Commission File Number | Name of Registrant, Address, and Telephone Number | State or other jurisdiction of Incorporation or Organization | I.R.S. Employer Identification Number | |||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | ||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company | ||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ☒ | Smaller reporting company | Emerging growth company | ||||
Page | ||
FILING FORMAT | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements | |
Notes to Condensed Consolidated Financial Statements | ||
Note 1. Organization, Basis of Presentation and Significant Accounting Policies | ||
Note 2. Recent Accounting Standards | ||
Note 3. Revenues | ||
Note 4. Early Plant Retirements/Asset Dispositions | ||
Note 5. Variable Interest Entity (VIE) | ||
Note 6. Rate Filings | ||
Note 7. Leases | ||
Note 8. Financing Receivables | ||
Note 9. Trust Investments | ||
Note 10. Pension and Other Postretirement Benefits (OPEB) | ||
Note 11. Commitments and Contingent Liabilities | ||
Note 12. Debt and Credit Facilities | ||
Note 13. Financial Risk Management Activities | ||
Note 14. Fair Value Measurements | ||
Note 15. Other Income (Deductions) | ||
Note 16. Income Taxes | ||
Note 17. Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
Note 18. Earnings Per Share (EPS) and Dividends | ||
Note 19. Financial Information by Business Segment | ||
Note 20. Related-Party Transactions | ||
Item 2. | ||
Executive Overview of 2020 and Future Outlook | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 5. | ||
Item 6. | ||
• | fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; |
• | our ability to obtain adequate fuel supply; |
• | market risks impacting the operation of our generating stations; |
• | increases in competition in wholesale energy and capacity markets; |
• | changes in technology related to energy generation, distribution and consumption and customer usage patterns; |
• | economic downturns; |
• | third-party credit risk relating to our sale of generation output and purchase of fuel; |
• | adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements; |
• | the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments; |
• | PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned; |
• | the impact on our New Jersey nuclear plants if such plants are not awarded Zero Emission Certificates (ZEC) in future periods, there is an adverse change in the amount of future ZEC payments, the ZEC program is overturned or modified through legal proceedings or if adverse changes are made to the capacity market construct; |
• | adverse changes in energy industry laws, policies and regulations, including market structures and transmission planning; |
• | the impact of state and federal actions aimed at combating climate change on our natural gas assets; |
• | risks associated with our ownership and operation of nuclear facilities, including regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks; |
• | changes in federal and state environmental regulations and enforcement; |
• | delays in receipt of, or an inability to receive, necessary licenses and permits; |
• | the impact of any future rate proceedings; |
• | adverse outcomes of any legal, regulatory or other proceeding, settlement, investigation or claim applicable to us and/or the energy industry; |
• | changes in tax laws and regulations; |
• | the impact of our holding company structure on our ability to meet our corporate funding needs, service debt and pay dividends; |
• | lack of growth or slower growth in the number of customers or changes in customer demand; |
• | any inability of PSEG Power to meet its commitments under forward sale obligations; |
• | reliance on transmission facilities that we do not own or control and the impact on our ability to maintain adequate transmission capacity; |
• | any inability to successfully develop, obtain regulatory approval for, or construct generation, transmission and distribution projects; |
• | any equipment failures, accidents, severe weather events or other incidents, including pandemics such as the ongoing coronavirus pandemic, that may impact our ability to provide safe and reliable service to our customers; |
• | our inability to exercise control over the operations of generation facilities in which we do not maintain a controlling interest; |
• | any inability to recover the carrying amount of our long-lived assets and leveraged leases; |
• | any inability to maintain sufficient liquidity; |
• | any inability to realize anticipated tax benefits or retain tax credits; |
• | challenges associated with recruitment and/or retention of key executives and a qualified workforce; |
• | the impact of our covenants in our debt instruments on our operations; |
• | the impact of the ongoing coronavirus pandemic; |
• | the impact of acts of war, terrorism, cybersecurity attacks or intrusions; and |
• | failure to sell or otherwise dispose of all or a portion of PSEG Power’s non-nuclear generating fleet on terms that are favorable to us, or at all, or any delay of such transaction or transactions due to market conditions, the failure to satisfy conditions to closing or otherwise. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING REVENUES | $ | $ | $ | $ | |||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | |||||||||||||||||
Operation and Maintenance | |||||||||||||||||
Depreciation and Amortization | |||||||||||||||||
Loss on Asset Dispositions | |||||||||||||||||
Total Operating Expenses | |||||||||||||||||
OPERATING INCOME | |||||||||||||||||
Income from Equity Method Investments | |||||||||||||||||
Net Gains (Losses) on Trust Investments | ( | ) | |||||||||||||||
Other Income (Deductions) | |||||||||||||||||
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) | |||||||||||||||||
Interest Expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||
Income Tax Benefit (Expense) | ( | ) | ( | ) | ( | ) | |||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||||||||
BASIC | |||||||||||||||||
DILUTED | |||||||||||||||||
NET INCOME PER SHARE: | |||||||||||||||||
BASIC | $ | $ | $ | $ | |||||||||||||
DILUTED | $ | $ | $ | $ | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(12), $(12), $(18) and $(25) for the three and six months ended 2020 and 2019, respectively | |||||||||||||||||
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $(1), $5, $0 and $6 for the three and six months ended 2020 and 2019, respectively | ( | ) | ( | ) | |||||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $(1), $(2), $(2) and $(6) for the three and six months ended 2020 and 2019, respectively | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
COMPREHENSIVE INCOME | $ | $ | $ | $ | |||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | $ | |||||||
Accounts Receivable, net of allowance of $117 in 2020 and $60 in 2019 | |||||||||
Tax Receivable | |||||||||
Unbilled Revenues, net of allowance of $4 in 2020 | |||||||||
Fuel | |||||||||
Materials and Supplies, net | |||||||||
Prepayments | |||||||||
Derivative Contracts | |||||||||
Regulatory Assets | |||||||||
Assets Held for Sale | |||||||||
Other | |||||||||
Total Current Assets | |||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
Less: Accumulated Depreciation and Amortization | ( | ) | ( | ) | |||||
Net Property, Plant and Equipment | |||||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | |||||||||
Operating Lease Right-of-Use Assets | |||||||||
Long-Term Investments | |||||||||
Nuclear Decommissioning Trust (NDT) Fund | |||||||||
Long-Term Tax Receivable | |||||||||
Long-Term Receivable of Variable Interest Entity (VIE) | |||||||||
Rabbi Trust Fund | |||||||||
Other Intangibles | |||||||||
Derivative Contracts | |||||||||
Other | |||||||||
Total Noncurrent Assets | |||||||||
TOTAL ASSETS | $ | $ | |||||||
June 30, 2020 | December 31, 2019 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | $ | |||||||
Commercial Paper and Loans | |||||||||
Accounts Payable | |||||||||
Derivative Contracts | |||||||||
Accrued Interest | |||||||||
Accrued Taxes | |||||||||
Clean Energy Program | |||||||||
Obligation to Return Cash Collateral | |||||||||
Regulatory Liabilities | |||||||||
Other | |||||||||
Total Current Liabilities | |||||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and Investment Tax Credits (ITC) | |||||||||
Regulatory Liabilities | |||||||||
Operating Leases | |||||||||
Asset Retirement Obligations | |||||||||
OPEB Costs | |||||||||
OPEB Costs of Servco | |||||||||
Accrued Pension Costs | |||||||||
Accrued Pension Costs of Servco | |||||||||
Environmental Costs | |||||||||
Derivative Contracts | |||||||||
Long-Term Accrued Taxes | |||||||||
Other | |||||||||
Total Noncurrent Liabilities | |||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | |||||||||
STOCKHOLDERS’ EQUITY | |||||||||
Common Stock, no par, authorized 1,000 shares; issued, 2020 and 2019—534 shares | |||||||||
Treasury Stock, at cost, 2020 and 2019—30 shares | ( | ) | ( | ) | |||||
Retained Earnings | |||||||||
Accumulated Other Comprehensive Loss | ( | ) | ( | ) | |||||
Total Stockholders’ Equity | |||||||||
Total Capitalization | |||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | $ | |||||||
Six Months Ended | |||||||||
June 30, | |||||||||
2020 | 2019 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | $ | |||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | |||||||||
Amortization of Nuclear Fuel | |||||||||
Loss on Asset Dispositions | |||||||||
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual | |||||||||
Provision for Deferred Income Taxes (Other than Leases) and ITC | |||||||||
Non-Cash Employee Benefit Plan (Credits) Costs | ( | ) | ( | ) | |||||
Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | ( | ) | |||||||
Net (Gain) Loss on Lease Investments | ( | ) | |||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | ( | ) | ( | ) | |||||
Cost of Removal | ( | ) | ( | ) | |||||
Net Change in Regulatory Assets and Liabilities | ( | ) | |||||||
Net (Gains) Losses and (Income) Expense from NDT Fund | ( | ) | |||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Tax Receivable | |||||||||
Accrued Taxes | ( | ) | |||||||
Cash Collateral | |||||||||
Other Current Assets and Liabilities | ( | ) | ( | ) | |||||
Employee Benefit Plan Funding and Related Payments | ( | ) | ( | ) | |||||
Other | ( | ) | |||||||
Net Cash Provided By (Used In) Operating Activities | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | ( | ) | ( | ) | |||||
Purchase of Emission Allowances and RECs | ( | ) | ( | ) | |||||
Proceeds from Sales of Trust Investments | |||||||||
Purchases of Trust Investments | ( | ) | ( | ) | |||||
Other | |||||||||
Net Cash Provided By (Used In) Investing Activities | ( | ) | ( | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper | ( | ) | ( | ) | |||||
Proceeds from Short-Term Loans | |||||||||
Issuance of Long-Term Debt | |||||||||
Redemption of Long-Term Debt | ( | ) | ( | ) | |||||
Cash Dividends Paid on Common Stock | ( | ) | ( | ) | |||||
Other | ( | ) | ( | ) | |||||
Net Cash Provided By (Used In) Financing Activities | ( | ) | |||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ( | ) | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | $ | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | $ | |||||||
Interest Paid, Net of Amounts Capitalized | $ | $ | |||||||
Accrued Property, Plant and Equipment Expenditures | $ | $ | |||||||
Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shs. | Amount | Shs. | Amount | Total | ||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Net Income | — | — | — | — | — | |||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(14) | — | — | — | — | — | |||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Cash Dividends at $0.49 per share on Common Stock | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||
Other | ||||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Balance as of March 31, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Net Income | — | — | — | — | — | |||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(9) | — | — | — | — | — | |||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Cash Dividends at $0.47 per share on Common Stock | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||
Other | ||||||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Common Stock | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Shs. | Amount | Shs. | Amount | Total | ||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Net Income | — | — | — | — | — | |||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(20) | — | — | — | — | — | |||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Cumulative Effect Adjustment for Current Expected Credit Losses (CECL) | — | — | — | — | ( | ) | — | ( | ) | |||||||||||||||||||
Cash Dividends at $0.98 per share on Common Stock | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||
Other | ( | ) | ( | ) | ||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Balance as of December 31, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Net Income | — | — | — | — | — | |||||||||||||||||||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate | — | — | — | — | ( | ) | — | |||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(25) | — | — | — | — | — | |||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Cash Dividends at $0.94 per share on Common Stock | — | — | — | — | ( | ) | ( | ) | ||||||||||||||||||||
Other | ( | ) | ( | ) | ||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING REVENUES | $ | $ | $ | $ | |||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | |||||||||||||||||
Operation and Maintenance | |||||||||||||||||
Depreciation and Amortization | |||||||||||||||||
Total Operating Expenses | |||||||||||||||||
OPERATING INCOME | |||||||||||||||||
Net Gains (Losses) on Trust Investments | |||||||||||||||||
Other Income (Deductions) | |||||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | |||||||||||||||||
Interest Expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
INCOME BEFORE INCOME TAXES | |||||||||||||||||
Income Tax Benefit (Expense) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
NET INCOME | $ | $ | $ | $ | |||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(1), $(1), $(1) and $(1) for three and six months ended 2020 and 2019, respectively | |||||||||||||||||
COMPREHENSIVE INCOME | $ | $ | $ | $ | |||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | $ | |||||||
Accounts Receivable, net of allowance of $117 in 2020 and $60 in 2019 | |||||||||
Accounts Receivable—Affiliated Companies | |||||||||
Unbilled Revenues, net of allowance of $4 in 2020 | |||||||||
Materials and Supplies, net | |||||||||
Prepayments | |||||||||
Regulatory Assets | |||||||||
Other | |||||||||
Total Current Assets | |||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
Less: Accumulated Depreciation and Amortization | ( | ) | ( | ) | |||||
Net Property, Plant and Equipment | |||||||||
NONCURRENT ASSETS | |||||||||
Regulatory Assets | |||||||||
Operating Lease Right-of-Use Assets | |||||||||
Long-Term Investments | |||||||||
Rabbi Trust Fund | |||||||||
Other | |||||||||
Total Noncurrent Assets | |||||||||
TOTAL ASSETS | $ | $ | |||||||
June 30, 2020 | December 31, 2019 | ||||||||
LIABILITIES AND CAPITALIZATION | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | $ | |||||||
Commercial Paper and Loans | |||||||||
Accounts Payable | |||||||||
Accounts Payable—Affiliated Companies | |||||||||
Accrued Interest | |||||||||
Clean Energy Program | |||||||||
Obligation to Return Cash Collateral | |||||||||
Regulatory Liabilities | |||||||||
Other | |||||||||
Total Current Liabilities | |||||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | |||||||||
Regulatory Liabilities | |||||||||
Operating Leases | |||||||||
Asset Retirement Obligations | |||||||||
OPEB Costs | |||||||||
Accrued Pension Costs | |||||||||
Environmental Costs | |||||||||
Long-Term Accrued Taxes | |||||||||
Other | |||||||||
Total Noncurrent Liabilities | |||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
CAPITALIZATION | |||||||||
LONG-TERM DEBT | |||||||||
STOCKHOLDER’S EQUITY | |||||||||
Common Stock; 150 shares authorized; issued and outstanding, 2020 and 2019—132 shares | |||||||||
Contributed Capital | |||||||||
Basis Adjustment | |||||||||
Retained Earnings | |||||||||
Accumulated Other Comprehensive Income | |||||||||
Total Stockholder’s Equity | |||||||||
Total Capitalization | |||||||||
TOTAL LIABILITIES AND CAPITALIZATION | $ | $ | |||||||
Six Months Ended | |||||||||
June 30, | |||||||||
2020 | 2019 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | $ | |||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | |||||||||
Provision for Deferred Income Taxes and ITC | |||||||||
Non-Cash Employee Benefit Plan (Credits) Costs | ( | ) | ( | ) | |||||
Cost of Removal | ( | ) | ( | ) | |||||
Net Change in Regulatory Assets and Liabilities | ( | ) | |||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Accounts Receivable and Unbilled Revenues | |||||||||
Materials and Supplies | ( | ) | |||||||
Prepayments | ( | ) | ( | ) | |||||
Accounts Payable | ( | ) | |||||||
Accounts Receivable/Payable—Affiliated Companies, net | ( | ) | |||||||
Other Current Assets and Liabilities | |||||||||
Employee Benefit Plan Funding and Related Payments | ( | ) | |||||||
Other | ( | ) | |||||||
Net Cash Provided By (Used In) Operating Activities | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | ( | ) | ( | ) | |||||
Proceeds from Sales of Trust Investments | |||||||||
Purchases of Trust Investments | ( | ) | ( | ) | |||||
Solar Loan Investments | ( | ) | |||||||
Other | |||||||||
Net Cash Provided By (Used In) Investing Activities | ( | ) | ( | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Net Change in Commercial Paper and Loans | ( | ) | ( | ) | |||||
