease. |
Available-for-Sale Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | Available-for-Sale Securities NDT Fund Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were:
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $110 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of June 30, 2016. The NDT available-for-sale debt securities held as of June 30, 2016 had the following maturities:
The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the six months ended June 30, 2016, other-than-temporary impairments of $20 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.
The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months.
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were:
Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $7 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of June 30, 2016. The Rabbi Trust available-for-sale debt securities held as of June 30, 2016 had the following maturities:
The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows:
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | Available-for-Sale Securities NDT Fund Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were:
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $110 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of June 30, 2016. The NDT available-for-sale debt securities held as of June 30, 2016 had the following maturities:
The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the six months ended June 30, 2016, other-than-temporary impairments of $20 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.
The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months.
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were:
Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $7 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of June 30, 2016. The Rabbi Trust available-for-sale debt securities held as of June 30, 2016 had the following maturities:
The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows:
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-Sale Securities | Available-for-Sale Securities NDT Fund Power maintains an external master NDT to fund its share of decommissioning for its five nuclear facilities upon termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The trust funds are managed by third party investment advisers who operate under investment guidelines developed by Power. Power classifies investments in the NDT Fund as available-for-sale. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.
The proceeds from the sales of and the net realized gains on securities in the NDT Fund were:
Gross realized gains and gross realized losses disclosed in the preceding table were recognized in Other Income and Other Deductions, respectively, in PSEG’s and Power’s Condensed Consolidated Statements of Operations. Net unrealized gains of $110 million (after-tax) were a component of Accumulated Other Comprehensive Loss on PSEG's and Power’s Condensed Consolidated Balance Sheets as of June 30, 2016. The NDT available-for-sale debt securities held as of June 30, 2016 had the following maturities:
The cost of these securities was determined on the basis of specific identification. Power periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, management considers the ability and intent to hold for a reasonable time to permit recovery in addition to the severity and duration of the loss. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). For the six months ended June 30, 2016, other-than-temporary impairments of $20 million were recognized on securities in the NDT Fund. Any subsequent recoveries in the value of these securities would be recognized in Accumulated Other Comprehensive Income (Loss) unless the securities are sold, in which case, any gain would be recognized in income. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. Rabbi Trust PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.” PSEG classifies investments in the Rabbi Trust as available-for-sale. The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.
The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months.
The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were:
Gross realized gains disclosed in the preceding table were recognized in Other Income in the Condensed Consolidated Statements of Operations. Net unrealized gains of $7 million (after-tax) were a component of Accumulated Other Comprehensive Loss on the Condensed Consolidated Balance Sheets as of June 30, 2016. The Rabbi Trust available-for-sale debt securities held as of June 30, 2016 had the following maturities:
The cost of these securities was determined on the basis of specific identification. PSEG periodically assesses individual securities whose fair value is less than amortized cost to determine whether the investments are considered to be other-than-temporarily impaired. For equity securities, the Rabbi Trust is invested in a commingled indexed mutual fund. Due to the commingled nature of this fund, PSEG does not have the ability to hold these securities until expected recovery. As a result, any declines in fair market value below cost are recorded as a charge to earnings. For fixed income securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities. The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows:
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Pension and OPEB |
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Effective January 1, 2016, PSEG changed the approach used to measure future service and interest costs for pension benefits. For 2015 and prior, PSEG calculated service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016 and beyond, PSEG has elected to calculate service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. PSEG believes the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of the plan obligations. As a change in accounting estimate, this change is being reflected prospectively. Pension and OPEB costs, net of amounts capitalized, were reduced by $8 million and $3 million, for the three months ended June 30, 2016 respectively, and $17 million and $6 million for the six months ended June 30, 2016, respectively, as compared to the 2016 amounts that would have been derived from applying PSEG's 2015 and prior years' methodology. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis. Pension and OPEB costs for PSEG, except for Servco, are detailed as follows:
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows:
During the three months ended March 31, 2016, PSEG contributed its entire planned contributions for the year 2016 of $21 million into its pension plans and $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $28 million into its pension plan during 2016. Servco's pension-related revenues and costs were $6 million and $7 million for the three months ended June 30, 2016 and 2015, respectively, and $12 million and $13 million for the six months ended June 30, 2016 and 2015, respectively. The OPEB-related revenues earned and costs incurred for each of the three months and six months ended June 30, 2016 and 2015 were immaterial. |
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Effective January 1, 2016, PSEG changed the approach used to measure future service and interest costs for pension benefits. For 2015 and prior, PSEG calculated service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016 and beyond, PSEG has elected to calculate service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. PSEG believes the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of the plan obligations. As a change in accounting estimate, this change is being reflected prospectively. Pension and OPEB costs, net of amounts capitalized, were reduced by $8 million and $3 million, for the three months ended June 30, 2016 respectively, and $17 million and $6 million for the six months ended June 30, 2016, respectively, as compared to the 2016 amounts that would have been derived from applying PSEG's 2015 and prior years' methodology. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis. Pension and OPEB costs for PSEG, except for Servco, are detailed as follows:
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows:
During the three months ended March 31, 2016, PSEG contributed its entire planned contributions for the year 2016 of $21 million into its pension plans and $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $28 million into its pension plan during 2016. Servco's pension-related revenues and costs were $6 million and $7 million for the three months ended June 30, 2016 and 2015, respectively, and $12 million and $13 million for the six months ended June 30, 2016 and 2015, respectively. The OPEB-related revenues earned and costs incurred for each of the three months and six months ended June 30, 2016 and 2015 were immaterial. |
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors several qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. Effective January 1, 2016, PSEG changed the approach used to measure future service and interest costs for pension benefits. For 2015 and prior, PSEG calculated service and interest costs utilizing a single weighted-average discount rate derived from the yield curve used to measure the plan obligations. For 2016 and beyond, PSEG has elected to calculate service and interest costs by applying the specific spot rates along that yield curve to the plans’ liability cash flows. PSEG believes the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of the plan obligations. As a change in accounting estimate, this change is being reflected prospectively. Pension and OPEB costs, net of amounts capitalized, were reduced by $8 million and $3 million, for the three months ended June 30, 2016 respectively, and $17 million and $6 million for the six months ended June 30, 2016, respectively, as compared to the 2016 amounts that would have been derived from applying PSEG's 2015 and prior years' methodology. The following table provides the components of net periodic benefit costs relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis. Pension and OPEB costs for PSEG, except for Servco, are detailed as follows:
Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows:
During the three months ended March 31, 2016, PSEG contributed its entire planned contributions for the year 2016 of $21 million into its pension plans and $14 million into its OPEB plan. Servco Pension and OPEB At the direction of LIPA, Servco sponsors benefit plans that cover its current and former employees who meet certain eligibility criteria. Under the OSA, all of these and any future employee benefit costs are to be funded by LIPA. See Note 3. Variable Interest Entities. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG. Servco amounts are not included in any of the preceding pension and OPEB benefit cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco plans to contribute $28 million into its pension plan during 2016. Servco's pension-related revenues and costs were $6 million and $7 million for the three months ended June 30, 2016 and 2015, respectively, and $12 million and $13 million for the six months ended June 30, 2016 and 2015, respectively. The OPEB-related revenues earned and costs incurred for each of the three months and six months ended June 30, 2016 and 2015 were immaterial. |
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Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Power is subject to
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. The following table shows the face value of Power's outstanding guarantees, current exposure and margin positions as of June 30, 2016 and December 31, 2015.
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See preceding table. PSEG also issued a $106 million guarantee to support Power's payment obligations related to its equity interest in the PennEast natural gas pipeline and a $21 million guarantee to support Power's payment obligations related to construction of a 755 MW gas-fired combined cycle generating station in Maryland. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, these guarantees would each have to be replaced by a letter of credit. Environmental Matters Passaic River Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. The EPA determined that there was a need to perform a comprehensive study of the entire 17 miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately seven percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately one percent is attributable to Power’s generating stations. These interim allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. PSEG has provided notice to insurers concerning this potential claim. In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra/Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA and Tierra/Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. In 2012, Tierra/Maxus withdrew from the CPG and refused to participate as members going forward, other than with respect to their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. Construction is complete. The CPG is awaiting EPA approval of the construction report, long-term monitoring plan and confirmatory sampling plan. PSE&G’s and Power's combined share of the cost of that effort is approximately three percent. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. On April 11, 2014, the EPA released its revised draft “Focused Feasibility Study” (FFS) which contemplated the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River. The revised draft FFS set forth various alternatives for remediating this portion of the Passaic River. The CPG, which consisted of 53 members as of June 30, 2016, provided a draft RI and draft FS, both relating to the entire 17 miles of the lower Passaic River, to the EPA on February 18, 2015 and April 30, 2015, respectively. The estimated total cost for the preparation of the RI/FS is approximately $163 million, which the CPG continues to incur. Of the estimated $163 million, as of June 30, 2016, the CPG had spent approximately $150 million, of which PSE&G's and Power's combined share was approximately $11 million. The CPG's draft FS set forth various alternatives for remediating the lower Passaic River. It set forth the CPG’s estimated costs to remediate the lower 17 miles of the Passaic River which range from approximately $518 million to $3.2 billion on an undiscounted basis. The CPG identified a targeted remedy in the draft FS which would involve removal, treatment and disposal of contaminated sediments taken from targeted locations within the entire 17 miles of the lower Passaic River. The estimated cost in the draft FS for the targeted remedy ranged from approximately $518 million to $772 million. Based on (i) the low end of the range of the current estimates of costs to remediate, (ii) PSE&G's and Power's estimated share of those costs, and (iii) the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued a $10 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued a $3 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2015. In March 2016, the EPA released its Record of Decision (ROD) for the FFS which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The ROD Remedy requires a bank-to-bank dredge ranging from approximately 5 to 30 feet deep in the federal navigation channel from River Mile 0 to River Mile 1.7 and an approximately 2.5 foot deep dredge everywhere else in the lower 8.3 miles of the river. An engineered cap approximately two feet thick will be placed over the dredged areas. Dredged sediments will be transported to facilities and landfills out-of-state. The EPA estimates the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Based upon the estimated cost of the ROD Remedy, PSEG's estimate of PSE&G’s and Power’s shares of that cost, and the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued an additional $36 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued an additional $8 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2016. As of June 30, 2016, these accruals bring the total liability to approximately $57 million, $46 million applicable to PSE&G and $11 million applicable to Power. Also in March 2016, the EPA sent a notice letter to 105 PRPs, including PSE&G, all other past and present members of the CPG, including Occidental Chemicals Corporation (OCC), and the towns of Newark, Kearny and Harrison and the Passaic Valley Sewerage Commission stating that the EPA wants to determine whether OCC, a successor company to Diamond Shamrock, will voluntarily perform the remedial design for the ROD Remedy. If the EPA secures a commitment to perform the Remedial Design from OCC, the EPA plans to begin negotiation of a remedial action consent decree, under which, OCC and the other “major” PRPs will implement and/or pay for the EPA’s ROD Remedy for the lower 8.3 miles. "Major PRP" is undefined in the letter. On June 16, 2016, Tierra and Maxus, successors to Diamond Shamrock, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although PSEG does not currently anticipate that the filing for bankruptcy by Tierra and Maxus will affect its allocable share or total liability for the Passaic River matter, PSEG, through the CPG and independently, will monitor the bankruptcy proceedings to identify any potential impact on PSEG's share of the costs. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G's and Power's ultimate liability. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G's and Power’s respective shares of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG's financial statements. It is possible that PSE&G and Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Natural Resource Damage Claims In 2003, the New Jersey Department of Environmental Protection (NJDEP) directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the New Jersey Spill Compensation and Control Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the U.S. Department of Commerce and the U.S. Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. MGP Remediation Program PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $426 million and $491 million through 2021, including its $46 million share for the Passaic River accrued as of June 30, 2016, as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $426 million as of June 30, 2016. Of this amount, $99 million was recorded in Other Current Liabilities and $327 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $426 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. NJDEP, PSEG and EPA representatives have had discussions regarding whether sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Prevention of Significant Deterioration (PSD)/New Source Review (NSR) The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. Clean Water Act Permit Renewals Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The NJDEP manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. On June 10, 2016, the NJDEP issued a final NJPDES permit for Salem with an effective date of August 1, 2016. The final permit does not require installation of cooling towers and allows Salem to continue to operate utilizing the existing once-through cooling water system. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the Clean Water Act, it requires additional studies and the selection of technology to address impingement for the service water system. On July 8, 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP's issuance of the final permit for Salem. The Riverkeeper's filing does not change the effective date of the permit. State permitting decisions could have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants, including Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities, and could result in acceleration of decommissioning activities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1.0 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at Bridgeport Harbor Station Unit 3 (BH3). To address compliance with the EPA’s Clean Water Act Section 316(b) final rule, the current proposal under consideration is that, if a final permit is issued, Power would continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the current estimated useful life ending in 2025. Based on current discussions with the CTDEEP, if the proposal is accepted, a final permit could be issued in late 2016. Separately, Power has also negotiated a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut. That CEBA provides that Power would retire BH3 early if all its precedent conditions occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. The receipt of permits to allow construction and operation of the new facility could occur in 2017. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power will seek to operate BH3 through the current estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. Operations are expected to begin in mid-2019. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station's NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Steam Electric Effluent Guidelines On September 30, 2015, the EPA issued a new Effluent Guidelines Limitation Rule for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. The EPA provides an implementation period for currently existing discharges of three years or up to eight years if a facility needs more time to implement equipment upgrades and provide supporting information to its permitting authority. In the intervening time period, existing discharge standards continue to apply. Power's Mercer and Bridgeport Harbor stations and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under this rule. Power is unable to predict if this rule will have a material impact on its future capital requirements, financial condition and results of operations. Coal Combustion Residuals (CCRs) On December 19, 2014, the EPA issued a final rule which regulates CCRs as non-hazardous and requires that facility owners implement a series of actions to close or upgrade existing CCR surface impoundments and/or landfills. It also establishes new provisions for the construction of new surface impoundments and landfills. Power's Hudson and Mercer generating stations, along with its co-owned Keystone and Conemaugh stations, are subject to the provisions of this rule. On April 17, 2015, the final rule was published with an effective date of October 19, 2015. Accordingly in June 2015, Power recorded an additional asset retirement obligation to comply with the final CCR rule which was not material to Power’s results of operations, financial condition or cash flows. Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G's load requirement, is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with winning BGS suppliers, including Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2016 is $335.33 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2016 of $272.78 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. PSE&G has a full-requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 17. Related-Party Transactions. Minimum Fuel Purchase Requirements Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2020 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G's customers, Power can use the gas to supply its fossil generating stations. Power also has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations. As of June 30, 2016, the total minimum purchase requirements included in these commitments were as follows:
Regulatory Proceedings FERC Compliance In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter and self-reported the errors. As the internal investigation proceeded, additional pricing errors in the bids were identified. It was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed FERC, PJM and the PJM Independent Market Monitor (IMM) of these additional issues, corrected the identified errors, and modified the bid quantities for Power’s peaking units. Power continues to implement procedures to help mitigate the risk of similar issues occurring in the future. During the three month period ended March 31, 2014, based upon its best estimate available at the time, Power recorded a charge to income in the amount of $25 million related to this matter. No additional charges to income have been recorded for this matter since that time. Since September 2014, FERC Staff has been conducting a preliminary, non-public staff investigation into the matter and issued data requests covering a period from 2002 through the date of the self-report. This investigation is ongoing. Since that time, Power has responded to data requests from FERC Staff, including recent data requests in which Power has recalculated certain of its energy bids in PJM for a five year period, and may receive additional data requests or other fact finding. The FERC Staff investigation is still in the fact finding stage and there is considerable uncertainty around FERC's response to PSEG's legal arguments and the amount of disgorgement or other remedies FERC may ultimately seek. PSEG is unable to reasonably estimate the range of possible loss for this matter; however, the amounts of potential disgorgement and other potential penalties that Power may incur span a wide range depending on the success of PSEG's legal arguments. These arguments include that Power’s energy market bids in a substantial majority of the hours were below the allowed rate under the Tariff and therefore any errors in those hours were immaterial and that it is unclear whether the quantity of the bids violated any legal requirement. If PSEG's legal arguments do not prevail in whole or in part with FERC or in a judicial challenge that PSEG may choose to pursue, it is likely that Power would record additional losses and that such additional losses would be material to PSEG’s and Power’s Consolidated Statements of Operations in the quarterly and annual periods in which they are recorded. Nuclear Insurance Coverages The following should be read in conjunction with Note 12. Commitments and Contingent Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2015. Based upon a review of its nuclear insurance, Power made changes to its Nuclear Electric Insurance Limited (NEIL) insurance coverage of the excess layer for property damage which became effective on April 1, 2016. The excess layer provides coverage above the primary layer of NEIL insurance coverage for property damage of $1.5 billion. For the excess layer at the Salem/Hope Creek site, Power purchased coverage for property damage of $300 million due to a nuclear event and $300 million due to a non-nuclear event. For the excess layer at the Peach Bottom site, Power purchased coverage for its ownership interest for property damage of $300 million due to a nuclear event. For the excess layer at the Peach Bottom site, Exelon purchased coverage for property damage of $600 million due to a non-nuclear event which covers the ownership interest of Power. |
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Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Power is subject to
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. The following table shows the face value of Power's outstanding guarantees, current exposure and margin positions as of June 30, 2016 and December 31, 2015.