Issuance of Long-Term Debt | |||||||||
Redemption of Long-Term Debt | ( | ) | |||||||
Cash Dividend Paid | ( | ) | |||||||
Other | ( | ) | ( | ) | |||||
Net Cash Provided By (Used In) Financing Activities | |||||||||
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | ( | ) | |||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | $ | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | $ | ( | ) | |||||
Interest Paid, Net of Amounts Capitalized | $ | $ | |||||||
Accrued Property, Plant and Equipment Expenditures | $ | $ | |||||||
Common Stock | Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Balance as of March 31, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Net Income | — | — | — | — | ||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | ||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Balance as of March 31, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Net Income | — | — | — | — | ||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | ||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Common Stock | Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Total | ||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Net Income | — | — | — | — | ||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | ||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||
Cumulative Effect Adjustment for CECL | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||
Cash Dividend Paid | — | — | — | ( | ) | — | ( | ) | ||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Balance as of December 31, 2018 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||
Net Income | — | — | — | — | ||||||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(1) | — | — | — | — | ||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
OPERATING REVENUES | $ | $ | $ | $ | |||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Energy Costs | |||||||||||||||||
Operation and Maintenance | |||||||||||||||||
Depreciation and Amortization | |||||||||||||||||
Loss on Asset Dispositions | |||||||||||||||||
Total Operating Expenses | |||||||||||||||||
OPERATING INCOME (LOSS) | ( | ) | |||||||||||||||
Income from Equity Method Investments | |||||||||||||||||
Net Gains (Losses) on Trust Investments | ( | ) | |||||||||||||||
Other Income (Deductions) | ( | ) | |||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | |||||||||||||||||
Interest Expense | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
INCOME (LOSS) BEFORE INCOME TAXES | ( | ) | |||||||||||||||
Income Tax Benefit (Expense) | ( | ) | ( | ) | |||||||||||||
NET INCOME (LOSS) | $ | $ | ( | ) | $ | $ | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
NET INCOME (LOSS) | $ | $ | ( | ) | $ | $ | |||||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $(12), $(11), $(16) and $(22) for the three and six months ended 2020 and 2019, respectively | |||||||||||||||||
Pension/OPEB adjustment, net of tax (expense) benefit of $0, $(1), $(1) and $(5) for the three and six months ended 2020 and 2019, respectively | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | $ | ( | ) | $ | $ | |||||||||||
June 30, 2020 | December 31, 2019 | ||||||||
ASSETS | |||||||||
CURRENT ASSETS | |||||||||
Cash and Cash Equivalents | $ | $ | |||||||
Accounts Receivable | |||||||||
Accounts Receivable—Affiliated Companies | |||||||||
Short-Term Loan to Affiliate | |||||||||
Fuel | |||||||||
Materials and Supplies, net | |||||||||
Prepayments | |||||||||
Derivative Contracts | |||||||||
Assets Held for Sale | |||||||||
Other | |||||||||
Total Current Assets | |||||||||
PROPERTY, PLANT AND EQUIPMENT | |||||||||
Less: Accumulated Depreciation and Amortization | ( | ) | ( | ) | |||||
Net Property, Plant and Equipment | |||||||||
NONCURRENT ASSETS | |||||||||
Operating Lease Right-of-Use Assets | |||||||||
Long-Term Investments | |||||||||
NDT Fund | |||||||||
Rabbi Trust Fund | |||||||||
Other Intangibles | |||||||||
Derivative Contracts | |||||||||
Other | |||||||||
Total Noncurrent Assets | |||||||||
TOTAL ASSETS | $ | $ | |||||||
June 30, 2020 | December 31, 2019 | ||||||||
LIABILITIES AND MEMBER’S EQUITY | |||||||||
CURRENT LIABILITIES | |||||||||
Long-Term Debt Due Within One Year | $ | $ | |||||||
Accounts Payable | |||||||||
Accounts Payable—Affiliated Companies | |||||||||
Derivative Contracts | |||||||||
Accrued Interest | |||||||||
Other | |||||||||
Total Current Liabilities | |||||||||
NONCURRENT LIABILITIES | |||||||||
Deferred Income Taxes and ITC | |||||||||
Operating Leases | |||||||||
Asset Retirement Obligations | |||||||||
OPEB Costs | |||||||||
Accrued Pension Costs | |||||||||
Derivative Contracts | |||||||||
Long-Term Accrued Taxes | |||||||||
Other | |||||||||
Total Noncurrent Liabilities | |||||||||
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11) | |||||||||
LONG-TERM DEBT | |||||||||
MEMBER’S EQUITY | |||||||||
Contributed Capital | |||||||||
Basis Adjustment | ( | ) | ( | ) | |||||
Retained Earnings | |||||||||
Accumulated Other Comprehensive Loss | ( | ) | ( | ) | |||||
Total Member’s Equity | |||||||||
TOTAL LIABILITIES AND MEMBER’S EQUITY | $ | $ | |||||||
Six Months Ended | |||||||||
June 30, | |||||||||
2020 | 2019 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||
Net Income | $ | $ | |||||||
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | |||||||||
Depreciation and Amortization | |||||||||
Amortization of Nuclear Fuel | |||||||||
Loss on Asset Dispositions | |||||||||
Emission Allowances and REC Compliance Accrual | |||||||||
Provision for Deferred Income Taxes and ITC | |||||||||
Non-Cash Employee Benefit Plan (Credits) Costs | ( | ) | |||||||
Interest Accretion on Asset Retirement Obligation | |||||||||
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | ( | ) | ( | ) | |||||
Net (Gains) Losses and (Income) Expense from NDT Fund | ( | ) | |||||||
Net Change in Certain Current Assets and Liabilities: | |||||||||
Fuel, Materials and Supplies | |||||||||
Cash Collateral | |||||||||
Accounts Receivable | ( | ) | |||||||
Accounts Payable | ( | ) | ( | ) | |||||
Accounts Receivable/Payable—Affiliated Companies, net | |||||||||
Other Current Assets and Liabilities | |||||||||
Employee Benefit Plan Funding and Related Payments | ( | ) | ( | ) | |||||
Other | ( | ) | ( | ) | |||||
Net Cash Provided By (Used In) Operating Activities | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||
Additions to Property, Plant and Equipment | ( | ) | ( | ) | |||||
Purchase of Emission Allowances and RECs | ( | ) | ( | ) | |||||
Proceeds from Sales of Trust Investments | |||||||||
Purchases of Trust Investments | ( | ) | ( | ) | |||||
Short-Term Loan to Affiliate | ( | ) | |||||||
Other | |||||||||
Net Cash Provided By (Used In) Investing Activities | ( | ) | ( | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||
Cash Dividend Paid | ( | ) | |||||||
Redemption of Long-Term Debt | ( | ) | |||||||
Short-Term Loan from Affiliate | ( | ) | |||||||
Other | ( | ) | ( | ) | |||||
Net Cash Provided By (Used In) Financing Activities | ( | ) | ( | ) | |||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | ( | ) | ( | ) | |||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | |||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | $ | |||||||
Supplemental Disclosure of Cash Flow Information: | |||||||||
Income Taxes Paid (Received) | $ | $ | ( | ) | |||||
Interest Paid, Net of Amounts Capitalized | $ | $ | |||||||
Accrued Property, Plant and Equipment Expenditures | $ | $ | |||||||
Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Total | ||||||||||||||||||||||
Balance as of March 31, 2020 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Net Income | — | — | — | |||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(12) | — | — | — | |||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Balance as of March 31, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Net Loss | — | — | ( | ) | — | ( | ) | |||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(12) | — | — | — | |||||||||||||||||||
Comprehensive Loss | ( | ) | ||||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Contributed Capital | Basis Adjustment | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Total | ||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Net Income | — | — | — | |||||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(17) | — | — | — | |||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Balance as of December 31, 2018 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
Net Income | — | — | — | |||||||||||||||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting from the Change in the Federal Corporate Income Tax Rate | — | — | ( | ) | — | |||||||||||||||||
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(27) | — | — | — | |||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||
Cash Dividends Paid | — | — | ( | ) | — | ( | ) | |||||||||||||||
Balance as of June 30, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
• | Public Service Electric and Gas Company (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 regulated solar generation projects and energy efficiency and related programs in New Jersey, which are regulated by the BPU. |
• | PSEG Power LLC (PSEG Power)—which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, PSEG Power owns and operates solar generation in various states. PSEG 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. |
PSE&G | PSEG Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
As of December 31, 2019 | |||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | |||||||||||||
Restricted Cash in Other Current Assets | |||||||||||||||||
Restricted Cash in Other Noncurrent Assets | |||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | $ | $ | $ | |||||||||||||
As of June 30, 2020 | |||||||||||||||||
Cash and Cash Equivalents | $ | $ | $ | $ | |||||||||||||
Restricted Cash in Other Current Assets | |||||||||||||||||
Restricted Cash in Other Noncurrent Assets | |||||||||||||||||
Cash, Cash Equivalents and Restricted Cash | $ | $ | $ | $ | |||||||||||||
(A) | Includes amounts applicable to PSEG (parent company), Energy Holdings and Services. |
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | $ | $ | $ | $ | ||||||||||||||||
Gas Distribution | ( | ) | |||||||||||||||||||
Transmission | |||||||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
New York ISO | |||||||||||||||||||||
ISO New England | |||||||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
Other Revenues from Contracts with Customers (A) | |||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | ( | ) | |||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | $ | $ | $ | $ | ||||||||||||||||
Gas Distribution | ( | ) | |||||||||||||||||||
Transmission | |||||||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
New York ISO | |||||||||||||||||||||
ISO New England | |||||||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
Other Revenues from Contracts with Customers (A) | ( | ) | |||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | |||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | $ | $ | $ | $ | ||||||||||||||||
Gas Distribution | ( | ) | |||||||||||||||||||
Transmission | |||||||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
New York ISO | |||||||||||||||||||||
ISO New England | |||||||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
Other Revenues from Contracts with Customers (A) | ( | ) | |||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | ( | ) | |||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
PSE&G | PSEG Power | Other | Eliminations | Consolidated | |||||||||||||||||
Millions | |||||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Revenues from Contracts with Customers | |||||||||||||||||||||
Electric Distribution | $ | $ | $ | $ | $ | ||||||||||||||||
Gas Distribution | ( | ) | |||||||||||||||||||
Transmission | |||||||||||||||||||||
Electricity and Related Product Sales | |||||||||||||||||||||
PJM | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
New York ISO | |||||||||||||||||||||
ISO New England | |||||||||||||||||||||
Gas Sales | |||||||||||||||||||||
Third-Party Sales | |||||||||||||||||||||
Sales to Affiliates | ( | ) | |||||||||||||||||||
Other Revenues from Contracts with Customers (A) | ( | ) | |||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ) | |||||||||||||||||||
Revenues Unrelated to Contracts with Customers (B) | ( | ) | |||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
(A) | Includes primarily revenues from appliance repair services at PSE&G, solar power projects and energy management and fuel service contracts with LIPA at PSEG Power, and PSEG LI’s OSA with LIPA in Other. |
(B) |
Three Months Ended June 30, 2020 | |||||
Millions | |||||
Balance as of March 31, 2020 | $ | ||||
Utility Customer Accounts | |||||
Provision | |||||
Write-offs, net of Recoveries of $1 Million | ( | ) | |||
Balance as of June 30, 2020 | $ | ||||
Six Months Ended June 30, 2020 | |||||
Millions | |||||
Balance as of January 1, 2020 (A) | $ | ||||
Utility Customer Accounts | |||||
Provision | |||||
Write-offs, net of Recoveries of $3 Million | ( | ) | |||
Balance as of June 30, 2020 | $ | ||||
Delivery Year | $ per MW-Day | MW Cleared | |||||
June 2020 to May 2021 | $ | ||||||
June 2021 to May 2022 | $ | ||||||
Delivery Year | $ per MW-Day (A) | MW Cleared | |||||
June 2020 to May 2021 | $ | ||||||
June 2021 to May 2022 | $ | ||||||
June 2022 to May 2023 | $ | ||||||
June 2023 to May 2024 | $ | ||||||
June 2024 to May 2025 | $ | ||||||
June 2025 to May 2026 | $ | ||||||
(A) | Capacity cleared prices for BH5 through 2026 will be escalated based upon the Handy-Whitman Index. These adjustments are not included above. |
PSEG Power | Energy Holdings | Total | |||||||||||
Millions | |||||||||||||
Operating Lease Income | |||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||
Fixed Lease Income | $ | $ | $ | ||||||||||
Variable Lease Income | |||||||||||||
Total Operating Lease Income | $ | $ | $ | ||||||||||
Six Months Ended June 30, 2020 | |||||||||||||
Fixed Lease Income | $ | $ | $ | ||||||||||
Variable Lease Income | |||||||||||||
Total Operating Lease Income | $ | $ | $ | ||||||||||
Three Months Ended June 30, 2019 | |||||||||||||
Fixed Lease Income | $ | $ | $ | ||||||||||
Variable Lease Income | |||||||||||||
Total Operating Lease Income | $ | $ | $ | ||||||||||
Six Months Ended June 30, 2019 | |||||||||||||
Fixed Lease Income | $ | $ | $ | ||||||||||
Variable Lease Income | |||||||||||||
Total Operating Lease Income | $ | $ | $ | ||||||||||
Outstanding Loans by Class of Customer | ||||||||||
As of | As of | |||||||||
Consumer Loans | June 30, 2020 | December 31, 2019 | ||||||||
Millions | ||||||||||
Commercial/Industrial | $ | $ | ||||||||
Residential | ||||||||||
Total | $ | $ | ||||||||
Current Portion (included in Accounts Receivable) | ( | ) | ( | ) | ||||||
Noncurrent Portion (included in Long-Term Investments) | $ | $ | ||||||||
Programs | Balance as of June 30, 2020 | Funding Provided | Residential Loan Term | Non-Residential Loan Term | ||||||||
Millions | ||||||||||||
Solar Loan I | $ | prior to 2013 | ||||||||||
Solar Loan II | prior to 2015 | |||||||||||
Solar Loan III | largely funded as of December 31, 2019 | |||||||||||
Total | $ | |||||||||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Lease Receivables (net of Non-Recourse Debt) | $ | $ | |||||||
Estimated Residual Value of Leased Assets | |||||||||
Total Investment in Rental Receivables | |||||||||
Unearned and Deferred Income | ( | ) | ( | ) | |||||
Gross Investments in Leases | |||||||||
Deferred Tax Liabilities | ( | ) | ( | ) | |||||
Net Investments in Leases | $ | $ | |||||||
Lease Receivables, Net of Non-Recourse Debt | ||||||
Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2020 | ||||||
As of June 30, 2020 | ||||||
Millions | ||||||
AA | $ | |||||
A- | ||||||
BBB+ to BBB | ||||||
BB | ||||||
NR | ||||||
Total | $ | |||||
Asset | Location | Gross Investment | % Owned | Total MW | Fuel Type | Counterparties’ S&P Credit Ratings | Counterparty | |||||||||||||
Millions | ||||||||||||||||||||
Powerton Station Units 5 and 6 | $ | % | ||||||||||||||||||
Joliet Station Units 7 and 8 | $ | % | ||||||||||||||||||
Shawville Station Units 1, 2, 3 and 4 | $ | % | ||||||||||||||||||
As of June 30, 2020 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | $ | $ | ( | ) | $ | |||||||||||
International | ( | ) | |||||||||||||||
Total Equity Securities | ( | ) | |||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | |||||||||||||||||
Corporate | ( | ) | |||||||||||||||
Total Available-for-Sale Debt Securities | ( | ) | |||||||||||||||
Total NDT Fund Investments (A) | $ | $ | $ | ( | ) | $ | |||||||||||
(A) | The NDT Fund Investments table excludes foreign currency of $ |
As of December 31, 2019 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Equity Securities | |||||||||||||||||
Domestic | $ | $ | $ | ( | ) | $ | |||||||||||
International | ( | ) | |||||||||||||||
Total Equity Securities | ( | ) | |||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | ( | ) | |||||||||||||||
Corporate | ( | ) | |||||||||||||||
Total Available-for-Sale Debt Securities | ( | ) | |||||||||||||||
Total NDT Fund Investments (A) | $ | $ | $ | ( | ) | $ | |||||||||||
(A) | The NDT Fund Investments table excludes foreign currency of $ |
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | $ | |||||||
Accounts Payable | $ | $ | |||||||
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||
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) | |||||||||||||||||||||||||||||||||
Domestic | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||||||
International | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Total Equity Securities | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (B) | ( | ) | |||||||||||||||||||||||||||||||