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See preceding table. PSEG also issued a $106 million guarantee to support Power's payment obligations related to its equity interest in the PennEast natural gas pipeline and a $21 million guarantee to support Power's payment obligations related to construction of a 755 MW gas-fired combined cycle generating station in Maryland. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, these guarantees would each have to be replaced by a letter of credit. Environmental Matters Passaic River Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. The EPA determined that there was a need to perform a comprehensive study of the entire 17 miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately seven percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately one percent is attributable to Power’s generating stations. These interim allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. PSEG has provided notice to insurers concerning this potential claim. In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra/Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA and Tierra/Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. In 2012, Tierra/Maxus withdrew from the CPG and refused to participate as members going forward, other than with respect to their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. Construction is complete. The CPG is awaiting EPA approval of the construction report, long-term monitoring plan and confirmatory sampling plan. PSE&G’s and Power's combined share of the cost of that effort is approximately three percent. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. On April 11, 2014, the EPA released its revised draft “Focused Feasibility Study” (FFS) which contemplated the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River. The revised draft FFS set forth various alternatives for remediating this portion of the Passaic River. The CPG, which consisted of 53 members as of June 30, 2016, provided a draft RI and draft FS, both relating to the entire 17 miles of the lower Passaic River, to the EPA on February 18, 2015 and April 30, 2015, respectively. The estimated total cost for the preparation of the RI/FS is approximately $163 million, which the CPG continues to incur. Of the estimated $163 million, as of June 30, 2016, the CPG had spent approximately $150 million, of which PSE&G's and Power's combined share was approximately $11 million. The CPG's draft FS set forth various alternatives for remediating the lower Passaic River. It set forth the CPG’s estimated costs to remediate the lower 17 miles of the Passaic River which range from approximately $518 million to $3.2 billion on an undiscounted basis. The CPG identified a targeted remedy in the draft FS which would involve removal, treatment and disposal of contaminated sediments taken from targeted locations within the entire 17 miles of the lower Passaic River. The estimated cost in the draft FS for the targeted remedy ranged from approximately $518 million to $772 million. Based on (i) the low end of the range of the current estimates of costs to remediate, (ii) PSE&G's and Power's estimated share of those costs, and (iii) the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued a $10 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued a $3 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2015. In March 2016, the EPA released its Record of Decision (ROD) for the FFS which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The ROD Remedy requires a bank-to-bank dredge ranging from approximately 5 to 30 feet deep in the federal navigation channel from River Mile 0 to River Mile 1.7 and an approximately 2.5 foot deep dredge everywhere else in the lower 8.3 miles of the river. An engineered cap approximately two feet thick will be placed over the dredged areas. Dredged sediments will be transported to facilities and landfills out-of-state. The EPA estimates the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Based upon the estimated cost of the ROD Remedy, PSEG's estimate of PSE&G’s and Power’s shares of that cost, and the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued an additional $36 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued an additional $8 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2016. As of June 30, 2016, these accruals bring the total liability to approximately $57 million, $46 million applicable to PSE&G and $11 million applicable to Power. Also in March 2016, the EPA sent a notice letter to 105 PRPs, including PSE&G, all other past and present members of the CPG, including Occidental Chemicals Corporation (OCC), and the towns of Newark, Kearny and Harrison and the Passaic Valley Sewerage Commission stating that the EPA wants to determine whether OCC, a successor company to Diamond Shamrock, will voluntarily perform the remedial design for the ROD Remedy. If the EPA secures a commitment to perform the Remedial Design from OCC, the EPA plans to begin negotiation of a remedial action consent decree, under which, OCC and the other “major” PRPs will implement and/or pay for the EPA’s ROD Remedy for the lower 8.3 miles. "Major PRP" is undefined in the letter. On June 16, 2016, Tierra and Maxus, successors to Diamond Shamrock, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although PSEG does not currently anticipate that the filing for bankruptcy by Tierra and Maxus will affect its allocable share or total liability for the Passaic River matter, PSEG, through the CPG and independently, will monitor the bankruptcy proceedings to identify any potential impact on PSEG's share of the costs. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G's and Power's ultimate liability. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G's and Power’s respective shares of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG's financial statements. It is possible that PSE&G and Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Natural Resource Damage Claims In 2003, the New Jersey Department of Environmental Protection (NJDEP) directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the New Jersey Spill Compensation and Control Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the U.S. Department of Commerce and the U.S. Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. MGP Remediation Program PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $426 million and $491 million through 2021, including its $46 million share for the Passaic River accrued as of June 30, 2016, as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $426 million as of June 30, 2016. Of this amount, $99 million was recorded in Other Current Liabilities and $327 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $426 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. NJDEP, PSEG and EPA representatives have had discussions regarding whether sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Prevention of Significant Deterioration (PSD)/New Source Review (NSR) The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. Clean Water Act Permit Renewals Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The NJDEP manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. On June 10, 2016, the NJDEP issued a final NJPDES permit for Salem with an effective date of August 1, 2016. The final permit does not require installation of cooling towers and allows Salem to continue to operate utilizing the existing once-through cooling water system. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the Clean Water Act, it requires additional studies and the selection of technology to address impingement for the service water system. On July 8, 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP's issuance of the final permit for Salem. The Riverkeeper's filing does not change the effective date of the permit. State permitting decisions could have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants, including Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities, and could result in acceleration of decommissioning activities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1.0 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at Bridgeport Harbor Station Unit 3 (BH3). To address compliance with the EPA’s Clean Water Act Section 316(b) final rule, the current proposal under consideration is that, if a final permit is issued, Power would continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the current estimated useful life ending in 2025. Based on current discussions with the CTDEEP, if the proposal is accepted, a final permit could be issued in late 2016. Separately, Power has also negotiated a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut. That CEBA provides that Power would retire BH3 early if all its precedent conditions occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. The receipt of permits to allow construction and operation of the new facility could occur in 2017. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power will seek to operate BH3 through the current estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. Operations are expected to begin in mid-2019. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station's NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Steam Electric Effluent Guidelines On September 30, 2015, the EPA issued a new Effluent Guidelines Limitation Rule for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. The EPA provides an implementation period for currently existing discharges of three years or up to eight years if a facility needs more time to implement equipment upgrades and provide supporting information to its permitting authority. In the intervening time period, existing discharge standards continue to apply. Power's Mercer and Bridgeport Harbor stations and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under this rule. Power is unable to predict if this rule will have a material impact on its future capital requirements, financial condition and results of operations. Coal Combustion Residuals (CCRs) On December 19, 2014, the EPA issued a final rule which regulates CCRs as non-hazardous and requires that facility owners implement a series of actions to close or upgrade existing CCR surface impoundments and/or landfills. It also establishes new provisions for the construction of new surface impoundments and landfills. Power's Hudson and Mercer generating stations, along with its co-owned Keystone and Conemaugh stations, are subject to the provisions of this rule. On April 17, 2015, the final rule was published with an effective date of October 19, 2015. Accordingly in June 2015, Power recorded an additional asset retirement obligation to comply with the final CCR rule which was not material to Power’s results of operations, financial condition or cash flows. Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G's load requirement, is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with winning BGS suppliers, including Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2016 is $335.33 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2016 of $272.78 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. PSE&G has a full-requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 17. Related-Party Transactions. Minimum Fuel Purchase Requirements Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2020 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G's customers, Power can use the gas to supply its fossil generating stations. Power also has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations. As of June 30, 2016, the total minimum purchase requirements included in these commitments were as follows:
Regulatory Proceedings FERC Compliance In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter and self-reported the errors. As the internal investigation proceeded, additional pricing errors in the bids were identified. It was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed FERC, PJM and the PJM Independent Market Monitor (IMM) of these additional issues, corrected the identified errors, and modified the bid quantities for Power’s peaking units. Power continues to implement procedures to help mitigate the risk of similar issues occurring in the future. During the three month period ended March 31, 2014, based upon its best estimate available at the time, Power recorded a charge to income in the amount of $25 million related to this matter. No additional charges to income have been recorded for this matter since that time. Since September 2014, FERC Staff has been conducting a preliminary, non-public staff investigation into the matter and issued data requests covering a period from 2002 through the date of the self-report. This investigation is ongoing. Since that time, Power has responded to data requests from FERC Staff, including recent data requests in which Power has recalculated certain of its energy bids in PJM for a five year period, and may receive additional data requests or other fact finding. The FERC Staff investigation is still in the fact finding stage and there is considerable uncertainty around FERC's response to PSEG's legal arguments and the amount of disgorgement or other remedies FERC may ultimately seek. PSEG is unable to reasonably estimate the range of possible loss for this matter; however, the amounts of potential disgorgement and other potential penalties that Power may incur span a wide range depending on the success of PSEG's legal arguments. These arguments include that Power’s energy market bids in a substantial majority of the hours were below the allowed rate under the Tariff and therefore any errors in those hours were immaterial and that it is unclear whether the quantity of the bids violated any legal requirement. If PSEG's legal arguments do not prevail in whole or in part with FERC or in a judicial challenge that PSEG may choose to pursue, it is likely that Power would record additional losses and that such additional losses would be material to PSEG’s and Power’s Consolidated Statements of Operations in the quarterly and annual periods in which they are recorded. Nuclear Insurance Coverages The following should be read in conjunction with Note 12. Commitments and Contingent Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2015. Based upon a review of its nuclear insurance, Power made changes to its Nuclear Electric Insurance Limited (NEIL) insurance coverage of the excess layer for property damage which became effective on April 1, 2016. The excess layer provides coverage above the primary layer of NEIL insurance coverage for property damage of $1.5 billion. For the excess layer at the Salem/Hope Creek site, Power purchased coverage for property damage of $300 million due to a nuclear event and $300 million due to a non-nuclear event. For the excess layer at the Peach Bottom site, Power purchased coverage for its ownership interest for property damage of $300 million due to a nuclear event. For the excess layer at the Peach Bottom site, Exelon purchased coverage for property damage of $600 million due to a non-nuclear event which covers the ownership interest of Power. |
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Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations Power’s activities primarily involve the purchase and sale of energy and related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, cash-related instruments or guarantees. Power has unconditionally guaranteed payments to counterparties by its subsidiaries in commodity-related transactions in order to
Under these agreements, guarantees cover lines of credit between entities and are often reciprocal in nature. The exposure between counterparties can move in either direction. In order for Power to incur a liability for the face value of the outstanding guarantees, its subsidiaries would have to
Power believes the probability of this result is unlikely. For this reason, Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. This current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. Power is subject to
Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit. Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules. In addition to the guarantees discussed above, Power has also provided payment guarantees to third parties on behalf of its affiliated companies. These guarantees support various other non-commodity related contractual obligations. The following table shows the face value of Power's outstanding guarantees, current exposure and margin positions as of June 30, 2016 and December 31, 2015.
As part of determining credit exposure, Power nets receivables and payables with the corresponding net energy contract balances. See Note 10. Financial Risk Management Activities for further discussion. In accordance with PSEG's accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively. In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and Power had posted letters of credit to support Power's various other non-energy contractual and environmental obligations. See preceding table. PSEG also issued a $106 million guarantee to support Power's payment obligations related to its equity interest in the PennEast natural gas pipeline and a $21 million guarantee to support Power's payment obligations related to construction of a 755 MW gas-fired combined cycle generating station in Maryland. In the event that PSEG were to be downgraded to below investment grade and failed to meet minimum net worth requirements, these guarantees would each have to be replaced by a letter of credit. Environmental Matters Passaic River Historic operations of PSEG companies and the operations of hundreds of other companies along the Passaic and Hackensack Rivers are alleged by Federal and State agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes as discussed as follows. Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) In 2002, the U.S. Environmental Protection Agency (EPA) determined that a 17-mile stretch of the lower Passaic River from Newark to Clifton, New Jersey is a “Superfund” site under CERCLA. This designation allows the EPA to clean up such sites and to compel responsible parties to perform cleanups or reimburse the government for cleanups led by the EPA. The EPA determined that there was a need to perform a comprehensive study of the entire 17 miles of the lower Passaic River. PSE&G and certain of its predecessors conducted operations at properties in this area of the Passaic River. The properties included one operating electric generating station (Essex Site), which was transferred to Power, one former generating station and four former manufactured gas plant (MGP) sites. In early 2007, 73 Potentially Responsible Parties (PRPs), including PSE&G and Power, formed a Cooperating Parties Group (CPG) and agreed to assume responsibility for conducting a Remedial Investigation and Feasibility Study (RI/FS) of the 17 miles of the lower Passaic River. At such time, the CPG also agreed to allocate, on an interim basis, the associated costs of the RI/FS among its members on the basis of a mutually agreed upon formula. For the purpose of this interim allocation, which has been revised as parties have exited the CPG, approximately seven percent of the RI/FS costs are currently deemed attributable to PSE&G’s former MGP sites and approximately one percent is attributable to Power’s generating stations. These interim allocations are not binding on PSE&G or Power in terms of their respective shares of the costs that will be ultimately required to remediate the 17 miles of the lower Passaic River. PSEG has provided notice to insurers concerning this potential claim. In June 2008, the EPA and Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus) entered into an early action agreement whereby Tierra/Maxus agreed to remove a portion of the heavily dioxin-contaminated sediment located in the lower Passaic River. The portion of the Passaic River identified in this agreement was located immediately adjacent to Tierra/Maxus’ predecessor company’s (Diamond Shamrock) facility. Pursuant to the agreement between the EPA and Tierra/Maxus, the estimated cost for the work to remove the sediment in this location was $80 million. Phase I of the removal work has been completed. Pursuant to this agreement, Tierra/Maxus have reserved their rights to seek contribution for these removal costs from the other PRPs, including Power and PSE&G. In 2012, Tierra/Maxus withdrew from the CPG and refused to participate as members going forward, other than with respect to their obligation to fund the EPA’s portion of its RI/FS oversight costs. At such time, the remaining members of the CPG, in agreement with the EPA, commenced the removal of certain contaminated sediments at Passaic River Mile 10.9 at an estimated cost of $25 million to $30 million. Construction is complete. The CPG is awaiting EPA approval of the construction report, long-term monitoring plan and confirmatory sampling plan. PSE&G’s and Power's combined share of the cost of that effort is approximately three percent. The remaining CPG members have reserved their rights to seek reimbursement from Tierra/Maxus for the costs of the River Mile 10.9 removal. On April 11, 2014, the EPA released its revised draft “Focused Feasibility Study” (FFS) which contemplated the removal of 4.3 million cubic yards of sediment from the bottom of the lower eight miles of the 17-mile stretch of the Passaic River. The revised draft FFS set forth various alternatives for remediating this portion of the Passaic River. The CPG, which consisted of 53 members as of June 30, 2016, provided a draft RI and draft FS, both relating to the entire 17 miles of the lower Passaic River, to the EPA on February 18, 2015 and April 30, 2015, respectively. The estimated total cost for the preparation of the RI/FS is approximately $163 million, which the CPG continues to incur. Of the estimated $163 million, as of June 30, 2016, the CPG had spent approximately $150 million, of which PSE&G's and Power's combined share was approximately $11 million. The CPG's draft FS set forth various alternatives for remediating the lower Passaic River. It set forth the CPG’s estimated costs to remediate the lower 17 miles of the Passaic River which range from approximately $518 million to $3.2 billion on an undiscounted basis. The CPG identified a targeted remedy in the draft FS which would involve removal, treatment and disposal of contaminated sediments taken from targeted locations within the entire 17 miles of the lower Passaic River. The estimated cost in the draft FS for the targeted remedy ranged from approximately $518 million to $772 million. Based on (i) the low end of the range of the current estimates of costs to remediate, (ii) PSE&G's and Power's estimated share of those costs, and (iii) the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued a $10 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued a $3 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2015. In March 2016, the EPA released its Record of Decision (ROD) for the FFS which requires the removal of 3.5 million cubic yards of sediment from the Passaic River’s lower 8.3 miles at an estimated cost of $2.3 billion on an undiscounted basis (ROD Remedy). The ROD Remedy requires a bank-to-bank dredge ranging from approximately 5 to 30 feet deep in the federal navigation channel from River Mile 0 to River Mile 1.7 and an approximately 2.5 foot deep dredge everywhere else in the lower 8.3 miles of the river. An engineered cap approximately two feet thick will be placed over the dredged areas. Dredged sediments will be transported to facilities and landfills out-of-state. The EPA estimates the total project length to be about 11 years, including a one year period of negotiation with the PRPs, three to four years to design the project and six years for implementation. Based upon the estimated cost of the ROD Remedy, PSEG's estimate of PSE&G’s and Power’s shares of that cost, and the continued ability of PSE&G to recover such costs in its rates, PSE&G accrued an additional $36 million Environmental Costs Liability and a corresponding Regulatory Asset and Power accrued an additional $8 million Other Noncurrent Liability and a corresponding O&M Expense in the first quarter of 2016. As of June 30, 2016, these accruals bring the total liability to approximately $57 million, $46 million applicable to PSE&G and $11 million applicable to Power. Also in March 2016, the EPA sent a notice letter to 105 PRPs, including PSE&G, all other past and present members of the CPG, including Occidental Chemicals Corporation (OCC), and the towns of Newark, Kearny and Harrison and the Passaic Valley Sewerage Commission stating that the EPA wants to determine whether OCC, a successor company to Diamond Shamrock, will voluntarily perform the remedial design for the ROD Remedy. If the EPA secures a commitment to perform the Remedial Design from OCC, the EPA plans to begin negotiation of a remedial action consent decree, under which, OCC and the other “major” PRPs will implement and/or pay for the EPA’s ROD Remedy for the lower 8.3 miles. "Major PRP" is undefined in the letter. On June 16, 2016, Tierra and Maxus, successors to Diamond Shamrock, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although PSEG does not currently anticipate that the filing for bankruptcy by Tierra and Maxus will affect its allocable share or total liability for the Passaic River matter, PSEG, through the CPG and independently, will monitor the bankruptcy proceedings to identify any potential impact on PSEG's share of the costs. The EPA has broad authority to implement its selected remedy through the ROD and PSEG cannot at this time predict how the implementation of the ROD might impact PSE&G's and Power's ultimate liability. Until (i) the RI/FS, which covers the entire 17 miles of the lower Passaic River, is finalized either in whole or in part, (ii) an agreement by the PRPs to perform either the ROD Remedy as issued, or an amended ROD Remedy determined through negotiation or litigation, and an agreed upon remedy for the remaining 8.7 miles of the river, are reached, (iii) PSE&G's and Power’s respective shares of the costs, both in the aggregate as well as individually, are determined, and (iv) PSE&G’s continued ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG's financial statements. It is possible that PSE&G and Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs. Natural Resource Damage Claims In 2003, the New Jersey Department of Environmental Protection (NJDEP) directed PSEG, PSE&G and 56 other PRPs to arrange for a natural resource damage assessment and interim compensatory restoration of natural resource injuries along the lower Passaic River and its tributaries pursuant to the New Jersey Spill Compensation and Control Act. The NJDEP alleged that hazardous substances had been discharged from the Essex Site and the Harrison Site. The NJDEP estimated the cost of interim natural resource injury restoration activities along the lower Passaic River at approximately $950 million. In 2007, agencies of the U.S. Department of Commerce and the U.S. Department of the Interior (the Passaic River federal trustees) sent letters to PSE&G and other PRPs inviting participation in an assessment of injuries to natural resources that the agencies intended to perform. In 2008, PSEG and a number of other PRPs agreed to share certain immaterial costs the trustees have incurred and will incur going forward, and to work with the trustees to explore whether some or all of the trustees’ claims can be resolved in a cooperative fashion. That effort is continuing. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which it defines as Newark Bay and portions of the Hackensack River, the Arthur Kill and the Kill Van Kull. In August 2006, the EPA sent PSEG and 11 other entities notices that it considered each of the entities to be a PRP with respect to contamination in the Study Area. The notice letter requested that the PRPs fund an EPA-approved study in the Newark Bay Study Area. The notice stated the EPA’s belief that hazardous substances were released from sites owned by PSEG companies and located on the Hackensack River, including two operating electric generating stations (Hudson and Kearny sites) and one former MGP site. PSEG has participated in and partially funded the second phase of this study. Notices to fund the next phase of the study have been received but PSEG has not consented to fund the third phase. PSE&G and Power are unable to estimate their respective portions of the possible loss or range of loss related to this matter. MGP Remediation Program PSE&G is working with the NJDEP to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to completion could range between $426 million and $491 million through 2021, including its $46 million share for the Passaic River accrued as of June 30, 2016, as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $426 million as of June 30, 2016. Of this amount, $99 million was recorded in Other Current Liabilities and $327 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $426 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. NJDEP, PSEG and EPA representatives have had discussions regarding whether sampling in the Passaic River is required to delineate coal tar from MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time whether this will have an impact on the Passaic River Superfund remedy. Prevention of Significant Deterioration (PSD)/New Source Review (NSR) The PSD/NSR regulations, promulgated under the Clean Air Act (CAA), require major sources of certain air pollutants to obtain permits, install pollution control technology and obtain offsets, in some circumstances, when those sources undergo a “major modification,” as defined in the regulations. The federal government may order companies that are not in compliance with the PSD/NSR regulations to install the best available control technology at the affected plants and to pay monetary penalties ranging from $25,000 to $37,500 per day for each violation, depending upon when the alleged violation occurred. In 2009, the EPA issued a notice of violation to Power and the other owners of the Keystone coal-fired plant in Pennsylvania, alleging, among other things, that various capital improvement projects were completed at the plant which are considered modifications (or major modifications) causing significant net emission increases of PSD/NSR air pollutants, beginning in 1985 for Keystone Unit 1 and in 1984 for Keystone Unit 2. The notice of violation states that none of these modifications underwent the PSD/NSR permitting process prior to being put into service, which the EPA alleges was required under the CAA. The notice of violation states that the EPA may issue an order requiring compliance with the relevant CAA provisions and may seek injunctive relief and/or civil penalties. Power owns approximately 23% of the plant. Power cannot predict the outcome of this matter. Clean Water Act Permit Renewals Pursuant to the Federal Water Pollution Control Act (FWPCA), National Pollutant Discharge Elimination System permits expire within five years of their effective date. In order to renew these permits, but allow a plant to continue to operate, an owner or operator must file a permit application no later than six months prior to expiration of the permit. States with delegated federal authority for this program manage these permits. The NJDEP manages the permits under the New Jersey Pollutant Discharge Elimination System (NJPDES) program. Connecticut and New York also have permits to manage their respective pollutant discharge elimination system programs. On May 19, 2014, the EPA issued a final rule that establishes new requirements for the regulation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. On August 15, 2014, the EPA established October 14, 2014 as the effective date for each state to implement the provisions of the rule going forward when considering the renewal of permits for existing facilities on a case by case basis. On September 5, 2014, several environmental non-governmental groups and certain energy industry groups filed motions to litigate the provisions of the rule. This case is pending at the U.S. Second Circuit Court of Appeals. In two related actions on October 17, 2014 and November 20, 2014, several environmental non-governmental groups initiated challenges to the endangered species act provisions of the 316 (b) rule. Power is unable to determine the ultimate impact of these actions on the implementation of the rule. On June 10, 2016, the NJDEP issued a final NJPDES permit for Salem with an effective date of August 1, 2016. The final permit does not require installation of cooling towers and allows Salem to continue to operate utilizing the existing once-through cooling water system. The final permit does not mandate specific service water system modifications, but consistent with Section 316 (b) of the Clean Water Act, it requires additional studies and the selection of technology to address impingement for the service water system. On July 8, 2016, the Delaware Riverkeeper Network (Riverkeeper) filed a request challenging the NJDEP's issuance of the final permit for Salem. The Riverkeeper's filing does not change the effective date of the permit. State permitting decisions could have a material impact on Power’s ability to renew permits at its existing larger once-through cooled plants, including Hudson, Mercer, Bridgeport and possibly Sewaren and New Haven, without making significant upgrades to existing intake structures and cooling systems. The costs of those upgrades to one or more of Power’s once-through cooled plants would be material, and would require economic review to determine whether to continue operations at these facilities, and could result in acceleration of decommissioning activities. For example, in Power’s application to renew its Salem permit, filed with the NJDEP in February 2006, the estimated costs for adding cooling towers for Salem were approximately $1.0 billion, of which Power’s share would have been approximately $575 million. The filing has not been updated. Currently, potential costs associated with any closed cycle cooling requirements are not included in Power’s forecasted capital expenditures. Power is unable to predict the outcome of these permitting decisions and the effect, if any, that they may have on Power's future capital requirements, financial condition or results of operations. Power is actively engaged with the Connecticut Department of Energy and Environmental Protection (CTDEEP) regarding renewal of the current permit for the cooling water intake structure at Bridgeport Harbor Station Unit 3 (BH3). To address compliance with the EPA’s Clean Water Act Section 316(b) final rule, the current proposal under consideration is that, if a final permit is issued, Power would continue to operate BH3 without making the capital expenditures for modification to the existing intake structure and retire BH3 in 2021, which is four years earlier than the current estimated useful life ending in 2025. Based on current discussions with the CTDEEP, if the proposal is accepted, a final permit could be issued in late 2016. Separately, Power has also negotiated a Community Environmental Benefit Agreement (CEBA) with the City of Bridgeport, Connecticut. That CEBA provides that Power would retire BH3 early if all its precedent conditions occur, which include receipt of all final permits to build and operate a proposed new combined cycle generating facility on the same site that BH3 currently operates. The receipt of permits to allow construction and operation of the new facility could occur in 2017. Absent those conditions being met, and the permit for the cooling water intake structure referred to above not being issued, Power will seek to operate BH3 through the current estimated useful life. In February 2016, the proposed new generating facility at Bridgeport Harbor was awarded a capacity obligation. Operations are expected to begin in mid-2019. Bridgeport Harbor National Pollutant Discharge Elimination System (NPDES) Permit Compliance In April 2015, Power determined that monitoring and reporting practices related to certain permitted wastewater discharges at its Bridgeport Harbor station may have violated conditions of the station's NPDES permit and applicable regulations and could subject it to fines and penalties. Power has notified the CTDEEP of the issues and has taken actions to investigate and resolve the potential non-compliance. Power cannot predict the impact of this matter. Steam Electric Effluent Guidelines On September 30, 2015, the EPA issued a new Effluent Guidelines Limitation Rule for steam electric generating units. The rule establishes new best available technology economically achievable (BAT) standards for fly ash transport water, bottom ash transport water, flue gas desulfurization and flue gas mercury control wastewater. The EPA provides an implementation period for currently existing discharges of three years or up to eight years if a facility needs more time to implement equipment upgrades and provide supporting information to its permitting authority. In the intervening time period, existing discharge standards continue to apply. Power's Mercer and Bridgeport Harbor stations and the jointly-owned Keystone and Conemaugh stations, have bottom ash transport water discharges that are regulated under this rule. Power is unable to predict if this rule will have a material impact on its future capital requirements, financial condition and results of operations. Coal Combustion Residuals (CCRs) On December 19, 2014, the EPA issued a final rule which regulates CCRs as non-hazardous and requires that facility owners implement a series of actions to close or upgrade existing CCR surface impoundments and/or landfills. It also establishes new provisions for the construction of new surface impoundments and landfills. Power's Hudson and Mercer generating stations, along with its co-owned Keystone and Conemaugh stations, are subject to the provisions of this rule. On April 17, 2015, the final rule was published with an effective date of October 19, 2015. Accordingly in June 2015, Power recorded an additional asset retirement obligation to comply with the final CCR rule which was not material to Power’s results of operations, financial condition or cash flows. Basic Generation Service (BGS) and Basic Gas Supply Service (BGSS) PSE&G obtains its electric supply requirements through the annual New Jersey BGS auctions for two categories of customers who choose not to purchase electric supply from third party suppliers. The first category, which represents about 80% of PSE&G's load requirement, is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kW) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreement with the winners of these BGS auctions following the BPU’s approval of the auction results. PSE&G has entered into contracts with winning BGS suppliers, including Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including Power) are responsible for fulfilling all the requirements of a PJM Load Serving Entity including the provision of capacity, energy, ancillary services, transmission and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards. The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2016 is $335.33 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2016 of $272.78 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period. PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:
Power seeks to mitigate volatility in its results by contracting in advance for the sale of most of its anticipated electric output as well as its anticipated fuel needs. As part of its objective, Power has entered into contracts to directly supply PSE&G and other New Jersey electric distribution companies (EDCs) with a portion of their respective BGS requirements through the New Jersey BGS auction process, described above. PSE&G has a full-requirements contract with Power to meet the gas supply requirements of PSE&G’s gas customers. Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 17. Related-Party Transactions. Minimum Fuel Purchase Requirements Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2017 and a significant portion through 2020 at Salem, Hope Creek and Peach Bottom. Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G. When there is excess delivery capacity available beyond the needs of PSE&G's customers, Power can use the gas to supply its fossil generating stations. Power also has various long-term fuel purchase commitments for coal through 2018 to support its fossil generation stations. As of June 30, 2016, the total minimum purchase requirements included in these commitments were as follows:
Regulatory Proceedings FERC Compliance In the first quarter of 2014, Power discovered that it incorrectly calculated certain components of its cost-based bids for its New Jersey fossil generating units in the PJM energy market. Upon discovery of the errors, PSEG retained outside counsel to assist in the conduct of an investigation into the matter and self-reported the errors. As the internal investigation proceeded, additional pricing errors in the bids were identified. It was further determined that the quantity of energy that Power offered into the energy market for its fossil peaking units differed from the amount for which Power was compensated in the capacity market for those units. PSEG informed FERC, PJM and the PJM Independent Market Monitor (IMM) of these additional issues, corrected the identified errors, and modified the bid quantities for Power’s peaking units. Power continues to implement procedures to help mitigate the risk of similar issues occurring in the future. During the three month period ended March 31, 2014, based upon its best estimate available at the time, Power recorded a charge to income in the amount of $25 million related to this matter. No additional charges to income have been recorded for this matter since that time. Since September 2014, FERC Staff has been conducting a preliminary, non-public staff investigation into the matter and issued data requests covering a period from 2002 through the date of the self-report. This investigation is ongoing. Since that time, Power has responded to data requests from FERC Staff, including recent data requests in which Power has recalculated certain of its energy bids in PJM for a five year period, and may receive additional data requests or other fact finding. The FERC Staff investigation is still in the fact finding stage and there is considerable uncertainty around FERC's response to PSEG's legal arguments and the amount of disgorgement or other remedies FERC may ultimately seek. PSEG is unable to reasonably estimate the range of possible loss for this matter; however, the amounts of potential disgorgement and other potential penalties that Power may incur span a wide range depending on the success of PSEG's legal arguments. These arguments include that Power’s energy market bids in a substantial majority of the hours were below the allowed rate under the Tariff and therefore any errors in those hours were immaterial and that it is unclear whether the quantity of the bids violated any legal requirement. If PSEG's legal arguments do not prevail in whole or in part with FERC or in a judicial challenge that PSEG may choose to pursue, it is likely that Power would record additional losses and that such additional losses would be material to PSEG’s and Power’s Consolidated Statements of Operations in the quarterly and annual periods in which they are recorded. Nuclear Insurance Coverages The following should be read in conjunction with Note 12. Commitments and Contingent Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2015. Based upon a review of its nuclear insurance, Power made changes to its Nuclear Electric Insurance Limited (NEIL) insurance coverage of the excess layer for property damage which became effective on April 1, 2016. The excess layer provides coverage above the primary layer of NEIL insurance coverage for property damage of $1.5 billion. For the excess layer at the Salem/Hope Creek site, Power purchased coverage for property damage of $300 million due to a nuclear event and $300 million due to a non-nuclear event. For the excess layer at the Peach Bottom site, Power purchased coverage for its ownership interest for property damage of $300 million due to a nuclear event. For the excess layer at the Peach Bottom site, Exelon purchased coverage for property damage of $600 million due to a non-nuclear event which covers the ownership interest of Power. |
Debt and Credit Facilities |
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Debt and Credit Facilities | Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2016: PSE&G
Power
PSE&G On July 1, 2016, PSE&G repurchased at par $100 million aggregate principal amount of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under PSEG's $4.2 billion credit facilities are provided by a diverse bank group with no single institution representing more than 7% of the total commitments in PSEG's credit facilities. As of June 30, 2016, PSEG's total available credit capacity of $3.9 billion was in excess of its anticipated maximum liquidity requirements. Each of PSEG's 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. PSEG's total credit facilities and available liquidity as of June 30, 2016 were as follows:
(C)Power facility will be reduced by $24 million in March 2018.
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Debt and Credit Facilities | Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2016: PSE&G
Power
PSE&G On July 1, 2016, PSE&G repurchased at par $100 million aggregate principal amount of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under PSEG's $4.2 billion credit facilities are provided by a diverse bank group with no single institution representing more than 7% of the total commitments in PSEG's credit facilities. As of June 30, 2016, PSEG's total available credit capacity of $3.9 billion was in excess of its anticipated maximum liquidity requirements. Each of PSEG's 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. PSEG's total credit facilities and available liquidity as of June 30, 2016 were as follows:
(C)Power facility will be reduced by $24 million in March 2018.
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Debt and Credit Facilities | Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2016: PSE&G
Power
PSE&G On July 1, 2016, PSE&G repurchased at par $100 million aggregate principal amount of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds. Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. 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 facilities. The commitments under PSEG's $4.2 billion credit facilities are provided by a diverse bank group with no single institution representing more than 7% of the total commitments in PSEG's credit facilities. As of June 30, 2016, PSEG's total available credit capacity of $3.9 billion was in excess of its anticipated maximum liquidity requirements. Each of PSEG's 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. PSEG's total credit facilities and available liquidity as of June 30, 2016 were as follows:
(C)Power facility will be reduced by $24 million in March 2018.
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Financial Risk Management Activities |
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Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | Financial Risk Management Activities The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to price risk primarily relating to changes in the market price of electricity, fossil fuels and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. PSEG had no commodity derivative transactions designated as cash flow or fair value hedges as of June 30, 2016 and December 31, 2015. Economic Hedges Power enters into derivative contracts that are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power's expected generation. Changes in the fair market value of these contracts are recorded in earnings. PSE&G is a party to a long-term natural gas sales derivative contract to optimize its pipeline capacity utilization. Changes in the fair market value of the contract are recorded in Regulatory Assets and Regulatory Liabilities. Interest Rates PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt and interest rate swaps. Fair Value Hedges PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of June 30, 2016, PSEG had interest rate swaps outstanding totaling $550 million. These swaps convert $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of June 30, 2016 and December 31, 2015, the fair value of all the underlying hedges was $2 million and $6 million, respectively. The effect of these hedges reduced interest expense by $2 million and $5 million for the three months ended June 30, 2016 and 2015, respectively, and $4 million and $10 million for the six months ended June 30, 2016 and 2015, respectively. Cash Flow Hedges PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. As of June 30, 2016, PSEG had interest rate hedges outstanding totaling $500 million. The hedge ineffectiveness associated with these hedges was immaterial. The total fair value of these interest rate hedges was $(1) million as of June 30, 2016. PSEG interest rate hedges totaling $400 million were terminated during the second quarter and a gain of $2 million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power's $700 million of 3% Senior Notes due June 2021. For additional information see Note 9. Debt and Credit Facilities. There were no outstanding interest rate cash flow hedges as of December 31, 2015. The Accumulated Other Comprehensive Income (Loss) (after tax) related to existing and terminated interest rate derivatives designated as cash flow hedges was $1 million as of June 30, 2016 and was immaterial as of December 31, 2015. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are immaterial. The expiration date of the longest-dated interest rate hedge is in May 2021. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG's accounting policy, these positions have been offset on the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables.
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded to a below investment grade rating, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P and Moody’s ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized, and contracts designated as NPNS) was $26 million and $78 million as of June 30, 2016 and December 31, 2015, respectively. As of June 30, 2016 and December 31, 2015, Power had the contractual right of offset of $18 million and $12 million, respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $8 million and $66 million as of June 30, 2016 and December 31, 2015, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended June 30, 2016 and 2015.
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the six months ended June 30, 2016 and 2015.
The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis.
The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS, such as its BGS contracts and certain other energy supply contracts, for the three months and six months ended June 30, 2016 and 2015. Power's derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel.
The following reflects the gross volume, on an absolute value basis, of derivatives as of June 30, 2016 and December 31, 2015.
Credit Risk Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. As of June 30, 2016, 90% of the credit exposure for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). The following table provides information on Power’s credit risk from others, net of collateral, as of June 30, 2016. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties.
As of June 30, 2016, collateral held from counterparties where Power had credit exposure included $3 million in cash collateral and $127 million in letters of credit. As of June 30, 2016, Power had 140 active counterparties. PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guaranty or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of June 30, 2016, primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G's suppliers’ credit exposure is calculated each business day. As of June 30, 2016, PSE&G had no net credit exposure with suppliers, including Power. PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. |
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Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | Financial Risk Management Activities The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to price risk primarily relating to changes in the market price of electricity, fossil fuels and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. PSEG had no commodity derivative transactions designated as cash flow or fair value hedges as of June 30, 2016 and December 31, 2015. Economic Hedges Power enters into derivative contracts that are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power's expected generation. Changes in the fair market value of these contracts are recorded in earnings. PSE&G is a party to a long-term natural gas sales derivative contract to optimize its pipeline capacity utilization. Changes in the fair market value of the contract are recorded in Regulatory Assets and Regulatory Liabilities. Interest Rates PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt and interest rate swaps. Fair Value Hedges PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of June 30, 2016, PSEG had interest rate swaps outstanding totaling $550 million. These swaps convert $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of June 30, 2016 and December 31, 2015, the fair value of all the underlying hedges was $2 million and $6 million, respectively. The effect of these hedges reduced interest expense by $2 million and $5 million for the three months ended June 30, 2016 and 2015, respectively, and $4 million and $10 million for the six months ended June 30, 2016 and 2015, respectively. Cash Flow Hedges PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. As of June 30, 2016, PSEG had interest rate hedges outstanding totaling $500 million. The hedge ineffectiveness associated with these hedges was immaterial. The total fair value of these interest rate hedges was $(1) million as of June 30, 2016. PSEG interest rate hedges totaling $400 million were terminated during the second quarter and a gain of $2 million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power's $700 million of 3% Senior Notes due June 2021. For additional information see Note 9. Debt and Credit Facilities. There were no outstanding interest rate cash flow hedges as of December 31, 2015. The Accumulated Other Comprehensive Income (Loss) (after tax) related to existing and terminated interest rate derivatives designated as cash flow hedges was $1 million as of June 30, 2016 and was immaterial as of December 31, 2015. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are immaterial. The expiration date of the longest-dated interest rate hedge is in May 2021. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG's accounting policy, these positions have been offset on the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables.
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded to a below investment grade rating, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P and Moody’s ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized, and contracts designated as NPNS) was $26 million and $78 million as of June 30, 2016 and December 31, 2015, respectively. As of June 30, 2016 and December 31, 2015, Power had the contractual right of offset of $18 million and $12 million, respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $8 million and $66 million as of June 30, 2016 and December 31, 2015, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended June 30, 2016 and 2015.
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the six months ended June 30, 2016 and 2015.
The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis.
The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS, such as its BGS contracts and certain other energy supply contracts, for the three months and six months ended June 30, 2016 and 2015. Power's derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel.
The following reflects the gross volume, on an absolute value basis, of derivatives as of June 30, 2016 and December 31, 2015.
Credit Risk Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. As of June 30, 2016, 90% of the credit exposure for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). The following table provides information on Power’s credit risk from others, net of collateral, as of June 30, 2016. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties.
As of June 30, 2016, collateral held from counterparties where Power had credit exposure included $3 million in cash collateral and $127 million in letters of credit. As of June 30, 2016, Power had 140 active counterparties. PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guaranty or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of June 30, 2016, primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G's suppliers’ credit exposure is calculated each business day. As of June 30, 2016, PSE&G had no net credit exposure with suppliers, including Power. PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. |
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Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities | Financial Risk Management Activities The operations of PSEG, Power and PSE&G are exposed to market risks from changes in commodity prices, interest rates and equity prices that could affect their results of operations and financial condition. Exposure to these risks is managed through normal operating and financing activities and, when appropriate, through hedging transactions. Hedging transactions use derivative instruments to create a relationship in which changes to the value of the assets, liabilities or anticipated transactions exposed to market risks are expected to be offset by changes in the value of these derivative instruments. Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchase normal sale (NPNS), cash flow hedge and fair value hedge accounting. PSEG, Power and PSE&G have applied the NPNS scope exception to certain derivative contracts for the forward sale of generation, power procurement agreements and fuel agreements. Transactions receiving NPNS treatment are accounted for upon settlement. For a derivative instrument that qualifies and is designated as a cash flow hedge, the changes in the fair value of such a derivative that are highly effective are recorded in Accumulated Other Comprehensive Income (Loss) until earnings are affected by the variability of cash flows of the hedged transaction. For a derivative instrument that qualifies and is designated as a fair value hedge, the gains or losses on the derivative as well as the offsetting losses or gains on the hedged item attributable to the hedged risk are recognized in earnings each period. Power and PSE&G enter into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value. Commodity Prices Within PSEG and its affiliate companies, Power has the most exposure to commodity price risk. Power is exposed to price risk primarily relating to changes in the market price of electricity, fossil fuels and other commodities. Fluctuations in market prices result from changes in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. Power uses a variety of derivative and non-derivative instruments to manage the commodity price risk of its electric generation facilities, including physical and financial transactions in the wholesale energy markets to mitigate the effects of adverse movements in fuel and electricity prices. The fair value for the majority of these contracts is obtained from quoted market sources. Modeling techniques using assumptions reflective of current market rates, yield curves and forward prices are used to interpolate certain prices when no quoted market exists. PSEG had no commodity derivative transactions designated as cash flow or fair value hedges as of June 30, 2016 and December 31, 2015. Economic Hedges Power enters into derivative contracts that are not designated as either cash flow or fair value hedges. Power enters into financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity. These transactions are economic hedges, intended to mitigate exposure to fluctuations in commodity prices and optimize the value of Power's expected generation. Changes in the fair market value of these contracts are recorded in earnings. PSE&G is a party to a long-term natural gas sales derivative contract to optimize its pipeline capacity utilization. Changes in the fair market value of the contract are recorded in Regulatory Assets and Regulatory Liabilities. Interest Rates PSEG, Power and PSE&G are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. In addition, they have used a mix of fixed and floating rate debt and interest rate swaps. Fair Value Hedges PSEG enters into fair value hedges to convert fixed-rate debt into variable-rate debt. As of June 30, 2016, PSEG had interest rate swaps outstanding totaling $550 million. These swaps convert $300 million of Power’s $303 million of 5.32% Senior Notes due September 2016 and Power’s $250 million of 2.75% Senior Notes due September 2016 into variable-rate debt. These interest rate swaps are designated and effective as fair value hedges. The fair value changes of the interest rate swaps are fully offset by the changes in the fair value of the underlying forecasted interest payments of the debt. As of June 30, 2016 and December 31, 2015, the fair value of all the underlying hedges was $2 million and $6 million, respectively. The effect of these hedges reduced interest expense by $2 million and $5 million for the three months ended June 30, 2016 and 2015, respectively, and $4 million and $10 million for the six months ended June 30, 2016 and 2015, respectively. Cash Flow Hedges PSEG uses interest rate swaps and other derivatives, which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments. As of June 30, 2016, PSEG had interest rate hedges outstanding totaling $500 million. The hedge ineffectiveness associated with these hedges was immaterial. The total fair value of these interest rate hedges was $(1) million as of June 30, 2016. PSEG interest rate hedges totaling $400 million were terminated during the second quarter and a gain of $2 million was recorded in Accumulated Other Comprehensive Income (Loss) (after tax) and will amortize to interest expense over the remaining life of Power's $700 million of 3% Senior Notes due June 2021. For additional information see Note 9. Debt and Credit Facilities. There were no outstanding interest rate cash flow hedges as of December 31, 2015. The Accumulated Other Comprehensive Income (Loss) (after tax) related to existing and terminated interest rate derivatives designated as cash flow hedges was $1 million as of June 30, 2016 and was immaterial as of December 31, 2015. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are immaterial. The expiration date of the longest-dated interest rate hedge is in May 2021. Fair Values of Derivative Instruments The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG's accounting policy, these positions have been offset on the Condensed Consolidated Balance Sheets of Power, PSE&G and PSEG. The following tabular disclosure does not include the offsetting of trade receivables and payables.