Corporate (C) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Total Available-for-Sale Debt Securities | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||
NDT Trust Investments | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||||||
(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. Unrealized gains and losses on these securities are recorded in Net Income. |
(B) |
(C) |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from NDT Fund Sales (A) | $ | $ | $ | $ | |||||||||||||
Net Realized Gains (Losses) on NDT Fund | |||||||||||||||||
Gross Realized Gains | $ | $ | $ | $ | |||||||||||||
Gross Realized Losses | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Net Realized Gains (Losses) on NDT Fund (B) | $ | $ | $ | $ | |||||||||||||
Unrealized Gains (Losses) on Equity Securities | ( | ) | |||||||||||||||
Impairment of Available-for-Sale Debt Securities (C) | ( | ) | |||||||||||||||
Net Gains (Losses) on NDT Fund Investments | $ | $ | $ | ( | ) | $ | |||||||||||
(C) | PSEG Power recognized an impairment of available-for-sale debt securities that it intends to sell. PSEG Power’s policy is to sell all such securities that are rated below investment grade. |
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | |||||
1 - 5 years | ||||||
6 - 10 years | ||||||
11 - 15 years | ||||||
16 - 20 years | ||||||
Over 20 years | ||||||
Total NDT Available-for-Sale Debt Securities | $ | |||||
As of June 30, 2020 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Domestic Equity Securities | $ | $ | $ | $ | |||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | |||||||||||||||||
Corporate | |||||||||||||||||
Total Available-for-Sale Debt Securities | |||||||||||||||||
Total Rabbi Trust Investments | $ | $ | $ | $ | |||||||||||||
As of December 31, 2019 | |||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Domestic Equity Securities | $ | $ | $ | $ | |||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||
Government | |||||||||||||||||
Corporate | |||||||||||||||||
Total Available-for-Sale Debt Securities | |||||||||||||||||
Total Rabbi Trust Investments | $ | $ | $ | $ | |||||||||||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Accounts Receivable | $ | $ | |||||||
Accounts Payable | $ | $ | |||||||
As of June 30, 2020 | As of December 31, 2019 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||
Government (A) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Corporate (B) | |||||||||||||||||||||||||||||||||
Total Available-for-Sale Debt Securities | |||||||||||||||||||||||||||||||||
Rabbi Trust Investments | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
(A) | Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The 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. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities. |
(B) |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions | |||||||||||||||||
Proceeds from Rabbi Trust Sales (A) | $ | $ | $ | $ | |||||||||||||
Net Realized Gains (Losses) on Rabbi Trust: | |||||||||||||||||
Gross Realized Gains | $ | $ | $ | $ | |||||||||||||
Gross Realized Losses | ( | ) | ( | ) | ( | ) | |||||||||||
Net Realized Gains (Losses) on Rabbi Trust (B) | |||||||||||||||||
Unrealized Gains (Losses) on Equity Securities | ( | ) | |||||||||||||||
Net Gains (Losses) on Rabbi Trust Investments | $ | $ | $ | $ | |||||||||||||
Time Frame | Fair Value | |||||
Millions | ||||||
Less than one year | $ | |||||
1 - 5 years | ||||||
6 - 10 years | ||||||
11 - 15 years | ||||||
16 - 20 years | ||||||
Over 20 years | ||||||
Total Rabbi Trust Available-for-Sale Debt Securities | $ | |||||
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
PSE&G | $ | $ | |||||||
PSEG Power | |||||||||
Other | |||||||||
Total Rabbi Trust Investments | $ | $ | |||||||
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, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Credits) Costs | |||||||||||||||||||||||||||||||||
Service Cost (included in O&M Expense) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | |||||||||||||||||||||||||||||||||
Interest Cost | |||||||||||||||||||||||||||||||||
Expected Return on Plan Assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Amortization of Net | |||||||||||||||||||||||||||||||||
Prior Service Credit | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Actuarial Loss | |||||||||||||||||||||||||||||||||
Non-Service Components of Pension and OPEB (Credits) Costs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||
Total Benefit (Credits) Costs | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
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, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||||||||
PSE&G | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
PSEG Power | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||
Total Benefit (Credits) Costs | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
• | support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and |
• | obtain credit. |
• | counterparty collateral calls related to commodity contracts of its subsidiaries, and |
• | certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries. |
• | its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and |
• | the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties). |
As of | As of | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Face Value of Outstanding Guarantees | $ | $ | |||||||
Exposure under Current Guarantees | $ | $ | |||||||
Letters of Credit Margin Posted | $ | $ | |||||||
Letters of Credit Margin Received | $ | $ | |||||||
Cash Deposited and Received: | |||||||||
Counterparty Cash Collateral Deposited | $ | $ | |||||||
Counterparty Cash Collateral Received | $ | ( | ) | $ | ( | ) | |||
Net Broker Balance Deposited (Received) | $ | $ | |||||||
Additional Amounts Posted: | |||||||||
Other Letters of Credit | $ | $ | |||||||
Auction Year | ||||||||||
2017 | 2018 | 2019 | 2020 | |||||||
36-Month Terms Ending | May 2020 | May 2021 | May 2022 | May 2023 | (A) | |||||
Load (MW) | ||||||||||
$ per MWh | $ | $ | $ | $ | ||||||
(A) | Prices set in the 2020 BGS auction became effective on June 1, 2020 when the 2017 BGS auction agreements expired. |
Fuel Type | PSEG Power’s Share of Commitments through 2024 | |||||
Millions | ||||||
Nuclear Fuel | ||||||
Uranium | $ | |||||
Enrichment | $ | |||||
Fabrication | $ | |||||
Natural Gas | $ | |||||
• | issued $ |
• | issued $ |
• | issued $ |
• | retired $ |
As of June 30, 2020 | ||||||||||||||||||
Company/Facility | Total Facility | Usage (D) | Available Liquidity | Expiration Date | Primary Purpose | |||||||||||||
Millions | ||||||||||||||||||
PSEG | ||||||||||||||||||
5-year Credit Facilities (A) | $ | $ | $ | Commercial Paper Support/Funding/Letters of Credit | ||||||||||||||
Total PSEG | $ | $ | $ | |||||||||||||||
PSE&G | ||||||||||||||||||
5-year Credit Facility (B) | $ | $ | $ | Commercial Paper Support/Funding/Letters of Credit | ||||||||||||||
Total PSE&G | $ | $ | $ | |||||||||||||||
PSEG Power | ||||||||||||||||||
3-year Letter of Credit Facilities | $ | $ | $ | Letters of Credit | ||||||||||||||
5-year Credit Facilities (C) | Funding/Letters of Credit | |||||||||||||||||
Total PSEG Power | $ | $ | $ | |||||||||||||||
Total | $ | $ | $ | |||||||||||||||
(A) | PSEG facilities will be reduced by $ |
(B) | PSE&G facility will be reduced by $ |
(C) | PSEG Power facilities will be reduced by $ |
(D) | The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2020, PSEG had $ |
As of June 30, 2020 | ||||||||||||||||||||||
PSEG Power (A) | PSEG (A) | Consolidated | ||||||||||||||||||||
Not Designated | Cash Flow Hedges | |||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total PSEG Power | Interest Rate Swaps | Total Derivatives | |||||||||||||||||
Millions | ||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Assets | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
Noncurrent Assets | ( | ) | ||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Liabilities | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Noncurrent Liabilities | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
As of December 31, 2019 | ||||||||||||||||||||||
PSEG Power (A) | PSEG (A) | Consolidated | ||||||||||||||||||||
Not Designated | Cash Flow Hedges | |||||||||||||||||||||
Balance Sheet Location | Energy- Related Contracts | Netting (B) | Total PSEG Power | Interest Rate Swaps | Total Derivatives | |||||||||||||||||
Millions | ||||||||||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Assets | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
Noncurrent Assets | ( | ) | ||||||||||||||||||||
Total Mark-to-Market Derivative Assets | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
Derivative Contracts | ||||||||||||||||||||||
Current Liabilities | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Noncurrent Liabilities | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Total Mark-to-Market Derivative (Liabilities) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Total Net Mark-to-Market Derivative Assets (Liabilities) | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||
(A) |
(B) |
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | $ | ( | ) | Interest Expense | $ | ( | ) | $ | ( | ) | |||||||||
Total PSEG | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Pre-Tax Gain (Loss) Recognized in AOCI on Derivatives | Location of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | Amount of Pre-Tax Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions | Millions | |||||||||||||||||||
PSEG | ||||||||||||||||||||
Interest Rate Swaps | $ | ( | ) | $ | ( | ) | Interest Expense | $ | ( | ) | $ | ( | ) | |||||||
Total PSEG | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||
Accumulated Other Comprehensive Income (Loss) | Pre-Tax | After-Tax | ||||||||
Millions | ||||||||||
Balance as of December 31, 2018 | $ | ( | ) | $ | ( | ) | ||||
Loss Recognized in AOCI | ( | ) | ( | ) | ||||||
Less: Loss Reclassified into Income | ||||||||||
Balance as of December 31, 2019 | $ | ( | ) | $ | ( | ) | ||||
Loss Recognized in AOCI | ( | ) | ( | ) | ||||||
Less: Loss Reclassified into Income | ||||||||||
Balance as of June 30, 2020 | $ | ( | ) | $ | ( | ) | ||||
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, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Millions | ||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||
Energy-Related Contracts | Operating Revenues | $ | ( | ) | $ | $ | $ | |||||||||||||
Energy-Related Contracts | Energy Costs | ( | ) | ( | ) | ( | ) | |||||||||||||
Total PSEG and PSEG Power | $ | ( | ) | $ | $ | $ | ||||||||||||||
Type | Notional | Total | PSEG | PSEG Power | PSE&G | |||||||||||
Millions | ||||||||||||||||
As of June 30, 2020 | ||||||||||||||||
Natural Gas | Dekatherm (Dth) | |||||||||||||||
Electricity | MWh | ( | ) | ( | ) | |||||||||||
Financial Transmission Rights (FTRs) | MWh | |||||||||||||||
Interest Rate Swaps | U.S. Dollars | |||||||||||||||
As of December 31, 2019 | ||||||||||||||||
Natural Gas | Dth | |||||||||||||||
Electricity | MWh | ( | ) | ( | ) | |||||||||||
FTRs | MWh | |||||||||||||||
Interest Rate Swaps | U.S. Dollars | |||||||||||||||
Rating | Current Exposure | Securities Held as Collateral | Net Exposure | Number of Counterparties >10% | Net Exposure of Counterparties >10% | |||||||||||||||||
Millions | Millions | |||||||||||||||||||||
Investment Grade | $ | $ | $ | $ | (A) | |||||||||||||||||
Non-Investment Grade | ||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||
(A) |
Recurring Fair Value Measurements as of June 30, 2020 | ||||||||||||||||||||||
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) | $ | $ | $ | $ | $ | |||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Interest Rate Swaps (D) | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Cash Equivalents (A) | $ | $ | $ | $ | $ | |||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
PSEG Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Recurring Fair Value Measurements as of December 31, 2019 | ||||||||||||||||||||||
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) | $ | $ | $ | $ | $ | |||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
Interest Rate Swaps (D) | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
PSE&G | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
PSEG Power | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
NDT Fund (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Rabbi Trust (C) | ||||||||||||||||||||||
Equity Securities | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—U.S. Treasury | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Govt Other | $ | $ | $ | $ | $ | |||||||||||||||||
Debt Securities—Corporate | $ | $ | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Derivative Contracts: | ||||||||||||||||||||||
Energy-Related Contracts (B) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||||||
(A) |
(B) | Level 1—These contracts represent natural gas futures contracts executed on NYMEX, and are being valued solely on settled pricing inputs which come directly from the exchange. |
(C) | The fair value measurement table excludes |
(D) | 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. |
(E) | Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 13. Financial Risk Management Activities for additional detail. |
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||||
Significant | ||||||||||||||||||||
Level 3 | Fair Value as of | Valuation | Unobservable | Arithmetic | ||||||||||||||||
Commodity | Position | June 30, 2020 | Technique(s) | Input | Range | Average | ||||||||||||||
Assets | (Liabilities) | |||||||||||||||||||
Millions | ||||||||||||||||||||
PSEG Power | ||||||||||||||||||||
Electricity | Electric Load Contracts | $ | $ | 0% to 11% | ||||||||||||||||
Gas | Gas Physical Contracts | ( | ) | -50% to 0% | - | |||||||||||||||
Total PSEG Power | $ | $ | ( | ) | ||||||||||||||||
Total PSEG | $ | $ | ( | ) | ||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ||||||||||||||||||
Significant | ||||||||||||||||||
Fair Value as of | Valuation | Unobservable | ||||||||||||||||
Commodity | Level 3 Position | December 31, 2019 | Technique(s) | Input | Range | |||||||||||||
Assets | (Liabilities) | |||||||||||||||||
Millions | ||||||||||||||||||
PSEG Power | ||||||||||||||||||
Electricity | Electric Load Contracts | $ | $ | 0% to 10% | ||||||||||||||
Gas | Gas Physical Contracts | ( | ) | -50% to 0% | ||||||||||||||
Total PSEG Power | $ | $ | ( | ) | ||||||||||||||
Total PSEG | $ | $ | ( | ) | ||||||||||||||
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||
Description | Balance as of March 31, 2020 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2020 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ||||||||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||
Description | Balance as of December 31, 2019 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2020 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
Three Months Ended June 30, 2019 | ||||||||||||||||||||||||||
Description | Balance as of March 31, 2019 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2019 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||
Description | Balance as of December 31, 2018 | Total Gains or (Losses) Realized/Unrealized Included in Income (A) | Purchases (Sales) | Issuances/ Settlements (B) | Transfers In/Out (C) | Balance as of June 30, 2019 | ||||||||||||||||||||
Millions | ||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||
Net Derivative Assets (Liabilities) | $ | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||||
(A) | Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of June 30, 2020 and 2019. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | Total Gains (Losses) | Unrealized Gains (Losses) | |||||||||||||||||||||||||||
Millions | ||||||||||||||||||||||||||||||||||
PSEG and PSEG Power | ||||||||||||||||||||||||||||||||||
Operating Revenues | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Energy Costs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Total | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
(B) | Includes |
(C) |
As of | As of | ||||||||||||||||
June 30, 2020 | December 31, 2019 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Millions | |||||||||||||||||
Long-Term Debt: | |||||||||||||||||
PSEG (A) (B) | $ | $ | $ | $ | |||||||||||||
PSE&G (B) | |||||||||||||||||
PSEG Power (B) | |||||||||||||||||
Total Long-Term Debt | $ | $ | $ | $ | |||||||||||||
(A) | Includes floating-rate term loan of $ |
PSE&G | PSEG Power | Other (A) | Consolidated | ||||||||||||||
Millions | |||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | $ | $ | $ | |||||||||||||
Allowance for Funds Used During Construction | |||||||||||||||||
Solar Loan Interest | |||||||||||||||||
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program | ( | ) | ( | ) | |||||||||||||
Other | ( | ) | |||||||||||||||
Total Other Income (Deductions) | $ | $ | $ | $ | |||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | $ | $ | $ | |||||||||||||
Allowance for Funds Used During Construction | |||||||||||||||||
Solar Loan Interest | |||||||||||||||||
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program | ( | ) | ( | ) | |||||||||||||
Other | ( | ) | |||||||||||||||
Total Other Income (Deductions) | $ | $ | ( | ) | $ | $ | |||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | $ | $ | $ | |||||||||||||
Allowance for Funds Used During Construction | |||||||||||||||||
Solar Loan Interest | |||||||||||||||||
Other | ( | ) | ( | ) | ( | ) | |||||||||||
Total Other Income (Deductions) | $ | $ | $ | ( | ) | $ | |||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||