Certain of Power’s derivative instruments contain provisions that require Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon Power’s credit rating from each of the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if Power were to be downgraded to a below investment grade rating, it would be required to provide additional collateral. A below investment grade credit rating for Power would represent a three level downgrade from its current S&P and Moody’s ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. Power also enters into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements. The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized, and contracts designated as NPNS) was $26 million and $78 million as of June 30, 2016 and December 31, 2015, respectively. As of June 30, 2016 and December 31, 2015, Power had the contractual right of offset of $18 million and $12 million, respectively, related to derivative instruments that are assets with the same counterparty under agreements and net of margin posted. If Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $8 million and $66 million as of June 30, 2016 and December 31, 2015, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral. The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended June 30, 2016 and 2015.
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the six months ended June 30, 2016 and 2015.
The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis.
The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS, such as its BGS contracts and certain other energy supply contracts, for the three months and six months ended June 30, 2016 and 2015. Power's derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel.
The following reflects the gross volume, on an absolute value basis, of derivatives as of June 30, 2016 and December 31, 2015.
Credit Risk Credit risk relates to the risk of loss that we would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. We have established credit policies that we believe significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on Power’s and PSEG’s financial condition, results of operations or net cash flows. As of June 30, 2016, 90% of the credit exposure for Power’s operations was with investment grade counterparties. Credit exposure is defined as any positive results of netting accounts receivable/accounts payable and the forward value of open positions (which includes all financial instruments including derivatives and non-derivatives and normal purchases/normal sales). The following table provides information on Power’s credit risk from others, net of collateral, as of June 30, 2016. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties.
As of June 30, 2016, collateral held from counterparties where Power had credit exposure included $3 million in cash collateral and $127 million in letters of credit. As of June 30, 2016, Power had 140 active counterparties. PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guaranty or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of June 30, 2016, primarily all of the posted collateral was in the form of parental guarantees. The unsecured credit used by the suppliers represents PSE&G’s net credit exposure. PSE&G's suppliers’ credit exposure is calculated each business day. As of June 30, 2016, PSE&G had no net credit exposure with suppliers, including Power. PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates. |
Fair Value Measurements |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of June 30, 2016, these consisted primarily of long-term gas supply contracts and certain electric load contracts. The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G and Power.
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data.
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.
Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. For PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors, as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The fair value of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2016 and December 31, 2015.
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2016 and June 30, 2015, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2016
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2015
As of June 30, 2016, PSEG carried $2.8 billion of net assets that are measured at fair value on a recurring basis, of which $5 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2015, PSEG carried $2.7 billion of net assets that are measured at fair value on a recurring basis, of which $8 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of June 30, 2016 and December 31, 2015.
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of June 30, 2016, these consisted primarily of long-term gas supply contracts and certain electric load contracts. The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G and Power.
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data.
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.
Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. For PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors, as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The fair value of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2016 and December 31, 2015.
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2016 and June 30, 2015, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2016
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2015
As of June 30, 2016, PSEG carried $2.8 billion of net assets that are measured at fair value on a recurring basis, of which $5 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2015, PSEG carried $2.7 billion of net assets that are measured at fair value on a recurring basis, of which $8 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of June 30, 2016 and December 31, 2015.
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels: Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG, PSE&G and Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds. Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities. Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. As of June 30, 2016, these consisted primarily of long-term gas supply contracts and certain electric load contracts. The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G and Power.
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data.
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.
Additional Information Regarding Level 3 Measurements For valuations that include both observable and unobservable inputs, if the unobservable input is determined to be significant to the overall inputs, the entire valuation is categorized in Level 3. This includes derivatives valued using indicative price quotations for contracts with tenors that extend into periods with no observable pricing. In instances where observable data is unavailable, consideration is given to the assumptions that market participants would use in valuing the asset or liability. This includes assumptions about market risks such as liquidity, volatility and contract duration. Such instruments are categorized in Level 3 because the model inputs generally are not observable. PSEG’s Risk Management Committee approves risk management policies and objectives for risk assessment, control and valuation, counterparty credit approval and the monitoring and reporting of risk exposures. The Risk Management Committee reports to the Audit Committee of the PSEG Board of Directors on the scope of the risk management activities and is responsible for approving all valuation procedures at PSEG. Forward price curves for the power market utilized by Power to manage the portfolio are maintained and reviewed by PSEG’s Enterprise Risk Management market pricing group and used for financial reporting purposes. PSEG considers credit and nonperformance risk in the valuation of derivative contracts categorized in Levels 2 and 3, including both historical and current market data, in its assessment of credit and nonperformance risk by counterparty. The impacts of credit and nonperformance risk were not material to the financial statements. For PSE&G, natural gas supply contracts are measured at fair value using modeling techniques taking into account the current price of natural gas adjusted for appropriate risk factors, as applicable, and internal assumptions about transportation costs, and accordingly, the fair value measurements are classified in Level 3. The fair value of Power's electric load contracts in which load consumption may change hourly based on demand are measured using certain unobservable inputs, such as historic load variability and, accordingly, are categorized as Level 3. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2016 and December 31, 2015.
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2016 and June 30, 2015, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2016
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2015
As of June 30, 2016, PSEG carried $2.8 billion of net assets that are measured at fair value on a recurring basis, of which $5 million of net assets were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2015, PSEG carried $2.7 billion of net assets that are measured at fair value on a recurring basis, of which $8 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. Fair Value of Debt The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of June 30, 2016 and December 31, 2015.
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Other Income and Deductions | Other Income and Deductions
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Other Income and Deductions | Other Income and Deductions
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Component of Other Income [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Deductions | Other Income and Deductions
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Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power's effective tax rates for the three months and six months ended June 30, 2016 and 2015 were as follows:
For the three months and six months ended June 30, 2016, the overall decreases in PSEG's effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions, plant and other flow through items, offset by the absence of the benefit recorded in 2015 associated with the Nuclear Decommissioning Tax Carryback. For the three months and six months ended June 30, 2016, the overall decreases in PSE&G's effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant and other flow through items. For the three months ended June 30, 2016, the increase in Power's effective tax rate as compared to the same period in the prior year as well as to the statutory tax rate of 40.85%, was due primarily to the absence of the benefit recorded in 2015 associated with the Nuclear Decommissioning Tax Carryback. The Tax Increase Prevention Act of 2014 extended the 50% bonus depreciation rules for qualified property placed in service before January 1, 2015 and for long production property placed in service in 2015. The Protecting Americans from Tax Hikes Act of 2015 (Tax Act) extended the 50% bonus depreciation rules for qualified property placed in service from January 1, 2015 through December 31, 2017. The rate is reduced to 40% and 30% for eligible property placed in service in 2018 and 2019, respectively. In addition, long production property placed in service in 2020 will also qualify for 30% bonus depreciation. The Tax Act also extended the 30% ITC for qualified property placed in service starting January 1, 2016 through December 31, 2019 but reduces the ITC rate to 26% and 22% for projects commenced in 2020 and 2021, respectively. The financial impact of the extensions of the ITC rate will depend upon future transactions. These provisions have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. However, these tax benefits will have a negative impact on the rate base of several of PSE&G’s programs. |
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power's effective tax rates for the three months and six months ended June 30, 2016 and 2015 were as follows:
For the three months and six months ended June 30, 2016, the overall decreases in PSEG's effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions, plant and other flow through items, offset by the absence of the benefit recorded in 2015 associated with the Nuclear Decommissioning Tax Carryback. For the three months and six months ended June 30, 2016, the overall decreases in PSE&G's effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant and other flow through items. For the three months ended June 30, 2016, the increase in Power's effective tax rate as compared to the same period in the prior year as well as to the statutory tax rate of 40.85%, was due primarily to the absence of the benefit recorded in 2015 associated with the Nuclear Decommissioning Tax Carryback. The Tax Increase Prevention Act of 2014 extended the 50% bonus depreciation rules for qualified property placed in service before January 1, 2015 and for long production property placed in service in 2015. The Protecting Americans from Tax Hikes Act of 2015 (Tax Act) extended the 50% bonus depreciation rules for qualified property placed in service from January 1, 2015 through December 31, 2017. The rate is reduced to 40% and 30% for eligible property placed in service in 2018 and 2019, respectively. In addition, long production property placed in service in 2020 will also qualify for 30% bonus depreciation. The Tax Act also extended the 30% ITC for qualified property placed in service starting January 1, 2016 through December 31, 2019 but reduces the ITC rate to 26% and 22% for projects commenced in 2020 and 2021, respectively. The financial impact of the extensions of the ITC rate will depend upon future transactions. These provisions have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. However, these tax benefits will have a negative impact on the rate base of several of PSE&G’s programs. |
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes PSEG’s, PSE&G’s and Power's effective tax rates for the three months and six months ended June 30, 2016 and 2015 were as follows:
For the three months and six months ended June 30, 2016, the overall decreases in PSEG's effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions, plant and other flow through items, offset by the absence of the benefit recorded in 2015 associated with the Nuclear Decommissioning Tax Carryback. For the three months and six months ended June 30, 2016, the overall decreases in PSE&G's effective tax rates as compared to the same periods in the prior year as well as to the statutory tax rate of 40.85%, were due primarily to changes in uncertain tax positions and plant and other flow through items. For the three months ended June 30, 2016, the increase in Power's effective tax rate as compared to the same period in the prior year as well as to the statutory tax rate of 40.85%, was due primarily to the absence of the benefit recorded in 2015 associated with the Nuclear Decommissioning Tax Carryback. The Tax Increase Prevention Act of 2014 extended the 50% bonus depreciation rules for qualified property placed in service before January 1, 2015 and for long production property placed in service in 2015. The Protecting Americans from Tax Hikes Act of 2015 (Tax Act) extended the 50% bonus depreciation rules for qualified property placed in service from January 1, 2015 through December 31, 2017. The rate is reduced to 40% and 30% for eligible property placed in service in 2018 and 2019, respectively. In addition, long production property placed in service in 2020 will also qualify for 30% bonus depreciation. The Tax Act also extended the 30% ITC for qualified property placed in service starting January 1, 2016 through December 31, 2019 but reduces the ITC rate to 26% and 22% for projects commenced in 2020 and 2021, respectively. The financial impact of the extensions of the ITC rate will depend upon future transactions. These provisions have generated significant cash tax benefits for PSEG, PSE&G and Power through tax benefits related to the accelerated depreciation. These tax benefits would have otherwise been received over an estimated average 20 year period. However, these tax benefits will have a negative impact on the rate base of several of PSE&G’s programs. |
Accumulated Other Comprehensive Income (Loss), Net of Tax |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax
|
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax
|
Earnings Per Share (EPS) and Dividends |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) and Dividends | Earnings Per Share (EPS) and Dividends Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, including shares issuable upon exercise of stock options outstanding or vesting of restricted stock awards granted under PSEG's stock compensation plans and upon payment of performance units or restricted stock units. The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS:
There were approximately 0.3 million and 0.4 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect for the three months and six months ended June 30, 2016 and 2015, respectively.
On July 19, 2016, PSEG's Board of Directors approved a $0.41 per share common stock dividend for the third quarter of 2016. |
Financial Information By Business Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information By Business Segments | Financial Information by Business Segment
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information By Business Segments | Financial Information by Business Segment
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information By Business Segments | Financial Information by Business Segment
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Related-Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties as follows:
Power The financial statements for Power include transactions with related parties as follows:
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties as follows:
Power The financial statements for Power include transactions with related parties as follows:
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions | Related-Party Transactions The following discussion relates to intercompany transactions, which are eliminated during the PSEG consolidation process in accordance with GAAP. PSE&G The financial statements for PSE&G include transactions with related parties as follows:
Power The financial statements for Power include transactions with related parties as follows:
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Guarantees of Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees of Debt | Guarantees of Debt Each series of Power’s Senior Notes, Pollution Control Notes and its syndicated revolving credit facilities are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of June 30, 2016 and December 31, 2015 and for the three months and six months ended June 30, 2016 and 2015.
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees of Debt | Guarantees of Debt Each series of Power’s Senior Notes, Pollution Control Notes and its syndicated revolving credit facilities are fully and unconditionally and jointly and severally guaranteed by its subsidiaries, PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC. The following tables present condensed financial information for the guarantor subsidiaries, as well as Power’s non-guarantor subsidiaries, as of June 30, 2016 and December 31, 2015 and for the three months and six months ended June 30, 2016 and 2015.
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Organization and Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2016 | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. |
Power [Member] | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. |
PSE And G [Member] | |
Basis of Presentation | Basis of Presentation The financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2015. The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. |
Recent Accounting Standards (Policies) |
6 Months Ended |
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Jun. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Standards Issued But Not Yet Adopted | New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. |
PSE And G [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Standards Issued But Not Yet Adopted | New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. |
Power [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Standards Issued But Not Yet Adopted | New Standards Issued But Not Yet Adopted Revenue from Contracts with Customers This accounting standard clarifies the principles for recognizing revenue and removes inconsistencies in revenue recognition requirements; improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets; and provides improved disclosures. The guidance provides a five-step model to be used for recognizing revenue for the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard was originally to be effective for annual and interim reporting periods beginning after December 15, 2016; however, the Financial Accounting Standards Board issued new guidance deferring the effective date by one year to periods beginning after December 31, 2017. Early application will be permitted as of the original effective date. PSEG is currently analyzing the impact of this standard on its financial statements. Recognition and Measurement of Financial Assets and Financial Liabilities This accounting standard will change how entities measure equity investments that are not consolidated or accounted for under the equity method. Under the new guidance, equity investments (other than those accounted for using the equity method) will be measured at fair value through Net Income instead of Other Comprehensive Income (Loss). Entities that have elected the fair value option for financial liabilities will present changes in fair value due to a change in their own credit risk through Other Comprehensive Income (Loss). For equity investments which do not have readily determinable fair values, the impairment assessment will be simplified by requiring a qualitative assessment to identify impairments. The new standard also changes certain disclosures. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. PSEG is currently analyzing the impact of this standard on our financial statements; however, PSEG expects increased volatility in Net Income due to changes in fair value of our equity securities within the Nuclear Decommissioning Trust (NDT) and Rabbi Trust Funds. Leases This accounting standard replaces existing lease accounting guidance and requires lessees to recognize all leases with a term greater than 12 months on the balance sheet using a right-of-use asset approach. At lease commencement, a lessee will recognize a lease asset and corresponding lease obligation. A lessee will classify its leases as either finance leases or operating leases based on whether control of the underlying assets has transferred to the lessee. A lessor will classify its leases as operating or direct financing leases, or as sales-type leases based on whether control of the underlying assets has transferred to the lessee. Both the lessee and lessor models require additional disclosure of key information. The standard requires lessees and lessors to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The standard is effective for annual and interim periods beginning after December 15, 2018 with retrospective application to previously issued financial statements for 2018 and 2017. Early application is permitted. PSEG is currently analyzing the impact of this standard on its financial statements. Stock Compensation-Improvements to Employee Share-Based Payment Accounting This accounting standard was issued to simplify aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under the new guidance, all excess tax benefits and tax deficiencies will be recognized in income tax expense rather than recognized in additional paid in capital. In the statement of cash flows, excess tax benefits and deficiencies will be classified with other income tax cash flows as an operating activity rather than a financing activity as currently classified. In addition, the minimum statutory tax withholding requirements were simplified in order to facilitate equity classification of the award. The standard is effective for annual and interim reporting periods beginning after December 15, 2017. Early adoption is permitted for an entity in any interim or annual period. An entity that elects early adoption must adopt all of the amendments in the same period; however, the amendments within this update require different adoption methods. PSEG is currently analyzing the impact of this standard on its financial statements. Measurement of Credit Losses on Financial Instruments This accounting standard provides a new model for recognizing credit losses on financial assets carried at amortized cost. The new model requires entities to use an estimate of expected credit losses that will be recognized as an impairment allowance rather than a direct write-down of the amortized cost basis. The estimate of expected credit losses is to be based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is to be used; however, the initial allowance will be added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale securities should be measured in a manner similar to current GAAP; however, this standard requires those credit losses to be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of credit quality indicators for each class of financial asset disaggregated by year of origination. The standard is effective for annual and interim periods beginning after December 15, 2019; however, entities may adopt early beginning in the annual or interim periods after December 15, 2018. PSEG is currently analyzing the impact of this standard on its financial statements. |
Financing Receivables (Tables) |
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PSE And G [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Receivables [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Credit Risk Profile Based On Payment Activity | The following table reflects the outstanding loans by class of customer, none of which are considered “non-performing.”
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Energy Holdings [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Receivables [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Gross And Net Lease Investment | The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2016 and December 31, 2015, respectively.
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Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating | The corresponding receivables associated with the lease portfolio are reflected in the following table, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
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Schedule Of Assets Under Lease Receivables | A more detailed description of such assets under lease, as of June 30, 2016, is presented in the following table.
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Available-for-Sale Securities (Tables) |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values And Gross Unrealized Gains And Losses For The Securities Held In The NDT Fund | The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
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Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds | The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
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Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.
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Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts |
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Amount Of Available-For-Sale Debt Securities By Maturity Periods | The NDT available-for-sale debt securities held as of June 30, 2016 had the following maturities:
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Rabbi Trust [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months | The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than and greater than 12 months.
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Securities Held In The Rabbi Trusts | The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.
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Schedule of Accounts Receivable and Accounts Payable in the Rabbi Trust Funds [Table Text Block] | The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.
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Proceeds From The Sales Of And The Net Realized Gains On Securities In The NDT Funds And Rabbi Trusts | The proceeds from the sales of and the net realized gains (losses) on securities in the Rabbi Trust Fund were:
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Amount Of Available-For-Sale Debt Securities By Maturity Periods | The Rabbi Trust available-for-sale debt securities held as of June 30, 2016 had the following maturities:
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Fair Value Of The Rabbi Trusts | The fair value of assets in the Rabbi Trust related to PSEG, PSE&G and Power are detailed as follows:
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Pension and OPEB (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | Pension and OPEB costs for PSEG, except for Servco, are detailed as follows:
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Schedule Of Pension And OPEB Costs | Pension and OPEB costs for PSE&G, Power and PSEG’s other subsidiaries, except for Servco, are detailed as follows:
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Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | The following table shows the face value of Power's outstanding guarantees, current exposure and margin positions as of June 30, 2016 and December 31, 2015.
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Total Minimum Purchase Commitments | As of June 30, 2016, the total minimum purchase requirements included in these commitments were as follows:
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PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract For Anticipated BGS-Fixed Price Eligible Load |
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Debt and Credit Facilities Debt and Credit Facilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Facilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | Each of PSEG's 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. PSEG's total credit facilities and available liquidity as of June 30, 2016 were as follows:
(C)Power facility will be reduced by $24 million in March 2018.
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Financial Risk Management Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments Fair Value In Balance Sheets |
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Schedule Of Derivative Instruments Designated As Cash Flow Hedges | The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the three months ended June 30, 2016 and 2015.
The following shows the effect on the Condensed Consolidated Statements of Operations and on Accumulated Other Comprehensive Income (AOCI) of derivative instruments designated as cash flow hedges for the six months ended June 30, 2016 and 2015.
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following reconciles the Accumulated Other Comprehensive Income for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis.
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Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations | The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS, such as its BGS contracts and certain other energy supply contracts, for the three months and six months ended June 30, 2016 and 2015. Power's derivative contracts reflected in these tables include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel.
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Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | The following reflects the gross volume, on an absolute value basis, of derivatives as of June 30, 2016 and December 31, 2015.
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Providing Credit Risk From Others, Net Of Collateral | The following table provides information on Power’s credit risk from others, net of collateral, as of June 30, 2016. It further delineates that exposure by the credit rating of the counterparties and provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of Power’s credit risk by credit rating of the counterparties.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | The following tables present information about PSEG’s, PSE&G’s and Power's respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2016 and December 31, 2015, including the fair value measurements and the levels of inputs used in determining those fair values. Amounts shown for PSEG include the amounts shown for PSE&G and Power.