NDT Fund Interest and Dividends | $ | $ | $ | $ | |||||||||||||
Allowance for Funds Used During Construction | |||||||||||||||||
Solar Loan Interest | |||||||||||||||||
Other | ( | ) | |||||||||||||||
Total Other Income (Deductions) | $ | $ | $ | $ | |||||||||||||
(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, | ||||||||
2020 | 2019 | 2020 | 2019 | ||||||
PSEG | ( | ||||||||
PSE&G | |||||||||
PSEG Power | ( | ||||||||
PSEG | Three Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other Comprehensive Income before Reclassifications | ||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ( | ) | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance as of June 30, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
PSEG | Three Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other Comprehensive Income (Loss) before Reclassifications | ( | ) | ||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ( | ) | ||||||||||||||||
Balance as of June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
PSEG | Six Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other Comprehensive Income (Loss) before Reclassifications | ( | ) | ||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ( | ) | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance as of June 30, 2020 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
PSEG | Six Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2018 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting in the Change in the Federal Corporate Income Tax to Retained Earnings | ( | ) | ( | ) | ||||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | ( | ) | ( | ) | ||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ( | ) | ||||||||||||||||
Net Change in Accumulated Other Comprehensive Income (Loss) | ( | ) | ( | ) | ( | ) | ||||||||||||
Balance as of June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
PSEG Power | Three Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2020 | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Other Comprehensive Income before Reclassifications | ||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ( | ) | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||
PSEG Power | Three Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of March 31, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Other Comprehensive Income before Reclassifications | ||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance as of June 30, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||
PSEG Power | Six Months Ended June 30, 2020 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||
Other Comprehensive Income before Reclassifications | ||||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ( | ) | ||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Balance as of June 30, 2020 | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||
PSEG Power | Six Months Ended June 30, 2019 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Cash Flow Hedges | Pension and OPEB Plans | Available-for-Sale Securities | Total | ||||||||||||||
Millions | ||||||||||||||||||
Balance as of December 31, 2018 | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||
Cumulative Effect Adjustment to Reclassify Stranded Tax Effects Resulting in the Change in the Federal Corporate Income Tax to Retained Earnings | ( | ) | ( | ) | ||||||||||||||
Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Other Comprehensive Income (Loss) before Reclassifications | ( | ) | ||||||||||||||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | ( | ) | ||||||||||||||||
Net Current Period Other Comprehensive Income (Loss) | ||||||||||||||||||
Net Change in Accumulated Other Comprehensive Income (Loss) | ( | ) | ( | ) | ||||||||||||||
Balance as of June 30, 2019 | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||||
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, 2020 | June 30, 2020 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Interest Rate Swaps | Interest Expense | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||||||
Total Cash Flow Hedges | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | ( | ) | ( | ) | ||||||||||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total Pension and OPEB Plans | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and Impairments | Net Gains (Losses) on Trust Investments | ( | ) | ( | ) | ||||||||||||||||||||||
Total Available-for-Sale Debt Securities | ( | ) | ( | ) | |||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||
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, 2019 | June 30, 2019 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | Pre-Tax Amount | Tax (Expense) Benefit | After-Tax Amount | ||||||||||||||||||||||
Millions | |||||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||||
Interest Rate Swaps | Interest Expense | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ||||||||||||||||
Total Cash Flow Hedges | ( | ) | ( | ) | |||||||||||||||||||||||
Pension and OPEB Plans | |||||||||||||||||||||||||||
Amortization of Prior Service (Cost) Credit | Non-Operating Pension and OPEB Credits (Costs) | ( | ) | ( | ) | ||||||||||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total Pension and OPEB Plans | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | ( | ) | ( | ) | ||||||||||||||||||||||
Total Available-for-Sale Debt Securities | ( | ) | ( | ) | |||||||||||||||||||||||
Total | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
PSEG 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, 2020 | June 30, 2020 | ||||||||||||||||||||||||
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 | Non-Operating Pension and OPEB Credits (Costs) | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total Pension and OPEB Plans | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) and Impairments | Net Gains (Losses) on Trust Investments | ( | ) | ( | ) | ||||||||||||||||||||||
Total Available-for-Sale Debt Securities | ( | ) | ( | ) | |||||||||||||||||||||||
Total | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||
PSEG 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, 2019 | June 30, 2019 | ||||||||||||||||||||||||
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 | Non-Operating Pension and OPEB Credits (Costs) | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Amortization of Actuarial Loss | Non-Operating Pension and OPEB Credits (Costs) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total Pension and OPEB Plans | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||
Available-for-Sale Debt Securities | |||||||||||||||||||||||||||
Realized Gains (Losses) | Net Gains (Losses) on Trust Investments | ( | ) | ( | ) | ||||||||||||||||||||||
Total Available-for-Sale Debt Securities | ( | ) | ( | ) | |||||||||||||||||||||||
Total | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | |||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||||||||||
EPS Numerator (Millions): | |||||||||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
EPS Denominator (Millions): | |||||||||||||||||||||||||||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||||||||||||||||||||
Effect of Stock Based Compensation Awards | |||||||||||||||||||||||||||||||||
Total Shares | |||||||||||||||||||||||||||||||||
EPS | |||||||||||||||||||||||||||||||||
Net Income | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Dividend Payments on Common Stock | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Per Share | $ | $ | $ | $ | |||||||||||||
In Millions | $ | $ | $ | $ | |||||||||||||
PSE&G | PSEG Power | Other (A) | Eliminations (B) | Consolidated Total | |||||||||||||||||
Millions | |||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
Net Income (Loss) | ( | ) | |||||||||||||||||||
Gross Additions to Long-Lived Assets | |||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
Net Income (Loss) | ( | ) | |||||||||||||||||||
Gross Additions to Long-Lived Assets | |||||||||||||||||||||
Three Months Ended June 30, 2019 | |||||||||||||||||||||
Total Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
Net Income (Loss) | ( | ) | ( | ) | |||||||||||||||||
Gross Additions to Long-Lived Assets | |||||||||||||||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||
Operating Revenues | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
Net Income (Loss) | ( | ) | |||||||||||||||||||
Gross Additions to Long-Lived Assets | |||||||||||||||||||||
As of June 30, 2020 | |||||||||||||||||||||
Total Assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
Investments in Equity Method Subsidiaries | $ | $ | $ | $ | $ | ||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||
Total Assets | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||
Investments in Equity Method Subsidiaries | $ | $ | $ | $ | $ | ||||||||||||||||
(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 company) and Services. |
(B) |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Millions | |||||||||||||||||
Billings from Affiliates: | |||||||||||||||||
Net Billings from PSEG Power (A) | $ | $ | $ | $ | |||||||||||||
Administrative Billings from Services (B) | |||||||||||||||||
Total Billings from Affiliates | $ | $ | $ | $ | |||||||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2020 | December 31, 2019 | |||||||
Millions | |||||||||
Receivable from PSEG (C) | $ | $ | |||||||
Payable to PSEG Power (A) | $ | $ | |||||||
Payable to Services (B) | |||||||||
Payable to PSEG (C) | |||||||||
Accounts Payable—Affiliated Companies | $ | $ | |||||||
Noncurrent Payable to PSEG Power (A) | $ | $ | |||||||
Working Capital Advances to Services (D) | $ | $ | |||||||
Long-Term Accrued Taxes Payable | $ | $ | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Related-Party Transactions | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Millions | |||||||||||||||||
Billings to Affiliates: | |||||||||||||||||
Net Billings to PSE&G (A) | $ | $ | $ | $ | |||||||||||||
Billings from Affiliates: | |||||||||||||||||
Administrative Billings from Services (B) | $ | $ | $ | $ | |||||||||||||
As of | As of | ||||||||
Related-Party Transactions | June 30, 2020 | December 31, 2019 | |||||||
Millions | |||||||||
Receivable from PSE&G (A) | $ | $ | |||||||
Receivable from PSEG (C) | |||||||||
Accounts Receivable—Affiliated Companies | $ | $ | |||||||
Payable to Services (B) | $ | $ | |||||||
Accounts Payable—Affiliated Companies | $ | $ | |||||||
Short-Term Loan to (from) Affiliate (E) | $ | $ | |||||||
Noncurrent Receivable from PSE&G (A) | $ | $ | |||||||
Working Capital Advances to Services (D) | $ | $ | |||||||
Long-Term Accrued Taxes Payable | $ | $ | |||||||
(A) |
(B) | Services provides and bills administrative services to PSE&G and PSEG Power at cost. In addition, PSE&G and PSEG Power have other payables to Services, including amounts related to certain common 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 NOLs 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 PSEG Power have advanced working capital to Services. The amounts are included in Other Noncurrent Assets on PSE&G’s and PSEG Power’s Condensed Consolidated Balance Sheets. |
(E) | PSEG 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. |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A) |
• | 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 regulated solar generation projects and energy efficiency and related programs in New Jersey, which are regulated by the BPU, and |
• | PSEG Power—which is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses and fuel supply functions through competitive energy sales in well-developed energy markets primarily in the Northeast and Mid-Atlantic United States through its principal direct wholly owned subsidiaries. In addition, PSEG Power owns and operates solar generation in various states. PSEG 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. |
• | utility continued its efforts to control costs while maintaining strong operational performance and has implemented protocols to ensure that we are providing essential services to our customers during the ongoing coronavirus pandemic in a safe and reliable manner, and |
• | efficient combined cycle gas units improved our capacity factor across the natural gas fleet and were readily available to operate when needed, all while diligently managing costs. |
• | maintained sufficient liquidity, |
• | maintained solid investment grade credit ratings, and |
• | increased our indicative annual dividend for 2020 to $1.96 per share. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
Earnings (Losses) | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Millions | |||||||||||||||||
PSE&G | $ | 283 | $ | 227 | $ | 723 | $ | 630 | |||||||||
PSEG Power (A) | 170 | (40 | ) | 183 | 256 | ||||||||||||
Other (B) | (2 | ) | (34 | ) | (7 | ) | (33 | ) | |||||||||
PSEG Net Income | $ | 451 | $ | 153 | $ | 899 | $ | 853 | |||||||||
PSEG Net Income Per Share (Diluted) | $ | 0.89 | $ | 0.30 | $ | 1.77 | $ | 1.68 | |||||||||
(A) | Includes an after-tax impairment charge of $284 million in the three months and six months ended June 30, 2019 related to the sale of PSEG Power’s interests in the Keystone and Conemaugh fossil generation plants. See Item 1. Note 4. Early Plant Retirements/Asset Dispositions for additional information. |
(B) | Other includes after-tax activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations. Energy Holdings recorded an after-tax charge of $32 million in the second quarter of 2019 related to its investment in leveraged leases. See Item 1. Note 8. Financing Receivables for additional information. |
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Millions, after tax | |||||||||||||||||
NDT Fund Income (Expense) (A) (B) | $ | 118 | $ | 25 | $ | (17 | ) | $ | 101 | ||||||||
Non-Trading MTM Gains (Losses) (C) | $ | (77 | ) | $ | 152 | $ | — | $ | 228 | ||||||||
(A) | NDT Fund Income (Expense) includes gains and losses on NDT securities which are recorded in Net Gains (Losses) on Trust Investments. See Item 1. Note 9. Trust Investments for additional information. NDT Fund Income (Expense) also includes interest and dividend income and other costs related to the NDT Fund recorded in Other Income (Deductions), interest accretion expense on PSEG Power’s nuclear Asset Retirement Obligation (ARO) recorded in O&M Expense and the depreciation related to the ARO asset recorded in Depreciation and Amortization (D&A) Expense. |
(B) | Net of tax (expense) benefit of $(74) million and $(16) million for the three months and $10 million and $(67) million for the six months ended June 30, 2020 and 2019, respectively. |
(C) | Net of tax (expense) benefit of $30 million and $(58) million for the three months and $0 million and $(88) million for the six months ended June 30, 2020 and 2019, respectively. |
• | an asset impairment in 2019 related to the sale of PSEG Power’s interests in the Keystone and Conemaugh fossil generation plants (see Item 1. Note 4. Early Plant Retirements/Asset Dispositions), |
• | higher net unrealized gains in 2020 on equity securities in the NDT Fund at PSEG Power, |
• | higher earnings due to investments in T&D programs at PSE&G, and |
• | an impairment charge in 2019 related to a leveraged lease investment at Energy Holdings (see Item 1. Note 8. Financing Receivables), |
• | the above mentioned asset impairment in 2019 related to the sale of PSEG Power’s interests in the Keystone and Conemaugh fossil generation plants, |
• | higher earnings due to investments in T&D programs at PSE&G, and |
• | higher pension and OPEB credits, |
• | partially offset by MTM gains in 2019 at PSEG Power, and |
• | net unrealized losses in 2020 as compared to net unrealized gains on equity securities in the NDT Fund at PSEG Power. |
• | made additional investments in T&D infrastructure projects on time and on budget, |
• | continued to execute our Energy Efficiency and other existing BPU-approved utility programs, and |
• | continued to evaluate a potential investment in offshore wind. |
• | focus on controlling costs while maintaining safety, reliability and customer satisfaction and complying with applicable standards and requirements, |
• | successfully manage our energy obligations and re-contract our open supply positions in response to changes in prices and demand, |
• | obtain approval of and execute our utility capital investment program, including our CEF program and other investments 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, |
• | advocate for the continuation of the ZEC program and measures to ensure the implementation by PJM, FERC and state regulators of market design and transmission planning rules that continue to promote fair and efficient electricity markets, including recognition of the cost of emissions, |
• | engage multiple stakeholders, including regulators, government officials, customers, investors and suppliers, 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 proceedings, |
• | the continuing impact of the ongoing coronavirus pandemic and the associated economic impact, which could extend beyond the duration of the pandemic, |
• | the continuing impacts of the Tax and CARES Acts and future changes in federal and state tax laws, and |
• | the impact of reductions in demand and lower natural gas and electricity prices and increasing environmental compliance costs. |
• | the acquisition, construction or disposition of T&D facilities, clean energy investments and/or generation projects, including offshore wind opportunities, |
• | the disposition or reorganization of our merchant generation business or portions thereof or other existing businesses or the acquisition or development of new businesses, |
• | the expansion of our geographic footprint, and |
• | investments in capital improvements and additions, including the installation of environmental upgrades and retrofits, improvements to system resiliency, modernizing existing infrastructure and participation in transmission projects through FERC’s “open window” solicitation process. |
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 2,050 | $ | 2,316 | $ | (266 | ) | (11 | ) | $ | 4,831 | $ | 5,296 | $ | (465 | ) | (9 | ) | |||||||||||||
Energy Costs | 595 | 704 | (109 | ) | (15 | ) | 1,501 | 1,828 | (327 | ) | (18 | ) | |||||||||||||||||||
Operation and Maintenance | 733 | 750 | (17 | ) | (2 | ) | 1,487 | 1,506 | (19 | ) | (1 | ) | |||||||||||||||||||
Depreciation and Amortization | 315 | 307 | 8 | 3 | 639 | 621 | 18 | 3 | |||||||||||||||||||||||
Loss on Asset Dispositions | — | 395 | (395 | ) | N/A | — | 395 | (395 | ) | N/A | |||||||||||||||||||||
Income from Equity Method Investments | 3 | 5 | (2 | ) | (40 | ) | 6 | 7 | (1 | ) | (14 | ) | |||||||||||||||||||
Net Gains (Losses) on Trust Investments | 201 | 39 | 162 | N/A | (20 | ) | 167 | (187 | ) | N/A | |||||||||||||||||||||
Other Income (Deductions) | 38 | 33 | 5 | 15 | 42 | 66 | (24 | ) | (36 | ) | |||||||||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 62 | 33 | 29 | 88 | 124 | 66 | 58 | 88 | |||||||||||||||||||||||
Interest Expense | 151 | 137 | 14 | 10 | 304 | 270 | 34 | 13 | |||||||||||||||||||||||
Income Tax (Benefit) Expense | 109 | (20 | ) | 129 | N/A | 153 | 129 | 24 | 19 | ||||||||||||||||||||||
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 1,456 | $ | 1,382 | $ | 74 | 5 | $ | 3,339 | $ | 3,414 | $ | (75 | ) | (2 | ) | |||||||||||||||
Energy Costs | 510 | 529 | (19 | ) | (4 | ) | 1,218 | 1,476 | (258 | ) | (17 | ) | |||||||||||||||||||
Operation and Maintenance | 380 | 369 | 11 | 3 | 766 | 777 | (11 | ) | (1 | ) | |||||||||||||||||||||
Depreciation and Amortization | 217 | 202 | 15 | 7 | 439 | 414 | 25 | 6 | |||||||||||||||||||||||
Net Gains (Losses) on Trust Investments | 1 | — | 1 | N/A | 1 | 1 | — | — | |||||||||||||||||||||||
Other Income (Deductions) | 26 | 19 | 7 | 37 | 53 | 38 | 15 | 39 | |||||||||||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 52 | 29 | 23 | 79 | 103 | 59 | 44 | 75 | |||||||||||||||||||||||
Interest Expense | 98 | 89 | 9 | 10 | 194 | 176 | 18 | 10 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | 47 | 14 | 33 | N/A | 156 | 39 | 117 | N/A | |||||||||||||||||||||||
• | Transmission revenues were $66 million higher due to increased 2020 revenue requirements attributable to higher rate base investment and the prior year flowback of certain excess deferred taxes that ended at year-end 2019. |
• | Gas distribution revenues increased by $11 million due primarily to a $26 million increase due to higher volumes and a $5 million increase from the GSMP I and GSMP II, partially offset by a $20 million decrease in Weather Normalization Charges (WNCs). |
• | Electric distribution revenues increased by $3 million due to a $7 million increase due to higher volumes, partially offset by a $4 million decrease in the collection of Green Program Recovery Charges (GPRC). |
• | Gas and Electric revenues decreased by $11 million due to an increase in the flowback to customers of excess deferred tax liabilities and tax repair-related accumulated deferred income tax benefits resulting from rate reductions, which is offset in Income Tax Expense. |
• | Electric commodity revenues decreased $60 million due primarily to $67 million in lower BGS prices, partially offset by $5 million in higher BGS sales volumes. |
• | Gas commodity revenues increased $26 million due primarily to $42 million higher BGSS sales volumes, partially offset by a $15 million decrease in prices. |
• | Transmission revenues were $139 million higher due to increased 2020 revenue requirements attributable to higher rate base investment and the prior year flowback of certain excess deferred taxes that ended at year-end 2019. |
• | Gas distribution revenues increased $26 million due primarily to a $36 million increase in WNCs and an $18 million increase from the GSMP I and GSMP II. These increases were partially offset by a $25 million reduction due to lower volumes and a $3 million decrease in GPRC revenues. |
• | Electric distribution revenues decreased $4 million due primarily to a $7 million decrease attributable to lower sales volumes, partially offset by a $3 million increase in GPRC collections. |
• | Electric and Gas revenues further decreased by $2 million due to a net increase in the flowback to customers of excess deferred tax liabilities and tax repair-related accumulated deferred income tax benefits resulting from rate reductions, which is offset in Income Tax Expense. |
• | Electric commodity revenues decreased $190 million due primarily to $156 million in lower BGS prices and $38 million in lower BGS sales volumes. |
• | Gas commodity revenues decreased $136 million due primarily to lower BGSS prices of $83 million and lower BGSS sales volumes of $53 million. |
Three Months Ended | Increase/ (Decrease) | Six Months Ended | Increase/ (Decrease) | ||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||
2020 | 2019 | 2020 vs. 2019 | 2020 | 2019 | 2020 vs. 2019 | ||||||||||||||||||||||||||
Millions | Millions | % | Millions | Millions | % | ||||||||||||||||||||||||||
Operating Revenues | $ | 683 | $ | 1,083 | $ | (400 | ) | (37 | ) | $ | 1,903 | $ | 2,499 | $ | (596 | ) | (24 | ) | |||||||||||||
Energy Costs | 323 | 411 | (88 | ) | (21 | ) | 999 | 1,197 | (198 | ) | (17 | ) | |||||||||||||||||||
Operation and Maintenance | 225 | 268 | (43 | ) | (16 | ) | 466 | 503 | (37 | ) | (7 | ) | |||||||||||||||||||
Depreciation and Amortization | 91 | 95 | (4 | ) | (4 | ) | 185 | 189 | (4 | ) | (2 | ) | |||||||||||||||||||
Loss on Asset Dispositions | — | 395 | (395 | ) | N/A | — | 395 | (395 | ) | N/A | |||||||||||||||||||||
Income from Equity Method Investments | 3 | 5 | (2 | ) | (40 | ) | 6 | 7 | (1 | ) | (14 | ) | |||||||||||||||||||
Net Gains (Losses) on Trust Investments | 196 | 38 | 158 | N/A | (24 | ) | 164 | (188 | ) | N/A | |||||||||||||||||||||
Other Income (Deductions) | 12 | 15 | (3 | ) | (20 | ) | (11 | ) | 28 | (39 | ) | N/A | |||||||||||||||||||
Net Non-Operating Pension and OPEB Credits (Costs) | 9 | 3 | 6 | N/A | 17 | 6 | 11 | N/A | |||||||||||||||||||||||
Interest Expense | 30 | 26 | 4 | 15 | 64 | 51 | 13 | 25 | |||||||||||||||||||||||
Income Tax Expense (Benefit) | 64 | (11 | ) | 75 | N/A | (6 | ) | 113 | (119 | ) | N/A | ||||||||||||||||||||
• | a net decrease of $403 million due to MTM losses in 2020 as compared to MTM gains in 2019. Of this amount, there was a $310 million decrease due to changes in forward prices this year as compared to last year coupled with a $93 million decrease due to more losses on positions reclassified to realized upon settlement, |
• | a net decrease of $30 million in capacity revenues due primarily to decreases in auction prices in the PJM region, and |
• | a decrease of $16 million in electricity sold under our BGS contracts, primarily due to lower volumes coupled with lower prices, |
• | partially offset by an increase of $16 million in ZEC revenue due to increased generation at the Salem nuclear generating station. |
• | a net increase of $24 million in sales under the BGSS contract, of which $28 million was due to an increase in sales volumes, partially offset by $4 million due to lower average sales prices, and |
• | a net increase of $12 million related to sales to third parties, of which $27 million was due to higher volumes sold, partially offset by $15 million due to lower average sales prices. |
• | a net decrease of $86 million due to MTM gains in 2020 as compared to MTM losses in 2019. Of this amount, there was a $54 million decrease due to changes in forward prices this year as compared to last year coupled with a $36 million decrease due to more gains on positions reclassified to realized upon settlement, |
• | a net decrease of $19 million in fuel costs due to lower usage of coal in the PJM region primarily due to the sale of our ownership interests in Keystone and Conemaugh generation plants coupled with lower volumes of gas in the PJM region. This was partially offset by utilization of higher volumes of gas in the New England (NE) region due to the commencement of commercial operations of Bridgeport Harbor Station Unit 5 (BH5) in June 2019, and |
• | a decrease of $9 million due to a favorable lower of cost or market (LOCOM) adjustment on oil inventory due to the recovery in oil prices. |
• | a net increase of $13 million related to sales to third parties, of which $26 million was due to higher volumes sold, partially offset by $13 million due to a decrease in the average cost of gas, and |
• | a net increase of $12 million related to sales under the BGSS contract, of which $27 million was due to an increase in sendout volumes, partially offset by $15 million due to a decrease in the average cost of gas. |
• | a net decrease of $336 million due to lower MTM gains in 2020 as compared to 2019. Of this amount, there was a $218 million decrease due to changes in forward prices this year as compared to last year coupled with a $118 million decrease due to losses on positions reclassified to realized upon settlement in 2020 compared to gains in 2019, |
• | a net decrease of $113 million due primarily to lower average realized prices in PJM, NE and New York (NY) regions coupled with lower volumes sold in the PJM region primarily due to the sale of our ownership interests in Keystone and Conemaugh generation plants. This was partially offset by higher volumes of electricity sold in the NE region, primarily due to the commencement of commercial operations of BH5 in June 2019, |
• | a net decrease of $65 million in capacity revenues due primarily to decreases in auction prices in the PJM region, partially offset by the commencement of commercial operations of BH5 in June 2019 in the NE region, and |
• | a decrease of $48 million in electricity sold under our BGS contracts primarily due to lower volumes coupled with lower prices, |
• | partially offset by an increase of $67 million due to ZECs revenues that started in mid-April 2019. |
• | a decrease of $101 million in sales under the BGSS contract, of which $61 million was due to a decrease in sales volumes and $40 million was due to lower average sales prices, |
• | partially offset by a net increase of $9 million related to sales to third parties, of which $57 million was due to higher volumes sold partially offset by $48 million due to lower average sales prices. |
• | a net decrease of $106 million in fuel costs reflecting lower gas prices in the PJM and NY regions coupled with the utilization of lower volumes of coal in the PJM region primarily due to the sale of our ownership interests in the Keystone and Conemaugh generation plants, and lower volumes of gas used in the PJM region. This was partially offset by utilization of higher volumes of gas in the NE region at higher prices due to the commencement of commercial operations at BH5 in June 2019, and |
• | a net decrease of $25 million due to less MTM losses in 2020 as compared to 2019 resulting from changes in forward prices this year as compared to last year, |
• | partially offset by an $11 million increase due to a net LOCOM adjustment on oil inventory caused by a decrease in oil demand and pricing earlier in 2020. |
• | a decrease of $86 million related to sales under the BGSS contract, of which $49 million was due to a decrease in sendout volumes and $37 million to a decrease in the average cost of gas, |
• | partially offset by a net increase of $11 million related to sales to third parties, of which $53 million was due to higher volumes sold, partially offset by $42 million due to a decrease in the average cost of gas. |
Company/Facility | As of June 30, 2020 | |||||||||||||
Total Facility | Usage | Available Liquidity | ||||||||||||
Millions | ||||||||||||||
PSEG | $ | 1,500 | $ | 408 | $ | 1,092 | ||||||||
PSE&G | 600 | 17 | 583 | |||||||||||
PSEG Power | 2,100 | 136 | 1,964 | |||||||||||
Total | $ | 4,200 | $ | 561 | $ | 3,639 | ||||||||
• | PSEG has a $700 million floating rate term loan maturing in November 2020, |
• | PSE&G has $250 million of 3.50% Medium-Term Notes (MTN), Series G, maturing in August 2020, $9 million of 7.04% MTN, Series A, maturing in November 2020, $300 million of 1.90% MTN, Series K, maturing in March 2021 and $134 million of 9.25% Mortgage Bonds Series CC maturing in June 2021, and |
• | PSEG Power has a $700 million 3.00% Senior Note maturing in June 2021. |
Six Months Ended | Year Ended | ||||||||
June 30, 2020 | December 31, 2019 | ||||||||
Millions | |||||||||
Operating Revenues (A) | $ | 1,867 | $ | 4,315 | |||||
Operating Income | $ | 250 | $ | 451 | |||||
Net Income | $ | 191 | $ | 484 | |||||
(A) | Operating Revenues include sales to affiliates of $710 million and $1,463 million, respectively for the six months ended June 30, 2020 and year ended December 31, 2019, respectively. |
As of | As of | |||||||||
June 30, 2020 | December 31, 2019 | |||||||||
Millions | ||||||||||
Current Receivables from Subsidiaries and Affiliates | $ | 2,274 | $ | 2,456 | ||||||
Total Current Assets | $ | 3,289 | $ | 3,559 | ||||||
Noncurrent Receivables from Affiliates | $ | 28 | $ | 17 | ||||||
Total Noncurrent Assets | $ | 7,056 | $ | 7,025 | ||||||
Current Payables to Subsidiaries and Affiliates | $ | 249 | $ | 218 | ||||||
Total Current Liabilities | $ | 1,373 | $ | 1,155 | ||||||
Noncurrent Payables to Affiliates | $ | 53 | $ | 115 | ||||||
Total Noncurrent Liabilities | $ | 4,274 | $ | 4,934 | ||||||
Moody’s (A) | S&P (B) | |||||
PSEG | ||||||
Outlook | Stable | Stable | ||||
Senior Notes | Baa1 | BBB | ||||
Commercial Paper | P2 | A2 | ||||
PSE&G | ||||||
Outlook | Stable | Stable | ||||
Mortgage Bonds | Aa3 | A | ||||
Commercial Paper | P1 | A2 | ||||
PSEG 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. |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
MTM VaR | ||||||||||
Three Months Ended June 30, 2020 | Year Ended December 31, 2019 | |||||||||
Millions | ||||||||||
95% Confidence Level, Loss could exceed VaR one day in 20 days | ||||||||||
Period End | $ | 9 | $ | 9 | ||||||
Average for the Period | $ | 11 | $ | 12 | ||||||
High | $ | 15 | $ | 35 | ||||||
Low | $ | 9 | $ | 5 | ||||||
99.5% Confidence Level, Loss could exceed VaR one day in 200 days | ||||||||||
Period End | $ | 14 | $ | 14 | ||||||
Average for the Period | $ | 18 | $ | 19 | ||||||
High | $ | 24 | $ | 54 | ||||||
Low | $ | 14 | $ | 8 | ||||||
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 6. | EXHIBITS |
a. PSEG: | ||
Exhibit 101.INS: | Inline XBRL Instance Document - The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
Exhibit 101.SCH: | Inline XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | Inline XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | Inline XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | Inline XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | Inline XBRL Taxonomy Extension Definition Document | |
Exhibit 104: | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
b. PSE&G: | ||
Exhibit 101.INS: | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
Exhibit 101.SCH: | Inline XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | Inline XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | Inline XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | Inline XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | Inline XBRL Taxonomy Extension Definition Document | |
Exhibit 104: | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
c. PSEG Power: | ||
Exhibit 101.INS: | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
Exhibit 101.SCH: | Inline XBRL Taxonomy Extension Schema | |
Exhibit 101.CAL: | Inline XBRL Taxonomy Extension Calculation Linkbase | |
Exhibit 101.LAB: | Inline XBRL Taxonomy Extension Labels Linkbase | |
Exhibit 101.PRE: | Inline XBRL Taxonomy Extension Presentation Linkbase | |
Exhibit 101.DEF: | Inline XBRL Taxonomy Extension Definition Document | |
Exhibit 104: | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | |
(Registrant) | |
By: | /S/ ROSE M. CHERNICK |
Rose M. Chernick Vice President and Controller (Principal Accounting Officer) | |
PUBLIC SERVICE ELECTRIC AND GAS COMPANY | |
(Registrant) | |
By: | /S/ ROSE M. CHERNICK |
Rose M. Chernick Vice President and Controller (Principal Accounting Officer) | |
PSEG POWER LLC | |
(Registrant) | |
By: | /S/ ROSE M. CHERNICK |
Rose M. Chernick Vice President and Controller (Principal Accounting 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 31, 2020 | /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 31, 2020 | /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 31, 2020 | /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 31, 2020 | /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 31, 2020 | /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 31, 2020 | /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 31, 2020 |
/s/ Daniel J. Cregg |
Daniel J. Cregg |
Public Service Enterprise Group Incorporated |
Chief Financial Officer |
July 31, 2020 |
/s/ Ralph Izzo |
Ralph Izzo |
Public Service Electric and Gas Company |
Chief Executive Officer |
July 31, 2020 |
/s/ Daniel J. Cregg |
Daniel J. Cregg |
Public Service Electric and Gas Company |
Chief Financial Officer |
July 31, 2020 |
/s/ Ralph Izzo |
Ralph Izzo |
PSEG Power LLC |
Chief Executive Officer |
July 31, 2020 |
/s/ Daniel J. Cregg |
Daniel J. Cregg |
PSEG Power LLC |
Chief Financial Officer |
July 31, 2020 |
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Unrealized Gains (Losses) on Available-for-Sale Securities, tax | $ (12) | $ (12) | $ (18) | $ (25) |
| Unrealized Gains (Losses) on Cash Flow Hedges, Tax | (1) | 5 | 0 | 6 |
| Pension/OPEB adjustment, tax | (1) | (2) | (2) | (6) |