Level 3—For energy-related contracts, which include more complex agreements where limited observable inputs or pricing information are available, modeling techniques are employed using assumptions reflective of contractual terms, current market rates, forward price curves, discount rates and risk factors, as applicable. Fair values of other energy contracts may be based on broker quotes that we cannot corroborate with actual market transaction data.
Level 1—Investments in marketable equity securities within the NDT Fund are primarily investments in common stocks across a broad range of industries and sectors. Most equity securities are priced utilizing the principal market close price or, in some cases, midpoint, bid or ask price. Certain open-ended mutual funds with mainly short-term investments are valued based on unadjusted quoted prices in active markets. The Rabbi Trust equity index fund is valued based on quoted prices in an active market. Level 2—NDT and Rabbi Trust fixed income securities are limited to investment grade corporate bonds, collateralized mortgage obligations, asset backed securities and government obligations or Federal Agency asset-backed securities with a wide range of maturities. Since many fixed income securities do not trade on a daily basis, they are priced using an evaluated pricing methodology that varies by asset class and reflects observable market information such as the most recent exchange price or quoted bid for similar securities. Market-based standard inputs typically include benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.
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Schedule of Quantitative Information About Level 3 Fair Value Measurements | The following tables provide details surrounding significant Level 3 valuations as of June 30, 2016 and December 31, 2015.
Significant unobservable inputs listed above would have a direct impact on the fair values of the above Level 3 instruments if they were adjusted. For gas supply contracts where PSE&G is a seller, an increase in gas transportation cost would increase the fair value. For energy-related contracts in cases where Power is a seller, an increase in the load variability would decrease the fair value. |
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Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis | A reconciliation of the beginning and ending balances of Level 3 derivative contracts and securities for the three months and six months ended June 30, 2016 and June 30, 2015, respectively, follows: Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2016
Changes in Level 3 Assets and (Liabilities) Measured at Fair Value on a Recurring Basis for the Three Months and Six Months Ended June 30, 2015
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Schedule of Fair Value of Debt | The estimated fair values were determined using the market quotations or values of instruments with similar terms, credit ratings, remaining maturities and redemptions as of June 30, 2016 and December 31, 2015.
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Other Income and Deductions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Income |
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Schedule Of Other Deductions |
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Effective Tax Rates | PSEG’s, PSE&G’s and Power's effective tax rates for the three months and six months ended June 30, 2016 and 2015 were as follows:
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Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Income by Component |
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Reclassifications out of Accumulated Other Comprehensive Income |
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Earnings Per Share (EPS) and Dividends (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic And Diluted Earnings Per Share Computation | The following table shows the effect of these stock options, performance units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS:
There were approximately 0.3 million and 0.4 million stock options excluded from the weighted average common shares used for diluted EPS due to their antidilutive effect for the three months |
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Dividend Payments On Common Stock |
On July 19, 2016, PSEG's Board of Directors approved a $0.41 per share common stock dividend for the third quarter of 2016. |
Financial Information By Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information By Business Segments |
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Related-Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PSE And G [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Related Party Transactions, Revenue | The financial statements for PSE&G include transactions with related parties as follows:
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Schedule Of Related Party Transactions, Payables |
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Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Related Party Transactions, Revenue | The financial statements for Power include transactions with related parties as follows:
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Schedule Of Related Party Transactions, Receivables |
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Guarantees of Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Statements Of Guarantors |
|
Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Variable Interest Entity [Line Items] | ||||
Operating Revenues | $ 1,905 | $ 2,314 | $ 4,521 | $ 5,449 |
Operation and Maintenance | 710 | 761 | 1,439 | 1,424 |
PSE And G [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Operating Revenues | 1,350 | 1,466 | 3,062 | 3,468 |
Operation and Maintenance | 352 | 368 | 734 | 780 |
Long Island ServCo [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Operating Revenues | 101 | 84 | 199 | 166 |
Operation and Maintenance | $ 101 | $ 84 | $ 199 | $ 166 |
Rate Filings (Details) - PSE And G [Member] $ in Millions |
1 Months Ended | ||
---|---|---|---|
Jul. 31, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Oct. 01, 2016 |
|
Regulatory Assets And Liabilities [Line Items] | |||
Request for RAC Recovery | $ 54 | ||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 16 | ||
Current BGSS rate per therm | 0.40 | ||
Proposed Recovery of costs for Electric Green Energy Program | $ 44 | ||
True-up adjustment for Transmission Formula Rate Revenues | 34 | ||
Proposed Recovery of costs for Gas Green Energy Programs | 13 | ||
Gas Distribution [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | 23 | ||
Overrecovered Gas Costs Basic Gas Supply Service [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
BGSS Revenue Reduction | $ 87 | ||
Subsequent Event [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Proposed BGSS rate per therm | 0.34 | ||
Subsequent Event [Member] | Gas Weather Normalization Deferral [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 54 | ||
Subsequent Event [Member] | Gas System Modernization Program [Member] | |||
Regulatory Assets And Liabilities [Line Items] | |||
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 13 |
Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - PSE And G [Member] - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 186 | $ 189 |
Commercial/Industrial [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | 174 | 177 |
Residential [Member] | ||
Concentration Risk [Line Items] | ||
Outstanding Loans by Class of Customer | $ 12 | $ 12 |
Financing Receivables (Gross And Net Lease Investment) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Financial Receivables [Line Items] | ||
Total Investment in Rental Receivables | $ 1,149 | $ 1,150 |
Energy Holdings [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 630 | 631 |
Estimated Residual Value of Leased Assets | 519 | 519 |
Unearned and Deferred Income | (359) | (366) |
Gross Investment in Leases | 790 | 784 |
Deferred Tax Liabilities | (694) | (724) |
Net Investment in Leases | $ 96 | $ 60 |
Financing Receivables (Schedule Of Lease Receivables, Net Of Nonrecourse Debt, Associated With Leveraged Lease Portfolio Based On Counterparty Credit Rating) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 630 | $ 631 |
Standard & Poor's, AA Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 16 | |
Standard & Poor's, BBB plus - BBB - Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 316 | |
Standard & Poor's, BB- Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | 134 | |
Standard & Poor's, CCC plus Rating [Member] | ||
Schedule of Financial Receivables [Line Items] | ||
Lease Receivables (net of Non-Recourse Debt) | $ 164 |
Financing Receivables (Narrative) (Detail) $ in Millions |
Jun. 30, 2016
USD ($)
|
---|---|
Schedule of Financial Receivables [Line Items] | |
Lease investment with non-investment grade counterparties, gross | $ 573 |
Lease investment with non-investment grade counterparties, net of deferred taxes | $ (5) |
Financing Receivables (Schedule Of Assets Under Lease Receivables) (Detail) $ in Millions |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
MW
| ||||||||
Powerton Station Units 5 And 6 [Member] | ||||||||
Schedule of Financial Receivables [Line Items] | ||||||||
Location | IL | |||||||
Gross Investment | $ | $ 134 | |||||||
% Owned | 64.00% | |||||||
Total MW | MW | 1,538 | |||||||
Fuel Type | Coal | |||||||
Counterparties’ S&P Credit Ratings | BB- | |||||||
Counterparty | NRG Energy, Inc. | |||||||
Joliet Station Units 7 And 8 [Member] | ||||||||
Schedule of Financial Receivables [Line Items] | ||||||||
Location | IL | |||||||
Gross Investment | $ | $ 84 | |||||||
% Owned | 64.00% | |||||||
Total MW | MW | 1,044 | |||||||
Fuel Type | Coal (A) | [1] | ||||||
Counterparties’ S&P Credit Ratings | BB- | |||||||
Counterparty | NRG Energy, Inc. | |||||||
Keystone Station Units 1 And 2 [Member] | ||||||||
Schedule of Financial Receivables [Line Items] | ||||||||
Location | PA | |||||||
Gross Investment | $ | $ 121 | |||||||
% Owned | 17.00% | |||||||
Total MW | MW | 1,711 | |||||||
Fuel Type | Coal | |||||||
Counterparties’ S&P Credit Ratings | CCC (C) | [2] | ||||||
Counterparty | NRG REMA, LLC | |||||||
Conemaugh Station Units 1 And 2 [Member] | ||||||||
Schedule of Financial Receivables [Line Items] | ||||||||
Location | PA | |||||||
Gross Investment | $ | $ 121 | |||||||
% Owned | 17.00% | |||||||
Total MW | MW | 1,711 | |||||||
Fuel Type | Coal | |||||||
Counterparties’ S&P Credit Ratings | CCC (C) | [2] | ||||||
Counterparty | NRG REMA, LLC | |||||||
Shawville Station Units 1, 2, 3 And 4 [Member] | ||||||||
Schedule of Financial Receivables [Line Items] | ||||||||
Location | PA | |||||||
Gross Investment | $ | $ 113 | |||||||
% Owned | 100.00% | |||||||
Total MW | MW | 603 | |||||||
Fuel Type | Coal (B) | [3] | ||||||
Counterparties’ S&P Credit Ratings | CCC (C) | [2] | ||||||
Counterparty | NRG REMA, LLC | |||||||
|
Available-For-Sale Securities (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 1,579 | $ 1,584 |
Gross Unrealized Gains | 233 | 196 |
Gross Unrealized Losses | (15) | (26) |
Fair Value | 1,797 | 1,754 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 679 | 693 |
Gross Unrealized Gains | 198 | 185 |
Gross Unrealized Losses | (12) | (13) |
Fair Value | 865 | 865 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 503 | 483 |
Gross Unrealized Gains | 23 | 8 |
Gross Unrealized Losses | 0 | (3) |
Fair Value | 526 | 488 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 348 | 366 |
Gross Unrealized Gains | 12 | 3 |
Gross Unrealized Losses | (3) | (10) |
Fair Value | 357 | 359 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 851 | 849 |
Gross Unrealized Gains | 35 | 11 |
Gross Unrealized Losses | (3) | (13) |
Fair Value | 883 | 847 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 49 | 42 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 49 | 42 |
Rabbi Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 210 | 204 |
Gross Unrealized Gains | 13 | 11 |
Gross Unrealized Losses | (1) | (2) |
Fair Value | 222 | 213 |
Rabbi Trust [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 11 | 12 |
Gross Unrealized Gains | 10 | 10 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 21 | 22 |
Rabbi Trust [Member] | Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 104 | 108 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Losses | 0 | (1) |
Fair Value | 106 | 108 |
Rabbi Trust [Member] | Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 90 | 82 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | (1) | (1) |
Fair Value | 90 | 81 |
Rabbi Trust [Member] | Total Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 194 | 190 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Losses | (1) | (2) |
Fair Value | 196 | 189 |
Rabbi Trust [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 5 | 2 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 5 | 2 |
Rabbi Trust [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 54 | $ 52 |
Available-For-Sale Securities (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accounts Receivable | $ 18 | $ 17 |
Accounts Payable | 10 | 10 |
Rabbi Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Accounts Receivable | 2 | 1 |
Accounts Payable | $ 4 | $ 0 |
Available-For-Sale Securities (Value Of Securities That Have Been In An Unrealized Loss Position For Less Than And Greater Than 12 Months) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $ 132 | $ 618 | |||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | (12) | (22) | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 54 | 56 | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (3) | (4) | |||||||||||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Equity Securities [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [1] | 108 | 151 | ||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [1] | (12) | (13) | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [1] | 5 | 1 | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [1] | 0 | 0 | ||||||||||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Government Obligations [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [2] | 12 | 245 | ||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [2] | 0 | (2) | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [2] | 6 | 19 | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [2] | 0 | (1) | ||||||||||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Other Debt Securities [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [3] | 12 | 222 | ||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [3] | 0 | (7) | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [3] | 43 | 36 | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [3] | (3) | (3) | ||||||||||||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | Total Debt Securities [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 24 | 467 | |||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | 0 | (9) | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 49 | 55 | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (3) | (4) | |||||||||||||
Rabbi Trust [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 28 | 99 | |||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | 0 | (2) | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 14 | 11 | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | (1) | 0 | |||||||||||||
Rabbi Trust [Member] | Equity Securities [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [4] | 0 | 0 | ||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [4] | 0 | 0 | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [4] | 0 | 0 | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [4] | 0 | 0 | ||||||||||||
Rabbi Trust [Member] | Government Obligations [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [5] | 14 | 53 | ||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [5] | 0 | (1) | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [5] | 3 | 2 | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [5] | 0 | 0 | ||||||||||||
Rabbi Trust [Member] | Other Debt Securities [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | [6] | 14 | 46 | ||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | [6] | 0 | (1) | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | [6] | 11 | 9 | ||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | [6] | (1) | 0 | ||||||||||||
Rabbi Trust [Member] | Total Debt Securities [Member] | |||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 28 | 99 | |||||||||||||
Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | 0 | (2) | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Fair Value | 14 | 11 | |||||||||||||
Continuous Unrealized Loss Position, Greater Than 12 Months, Gross Unrealized Losses | $ (1) | $ 0 | |||||||||||||
|
Available-For-Sale Securities (Proceeds From The Sales Of And The Net Realized Gains On Securities in the NDT and Rabbi Trusts) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||||
Rabbi Trust [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Proceeds from Sales | $ 36 | [1] | $ 44 | [1] | $ 61 | $ 63 | [1] | ||||
Gross Realized Gains | 2 | 2 | 3 | 2 | |||||||
Gross Realized Losses | (1) | 0 | (2) | 0 | |||||||
Net Realized Gains (Losses) | 1 | 2 | 1 | 2 | |||||||
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||
Proceeds from Sales | 154 | [2] | 232 | [2] | 331 | 822 | [2] | ||||
Gross Realized Gains | 10 | 14 | 25 | 33 | |||||||
Gross Realized Losses | (6) | (4) | (22) | (13) | |||||||
Net Realized Gains (Losses) | $ 4 | $ 10 | $ 3 | $ 20 | |||||||
|
Available-For-Sale Securities (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions |
Jun. 30, 2016
USD ($)
|
---|---|
Rabbi Trust [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than one year | $ 8 |
1 - 5 years | 45 |
6 - 10 years | 48 |
11 - 15 years | 6 |
16 - 20 years | 7 |
Over 20 years | 82 |
Total Available-for-Sale Debt Securities | 196 |
Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Less than one year | 19 |
1 - 5 years | 216 |
6 - 10 years | 220 |
11 - 15 years | 54 |
16 - 20 years | 61 |
Over 20 years | 313 |
Total Available-for-Sale Debt Securities | $ 883 |
Available-For-Sale Securities (Fair Value Of Rabbi Trust) (Detail) - Rabbi Trust [Member] - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $ 222 | $ 213 |
Power [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 54 | 52 |
PSE And G [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | 44 | 42 |
Other Entity [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total Rabbi Trust Available-for-Sale Securities | $ 124 | $ 119 |
Available-For-Sale Securities (Narrative) (Detail) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016
USD ($)
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
Facility
|
Jun. 30, 2015
USD ($)
|
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-Than-Temporary Impairments | $ 10 | $ 10 | $ 20 | $ 15 |
Power [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Number of Nuclear Facilities | Facility | 5 | |||
Other-Than-Temporary Impairments | $ 10 | $ 10 | $ 20 | $ 15 |
Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Other-Than-Temporary Impairments | 20 | |||
Nuclear Decommissioning Trust (NDT) Fund [Member] | Power [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
After tax amount of net unrealized gains recognized in AOCI | 110 | |||
Rabbi Trust [Member] | Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
After tax amount of net unrealized gains recognized in AOCI | $ 7 |
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 27 | $ 31 | $ 54 | $ 62 |
Interest Cost | 51 | 58 | 101 | 117 |
Expected Return on Plan Assets | (99) | (104) | (197) | (207) |
Amortization of Prior Service Cost | (5) | (4) | (9) | (9) |
Amortization of Actuarial Loss | 40 | 37 | 79 | 74 |
Total Benefit Costs | 14 | 18 | 28 | 37 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 4 | 6 | 8 | 11 |
Interest Cost | 14 | 17 | 29 | 34 |
Expected Return on Plan Assets | (7) | (8) | (15) | (15) |
Amortization of Prior Service Cost | (4) | (4) | (7) | (7) |
Amortization of Actuarial Loss | 10 | 11 | 20 | 21 |
Total Benefit Costs | $ 17 | $ 22 | $ 35 | $ 44 |
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 14 | $ 18 | $ 28 | $ 37 |
Pension Benefits [Member] | PSE And G [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 7 | 10 | 14 | 20 |
Pension Benefits [Member] | Power [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 4 | 5 | 8 | 11 |
Pension Benefits [Member] | Other Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 3 | 3 | 6 | 6 |
OPEB [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 17 | 22 | 35 | 44 |
OPEB [Member] | PSE And G [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 11 | 14 | 22 | 28 |
OPEB [Member] | Power [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | 5 | 6 | 11 | 13 |
OPEB [Member] | Other Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Benefit Costs | $ 1 | $ 2 | $ 2 | $ 3 |
Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions | $ 21 | ||||
Total Benefit Costs | $ 14 | $ 18 | 28 | $ 37 | |
Postretirement Healthcare Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions | $ 14 | ||||
Total Benefit Costs | 17 | 22 | 35 | 44 | |
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 28 | ||||
Total Benefit Costs | 6 | $ 7 | 12 | $ 13 | |
Cost Reduction related to change in estimate [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Benefit Costs | 8 | 17 | |||
Cost Reduction related to change in estimate [Member] | Postretirement Healthcare Plans [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total Benefit Costs | $ 3 | $ 6 |
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Loss Contingencies [Line Items] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 226 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 3,927 | |||
Power [Member] | ||||
Loss Contingencies [Line Items] | ||||
Face Value of Outstanding Guarantees | 1,809 | $ 1,734 | ||
Exposure under Current Guarantees | 136 | 172 | ||
Letters of Credit Margin Posted | 160 | 122 | ||
Letters of Credit Margin Received | 130 | 192 | ||
Counterparty Cash Margin Deposited | 0 | 0 | ||
Counterparty Cash Margin Received | (4) | (15) | ||
Net Broker Balance Deposited (Received) | 30 | (5) | ||
Other Letters of Credit | 51 | $ 51 | ||