| Public Service Electric and Gas Company [Member] | ||||
| Unrealized Gains (Losses) on Available-for-Sale Securities, tax | (1) | (1) | (1) | (1) |
| PSEG Power [Member] | ||||
| Unrealized Gains (Losses) on Available-for-Sale Securities, tax | (12) | (11) | (16) | (22) |
| Pension/OPEB adjustment, tax | $ 0 | $ (1) | $ (1) | $ (5) |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Accounts Receivable, allowance | $ 117 | $ 60 |
| Unbilled Revenues, allowance | $ 4 | $ 0 |
| Common Stock, issued | 534 | 534 |
| Common Stock, authorized | 1,000 | 1,000 |
| Treasury Stock, Shares | 30 | 30 |
| Public Service Electric and Gas Company [Member] | ||
| Accounts Receivable, allowance | $ 117 | $ 60 |
| Unbilled Revenues, allowance | $ 4 | $ 0 |
| 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, 2020 |
Jun. 30, 2019 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net Income | $ 899 | $ 853 |
| Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 639 | 621 |
| Amortization of Nuclear Fuel | 93 | 89 |
| (Gain) Loss on Disposition of Assets | 0 | 395 |
| Emission Allowances and Renewable Energy Credit Compliance Accrual | 65 | 46 |
| Provision for Deferred Income Taxes and ITC | 104 | 123 |
| Non-Cash Employee Benefit Plan (Credits) Costs | (52) | (5) |
| Leveraged Lease (Income) Loss, Adjusted for Rents Received and Deferred Taxes | 11 | (3) |
| Net (Gain) Loss on Lease Investments | (2) | 32 |
| Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (1) | (320) |
| Cost of Removal | (44) | (61) |
| Net Change in Regulatory Assets and Liabilities | (70) | 84 |
| Net Realized (Gains) Losses and (Income) Expense from NDT Fund | 5 | (189) |
| Net Change in Certain Current Assets and Liabilities: | ||
| Tax Receivable | 16 | 77 |
| Accrued Taxes | 115 | (10) |
| Margin Deposit | 32 | 392 |
| Other Current Assets and Liabilities | (60) | (299) |
| Employee Benefit Plan Funding and Related Payments | (6) | (24) |
| Other | (80) | 23 |
| Net Cash Provided By (Used In) Operating Activities | 1,664 | 1,824 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Additions to Property, Plant and Equipment | (1,414) | (1,604) |
| Purchase of Emissions Allowances and RECs | (50) | (29) |
| Proceeds from Sale of Available-for-Sale Securities | 1,163 | 966 |
| Investments in Available-for-Sale Securities | (1,184) | (984) |
| Other | 52 | 29 |
| Net Cash Provided By (Used In) Investing Activities | (1,433) | (1,622) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net Change in Commercial Paper and Loans | (750) | (651) |
| Proceeds from Short-Term Loan | 800 | 0 |
| Proceeds from Issuance of Other Long-term Debt | 975 | 1,500 |
| Redemption of Long-term Debt | (406) | (600) |
| Cash Dividends Paid on Common Stock | (495) | (475) |
| Other | (64) | (60) |
| Net Cash Provided By (Used In) Financing Activities | 60 | (286) |
| Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 291 | (84) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 176 | 199 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | 467 | 115 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Income Taxes Paid (Received) | 41 | 25 |
| Interest Paid, Net of Amounts Capitalized | 288 | 256 |
| Accrued Property, Plant and Equipment Expenditures | 331 | 456 |
| Public Service Electric and Gas Company [Member] | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net Income | 723 | 630 |
| Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 439 | 414 |
| Provision for Deferred Income Taxes and ITC | 74 | 10 |
| Non-Cash Employee Benefit Plan (Credits) Costs | (51) | (19) |
| Cost of Removal | (44) | (61) |
| Net Change in Regulatory Assets and Liabilities | (70) | 84 |
| Net Change in Certain Current Assets and Liabilities: | ||
| Accounts Receivable and Unbilled Revenues | 69 | 75 |
| Fuel, Materials and Supplies | 1 | (21) |
| Prepayments | (155) | (194) |
| Accounts Payable | 39 | (97) |
| Accounts Receivable/Payable-Affiliated Companies, net | (5) | 0 |
| Other Current Assets and Liabilities | 40 | 27 |
| Employee Benefit Plan Funding and Related Payments | 0 | (15) |
| Other | (61) | 5 |
| Net Cash Provided By (Used In) Operating Activities | 999 | 838 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Additions to Property, Plant and Equipment | (1,190) | (1,258) |
| Proceeds from Sale of Available-for-Sale Securities | 23 | 19 |
| Investments in Available-for-Sale Securities | (22) | (17) |
| Solar Loan Investments | 0 | (1) |
| Other | 7 | 4 |
| Net Cash Provided By (Used In) Investing Activities | (1,182) | (1,253) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net Change in Commercial Paper and Loans | (362) | (82) |
| Proceeds from Issuance of Other Long-term Debt | 975 | 750 |
| Redemption of Long-term Debt | 0 | (250) |
| Cash Dividends Paid on Common Stock | (175) | 0 |
| Other | (11) | (8) |
| Net Cash Provided By (Used In) Financing Activities | 427 | 410 |
| Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | 244 | (5) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 50 | 61 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | 294 | 56 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Income Taxes Paid (Received) | 51 | (107) |
| Interest Paid, Net of Amounts Capitalized | 179 | 168 |
| Accrued Property, Plant and Equipment Expenditures | 282 | 289 |
| PSEG Power [Member] | ||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net Income | 183 | 256 |
| Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities: | ||
| Depreciation and Amortization | 185 | 189 |
| Amortization of Nuclear Fuel | 93 | 89 |
| (Gain) Loss on Disposition of Assets | 0 | 395 |
| Emission Allowances and Renewable Energy Credit Compliance Accrual | 65 | 46 |
| Provision for Deferred Income Taxes and ITC | 7 | 131 |
| Non-Cash Employee Benefit Plan (Credits) Costs | (3) | 9 |
| Interest Accretion on Asset Retirement Obligations | 21 | 20 |
| Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives | (1) | (320) |
| Net Realized (Gains) Losses and (Income) Expense from NDT Fund | 5 | (189) |
| Net Change in Certain Current Assets and Liabilities: | ||
| Fuel, Materials and Supplies | 70 | 90 |
| Margin Deposit | 32 | 392 |
| Accounts Receivable | (14) | 49 |
| Accounts Payable | (92) | (88) |
| Accounts Receivable/Payable-Affiliated Companies, net | 131 | 90 |
| Other Current Assets and Liabilities | 4 | 3 |
| Employee Benefit Plan Funding and Related Payments | (3) | (6) |
| Other | (57) | (6) |
| Net Cash Provided By (Used In) Operating Activities | 626 | 1,150 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Additions to Property, Plant and Equipment | (218) | (339) |
| Purchase of Emissions Allowances and RECs | (50) | (29) |
| Proceeds from Sale of Available-for-Sale Securities | 1,077 | 901 |
| Investments in Available-for-Sale Securities | (1,100) | (921) |
| Short-Term Loan-Affiliated Company | (45) | 348 |
| Other | 23 | 22 |
| Net Cash Provided By (Used In) Investing Activities | (223) | (714) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Redemption of Long-term Debt | (406) | 0 |
| Cash Dividends Paid on Common Stock | 0 | (250) |
| Short-Term Loan-Affiliated Company | 0 | (193) |
| Other | (1) | (1) |
| Net Cash Provided By (Used In) Financing Activities | (407) | (444) |
| Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash | (4) | (8) |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 21 | 22 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | 17 | 14 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Income Taxes Paid (Received) | 3 | (10) |
| Interest Paid, Net of Amounts Capitalized | 65 | 50 |
| Accrued Property, Plant and Equipment Expenditures | $ 49 | $ 167 |
Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock [Member] |
Treasury Stock [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Public Service Electric and Gas Company [Member] |
Public Service Electric and Gas Company [Member]
Common Stock [Member]
|
Public Service Electric and Gas Company [Member]
Retained Earnings [Member]
|
Public Service Electric and Gas Company [Member]
AOCI Attributable to Parent [Member]
|
Public Service Electric and Gas Company [Member]
Contributed Capital [Member]
|
Public Service Electric and Gas Company [Member]
Basis Adjustment [Member]
|
PSEG Power [Member] |
PSEG Power [Member]
Retained Earnings [Member]
|
PSEG Power [Member]
AOCI Attributable to Parent [Member]
|
PSEG Power [Member]
Contributed Capital [Member]
|
PSEG Power [Member]
Basis Adjustment [Member]
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares, Outstanding | 534 | (30) | ||||||||||||||
| Cumulative Effect Adjustment | $ 81 | $ (81) | $ 69 | $ (69) | ||||||||||||
| Total Stockholder's Equity | $ 14,377 | $ 4,980 | $ (808) | 10,582 | (377) | $ 10,900 | $ 892 | $ 7,928 | $ (1) | $ 1,095 | $ 986 | $ 5,960 | 5,051 | (319) | $ 2,214 | $ (986) |
| Net Income | 853 | 853 | 630 | 630 | 256 | 256 | ||||||||||
| Other Comprehensive Income (Loss), Net of Tax | 26 | 26 | 2 | 2 | 34 | 34 | ||||||||||
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 879 | 632 | 290 | |||||||||||||
| Dividends, Common Stock, Cash | (475) | (475) | 0 | (250) | (250) | |||||||||||
| Stockholders' Equity, Other | (27) | $ 0 | $ (27) | 0 | 0 | |||||||||||
| Stockholders' Equity, Other Shares | 0 | 0 | ||||||||||||||
| Shares, Outstanding | 534 | (30) | ||||||||||||||
| Total Stockholder's Equity | 14,814 | $ 4,969 | $ (839) | 11,125 | (441) | 11,304 | 892 | 8,331 | 0 | 1,095 | 986 | 6,022 | 5,166 | (372) | 2,214 | (986) |
| Net Income | 153 | 153 | 227 | 227 | (40) | (40) | ||||||||||
| Other Comprehensive Income (Loss), Net of Tax | 9 | 9 | 1 | 1 | 18 | 18 | ||||||||||
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 162 | 228 | (22) | |||||||||||||
| Dividends, Common Stock, Cash | (237) | (237) | 0 | |||||||||||||
| Stockholders' Equity, Other | 15 | $ 11 | $ 4 | 0 | 0 | |||||||||||
| Stockholders' Equity, Other Shares | 0 | 0 | ||||||||||||||
| Shares, Outstanding | 534 | (30) | ||||||||||||||
| Total Stockholder's Equity | 14,754 | $ 4,980 | $ (835) | 11,041 | (432) | 11,532 | 892 | 8,558 | 1 | 1,095 | 986 | 6,000 | 5,126 | (354) | 2,214 | (986) |
| Shares, Outstanding | 534 | (30) | ||||||||||||||
| Cumulative Effect Adjustment | (2) | (2) | (2) | (2) | ||||||||||||
| Total Stockholder's Equity | 15,089 | $ 5,003 | $ (831) | 11,406 | (489) | 11,903 | 892 | 8,928 | 2 | 1,095 | 986 | 5,890 | 5,063 | (401) | 2,214 | (986) |
| Net Income | 899 | 899 | 723 | 723 | 183 | 183 | ||||||||||
| Other Comprehensive Income (Loss), Net of Tax | 34 | 34 | 1 | 1 | 27 | 27 | ||||||||||
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 933 | 724 | 210 | |||||||||||||
| Dividends, Common Stock, Cash | (495) | (495) | 0 | (175) | (175) | |||||||||||
| Stockholders' Equity, Other | (34) | $ 0 | $ (34) | 0 | 0 | |||||||||||
| Stockholders' Equity, Other Shares | 0 | 0 | ||||||||||||||
| Shares, Outstanding | 534 | (30) | ||||||||||||||
| Total Stockholder's Equity | 15,249 | $ 4,994 | $ (868) | 11,604 | (481) | 12,166 | 892 | 9,191 | 2 | 1,095 | 986 | 5,912 | 5,076 | (392) | 2,214 | (986) |
| Net Income | 451 | 451 | 283 | 283 | 170 | 170 | ||||||||||
| Other Comprehensive Income (Loss), Net of Tax | 26 | 26 | 1 | 1 | 18 | 18 | ||||||||||
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 477 | 284 | 188 | |||||||||||||
| Dividends, Common Stock, Cash | (247) | (247) | 0 | |||||||||||||
| Stockholders' Equity, Other | 12 | $ 9 | $ 3 | 0 | 0 | |||||||||||
| Stockholders' Equity, Other Shares | 0 | 0 | ||||||||||||||
| Shares, Outstanding | 534 | (30) | ||||||||||||||
| Total Stockholder's Equity | $ 15,491 | $ 5,003 | $ (865) | $ 11,808 | $ (455) | $ 12,450 | $ 892 | $ 9,474 | $ 3 | $ 1,095 | $ 986 | $ 6,100 | $ 5,246 | $ (374) | $ 2,214 | $ (986) |
Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Other Comprehensive Income (Loss), Tax | $ (14) | $ (9) | $ (20) | $ (25) |
| Common Stock, Dividends, Per Share, Cash Paid | $ 0.49 | $ 0.47 | $ 0.98 | $ 0.94 |
| Public Service Electric and Gas Company [Member] | ||||
| Other Comprehensive Income (Loss), Tax | $ (1) | $ (1) | $ (1) | $ (1) |
| PSEG Power [Member] | ||||
| Other Comprehensive Income (Loss), Tax | $ (12) | $ (12) | $ (17) | $ (27) |
Organization and Basis of Presentation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (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 are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The respective 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 guidance 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, 2019. 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 significant 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, 2019. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2019) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
Fuel Inventory Fuel inventory at PSEG Power is valued at the lower of average cost or market and includes stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under PSEG Power’s gas supply contracts with PSE&G. The costs of fuel, including initial transportation costs, are included in inventory when purchased and charged to Energy Costs when used or sold. In the first quarter of 2020, PSEG Power recorded a $20 million lower of cost or market (LOCOM) adjustment to its fuel oil inventory due to the significant decline in market pricing. In the second quarter of 2020, PSEG Power reversed $9 million of the LOCOM adjustment recorded in the first quarter of 2020 due to recovery in the market price of oil. PSEG Power may continue to reverse the LOCOM adjustment in future quarters, limited to the adjustment recorded in the three months ended March 31, 2020, if the oil market recovers within the 2020 calendar year. However, downward adjustments in future quarters may be required if the market price of oil declines. Property, Plant and Equipment PSEG Power capitalizes costs, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG Power also capitalizes spare parts that meet specific criteria. Capitalized spares are depreciated over the remaining lives of their associated assets. In March 2020, the NRC approved Peach Bottom’s second license extension for both units. Concurrent with the license extensions, PSEG Power has extended the useful life of the asset to match the 80-year life expectation and reassessed the related Asset Retirement Cost (ARC) and Asset Retirement Obligation (ARO) assumptions. This resulted in an increase to the ARC asset and ARO liability of $74 million, primarily due to lower discount rates offset by a longer discounting period as a result of the Peach Bottom units’ longer expected useful life.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (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 are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The respective 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 guidance 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, 2019. 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 significant 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, 2019. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2019) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
Fuel Inventory Fuel inventory at PSEG Power is valued at the lower of average cost or market and includes stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under PSEG Power’s gas supply contracts with PSE&G. The costs of fuel, including initial transportation costs, are included in inventory when purchased and charged to Energy Costs when used or sold. In the first quarter of 2020, PSEG Power recorded a $20 million lower of cost or market (LOCOM) adjustment to its fuel oil inventory due to the significant decline in market pricing. In the second quarter of 2020, PSEG Power reversed $9 million of the LOCOM adjustment recorded in the first quarter of 2020 due to recovery in the market price of oil. PSEG Power may continue to reverse the LOCOM adjustment in future quarters, limited to the adjustment recorded in the three months ended March 31, 2020, if the oil market recovers within the 2020 calendar year. However, downward adjustments in future quarters may be required if the market price of oil declines. Property, Plant and Equipment PSEG Power capitalizes costs, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG Power also capitalizes spare parts that meet specific criteria. Capitalized spares are depreciated over the remaining lives of their associated assets. In March 2020, the NRC approved Peach Bottom’s second license extension for both units. Concurrent with the license extensions, PSEG Power has extended the useful life of the asset to match the 80-year life expectation and reassessed the related Asset Retirement Cost (ARC) and Asset Retirement Obligation (ARO) assumptions. This resulted in an increase to the ARC asset and ARO liability of $74 million, primarily due to lower discount rates offset by a longer discounting period as a result of the Peach Bottom units’ longer expected useful life.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization and Basis of Presentation | Organization, Basis of Presentation and Significant Accounting Policies Organization Public Service Enterprise Group Incorporated (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 are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily has investments in leveraged leases; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost. Basis of Presentation The respective 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 guidance 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, 2019. 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 significant 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, 2019. Significant Accounting Policies Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2019) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
Fuel Inventory Fuel inventory at PSEG Power is valued at the lower of average cost or market and includes stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under PSEG Power’s gas supply contracts with PSE&G. The costs of fuel, including initial transportation costs, are included in inventory when purchased and charged to Energy Costs when used or sold. In the first quarter of 2020, PSEG Power recorded a $20 million lower of cost or market (LOCOM) adjustment to its fuel oil inventory due to the significant decline in market pricing. In the second quarter of 2020, PSEG Power reversed $9 million of the LOCOM adjustment recorded in the first quarter of 2020 due to recovery in the market price of oil. PSEG Power may continue to reverse the LOCOM adjustment in future quarters, limited to the adjustment recorded in the three months ended March 31, 2020, if the oil market recovers within the 2020 calendar year. However, downward adjustments in future quarters may be required if the market price of oil declines. Property, Plant and Equipment PSEG Power capitalizes costs, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG Power also capitalizes spare parts that meet specific criteria. Capitalized spares are depreciated over the remaining lives of their associated assets. In March 2020, the NRC approved Peach Bottom’s second license extension for both units. Concurrent with the license extensions, PSEG Power has extended the useful life of the asset to match the 80-year life expectation and reassessed the related Asset Retirement Cost (ARC) and Asset Retirement Obligation (ARO) assumptions. This resulted in an increase to the ARC asset and ARO liability of $74 million, primarily due to lower discount rates offset by a longer discounting period as a result of the Peach Bottom units’ longer expected useful life.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Standards |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Measurement of Credit Losses on Financial Instruments—Accounting Standards Update (ASU) 2016-13, updated by ASU 2018-19, 2019-04, 2019-05, 2019-11 and 2020-02 This accounting standard provides a new model for recognizing credit losses on financial assets. 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 based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is used; however, the initial allowance is added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale debt securities are measured in a manner similar to current GAAP; however, this standard requires those credit losses be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of the allowance for credit losses by financial asset type, including 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. PSEG adopted this standard on January 1, 2020 on a modified retrospective basis. Upon adoption, PSE&G recorded an increase of $8 million to its allowance for credit losses, offset by a $6 million increase to Regulatory and Other Assets, and a $2 million cumulative effect charge to Retained Earnings. See Note 3. Revenues. There was no impact from adoption of this standard on the financial statements of PSEG Power. Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement—ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements have been eliminated. The standard also adds certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard on January 1, 2020. Certain amendments in the standard have been applied prospectively in 2020. All other amendments of the standard were applied retrospectively to all periods presented. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract—ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in Accounting Standard Codification 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard prospectively on January 1, 2020. PSEG, PSE&G and PSEG Power do not expect a material impact on their respective financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE)—ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements are considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. PSEG adopted this standard on January 1, 2020. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Simplifying the Test for Goodwill Impairment—ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This standard requires application on a prospective basis and disclosure of the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. PSEG early adopted this standard in the fourth quarter of 2019, and recorded an impairment loss of $16 million in O&M Expense. Codification Improvements to Financial Instruments—ASU 2020-03 This accounting standard provides clarification of guidance for financial instruments and makes narrow scope amendments related to various issues. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Facilitation of the Effects of Reference Rate Reform on Financial Reporting—ASU 2020-04 This accounting standard provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The standard is effective from its issuance date, March 12, 2020, through December 31, 2022. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. New Standards Issued But Not Yet Adopted as of June 30, 2020 Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans—ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. Amendments in this standard will be applied on a retrospective basis to all periods presented. PSEG is currently analyzing the impact of this standard on its disclosures. Simplifying the Accounting for Income Taxes—ASU 2019-12 This accounting standard simplifies the accounting for income taxes, including the elimination of certain exceptions to current requirements. Certain other requirements related to franchise taxes that are partially based on income, step-up of tax basis of goodwill and allocation of consolidated taxes to legal entities have been added and certain clarifications were made to other requirements. The standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. Certain amendments in this standard will be applied on a retrospective basis to all periods presented. Certain other amendments will be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative effect adjustment to Retained Earnings as of the beginning of the fiscal year of adoption. All other amendments will be applied on a prospective basis. PSEG is currently analyzing the impact of this standard on its financial statements. Clarifying the Interactions between Investments-Equity Securities, Investments-Equity Method and Joint Ventures, and Derivatives and Hedging—ASU 2020-01 This accounting standard clarifies that an entity should consider transaction prices for purposes of measuring the fair value of certain equity securities immediately before applying or upon discontinuing the equity method. This accounting standard also clarifies that when accounting for contracts entered into to purchase equity securities, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. The standard is effective for fiscal years beginning after December 15, 2020. Amendments in this standard will be applied prospectively. PSEG is currently analyzing the impact of this standard on its financial statements.
|
| Public Service Electric and Gas Company [Member] | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Measurement of Credit Losses on Financial Instruments—Accounting Standards Update (ASU) 2016-13, updated by ASU 2018-19, 2019-04, 2019-05, 2019-11 and 2020-02 This accounting standard provides a new model for recognizing credit losses on financial assets. 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 based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is used; however, the initial allowance is added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale debt securities are measured in a manner similar to current GAAP; however, this standard requires those credit losses be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of the allowance for credit losses by financial asset type, including 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. PSEG adopted this standard on January 1, 2020 on a modified retrospective basis. Upon adoption, PSE&G recorded an increase of $8 million to its allowance for credit losses, offset by a $6 million increase to Regulatory and Other Assets, and a $2 million cumulative effect charge to Retained Earnings. See Note 3. Revenues. There was no impact from adoption of this standard on the financial statements of PSEG Power. Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement—ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements have been eliminated. The standard also adds certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard on January 1, 2020. Certain amendments in the standard have been applied prospectively in 2020. All other amendments of the standard were applied retrospectively to all periods presented. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract—ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in Accounting Standard Codification 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard prospectively on January 1, 2020. PSEG, PSE&G and PSEG Power do not expect a material impact on their respective financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE)—ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements are considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. PSEG adopted this standard on January 1, 2020. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Simplifying the Test for Goodwill Impairment—ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This standard requires application on a prospective basis and disclosure of the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. PSEG early adopted this standard in the fourth quarter of 2019, and recorded an impairment loss of $16 million in O&M Expense. Codification Improvements to Financial Instruments—ASU 2020-03 This accounting standard provides clarification of guidance for financial instruments and makes narrow scope amendments related to various issues. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Facilitation of the Effects of Reference Rate Reform on Financial Reporting—ASU 2020-04 This accounting standard provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The standard is effective from its issuance date, March 12, 2020, through December 31, 2022. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. New Standards Issued But Not Yet Adopted as of June 30, 2020 Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans—ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. Amendments in this standard will be applied on a retrospective basis to all periods presented. PSEG is currently analyzing the impact of this standard on its disclosures. Simplifying the Accounting for Income Taxes—ASU 2019-12 This accounting standard simplifies the accounting for income taxes, including the elimination of certain exceptions to current requirements. Certain other requirements related to franchise taxes that are partially based on income, step-up of tax basis of goodwill and allocation of consolidated taxes to legal entities have been added and certain clarifications were made to other requirements. The standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. Certain amendments in this standard will be applied on a retrospective basis to all periods presented. Certain other amendments will be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative effect adjustment to Retained Earnings as of the beginning of the fiscal year of adoption. All other amendments will be applied on a prospective basis. PSEG is currently analyzing the impact of this standard on its financial statements. Clarifying the Interactions between Investments-Equity Securities, Investments-Equity Method and Joint Ventures, and Derivatives and Hedging—ASU 2020-01 This accounting standard clarifies that an entity should consider transaction prices for purposes of measuring the fair value of certain equity securities immediately before applying or upon discontinuing the equity method. This accounting standard also clarifies that when accounting for contracts entered into to purchase equity securities, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. The standard is effective for fiscal years beginning after December 15, 2020. Amendments in this standard will be applied prospectively. PSEG is currently analyzing the impact of this standard on its financial statements.
|
| PSEG Power [Member] | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Recent Accounting Standards | Recent Accounting Standards New Standards Issued and Adopted Measurement of Credit Losses on Financial Instruments—Accounting Standards Update (ASU) 2016-13, updated by ASU 2018-19, 2019-04, 2019-05, 2019-11 and 2020-02 This accounting standard provides a new model for recognizing credit losses on financial assets. 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 based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is used; however, the initial allowance is added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale debt securities are measured in a manner similar to current GAAP; however, this standard requires those credit losses be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of the allowance for credit losses by financial asset type, including 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. PSEG adopted this standard on January 1, 2020 on a modified retrospective basis. Upon adoption, PSE&G recorded an increase of $8 million to its allowance for credit losses, offset by a $6 million increase to Regulatory and Other Assets, and a $2 million cumulative effect charge to Retained Earnings. See Note 3. Revenues. There was no impact from adoption of this standard on the financial statements of PSEG Power. Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement—ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements have been eliminated. The standard also adds certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard on January 1, 2020. Certain amendments in the standard have been applied prospectively in 2020. All other amendments of the standard were applied retrospectively to all periods presented. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract—ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in Accounting Standard Codification 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard prospectively on January 1, 2020. PSEG, PSE&G and PSEG Power do not expect a material impact on their respective financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE)—ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements are considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. PSEG adopted this standard on January 1, 2020. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Simplifying the Test for Goodwill Impairment—ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This standard requires application on a prospective basis and disclosure of the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. PSEG early adopted this standard in the fourth quarter of 2019, and recorded an impairment loss of $16 million in O&M Expense. Codification Improvements to Financial Instruments—ASU 2020-03 This accounting standard provides clarification of guidance for financial instruments and makes narrow scope amendments related to various issues. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Facilitation of the Effects of Reference Rate Reform on Financial Reporting—ASU 2020-04 This accounting standard provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The standard is effective from its issuance date, March 12, 2020, through December 31, 2022. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. New Standards Issued But Not Yet Adopted as of June 30, 2020 Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans—ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. Amendments in this standard will be applied on a retrospective basis to all periods presented. PSEG is currently analyzing the impact of this standard on its disclosures. Simplifying the Accounting for Income Taxes—ASU 2019-12 This accounting standard simplifies the accounting for income taxes, including the elimination of certain exceptions to current requirements. Certain other requirements related to franchise taxes that are partially based on income, step-up of tax basis of goodwill and allocation of consolidated taxes to legal entities have been added and certain clarifications were made to other requirements. The standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. Certain amendments in this standard will be applied on a retrospective basis to all periods presented. Certain other amendments will be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative effect adjustment to Retained Earnings as of the beginning of the fiscal year of adoption. All other amendments will be applied on a prospective basis. PSEG is currently analyzing the impact of this standard on its financial statements. Clarifying the Interactions between Investments-Equity Securities, Investments-Equity Method and Joint Ventures, and Derivatives and Hedging—ASU 2020-01 This accounting standard clarifies that an entity should consider transaction prices for purposes of measuring the fair value of certain equity securities immediately before applying or upon discontinuing the equity method. This accounting standard also clarifies that when accounting for contracts entered into to purchase equity securities, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. The standard is effective for fiscal years beginning after December 15, 2020. Amendments in this standard will be applied prospectively. PSEG is currently analyzing the impact of this standard on its financial statements.