Line of Credit Facility, Fair Value of Amount Outstanding | 202 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 2,351 | |||
Pse And G [Member] | ||||
Loss Contingencies [Line Items] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 14 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 586 | |||
PennEast Natural Gas Pipeline [Member] | Power [Member] | ||||
Loss Contingencies [Line Items] | ||||
Face Value of Outstanding Guarantees | 106 | |||
755 MW Gas-Fired Combined Cycle Generating Station [Member] | Power [Member] | ||||
Loss Contingencies [Line Items] | ||||
Face Value of Outstanding Guarantees | $ 21 | |||
|
Commitments And Contingent Liabilities (Environmental Matters) (Detail) |
1 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2008
USD ($)
|
Jun. 30, 2016
USD ($)
Potentially_Responsible_Party
entity
site
Station
Plant
mi
|
Dec. 31, 2015
USD ($)
|
Mar. 31, 2007
Potentially_Responsible_Party
|
Dec. 31, 2006 |
Dec. 31, 2003
Potentially_Responsible_Party
|
|
Site Contingency [Line Items] | ||||||
Number of miles related to the Passaic River constituting a facility as determined by the US Environmental Protection Agency | mi | 17 | |||||
Number of miles on Passaic River tidal reach required to be studied as determined by the US Environmental Protection Agency | mi | 8 | |||||
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination | entity | 11 | |||||
Number of operating electric generating stations located on Hackensack River | Station | 2 | |||||
Number of former MGP contamination sites located on Hackensack river in conjunction with Newark Bay study area contamination | site | 1 | |||||
Accrued environmental costs | $ 402,000,000 | $ 415,000,000 | ||||
New Salem facility cooling towers estimated cost total | 1,000,000,000 | |||||
PSE And G [Member] | ||||||
Site Contingency [Line Items] | ||||||
Percentage of cost attributable to potentially responsible party | 7.00% | |||||
Accrued environmental costs | $ 336,000,000 | $ 365,000,000 | ||||
Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Ownership percentage of Keystone Coal fired plant in Pennsylvania | 23.00% | |||||
New Salem facility cooling towers estimated cost total | $ 575,000,000 | |||||
Psd Nsr Regulations Site Contingency [Member] | Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Penalty per day from date of violation-minimum | 25,000 | |||||
Penalty per day from date of violation-maximum | $ 37,500 | |||||
Pse G S Former Mgp Sites [Member] | ||||||
Site Contingency [Line Items] | ||||||
Number of potentially responsible parties ("PRPs") in connection with environmental liabilities for operations conducted near Passaic River | Potentially_Responsible_Party | 53 | 73 | ||||
Estimated, total cost of the study | $ 163,000,000 | |||||
Total Spend of Study to date | 150,000,000 | |||||
Company Share of Total Spend of Study to date | 11,000,000 | |||||
Pse G S Former Mgp Sites [Member] | Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Percentage of cost attributable to potentially responsible party | 1.00% | |||||
Passaic River Site Contingency [Member] | ||||||
Site Contingency [Line Items] | ||||||
Estimated Cleanup Costs EPA Preferred Method | 2,300,000,000 | |||||
Accrual for Environmental Loss Contingencies | 57,000,000 | |||||
CPG Estimated Cleanup Costs Low Estimate | 518,000,000 | |||||
CPG Estimated Cleanup Costs High Estimate | 3,200,000,000 | |||||
CPG Targeted Method Cleanup Costs Low Estimate | 518,000,000 | |||||
Number Of Additional Potentially Responsible Parties Directed By New Jersey Department Of Environmental Protection To Arrange Damage Assessment For Lower Passaic River | Potentially_Responsible_Party | 56 | |||||
CPG Targeted Remedy Cleanup Costs High Estimate | 772,000,000 | |||||
Estimated cleanup costs agreed to by two potentially responsible parties | $ 80,000,000 | |||||
Estimated cost of interim natural resource injury restoration | $ 950,000,000 | |||||
Passaic River Site Contingency [Member] | PSE And G [Member] | ||||||
Site Contingency [Line Items] | ||||||
Number of former generating electric station | Plant | 1 | |||||
Number of former Manufactured Gas Plant (MGP) sites | Plant | 4 | |||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | $ 36,000,000 | |||||
Accrual for Environmental Loss Contingencies | 46,000,000 | |||||
CPG Targeted Method Cleanup Costs Low Estimate | 10,000,000 | |||||
Passaic River Site Contingency [Member] | Power [Member] | ||||||
Site Contingency [Line Items] | ||||||
Accrual for Environmental Loss Contingencies, Period Increase (Decrease) | 8,000,000 | |||||
Accrual for Environmental Loss Contingencies | 11,000,000 | |||||
CPG Targeted Method Cleanup Costs Low Estimate | 3,000,000 | |||||
Mgp Remediation Site Contingency [Member] | PSE And G [Member] | ||||||
Site Contingency [Line Items] | ||||||
Accrued environmental costs | 426,000,000 | |||||
Estimated Expenditures Low End Of Range | 426,000,000 | |||||
Estimated Expenditures High End Of Range | 491,000,000 | |||||
Remediation Liability Recorded As Other Current Liabilities | 99,000,000 | |||||
Remediation Liability Recorded As Other Noncurrent Liabilities | 327,000,000 | |||||
Regulatory Assets | 426,000,000 | |||||
Remedial Investigation And Feasibility Study [Member] | ||||||
Site Contingency [Line Items] | ||||||
Estimated, total cost of the study | 30,000,000 | |||||
Estimated Total Cost Of Study Low End of Range | $ 25,000,000 | |||||
Passaic River mile 10.9 contaminant removal [Member] | ||||||
Site Contingency [Line Items] | ||||||
Percentage of cost attributable to potentially responsible party | 3.00% |
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2016
cf
$ / mwh
$ / mwd
MW
| ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of cubic feet in gas hedging permitted to be recovered by BPU | cf | 115 | |||
Percentage of residential gas supply permitted to be recovered in gas hedging by BPU | 80.00% | |||
Number of cubic feet to be hedged | cf | 70 | |||
Percentage of annual residential gas supply requirements to be hedged | 50.00% | |||
PSE And G [Member] | Auction Year 2013 [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
36-Month Terms Ending | May 31, 2016 | [1] | ||
Load (MW) | MW | 2,800 | |||
Dollars Per Megawatt Hour | $ / mwh | 92.18 | |||
PSE And G [Member] | Auction Year 2014 [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
36-Month Terms Ending | May 31, 2017 | |||
Load (MW) | MW | 2,800 | |||
Dollars Per Megawatt Hour | $ / mwh | 97.39 | |||
PSE And G [Member] | Auction Year 2014 [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 272.78 | |||
36-Month Terms Ending | May 31, 2018 | |||
Load (MW) | MW | 2,900 | |||
Dollars Per Megawatt Hour | $ / mwh | 99.54 | |||
PSE And G [Member] | Auction Year 2016 [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Dollars Per Megawatt-Day | $ / mwd | 335.33 | |||
36-Month Terms Ending | May 31, 2019 | [1] | ||
Load (MW) | MW | 2,800 | |||
Dollars Per Megawatt Hour | $ / mwh | 96.38 | |||
|
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - Power [Member] $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2016
USD ($)
| |
Long-term Purchase Commitment [Line Items] | |
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements | 100.00% |
Commitments Through 2019 [Member] | Nuclear Fuel Uranium [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | $ 454 |
Commitments Through 2019 [Member] | Nuclear Fuel Enrichment [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 358 |
Commitments Through 2019 [Member] | Nuclear Fuel Fabrication [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 180 |
Commitments Through 2019 [Member] | Natural Gas [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | 972 |
Commitments Through 2019 [Member] | Coal [Member] | |
Long-term Purchase Commitment [Line Items] | |
Total minimum purchase requirements | $ 265 |
Commitments And Contingent Liabilities (Regulatory Proceedings and Superstorm Sandy) (Detail) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Loss Contingencies [Line Items] | |||
Clean Energy Program, current portion | $ 200 | $ 142 | |
PSE And G [Member] | |||
Loss Contingencies [Line Items] | |||
Clean Energy Program, current portion | 200 | $ 142 | |
Power [Member] | FERC Compliance [Domain] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency related to bidding errors | $ 25 | ||
Nuclear Electric Insurance Limited Ii Salem Hope Creek Peach Bottom [Member] | Total Site Coverage [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Primary Layer | 1,500 | ||
Property Damage Excess Layers | 300 | ||
Nuclear Electric Insurance Limited Ii Salem Hope Creek Peach Bottom [Member] | Total Site Coverage for Non Nuclear Event [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Excess Layers | 300 | ||
Nuclear Electric Insurance Limited I Peach Bottom [Member] | Total Site Coverage [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Excess Layers | 300 | ||
Nuclear Electric Insurance Limited I Peach Bottom [Member] | Total Site Coverage for Non Nuclear Event [Member] | |||
Loss Contingencies [Line Items] | |||
Property Damage Excess Layers | $ 600 |
Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) - USD ($) $ in Millions |
1 Months Ended | 6 Months Ended |
---|---|---|
Jul. 31, 2016 |
Jun. 30, 2016 |
|
Medium Term Notes One Point Nine Zero Percent Due in Two Thousand Twenty One [Member] | PSE And G [Member] | ||
Debt Instrument [Line Items] | ||
Issued long-term debt | $ 300 | |
Stated interest rate of debt instrument | 1.90% | |
Medium Term Notes Three Point Eight Zero Percent due Two Thousand Forty Six [Member] | PSE And G [Member] | ||
Debt Instrument [Line Items] | ||
Issued long-term debt | $ 550 | |
Stated interest rate of debt instrument | 3.80% | |
First And Refunding Mortgage Bonds Six Point Seven Five Percentage Due On Two Thousand Sixteen [Member] | PSE And G [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate of debt instrument | 6.75% | |
Repayments of long-term debt | $ 171 | |
Senior Notes Three Point Zero Percent Due In Two Thousand Twenty One [Member] | Power [Member] | ||
Debt Instrument [Line Items] | ||
Issued long-term debt | $ 700 | |
Stated interest rate of debt instrument | 3.00% | |
Subsequent Event [Member] | First And Refunding Mortgage Bonds Six Point Seven Five Percentage Due On Two Thousand Sixteen [Member] | PSE And G [Member] | ||
Debt Instrument [Line Items] | ||
Repayments of long-term debt | $ 100 |
Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) $ in Millions |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
| ||||||||||
Commitments of Single Institution as Percentage of Total Commitments | 7.00% | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,927 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,153 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 226 | |||||||||
PSEG [Member] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 990 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 10 | [1] | ||||||||
PSE And G [Member] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 586 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 600 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 14 | [1] | ||||||||
Power [Member] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,351 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,553 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 202 | |||||||||
Five Year Credit Facility Maturing on April 2019 [Member] | PSEG [Member] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 490 | |||||||||
Debt Instrument, Maturity Date, Description | Apr 2019 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 10 | [1] | ||||||||
Five Year Credit Facility Maturing on April 2019 [Member] | Power [Member] | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,411 | |||||||||
Debt Instrument, Maturity Date, Description | Apr 2019 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,600 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 189 | |||||||||
Five Year Credit Facility Maturing on April 2020 [Member] | PSEG [Member] | ||||||||||
Credit Facility Reduction in March 2018 | 12 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 500 | |||||||||
Debt Instrument, Maturity Date, Description | Apr 2020 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | [2] | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | [1] | ||||||||
Five Year Credit Facility Maturing on April 2020 [Member] | PSE And G [Member] | ||||||||||
Credit Facility Reduction in March 2018 | 14 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 586 | |||||||||
Debt Instrument, Maturity Date, Description | Apr 2020 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | [3] | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 14 | [1] | ||||||||
Five Year Credit Facility Maturing on April 2020 [Member] | Power [Member] | ||||||||||
Credit Facility Reduction in March 2018 | 24 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 940 | |||||||||
Debt Instrument, Maturity Date, Description | Apr 2020 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 953 | [4] | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 13 | |||||||||
|
Financial Risk Management Activities (Narrative) (Detail) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016
USD ($)
Counterparty
|
Jun. 30, 2015
USD ($)
|
Jun. 30, 2016
USD ($)
Counterparty
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|||||
Derivatives, Fair Value [Line Items] | |||||||||
Net cash collateral received in connection with net derivative contracts | $ 8 | $ 8 | $ (55) | ||||||
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 26 | 26 | 78 | ||||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | (1) | (1) | |||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 1 | 1 | |||||||
Power [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Net exposure | 235 | 235 | |||||||
Net cash collateral received in connection with net derivative contracts | [1],[2] | $ 8 | $ 8 | (55) | |||||
Number of active counterparties on credit risk derivatives | Counterparty | 140 | 140 | |||||||
Power [Member] | Senior Notes 5.32% Due September 2016 [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Senior Notes converted into variable rate debt | $ 303 | $ 303 | |||||||
Power [Member] | Senior Notes 3.00% Due June 2021 [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Stated interest rate of debt instrument | 3.00% | 3.00% | |||||||
Debt Instrument, Face Amount | $ 700 | $ 700 | |||||||
PSEG [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Fair value of interest rate swaps designated as underlying hedges | 2 | 2 | 6 | ||||||
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 18 | 18 | 12 | ||||||
Additional collateral aggregate fair value | 8 | 8 | 66 | ||||||
Amount of reduction in interest expense attributed to interest rate swaps designated as fair value hedges | (2) | $ (5) | (4) | $ (10) | |||||
Gain (Loss) on Hedging Activity | 2 | ||||||||
PSEG [Member] | Senior Notes 5.32% Due September 2016 [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Senior Notes converted into variable rate debt | $ 300 | $ 300 | |||||||
Stated interest rate of debt instrument | 5.32% | 5.32% | |||||||
PSEG [Member] | Senior Notes 2.75% Due September 2016 [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Senior Notes converted into variable rate debt | $ 250 | $ 250 | |||||||
Stated interest rate of debt instrument | 2.75% | 2.75% | |||||||
Non Current Assets [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Net cash collateral received in connection with net derivative contracts | $ (16) | ||||||||
Investment Grade - External Rating [Member] | Power [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Net exposure | $ 205 | $ 205 | |||||||
Credit exposure, percentage | 90.00% | ||||||||
Fair Value Hedging [Member] | PSEG [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Aggregate amount of series of interest rate swaps converting to variable-rate debt | 550 | $ 550 | |||||||
Cash Flow Hedging [Member] | PSEG [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Aggregate amount of series of interest rate swaps converting to variable-rate debt | 500 | 500 | |||||||
Cash Flow Hedging [Member] | PSEG [Member] | Senior Notes 3.00% Due June 2021 [Member] | |||||||||
Derivatives, Fair Value [Line Items] | |||||||||
Aggregate amount of series of interest rate swaps converting to variable-rate debt | $ 400 | $ 400 | |||||||
|
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Contracts, Current Assets | $ 152 | $ 242 | |||||||||
Derivative Contracts, Noncurrent Assets | 76 | 77 | |||||||||
Total Mark-to-Market Derivative Assets | 228 | 319 | |||||||||
Derivative Contracts, Current Liabilities | (20) | (76) | |||||||||
Derivative Contracts, Noncurrent Liabilities | (14) | (27) | |||||||||
Total Mark-to-Market Derivative (Liabilities) | (34) | (103) | |||||||||
Net Mark-to-Market Derivative Assets (Liabilities) | 194 | 216 | |||||||||
Net cash collateral received in connection with net derivative contracts | 8 | (55) | |||||||||
Power [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Contracts, Current Assets | [1] | 150 | 223 | ||||||||
Derivative Contracts, Noncurrent Assets | [1] | 76 | 77 | ||||||||
Total Mark-to-Market Derivative Assets | [1] | 226 | 300 | ||||||||
Derivative Contracts, Current Liabilities | [1] | (17) | (76) | ||||||||
Derivative Contracts, Noncurrent Liabilities | [1] | (14) | (16) | ||||||||
Total Mark-to-Market Derivative (Liabilities) | [1] | (31) | (92) | ||||||||
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 195 | 208 | ||||||||
Net cash collateral received in connection with net derivative contracts | [1],[2] | 8 | (55) | ||||||||
PSE And G [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Contracts, Current Assets | 0 | 13 | |||||||||
Derivative Contracts, Current Liabilities | (2) | 0 | |||||||||
Derivative Contracts, Noncurrent Liabilities | 0 | (11) | |||||||||
PSEG [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Contracts, Current Assets | [1] | 2 | 6 | ||||||||
Derivative Contracts, Noncurrent Assets | [1] | 0 | 0 | ||||||||
Total Mark-to-Market Derivative Assets | [1] | 2 | 6 | ||||||||
Derivative Contracts, Current Liabilities | [1] | (1) | 0 | ||||||||
Derivative Contracts, Noncurrent Liabilities | [1] | 0 | 0 | ||||||||
Total Mark-to-Market Derivative (Liabilities) | [1] | (1) | 0 | ||||||||
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 1 | 6 | ||||||||
Not Designated as Hedging Instrument [Member] | Power [Member] | Energy-Related Contracts [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Contracts, Current Assets | [1] | 460 | 700 | ||||||||
Derivative Contracts, Noncurrent Assets | [1] | 264 | 208 | ||||||||
Total Mark-to-Market Derivative Assets | [1] | 724 | 908 | ||||||||
Derivative Contracts, Current Liabilities | [1] | (334) | (513) | ||||||||
Derivative Contracts, Noncurrent Liabilities | [1] | (203) | (132) | ||||||||
Total Mark-to-Market Derivative (Liabilities) | [1] | (537) | (645) | ||||||||
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 187 | 263 | ||||||||
Not Designated as Hedging Instrument [Member] | PSE And G [Member] | Energy-Related Contracts [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Derivative Contracts, Current Assets | [1] | 0 | 13 | ||||||||
Derivative Contracts, Noncurrent Assets | [1] | 0 | 0 | ||||||||
Total Mark-to-Market Derivative Assets | [1] | 0 | 13 | ||||||||
Derivative Contracts, Current Liabilities | [1] | (2) | 0 | ||||||||
Derivative Contracts, Noncurrent Liabilities | [1] | 0 | (11) | ||||||||
Total Mark-to-Market Derivative (Liabilities) | [1] | (2) | (11) | ||||||||
Net Mark-to-Market Derivative Assets (Liabilities) | [1] | (2) | 2 | ||||||||
Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | (2) | (69) | |||||||||
Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | (2) | (53) | |||||||||
Non Current Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | (16) | ||||||||||
Current Liabilities [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | 10 | 12 | |||||||||
Noncurrent Liabilities [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | 2 | ||||||||||
Other Liabilities [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | 10 | 14 | |||||||||
Energy-Related Contracts [Member] | Assets [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [3],[4] | (498) | (608) | ||||||||
Energy-Related Contracts [Member] | Assets [Member] | Power [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [1],[2],[3],[4] | (498) | (608) | ||||||||
Energy-Related Contracts [Member] | Assets [Member] | PSE And G [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [3],[4] | 0 | 0 | ||||||||
Energy-Related Contracts [Member] | Current Assets [Member] | Power [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [1],[2] | (310) | (477) | ||||||||
Energy-Related Contracts [Member] | Non Current Assets [Member] | Power [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [1],[2] | (188) | (131) | ||||||||
Energy-Related Contracts [Member] | Current Liabilities [Member] | Power [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [1],[2] | 317 | 437 | ||||||||
Energy-Related Contracts [Member] | Noncurrent Liabilities [Member] | Power [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [1],[2] | 189 | 116 | ||||||||
Energy-Related Contracts [Member] | Other Liabilities [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [3],[4] | 506 | 553 | ||||||||
Energy-Related Contracts [Member] | Other Liabilities [Member] | Power [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [1],[2],[3],[4] | 506 | 553 | ||||||||
Energy-Related Contracts [Member] | Other Liabilities [Member] | PSE And G [Member] | |||||||||||
Derivatives, Fair Value [Line Items] | |||||||||||
Net cash collateral received in connection with net derivative contracts | [3],[4] | $ 0 | $ 0 | ||||||||
|
Financial Risk Management Activities (Schedule Of Derivative Instruments Designated As Cash Flow Hedges) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | $ (1) | $ 0 | $ 2 | $ 1 |
Interest Expense | (97) | (97) | (189) | (195) |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Operating Revenues | 1,905 | 2,314 | 4,521 | 5,449 |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | 0 | 0 | 0 | 17 |
Power [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 0 | 0 | 1 | |
Interest Expense | (20) | (33) | (42) | (64) |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Operating Revenues | 714 | 1,025 | 2,027 | 2,750 |
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Reclassified from AOCI into Energy Costs (Effective Portion) | 0 | 0 | 0 | 17 |
Operating Revenues [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 0 | 0 | 0 | 1 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 | 0 | 17 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Operating Revenues [Member] | Power [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | 0 | 0 | 0 | 1 |
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | 0 | 0 | 0 | 17 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Pre-Tax Gain (Loss) attributed to Cash Flow Hedges Recognized in AOCI on Derivatives (Effective Portion) | (1) | 0 | 2 | 0 |
Interest Expense | 0 | 0 | 0 | 0 |
Amount of Pre-Tax Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Risk Management Activities (Schedule Of Reconciliation For Derivative Activity Included In Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Gain (Loss) in AOCI | $ 7 | $ (14) | $ 19 | $ 3 | ||
(Gain) Loss into Income | 10 | 7 | 24 | 3 | ||
Cash Flow Hedges [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Pre-Tax Balance at Beginning of Period | 3 | $ 0 | 0 | 17 | $ 17 | |
Gain (Loss) in AOCI | (1) | 3 | 3 | |||
(Gain) Loss into Income | 0 | 0 | 0 | (17) | (20) | |
Pre-Tax Balance at End of Period | 2 | 3 | 2 | 0 | ||
After-Tax Balance at Beginning of Period | 2 | 0 | 0 | 10 | 10 | |
Gain (Loss) in AOCI | (1) | 2 | 0 | 1 | 1 | 2 |
(Gain) Loss into Income | 0 | 0 | $ 0 | 0 | $ (10) | (12) |
After-Tax Balance at End of Period | $ 1 | $ 2 | $ 1 | $ 0 |
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ (80) | $ 114 | $ 138 | $ 48 |
Operating Revenues [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | (86) | 124 | 130 | 48 |
Energy Costs [Member] | Energy-Related Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pre-Tax Gain (Loss) Recognized in Income on Derivatives | $ 6 | $ (10) | $ 8 | $ 0 |
Financial Risk Management Activities (Schedule Of Gross Volume, On Absolute Basis For Derivative Contracts) (Detail) $ / mwh in Millions, $ / Derivative in Millions, $ / DTH in Millions |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016
$ / mwh
$ / Derivative
$ / DTH
|
Dec. 31, 2015
$ / mwh
$ / Derivative
$ / DTH
|
|
Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 347 | 201 |
Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 326 | 299 |
FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 21 | 23 |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 1,050 | 550 |
PSEG [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSEG [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSEG [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSEG [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 1,050 | 550 |
Power [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 327 | 168 |
Power [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 326 | 299 |
Power [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 21 | 23 |
Power [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 0 | 0 |
PSE And G [Member] | Natural Gas Dth [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / DTH | 20 | 33 |
PSE And G [Member] | Electricity MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSE And G [Member] | FTRs MWh [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | 0 | 0 |
PSE And G [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Gross Volume of Derivative on Absolute Value Basis | $ / Derivative | 0 | 0 |
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) - Power [Member] $ in Millions |
Jun. 30, 2016
USD ($)
|
|||
---|---|---|---|---|
Derivative [Line Items] | ||||
Current Exposure | $ 365 | |||
Securities held as Collateral | 130 | |||
Net exposure | 235 | |||
Number of Counterparties greater than 10% | 2 | |||
Amount Of Net Credit Exposure Greater Than Ten Percent | 125 | |||
Investment Grade - External Rating [Member] | ||||
Derivative [Line Items] | ||||
Current Exposure | 334 | |||
Securities held as Collateral | 129 | |||
Net exposure | 205 | |||
Number of Counterparties greater than 10% | 2 | |||
Amount Of Net Credit Exposure Greater Than Ten Percent | 125 | [1] | ||
Non-Investment Grade - External Rating [Member] | ||||
Derivative [Line Items] | ||||
Current Exposure | 20 | |||
Securities held as Collateral | 0 | |||
Net exposure | 20 | |||
Number of Counterparties greater than 10% | 0 | |||
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |||
Investment Grade - No External Rating [Member] | ||||
Derivative [Line Items] | ||||
Current Exposure | 8 | |||
Securities held as Collateral | 1 | |||
Net exposure | 7 | |||
Number of Counterparties greater than 10% | 0 | |||
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |||
Non-Investment Grade - No External Rating [Member] | ||||
Derivative [Line Items] | ||||
Current Exposure | 3 | |||
Securities held as Collateral | 0 | |||
Net exposure | 3 | |||
Number of Counterparties greater than 10% | 0 | |||
Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |||
Cash [Member] | ||||
Derivative [Line Items] | ||||
Securities held as Collateral | 3 | |||
Letter of Credit [Member] | ||||
Derivative [Line Items] | ||||
Securities held as Collateral | $ 127 | |||
|
Fair Value Measurements (PSEG's, Power's And PSE&G's Respective Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ 228 | $ 319 | ||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | (34) | (103) | ||||||||||||||||
Collateral netted against assets and liabilities | 8 | (55) | ||||||||||||||||
Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Power [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [3] | 226 | 300 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [3] | (31) | (92) | |||||||||||||||
Collateral netted against assets and liabilities | [3],[4] | 8 | (55) | |||||||||||||||
Power [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Power [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Power [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Power [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Power [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 570 | 326 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 865 | 865 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 49 | 42 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 21 | 22 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 5 | 2 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 865 | 865 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 49 | 42 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 5 | 5 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 1 | 1 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 125 | 160 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 4 | 5 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 1 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 526 | 488 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 357 | 359 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 106 | 108 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 90 | 81 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 526 | 488 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 357 | 359 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 26 | 26 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 22 | 20 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 21 | 21 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 18 | 16 | |||||||||||||||
Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 0 | 0 | |||||||||||||||
Total Estimate Of Fair Value [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 570 | 326 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 865 | 865 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 526 | 488 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 357 | 359 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 49 | 42 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 21 | 22 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 106 | 108 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 90 | 81 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 5 | 2 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 865 | 865 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 526 | 488 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 357 | 359 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 49 | 42 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 5 | 5 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 26 | 26 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 22 | 20 | |||||||||||||||
Total Estimate Of Fair Value [Member] | Power [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 1 | 1 | |||||||||||||||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Cash Equivalents, Fair Value Disclosure | [5] | 125 | 160 | |||||||||||||||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 4 | 5 | |||||||||||||||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 21 | 21 | |||||||||||||||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 18 | 16 | |||||||||||||||
Total Estimate Of Fair Value [Member] | PSE And G [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Fair Value, Measured on Recurring Basis, Investments | [2] | 1 | 0 | |||||||||||||||
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | 0 | |||||||||||||||
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Power [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | 0 | |||||||||||||||
Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | 0 | |||||||||||||||
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 717 | 896 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | (537) | (644) | |||||||||||||||
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | Power [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 717 | 896 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | (537) | (644) | |||||||||||||||
Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 0 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | 0 | |||||||||||||||
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 7 | 25 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | (2) | (12) | |||||||||||||||
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | Power [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 7 | 12 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | 0 | (1) | |||||||||||||||
Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 13 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | (2) | (11) | |||||||||||||||
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 226 | 313 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | (33) | [6] | (103) | |||||||||||||||
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | Power [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 226 | 300 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | (31) | (92) | |||||||||||||||
Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [6] | 0 | 13 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [6] | (2) | (11) | |||||||||||||||
Interest Rate Swap [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [7] | 0 | 0 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [7] | 0 | ||||||||||||||||
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [7] | 2 | 6 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [7] | (1) | ||||||||||||||||
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [7] | 0 | 0 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [7] | 0 | ||||||||||||||||
Interest Rate Swap [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Total Mark-to-Market Derivative Assets | [7] | 2 | 6 | |||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | [7] | (1) | ||||||||||||||||
Cash and Cash Equivalents [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[5] | 0 | 0 | |||||||||||||||
Cash and Cash Equivalents [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[5] | 0 | 0 | |||||||||||||||
Assets [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | (2) | (69) | ||||||||||||||||
Assets [Member] | Equity Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Government Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Other Debt Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Rabbi Trust - Equity Securities-Mutual Funds [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Rabbi Trust - Debt Securities-Govt Obligations [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Rabbi Trust - Debt Securities-Other [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Rabbi Trust - Other Securities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[2] | 0 | ||||||||||||||||
Assets [Member] | Energy-Related Contracts [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[6] | (498) | (608) | |||||||||||||||
Assets [Member] | Energy-Related Contracts [Member] | Power [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[3],[4],[6] | (498) | (608) | |||||||||||||||
Assets [Member] | Energy-Related Contracts [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[6] | 0 | 0 | |||||||||||||||
Assets [Member] | Interest Rate Swap [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[7] | 0 | 0 | |||||||||||||||
Other Liabilities [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | 10 | 14 | ||||||||||||||||
Other Liabilities [Member] | Energy-Related Contracts [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[6] | 506 | 553 | |||||||||||||||
Other Liabilities [Member] | Energy-Related Contracts [Member] | Power [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[3],[4],[6] | 506 | 553 | |||||||||||||||
Other Liabilities [Member] | Energy-Related Contracts [Member] | PSE And G [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[6] | 0 | $ 0 | |||||||||||||||
Other Liabilities [Member] | Interest Rate Swap [Member] | ||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||
Collateral netted against assets and liabilities | [1],[7] | $ 0 | ||||||||||||||||
|
Fair Value Measurements (Schedule Of Quantitative Information About Level 3 Fair Value Measurements) (Detail) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | $ 7 | $ 12 | |
Liabilities, Fair Value | 0 | (1) | |
PSE And G [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | 0 | 13 | |
Liabilities, Fair Value | (2) | (11) | |
PSEG [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | 7 | 25 | |
Liabilities, Fair Value | (2) | (12) | |
Various [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | 1 | ||
Liabilities, Fair Value | 0 | ||
Electric Load Contracts [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | 7 | 11 | |
Liabilities, Fair Value | $ 0 | (1) | |
Valuation Technique (s) | Discounted Cash flow | Discounted Cash Flow | |
Significant Unobservable Inputs | Historic Load Variability | ||
Electric Load Contracts [Member] | Minimum [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Historic Load Variability | 10.00% | 10.00% | |
Electric Load Contracts [Member] | Maximum [Member] | Power [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Historic Load Variability | 0.00% | 0.00% | |
Natural Gas Supply Contracts [Member] | PSE And G [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value | $ 0 | 13 | |
Liabilities, Fair Value | $ (2) | $ (11) | |
Valuation Technique (s) | Discounted Cash Flow | Discounted Cash Flow | |
Significant Unobservable Inputs | Transportation Costs | Transportation Costs | |
Natural Gas Supply Contracts [Member] | Minimum [Member] | MWh [Member] | PSE And G [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transportation Costs | 0.60 | 0.60 | |
Natural Gas Supply Contracts [Member] | Maximum [Member] | MWh [Member] | PSE And G [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transportation Costs | 0.80 | 0.80 |
Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Settlements | $ (5) | $ (4) | $ (20) | $ (16) | |||||||||||||||
Power [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Gains and losses attributable to changes in net derivative assets and liabilities, included in Operating Income | 1 | 5 | 16 | 8 | |||||||||||||||
Gains and losses attributable to changes in net derivative assets and liabilities, unrealized | (4) | (4) | (9) | ||||||||||||||||
Net Derivative Assets (Liabilities) [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Opening Balance | 21 | 9 | 13 | 37 | |||||||||||||||
Included in Income | 1 | [1] | 5 | [2] | 16 | [1] | 8 | [2] | |||||||||||
Included in Regulatory Assets/Liabilities | [3] | (12) | (2) | (4) | (21) | ||||||||||||||
Purchases, (Sales) | 0 | 0 | 0 | 0 | |||||||||||||||
Issuances (Settlements) | [4] | (5) | (4) | (20) | (16) | ||||||||||||||
Transfers In (Out) | [5] | 0 | 0 | 0 | 0 | ||||||||||||||
Closing Balance | 5 | 8 | 5 | 8 | |||||||||||||||
Net Derivative Assets (Liabilities) [Member] | Power [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Opening Balance | 11 | 2 | 11 | 11 | |||||||||||||||
Included in Income | 1 | [1] | 5 | [2] | 16 | [1] | 8 | [2] | |||||||||||
Included in Regulatory Assets/Liabilities | [3] | 0 | 0 | 0 | 0 | ||||||||||||||
Purchases, (Sales) | 0 | 0 | 0 | 0 | |||||||||||||||
Issuances (Settlements) | [4] | (5) | (4) | (20) | (16) | ||||||||||||||
Transfers In (Out) | [5] | 0 | 0 | 0 | 0 | ||||||||||||||
Closing Balance | 7 | 3 | 7 | 3 | |||||||||||||||
Net Derivative Assets (Liabilities) [Member] | PSE And G [Member] | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Opening Balance | 10 | 7 | 2 | 26 | |||||||||||||||
Included in Income | 0 | [1] | 0 | [2] | 0 | [1] | 0 | [2] | |||||||||||
Included in Regulatory Assets/Liabilities | [3] | (12) | (2) | (4) | (21) | ||||||||||||||
Purchases, (Sales) | 0 | 0 | 0 | 0 | |||||||||||||||
Issuances (Settlements) | [4] | 0 | 0 | 0 | 0 | ||||||||||||||
Transfers In (Out) | [5] | 0 | 0 | 0 | 0 | ||||||||||||||
Closing Balance | $ (2) | $ 5 | $ (2) | $ 5 | |||||||||||||||
|
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ 5 | $ 4 | $ 20 | $ 16 | |
Net assets measured at fair value on a recurring basis | 2,800 | 2,800 | $ 2,700 | ||
Net assets measured at fair value on a recurring basis measured using unobservable input and as Level 3 | 5 | 5 | $ 8 | ||
Power [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (4) | (4) | (9) | ||
Fair Value Assets And Liabilities Measured On Recurring Basis Gain Loss Included In Trading Revenue | $ 1 | $ 5 | $ 16 | $ 8 |
Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Long-Term Debt, Carrying Amount | $ 10,935 | $ 9,568 | |||||||
Long-Term Debt, Fair Value | 12,407 | 10,256 | |||||||
Power - Recourse Debt [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Long-Term Debt, Carrying Amount | [1] | 2,933 | 2,237 | ||||||
Long-Term Debt, Fair Value | [1] | 3,274 | 2,508 | ||||||
PSE And G [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Long-Term Debt, Carrying Amount | [1] | 7,494 | 6,821 | ||||||
Long-Term Debt, Fair Value | [1] | 8,624 | 7,235 | ||||||
Energy Holdings Project Level, Non-Recourse Debt [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Long-Term Debt, Carrying Amount | [2] | 7 | 7 | ||||||
Long-Term Debt, Fair Value | [2] | 7 | 7 | ||||||
PSEG [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Long-Term Debt, Carrying Amount | [3] | 501 | 503 | ||||||
Long-Term Debt, Fair Value | [3] | $ 502 | $ 506 | ||||||
|
Other Income And Deductions (Schedule Of Other Income) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||
Component of Other Income [Line Items] | |||||||
NDT Fund Gains, Interest, Dividend and Other Income | $ 23 | $ 25 | $ 48 | $ 54 | |||
Allowance for Funds Used During Construction | 10 | 12 | 21 | 22 | |||
Solar Loan Interest | 5 | 6 | 11 | 12 | |||
Gain on Insurance Recovery | 28 | 28 | |||||
Other | 6 | 5 | 12 | 8 | |||
Total Other Income | 44 | 76 | 92 | 124 | |||
PSE And G [Member] | |||||||
Component of Other Income [Line Items] | |||||||
NDT Fund Gains, Interest, Dividend and Other Income | 0 | 0 | 0 | 0 | |||
Allowance for Funds Used During Construction | 10 | 12 | 21 | 22 | |||
Solar Loan Interest | 5 | 6 | 11 | 12 | |||
Gain on Insurance Recovery | 0 | 0 | |||||
Other | 4 | 1 | 7 | 3 | |||
Total Other Income | 19 | 19 | 39 | 37 | |||
Power [Member] | |||||||
Component of Other Income [Line Items] | |||||||
NDT Fund Gains, Interest, Dividend and Other Income | 23 | 25 | 48 | 54 | |||
Allowance for Funds Used During Construction | 0 | 0 | 0 | 0 | |||
Solar Loan Interest | 0 | 0 | 0 | 0 | |||
Gain on Insurance Recovery | 28 | 28 | |||||
Other | 2 | 2 | 3 | 2 | |||
Total Other Income | 25 | 55 | 51 | 84 | |||
Other Entities [Member] | |||||||
Component of Other Income [Line Items] | |||||||
NDT Fund Gains, Interest, Dividend and Other Income | [1] | 0 | 0 | 0 | 0 | ||
Allowance for Funds Used During Construction | [1] | 0 | 0 | 0 | 0 | ||
Solar Loan Interest | [1] | 0 | 0 | 0 | 0 | ||
Gain on Insurance Recovery | [1] | 0 | 0 | ||||
Other | [1] | 0 | 2 | 2 | 3 | ||
Total Other Income | [1] | $ 0 | $ 2 | $ 2 | $ 3 | ||
|
Other Income And Deductions (Schedule Of Other Deductions) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||
Component of Other Deductions [Line Items] | |||||||
NDT Fund Realized Losses and Expenses | $ 8 | $ 6 | $ 26 | $ 17 | |||
Other | 2 | 4 | 5 | 5 | |||
Total Other Deductions | 10 | 10 | 31 | 22 | |||
PSE And G [Member] | |||||||
Component of Other Deductions [Line Items] | |||||||
NDT Fund Realized Losses and Expenses | 0 | 0 | 0 | 0 | |||
Other | 1 | 1 | 2 | 2 | |||
Total Other Deductions | 1 | 1 | 2 | 2 | |||
Power [Member] | |||||||
Component of Other Deductions [Line Items] | |||||||
NDT Fund Realized Losses and Expenses | 8 | 6 | 26 | 17 | |||
Other | 1 | 1 | 1 | 1 | |||
Total Other Deductions | 9 | 7 | 27 | 18 | |||
Other Entities [Member] | |||||||
Component of Other Deductions [Line Items] | |||||||
NDT Fund Realized Losses and Expenses | [1] | 0 | 0 | 0 | 0 | ||
Other | [1] | 0 | 2 | 2 | 2 | ||
Total Other Deductions | [1] | $ 0 | $ 2 | $ 2 | $ 2 | ||
|
Income Taxes (Schedule Of Effective Tax Rates) (Detail) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income Taxes [Line Items] | ||||
Effective tax rate | 32.70% | 35.00% | 36.20% | 38.50% |
PSE And G [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 35.40% | 38.40% | 36.10% | 39.00% |
Power [Member] | ||||
Income Taxes [Line Items] | ||||
Effective tax rate | 50.00% | 30.30% | 39.50% | 37.90% |
Income Taxes (Narrative) (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2016 | |
Income Taxes [Line Items] | |
Bonus Depreciation For Tax Purposes | 50.00% |
Bonus Depreciation for Tax Purposes 2018 | 40.00% |
Bonus Depreciation for Tax Purposes 2019 | 30.00% |
Current ITC rate for qualified property | 30.00% |
2020 ITC rate for qualified property | 26.00% |
2021 ITC rate for qualified property | 22.00% |
Accumulated Other Comprehensive Income (Loss), Net of Tax (Changes of AOCI) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (269) | $ (295) | $ (270) | $ (295) | $ (283) | $ (283) |
Other Comprehensive Income before Reclassifications | 7 | (14) | 19 | 3 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 10 | 7 | 24 | 3 | ||
Other Comprehensive Income (Loss), net of tax | 17 | (7) | 43 | 6 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (252) | (269) | (277) | (252) | (277) | (295) |
Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 2 | 0 | 1 | 0 | 10 | 10 |
Other Comprehensive Income before Reclassifications | (1) | 2 | 0 | 1 | 1 | 2 |
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | (10) | (12) |
Other Comprehensive Income (Loss), net of tax | (1) | 0 | 1 | (9) | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 1 | 2 | 1 | 1 | 1 | 0 |
Pension and OPEB Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (378) | (386) | (403) | (386) | (411) | (411) |
Other Comprehensive Income before Reclassifications | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 8 | 8 | 16 | 16 | ||
Other Comprehensive Income (Loss), net of tax | 8 | 8 | 16 | 16 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (370) | (378) | (395) | (370) | (395) | (386) |
Available-for-Sale Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 107 | 91 | 132 | 91 | 118 | 118 |
Other Comprehensive Income before Reclassifications | 8 | (14) | 18 | 2 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 2 | (1) | 8 | (3) | ||
Other Comprehensive Income (Loss), net of tax | 10 | (15) | 26 | (1) | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 117 | 107 | 117 | 117 | 117 | 91 |
Power [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (217) | (240) | (216) | (240) | (228) | (228) |
Other Comprehensive Income before Reclassifications | 6 | (14) | 16 | 3 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 10 | 7 | 23 | 2 | ||
Other Comprehensive Income (Loss), net of tax | 16 | (7) | 39 | 5 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (201) | (217) | (223) | (201) | (223) | (240) |
Power [Member] | Cash Flow Hedges [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 0 | 0 | 2 | 0 | 11 | 11 |
Other Comprehensive Income before Reclassifications | 0 | 0 | 0 | 1 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | (10) | ||
Other Comprehensive Income (Loss), net of tax | 0 | 0 | 0 | (9) | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | 0 | 0 | 2 | 0 | 2 | 0 |
Power [Member] | Pension and OPEB Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | (320) | (327) | (344) | (327) | (351) | (351) |
Other Comprehensive Income before Reclassifications | 0 | 0 | 0 | 0 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 7 | 7 | 14 | 14 | ||
Other Comprehensive Income (Loss), net of tax | 7 | 7 | 14 | 14 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | (313) | (320) | (337) | (313) | (337) | (327) |
Power [Member] | Available-for-Sale Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Accumulated Other Comprehensive Income (Loss), Beginning Balance | 103 | 87 | 126 | 87 | 112 | 112 |
Other Comprehensive Income before Reclassifications | 6 | (14) | 16 | 2 | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 0 | 9 | (2) | ||
Other Comprehensive Income (Loss), net of tax | 9 | (14) | 25 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Ending Balance | $ 112 | $ 103 | $ 112 | $ 112 | $ 112 | $ 87 |
Accumulated Other Comprehensive Income (Loss), Net of Tax (Reclassifications of AOCI) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2016 |
Mar. 31, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (19) | $ (12) | $ (44) | $ (4) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 9 | 5 | 20 | 1 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10) | (7) | (24) | (3) | ||
Cash Flow Hedges [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Energy-Related Contracts, Pre-Tax | 0 | $ 0 | 0 | 17 | $ 20 | |
Energy-Related Contracts, Tax | 0 | (7) | ||||
Energy-Related Contracts, After-Tax | 0 | 10 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | $ 0 | 0 | 0 | 10 | $ 12 |
Pension and OPEB Plans [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (14) | (14) | (28) | (28) | ||
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 6 | 6 | 12 | 12 | ||
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (8) | (8) | (16) | (16) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (8) | (8) | (16) | (16) | ||
Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | (5) | 2 | (16) | 7 | ||
Reclassification for Available for Sale Securities, Tax | 3 | (1) | 8 | (4) | ||
Reclassification for Available for Sale Securities, After-Tax | (2) | 1 | (8) | 3 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | 1 | (8) | 3 | ||
Power [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (18) | (12) | (41) | (2) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | 8 | 5 | 18 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (10) | (7) | (23) | (2) | ||
Power [Member] | Cash Flow Hedges [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Energy-Related Contracts, Pre-Tax | 0 | 17 | ||||
Energy-Related Contracts, Tax | 0 | (7) | ||||
Energy-Related Contracts, After-Tax | 0 | 10 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 0 | 10 | ||
Power [Member] | Pension and OPEB Plans [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (12) | (12) | (24) | (24) | ||
Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 5 | 5 | 10 | 10 | ||
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (7) | (7) | (14) | (14) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (7) | (7) | (14) | (14) | ||
Power [Member] | Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | (6) | 0 | (17) | 5 | ||
Reclassification for Available for Sale Securities, Tax | 3 | 0 | 8 | (3) | ||
Reclassification for Available for Sale Securities, After-Tax | (3) | 0 | (9) | 2 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3) | 0 | (9) | 2 | ||
Operating Expense [Member] | Pension and OPEB Plans [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 3 | 3 | 6 | 6 | ||
Amortization of Prior Service (Cost) Credit, Tax | (1) | (1) | (2) | (2) | ||
Amortization of Prior Service (Cost) Credit, After-Tax | 2 | 2 | 4 | 4 | ||
Amortization of Actuarial Loss, Pre-Tax | (17) | (17) | (34) | (34) | ||
Amortization of Actuarial Loss, Tax | 7 | 7 | 14 | 14 | ||
Amortization of Actuarial Loss, After-Tax | (10) | (10) | (20) | (20) | ||
Operating Expense [Member] | Power [Member] | Pension and OPEB Plans [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amortization of Prior Service (Cost) Credit, Pre-Tax | 2 | 3 | 5 | 6 | ||
Amortization of Prior Service (Cost) Credit, Tax | (1) | (1) | (2) | (2) | ||
Amortization of Prior Service (Cost) Credit, After-Tax | 1 | 2 | 3 | 4 | ||
Amortization of Actuarial Loss, Pre-Tax | (14) | (15) | (29) | (30) | ||
Amortization of Actuarial Loss, Tax | 6 | 6 | 12 | 12 | ||
Amortization of Actuarial Loss, After-Tax | (8) | (9) | (17) | (18) | ||
Operating Revenues [Member] | Cash Flow Hedges [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Energy-Related Contracts, Pre-Tax | 0 | 17 | ||||
Energy-Related Contracts, Tax | 0 | (7) | ||||
Energy-Related Contracts, After-Tax | 0 | 10 | ||||
Operating Revenues [Member] | Power [Member] | Cash Flow Hedges [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Energy-Related Contracts, Pre-Tax | 0 | 17 | ||||
Energy-Related Contracts, Tax | 0 | (7) | ||||
Energy-Related Contracts, After-Tax | 0 | 10 | ||||
Other Income [Member] | Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | 12 | 16 | 28 | 35 | ||
Reclassification for Available for Sale Securities, Tax | (6) | (8) | (14) | (18) | ||
Reclassification for Available for Sale Securities, After-Tax | 6 | 8 | 14 | 17 | ||
Other Income [Member] | Power [Member] | Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | 10 | 14 | 25 | 33 | ||
Reclassification for Available for Sale Securities, Tax | (5) | (7) | (13) | (17) | ||
Reclassification for Available for Sale Securities, After-Tax | 5 | 7 | 12 | 16 | ||
Other Expense [Member] | Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | (7) | (4) | (24) | (13) | ||
Reclassification for Available for Sale Securities, Tax | 4 | 2 | 12 | 7 | ||
Reclassification for Available for Sale Securities, After-Tax | (3) | (2) | (12) | (6) | ||
Other Expense [Member] | Power [Member] | Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | (6) | (4) | (22) | (13) | ||
Reclassification for Available for Sale Securities, Tax | 3 | 2 | 11 | 7 | ||
Reclassification for Available for Sale Securities, After-Tax | (3) | (2) | (11) | (6) | ||
Other-Than-Temporary Impairments [Member] | Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | (10) | (10) | (20) | (15) | ||
Reclassification for Available for Sale Securities, Tax | 5 | 5 | 10 | 7 | ||
Reclassification for Available for Sale Securities, After-Tax | (5) | (5) | (10) | (8) | ||
Other-Than-Temporary Impairments [Member] | Power [Member] | Available-for-Sale Securities [Member] | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification for Available for Sale Securities, Pre-Tax | (10) | (10) | (20) | (15) | ||
Reclassification for Available for Sale Securities, Tax | 5 | 5 | 10 | 7 | ||
Reclassification for Available for Sale Securities, After-Tax | $ (5) | $ (5) | $ (10) | $ (8) |
Earnings Per Share (EPS) And Dividends (Basic And Diluted Earnings Per Share Computation) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Net Income | $ 187 | $ 345 | $ 658 | $ 931 |
Weighted Average Common Shares Outstanding, Basic (shares) | 505 | 506 | 505 | 506 |
Effect of Stock Based Compensation Awards, Basic (shares) | 0 | 0 | 0 | 0 |
Total Shares, Basic (shares) | 505 | 506 | 505 | 506 |
Net Income, Basic (in dollars per share) | $ 0.37 | $ 0.68 | $ 1.30 | $ 1.84 |
Weighted Average Common Shares Outstanding, Diluted (shares) | 505 | 506 | 505 | 506 |
Effect of Stock Based Compensation Awards, Diluted (shares) | 3 | 2 | 3 | 2 |
Total Shares, Diluted (shares) | 508 | 508 | 508 | 508 |
Net Income, Diluted (in dollars per share) | $ 0.37 | $ 0.68 | $ 1.30 | $ 1.83 |
Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
DIVIDENDS PAID PER SHARE OF COMMON STOCK (in dollars per share) | $ 0.41 | $ 0.39 | $ 0.82 | $ 0.78 |
Dividend Payments on Common Stock | $ 208 | $ 197 | $ 415 | $ 394 |
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | $ 1,905 | $ 2,314 | $ 4,521 | $ 5,449 | ||||||||
Net Income (Loss) | 187 | 345 | 658 | 931 | ||||||||
Property, Plant and Equipment, Additions | 906 | 996 | 1,971 | 1,743 | ||||||||
Total Assets | 39,045 | 39,045 | $ 37,535 | |||||||||
Investments in Equity Method Subsidiaries | 112 | 112 | 119 | |||||||||
Operating Segments [Member] | PSE And G [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 1,350 | 1,466 | 3,062 | 3,468 | ||||||||
Net Income (Loss) | 179 | 167 | 441 | 409 | ||||||||
Property, Plant and Equipment, Additions | 631 | 631 | 1,355 | 1,230 | ||||||||
Total Assets | 24,737 | 24,737 | 23,677 | |||||||||
Investments in Equity Method Subsidiaries | 0 | 0 | 0 | |||||||||
Operating Segments [Member] | Power [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | 714 | 1,025 | 2,027 | 2,750 | ||||||||
Net Income (Loss) | (11) | 166 | 181 | 501 | ||||||||
Property, Plant and Equipment, Additions | 265 | 348 | 598 | 487 | ||||||||
Total Assets | 13,278 | 13,278 | 12,250 | |||||||||
Investments in Equity Method Subsidiaries | 112 | 112 | 119 | |||||||||
Operating Segments [Member] | Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | [1] | 127 | 108 | 249 | 206 | |||||||
Net Income (Loss) | [1] | 19 | 12 | 36 | 21 | |||||||
Property, Plant and Equipment, Additions | [1] | 10 | 17 | 18 | 26 | |||||||
Total Assets | [1] | 2,873 | 2,873 | 2,810 | ||||||||
Investments in Equity Method Subsidiaries | [1] | 0 | 0 | 0 | ||||||||
Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating Revenues | [2] | (286) | (285) | (817) | (975) | |||||||
Net Income (Loss) | 0 | [2] | 0 | [2] | 0 | 0 | ||||||
Property, Plant and Equipment, Additions | 0 | [2] | $ 0 | [2] | 0 | $ 0 | ||||||
Total Assets | [2] | (1,843) | (1,843) | (1,202) | ||||||||
Investments in Equity Method Subsidiaries | $ 0 | $ 0 | $ 0 | |||||||||
|
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
||||||||
PSE And G [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Billings from Power through BGS and BGSS | [1] | $ 297 | $ 297 | $ 842 | $ 993 | ||||||
Administrative Billings from Services | [2] | 82 | 65 | 151 | 131 | ||||||
Total Billings from Affiliates | 379 | 362 | 993 | 1,124 | |||||||
Power [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revenue from Related Parties | 297 | 297 | 842 | [1] | 993 | [1] | |||||
Administrative Billings from Services | $ 45 | $ 46 | $ 90 | [2] | $ 91 | [2] | |||||
|
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - PSE And G [Member] - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Related Party Transaction [Line Items] | |||||||||||
Receivable From PSEG | [1] | $ 0 | $ 222 | ||||||||
Payable To Power | [2] | 94 | 212 | ||||||||
Payable To Services | [3] | 79 | 80 | ||||||||
Payable to PSEG | [1] | 6 | 0 | ||||||||
Accounts Payable - Affiliated Companies | 179 | 292 | |||||||||
Working Capital Advances to Services | [4] | 33 | 33 | ||||||||
Long-Term Accrued Taxes Payable | $ 99 | $ 109 | |||||||||
|
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) - Power [Member] - USD ($) $ in Millions |
Jun. 30, 2016 |
Dec. 31, 2015 |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Related Party Transaction [Line Items] | |||||||||||||
Receivable from PSE&G | [1] | $ 94 | $ 212 | ||||||||||
Receivable From PSEG | [2] | 0 | 64 | ||||||||||
Due from Affiliate, Current | 94 | 276 | |||||||||||
Payable To Services | [3] | 28 | 33 | ||||||||||
Payable to PSEG | [2] | 74 | 0 | ||||||||||
Accounts Payable - Affiliated Companies | 102 | 33 | |||||||||||
Short Term Loan To Affiliate | [4] | 1,335 | 363 | ||||||||||
Working Capital Advances to Services | [5] | 17 | 17 | ||||||||||
Long-Term Accrued Taxes Payable | $ 22 | $ 35 | |||||||||||
|
Guarantees Of Debt (Schedule Of Financial Statements Of Guarantors) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||||
Operating Revenues | $ 1,905 | $ 2,314 | $ 4,521 | $ 5,449 | |
Operating Expenses | 1,558 | 1,746 | 3,347 | 3,833 | |
Operating Income (Loss) | 347 | 568 | 1,174 | 1,616 | |
Equity Earnings (Losses) of Subsidiaries | 4 | 4 | 6 | 7 | |
Other Income | 44 | 76 | 92 | 124 | |
Other Deductions | (10) | (10) | (31) | (22) | |
Other-Than-Temporary Impairments | (10) | (10) | (20) | (15) | |
Interest Expense | (97) | (97) | (189) | (195) | |
Income Tax Expense | (91) | (186) | (374) | (584) | |
Net Income | 187 | 345 | 658 | 931 | |
Net Cash Provided By (Used In) Operating Activities | 1,722 | 2,234 | |||
Net Cash Provided By (Used In) Investing Activities | (2,004) | (1,773) | |||
Net Cash Provided By (Used In) Financing Activities | 536 | (266) | |||
Current Assets | 3,489 | 3,489 | $ 3,494 | ||
Property, Plant and Equipment, net | 28,014 | 28,014 | 26,539 | ||
Noncurrent Assets | 7,542 | 7,542 | 7,502 | ||
Total Assets | 39,045 | 39,045 | 37,535 | ||
Current Liabilities | 3,120 | 3,120 | 3,575 | ||
Noncurrent Liabilities | 12,333 | 12,333 | 12,059 | ||
Long-Term Debt | 10,273 | 10,273 | 8,834 | ||
Member's Equity | 13,319 | 13,319 | 13,067 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 39,045 | 39,045 | 37,535 | ||
Power Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 714 | 1,025 | 2,027 | 2,750 | |
Operating Expenses | 726 | 797 | 1,696 | 1,938 | |
Operating Income (Loss) | (12) | 228 | 331 | 812 | |
Equity Earnings (Losses) of Subsidiaries | 4 | 5 | 6 | 8 | |
Other Income | 25 | 55 | 51 | 84 | |
Other Deductions | (9) | (7) | (27) | (18) | |
Other-Than-Temporary Impairments | (10) | (10) | (20) | (15) | |
Interest Expense | (20) | (33) | (42) | (64) | |
Income Tax Expense | 11 | (72) | (118) | (306) | |
Net Income | (11) | 166 | 181 | 501 | |
Comprehensive Income (Loss) | 5 | 159 | 220 | 506 | |
Net Cash Provided By (Used In) Operating Activities | 917 | 1,292 | |||
Net Cash Provided By (Used In) Investing Activities | (1,607) | (887) | |||
Net Cash Provided By (Used In) Financing Activities | 694 | (402) | |||
Current Assets | 2,548 | 2,548 | 1,949 | ||
Property, Plant and Equipment, net | 8,478 | 8,478 | 8,127 | ||
Investment in Subsidiaries | 0 | 0 | 0 | ||
Noncurrent Assets | 2,252 | 2,252 | 2,174 | ||
Total Assets | 13,278 | 13,278 | 12,250 | ||
Current Liabilities | 1,263 | 1,263 | 1,226 | ||
Noncurrent Liabilities | 3,413 | 3,413 | 3,338 | ||
Long-Term Debt | 2,380 | 2,380 | 1,684 | ||
Member's Equity | 6,222 | 6,222 | 6,002 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 13,278 | 13,278 | 12,250 | ||
Power Senior Notes [Member] | Consolidating Adjustments [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | (32) | (26) | (63) | (84) | |
Operating Expenses | (32) | (26) | (63) | (84) | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Equity Earnings (Losses) of Subsidiaries | 0 | (185) | (204) | (533) | |
Other Income | (22) | (12) | (45) | (24) | |
Other Deductions | 0 | 0 | 0 | 0 | |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | |
Interest Expense | 22 | 12 | 45 | 24 | |
Income Tax Expense | 0 | 0 | 0 | 0 | |
Net Income | 0 | (185) | (204) | (533) | |
Comprehensive Income (Loss) | (9) | (171) | (229) | (524) | |
Net Cash Provided By (Used In) Operating Activities | (356) | (687) | |||
Net Cash Provided By (Used In) Investing Activities | 579 | 766 | |||
Net Cash Provided By (Used In) Financing Activities | (223) | (79) | |||
Current Assets | (4,828) | (4,828) | (4,828) | ||
Property, Plant and Equipment, net | 0 | 0 | 0 | ||
Investment in Subsidiaries | (4,764) | (4,764) | (4,847) | ||
Noncurrent Assets | (51) | (51) | (76) | ||
Total Assets | (9,643) | (9,643) | (9,751) | ||
Current Liabilities | (4,828) | (4,828) | (4,828) | ||
Noncurrent Liabilities | (51) | (51) | (76) | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | (4,764) | (4,764) | (4,847) | ||
TOTAL LIABILITIES AND CAPITALIZATION | (9,643) | (9,643) | (9,751) | ||
Power Senior Notes [Member] | Power Parent [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 0 | 0 | 0 | 0 | |
Operating Expenses | 2 | (1) | 12 | 4 | |
Operating Income (Loss) | (2) | 1 | (12) | (4) | |
Equity Earnings (Losses) of Subsidiaries | (1) | 186 | 204 | 535 | |
Other Income | 17 | 12 | 34 | 23 | |
Other Deductions | 0 | (1) | 0 | (1) | |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | |
Interest Expense | (31) | (33) | (61) | (62) | |
Income Tax Expense | 6 | 1 | 16 | 10 | |
Net Income | (11) | 166 | 181 | 501 | |
Comprehensive Income (Loss) | 5 | 159 | 220 | 506 | |
Net Cash Provided By (Used In) Operating Activities | 337 | 410 | |||
Net Cash Provided By (Used In) Investing Activities | (1,287) | (480) | |||
Net Cash Provided By (Used In) Financing Activities | 951 | 70 | |||
Current Assets | 5,490 | 5,490 | 4,501 | ||
Property, Plant and Equipment, net | 58 | 58 | 83 | ||
Investment in Subsidiaries | 4,419 | 4,419 | 4,501 | ||
Noncurrent Assets | 134 | 134 | 155 | ||
Total Assets | 10,101 | 10,101 | 9,240 | ||
Current Liabilities | 1,079 | 1,079 | 1,112 | ||
Noncurrent Liabilities | 420 | 420 | 442 | ||
Long-Term Debt | 2,380 | 2,380 | 1,684 | ||
Member's Equity | 6,222 | 6,222 | 6,002 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 10,101 | 10,101 | 9,240 | ||
Power Senior Notes [Member] | Guarantor Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 700 | 1,012 | 2,002 | 2,727 | |
Operating Expenses | 716 | 787 | 1,668 | 1,918 | |
Operating Income (Loss) | (16) | 225 | 334 | 809 | |
Equity Earnings (Losses) of Subsidiaries | 1 | (1) | 0 | (2) | |
Other Income | 30 | 55 | 62 | 85 | |
Other Deductions | (9) | (6) | (27) | (17) | |
Other-Than-Temporary Impairments | (10) | (10) | (20) | (15) | |
Interest Expense | (7) | (7) | (17) | (16) | |
Income Tax Expense | 3 | (73) | (137) | (315) | |
Net Income | (8) | 183 | 195 | 529 | |
Comprehensive Income (Loss) | 1 | 169 | 220 | 520 | |
Net Cash Provided By (Used In) Operating Activities | 777 | 1,508 | |||
Net Cash Provided By (Used In) Investing Activities | (504) | (963) | |||
Net Cash Provided By (Used In) Financing Activities | (273) | (543) | |||
Current Assets | 1,655 | 1,655 | 1,912 | ||
Property, Plant and Equipment, net | 6,476 | 6,476 | 6,502 | ||
Investment in Subsidiaries | 345 | 345 | 346 | ||
Noncurrent Assets | 2,041 | 2,041 | 1,959 | ||
Total Assets | 10,517 | 10,517 | 10,719 | ||
Current Liabilities | 3,719 | 3,719 | 3,866 | ||
Noncurrent Liabilities | 2,652 | 2,652 | 2,597 | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | 4,146 | 4,146 | 4,256 | ||
TOTAL LIABILITIES AND CAPITALIZATION | 10,517 | 10,517 | 10,719 | ||
Power Senior Notes [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Operating Revenues | 46 | 39 | 88 | 107 | |
Operating Expenses | 40 | 37 | 79 | 100 | |
Operating Income (Loss) | 6 | 2 | 9 | 7 | |
Equity Earnings (Losses) of Subsidiaries | 4 | 5 | 6 | 8 | |
Other Income | 0 | 0 | 0 | 0 | |
Other Deductions | 0 | 0 | 0 | 0 | |
Other-Than-Temporary Impairments | 0 | 0 | 0 | 0 | |
Interest Expense | (4) | (5) | (9) | (10) | |
Income Tax Expense | 2 | 0 | 3 | (1) | |
Net Income | 8 | 2 | 9 | 4 | |
Comprehensive Income (Loss) | 8 | $ 2 | 9 | 4 | |
Net Cash Provided By (Used In) Operating Activities | 159 | 61 | |||
Net Cash Provided By (Used In) Investing Activities | (395) | (210) | |||
Net Cash Provided By (Used In) Financing Activities | 239 | $ 150 | |||
Current Assets | 231 | 231 | 364 | ||
Property, Plant and Equipment, net | 1,944 | 1,944 | 1,542 | ||
Investment in Subsidiaries | 0 | 0 | 0 | ||
Noncurrent Assets | 128 | 128 | 136 | ||
Total Assets | 2,303 | 2,303 | 2,042 | ||
Current Liabilities | 1,293 | 1,293 | 1,076 | ||
Noncurrent Liabilities | 392 | 392 | 375 | ||
Long-Term Debt | 0 | 0 | 0 | ||
Member's Equity | 618 | 618 | 591 | ||
TOTAL LIABILITIES AND CAPITALIZATION | $ 2,303 | $ 2,303 | $ 2,042 |
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