|
Revenues Revenues |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and PSEG Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power Revenues from Contracts with Customers Electricity and Related Products—Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Interconnection, L.L.C. (PJM) Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers PSEG Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2020 and December 31, 2019. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately ten percent and six percent of accounts receivable (including unbilled revenues in 2020) as of June 30, 2020 and December 31, 2019, respectively. As of December 31, 2019, there was no allowance for unbilled revenues. Effective January 1, 2020, PSE&G adopted ASU 2016-13 and recorded an allowance for unbilled revenues. See Note 2. Recent Accounting Standards. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic on the outstanding balances as of June 30, 2020. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2020:
(A)Includes an $8 million pre-tax increase at adoption of ASU 2016-13. See Note 2. Recent Accounting Standards. PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2020 and December 31, 2019. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of June 30, 2020. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of June 30, 2020 and December 31, 2019. Remaining Performance Obligations under Fixed Consideration Contracts PSEG Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
Capacity Payments from the ISO New England Forward Capacity Market (FCM)—The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:
Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $154 million. Other The LIPA OSA is a 12-year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2020 is $67 million and could increase each year based on the change in the Consumer Price Index.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and PSEG Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power Revenues from Contracts with Customers Electricity and Related Products—Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Interconnection, L.L.C. (PJM) Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers PSEG Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2020 and December 31, 2019. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately ten percent and six percent of accounts receivable (including unbilled revenues in 2020) as of June 30, 2020 and December 31, 2019, respectively. As of December 31, 2019, there was no allowance for unbilled revenues. Effective January 1, 2020, PSE&G adopted ASU 2016-13 and recorded an allowance for unbilled revenues. See Note 2. Recent Accounting Standards. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic on the outstanding balances as of June 30, 2020. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2020:
(A)Includes an $8 million pre-tax increase at adoption of ASU 2016-13. See Note 2. Recent Accounting Standards. PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2020 and December 31, 2019. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of June 30, 2020. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of June 30, 2020 and December 31, 2019. Remaining Performance Obligations under Fixed Consideration Contracts PSEG Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
Capacity Payments from the ISO New England Forward Capacity Market (FCM)—The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:
Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $154 million. Other The LIPA OSA is a 12-year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2020 is $67 million and could increase each year based on the change in the Consumer Price Index.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Text Block] | Revenues Nature of Goods and Services The following is a description of principal activities by reportable segment from which PSEG, PSE&G and PSEG Power generate their revenues. PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power Revenues from Contracts with Customers Electricity and Related Products—Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Interconnection, L.L.C. (PJM) Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers PSEG Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance. Disaggregation of Revenues
Contract Balances PSE&G PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of June 30, 2020 and December 31, 2019. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately ten percent and six percent of accounts receivable (including unbilled revenues in 2020) as of June 30, 2020 and December 31, 2019, respectively. As of December 31, 2019, there was no allowance for unbilled revenues. Effective January 1, 2020, PSE&G adopted ASU 2016-13 and recorded an allowance for unbilled revenues. See Note 2. Recent Accounting Standards. Accounts Receivable—Allowance for Credit Losses PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported in the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the ongoing coronavirus pandemic on the outstanding balances as of June 30, 2020. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause mechanism. The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2020:
(A)Includes an $8 million pre-tax increase at adoption of ASU 2016-13. See Note 2. Recent Accounting Standards. PSEG Power PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2020 and December 31, 2019. PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets. PSEG Power’s accounts receivable consist mainly of revenues from wholesale load contracts and capacity sales which are executed in the different ISO regions. PSEG Power also sells energy and ancillary services directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of month of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of June 30, 2020. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses. Other PSEG LI did not have any material contract balances as of June 30, 2020 and December 31, 2019. Remaining Performance Obligations under Fixed Consideration Contracts PSEG Power and PSE&G primarily record revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows: PSEG Power As previously stated, capacity transactions with ISOs are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
Capacity Payments from the ISO New England Forward Capacity Market (FCM)—The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:
Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $154 million. Other The LIPA OSA is a 12-year services contract ending in 2025 with annual fixed and incentive components. The fixed fee for the provision of services thereunder in 2020 is $67 million and could increase each year based on the change in the Consumer Price Index.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Early Plant Retirements/Asset Dispositions [Line Items] | |
| Early Plant Retirements/Asset Dispositions | Early Plant Retirements/Asset Dispositions Nuclear In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs by the BPU. Pursuant to a process established by the BPU, ZECs are purchased from selected nuclear plants and recovered through a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour (KWh) used (which is equivalent to approximately $10 per megawatt hour (MWh) generated in payments to selected nuclear plants (ZEC payment)). These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, and will be obligated to maintain operations during that period, subject to exceptions specified in the ZEC legislation. PSEG Power has and will continue to recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. The ZEC payment may be adjusted by the BPU (a) at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source or (b) at certain times specified in the ZEC legislation if the BPU determines that the purposes of the ZEC legislation can be achieved through a reduced charge that will nonetheless be sufficient to achieve the state’s air quality and other environmental objectives by preventing the retirement of nuclear plants. For instance, the New Jersey Rate Counsel, in written comments filed with the BPU, has advocated for the BPU to offset market benefits resulting from New Jersey’s rejoining the Regional Greenhouse Gas Initiative from the ZEC payment. PSEG intends to vigorously defend against these arguments. Due to its preliminary nature, PSEG cannot predict the outcome of this matter. The BPU’s decision awarding ZECs has been appealed by the New Jersey Rate Counsel. PSEG cannot predict the outcome of this matter. The BPU issued an order in May 2020 outlining the process for applying for ZECs for the next three-year eligibility period starting in June 2022 and is expected to issue a decision regarding any ZEC applications and any change in the amount of future ZEC payments by April 2021. PSEG Power is not aware of any changes that would materially affect its ability to establish eligibility to be awarded ZECs under the application requirements that resulted in the award of ZECs to Salem 1, Salem 2 and Hope Creek in April 2019. However, PSEG Power cannot predict whether other plants besides Salem 1, Salem 2 and Hope Creek will apply for ZECs in the future. In the event that (i) the ZEC program is overturned or otherwise materially adversely modified through legal process, (ii) the terms and conditions of the subsequent period under the ZEC program, including the amount of ZEC payments that may be awarded, materially differ from those of the current ZEC period, or (iii) any of the Salem 1, Salem 2 and Hope Creek plants is not awarded ZEC payments by the BPU and does not otherwise experience a material financial change, PSEG Power will take all necessary steps to retire all of these plants subsequent to the initial ZEC period at or prior to a scheduled refueling outage. Alternatively, if all of the Salem 1, Salem 2 and Hope Creek plants are selected to continue to receive ZEC payments but the financial condition of the plants is materially adversely impacted by changes in commodity prices, FERC’s changes to the capacity market construct (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC-authorized capacity mechanism), or, in the case of the Salem nuclear plants, decisions by the EPA and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act and related state regulations, or other factors, PSEG Power would still take all necessary steps to retire all of these plants. The costs and accounting charges associated with any such retirement, which may include, among other things, accelerated Depreciation and Amortization Expense, impairment charges, potential penalties associated with the early termination of capacity obligations and fuel contracts, accelerated asset retirement costs, severance costs, environmental remediation costs and, in certain circumstances potential additional funding of the Nuclear Decommissioning Trust Fund, would be material to both PSEG and PSEG Power. Non-Nuclear On July 31, 2020, PSEG announced that it is exploring strategic alternatives for PSEG Power’s non-nuclear generating fleet, which includes more than 6,750 MW of fossil generation located in New Jersey, Connecticut, New York and Maryland as well as the 467 MW Solar Source portfolio located in various states. PSEG intends to retain ownership of PSEG Power’s existing nuclear fleet. While the company is in the preliminary stage of this evaluation, marketing a potential transaction in one or a series of steps, anticipated to launch in the fourth quarter of this year, is expected to be completed sometime in 2021. There is no assurance that the strategic review will result in a sale or other disposition of all or any portion of these assets on terms that are favorable to us, or at all. Any transaction would be subject to market conditions and customary closing conditions, including the receipt of all required regulatory approvals. A change in the held for use classification of the remaining fossil and solar units may have a material adverse impact on PSEG’s and PSEG Power’s future financial results. In February 2020, PSEG Fossil LLC (Fossil), a direct wholly owned subsidiary of PSEG Power, entered into a Purchase Agreement with Yards Creek Energy, LLC (Yards Creek Energy), an affiliate of LS Power, relating to the sale by Fossil of its ownership interests in the Yards Creek generation facility and related assets, including the assumption by Yards Creek Energy of related liabilities. The transaction is expected to close during the second half of 2020, subject to customary closing conditions and regulatory approvals. As a result, $29 million and $28 million of Property, Plant and Equipment have been classified as Assets Held for Sale on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively. In September 2019, PSEG Power completed the sale of its ownership interests in the Keystone and Conemaugh generation plants and related assets and liabilities. PSEG Power recorded a pre-tax loss on disposition of approximately $400 million in the second quarter of 2019 as the sale price was less than book value.
|
| PSEG Power [Member] | |
| Early Plant Retirements/Asset Dispositions [Line Items] | |
| Early Plant Retirements/Asset Dispositions | Early Plant Retirements/Asset Dispositions Nuclear In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs by the BPU. Pursuant to a process established by the BPU, ZECs are purchased from selected nuclear plants and recovered through a non-bypassable distribution charge in the amount of $0.004 per kilowatt-hour (KWh) used (which is equivalent to approximately $10 per megawatt hour (MWh) generated in payments to selected nuclear plants (ZEC payment)). These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, and will be obligated to maintain operations during that period, subject to exceptions specified in the ZEC legislation. PSEG Power has and will continue to recognize revenue monthly as the nuclear plants generate electricity and satisfy their performance obligations. The ZEC payment may be adjusted by the BPU (a) at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source or (b) at certain times specified in the ZEC legislation if the BPU determines that the purposes of the ZEC legislation can be achieved through a reduced charge that will nonetheless be sufficient to achieve the state’s air quality and other environmental objectives by preventing the retirement of nuclear plants. For instance, the New Jersey Rate Counsel, in written comments filed with the BPU, has advocated for the BPU to offset market benefits resulting from New Jersey’s rejoining the Regional Greenhouse Gas Initiative from the ZEC payment. PSEG intends to vigorously defend against these arguments. Due to its preliminary nature, PSEG cannot predict the outcome of this matter. The BPU’s decision awarding ZECs has been appealed by the New Jersey Rate Counsel. PSEG cannot predict the outcome of this matter. The BPU issued an order in May 2020 outlining the process for applying for ZECs for the next three-year eligibility period starting in June 2022 and is expected to issue a decision regarding any ZEC applications and any change in the amount of future ZEC payments by April 2021. PSEG Power is not aware of any changes that would materially affect its ability to establish eligibility to be awarded ZECs under the application requirements that resulted in the award of ZECs to Salem 1, Salem 2 and Hope Creek in April 2019. However, PSEG Power cannot predict whether other plants besides Salem 1, Salem 2 and Hope Creek will apply for ZECs in the future. In the event that (i) the ZEC program is overturned or otherwise materially adversely modified through legal process, (ii) the terms and conditions of the subsequent period under the ZEC program, including the amount of ZEC payments that may be awarded, materially differ from those of the current ZEC period, or (iii) any of the Salem 1, Salem 2 and Hope Creek plants is not awarded ZEC payments by the BPU and does not otherwise experience a material financial change, PSEG Power will take all necessary steps to retire all of these plants subsequent to the initial ZEC period at or prior to a scheduled refueling outage. Alternatively, if all of the Salem 1, Salem 2 and Hope Creek plants are selected to continue to receive ZEC payments but the financial condition of the plants is materially adversely impacted by changes in commodity prices, FERC’s changes to the capacity market construct (absent sufficient capacity revenues provided under a program approved by the BPU in accordance with a FERC-authorized capacity mechanism), or, in the case of the Salem nuclear plants, decisions by the EPA and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act and related state regulations, or other factors, PSEG Power would still take all necessary steps to retire all of these plants. The costs and accounting charges associated with any such retirement, which may include, among other things, accelerated Depreciation and Amortization Expense, impairment charges, potential penalties associated with the early termination of capacity obligations and fuel contracts, accelerated asset retirement costs, severance costs, environmental remediation costs and, in certain circumstances potential additional funding of the Nuclear Decommissioning Trust Fund, would be material to both PSEG and PSEG Power. Non-Nuclear On July 31, 2020, PSEG announced that it is exploring strategic alternatives for PSEG Power’s non-nuclear generating fleet, which includes more than 6,750 MW of fossil generation located in New Jersey, Connecticut, New York and Maryland as well as the 467 MW Solar Source portfolio located in various states. PSEG intends to retain ownership of PSEG Power’s existing nuclear fleet. While the company is in the preliminary stage of this evaluation, marketing a potential transaction in one or a series of steps, anticipated to launch in the fourth quarter of this year, is expected to be completed sometime in 2021. There is no assurance that the strategic review will result in a sale or other disposition of all or any portion of these assets on terms that are favorable to us, or at all. Any transaction would be subject to market conditions and customary closing conditions, including the receipt of all required regulatory approvals. A change in the held for use classification of the remaining fossil and solar units may have a material adverse impact on PSEG’s and PSEG Power’s future financial results. In February 2020, PSEG Fossil LLC (Fossil), a direct wholly owned subsidiary of PSEG Power, entered into a Purchase Agreement with Yards Creek Energy, LLC (Yards Creek Energy), an affiliate of LS Power, relating to the sale by Fossil of its ownership interests in the Yards Creek generation facility and related assets, including the assumption by Yards Creek Energy of related liabilities. The transaction is expected to close during the second half of 2020, subject to customary closing conditions and regulatory approvals. As a result, $29 million and $28 million of Property, Plant and Equipment have been classified as Assets Held for Sale on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019, respectively. In September 2019, PSEG Power completed the sale of its ownership interests in the Keystone and Conemaugh generation plants and related assets and liabilities. PSEG Power recorded a pre-tax loss on disposition of approximately $400 million in the second quarter of 2019 as the sale price was less than book value.
|
Variable Interest Entities (VIEs) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Variable Interest Entity [Line Items] | |
| Variable Interest Entities (VIEs) | Variable Interest Entity (VIE) VIE for which PSEG LI is the Primary Beneficiary PSEG LI consolidates 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 and controls the services provided to LIPA, 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 O&M Expense, respectively. Servco recorded $125 million and $118 million for the three months and $252 million and $233 million for the six months ended June 30, 2020 and 2019, 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 |
|---|---|
Jun. 30, 2020 | |
| Regulatory Assets [Line Items] | |
| Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2019. 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 are as follows: COVID-19 Deferral—In July 2020, the BPU authorized regulated utilities in the State of New Jersey to create a COVID-19-related Regulatory Asset by deferring on their books and records the prudently incurred incremental costs related to COVID-19 beginning on March 9, 2020 through September 30, 2021, or 60 days after the New Jersey governor determines that the Public Health Emergency is no longer in effect, or in the absence of such a determination, 60 days from the time the Public Health Emergency automatically terminates by law, whichever is later. Deferred costs should be offset by any federal or state assistance that the utility may receive as a direct result of the COVID-19 pandemic. Utilities must file quarterly reports of the costs incurred and offsets, with the first quarterly report due on August 1, 2020 for the period ending June 30, 2020. Each New Jersey utility regulated by the BPU must file a petition by December 31, 2021, or within 60 days of the close of the Regulatory Asset period as described above, whichever is later. Any potential rate recovery, including any prudency determinations and the appropriate period of recovery, will be addressed through that filing, or in the alternative, the utility may request that the BPU defer consideration of rate recovery for a future base rate case. PSE&G will make its first filing on August 3, 2020 and is evaluating the order and the deferral amounts that would be allowed under the order and expects to record a deferral commencing in the third quarter of 2020. Transmission Formula Rates—In June 2020, PSE&G filed its 2019 true-up adjustment pertaining to its transmission formula rates in effect for 2019. This filing resulted in an additional annual revenue requirement of $24 million more than the 2019 originally filed revenue. In April 2020, the Internal Revenue Service (IRS) issued a Private Letter Ruling (PLR) to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC approved PSE&G’s request to allow the entire amount of these unprotected excess deferred income taxes be returned to customers in the 2019 true-up filing. PSE&G had previously recognized the majority of the revenue requirement true-up in its 2019 Consolidated Statement of Operations, except for the revenue reduction resulting from the flowback of the additional unprotected excess deferred income taxes which reduces the revenue requirement by $37 million. The related revenue reduction for the excess deferred income tax adjustment will be recognized in the third quarter of 2020, and included as a 2021 reduction to transmission rates. Basic Gas Supply Service (BGSS)—In June 2020, PSE&G made its annual BGSS filing with the BPU requesting to maintain the current BGSS rate of 32 cents. If approved, the BGSS rate would remain in place beginning October 1, 2020. This matter is pending. Gas System Modernization Program II (GSMP II)—In July 2020, the BPU approved PSE&G’s GSMP II cost recovery petition requesting approximately $18 million in gas revenues on an annual basis, which included GSMP II investments in service as of February 29, 2020. The increase was effective July 16, 2020. In June 2020, PSE&G filed a GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $22 million effective December 1, 2020. This increase represents the return on and of GSMP II investments expected to be in service through August 31, 2020. This request will be updated in September 2020 for actual costs. Tax Adjustment Credit (TAC)—In July 2020, the BPU gave final approval to PSE&G’s TAC filing that had been approved on a provisional basis in January 2020, with additional credits included in the final ruling. The final approval provides for a reduction to electric and gas revenues of $25 million and $29 million, respectively, on an annual basis effective July 16, 2020. As discussed above, PSE&G received a PLR from the IRS in April 2020 that concluded that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the tax normalization rules allowing them to be refunded to customers sooner as agreed to with the BPU. As part of a procedural discovery to obtain the BPU’s final approval, PSE&G proposed that it change its current provisional TAC rates to increase the credit and start flowing back these unprotected amounts starting in July 2020 through December 31, 2024, which the BPU approved. This resulted in a total additional credit to electric and gas customers of $50 million and $46 million, respectively, of which $10 million and $19 million will be flowed back annually, effective July 16, 2020 for electric and gas, respectively. Weather Normalization Charge (WNC)—In June 2020, PSE&G filed its 2019-2020 WNC petition seeking to recover an undercollection of $34 million from customers over the 2020-2021 Winter Period. The undercollection is the result of deficient revenues from the warmer-than-normal 2019-2020 Winter Period. This matter is pending. Green Program Recovery Charge (GPRC)—In June 2020, PSE&G filed its 2020 GPRC cost recovery petition requesting recovery of approximately $67 million and $20 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Transition Incentive Program—In 2019, the BPU approved an order establishing a Transition Incentive Program to serve as a bridge between the existing Solar Renewable Energy Certificate (SREC) program and a to-be-established successor program and created a new incentive mechanism known as Transition Renewable Incentive Certificates (TRECs). TRECs will be awarded to qualifying solar projects under the new program. In the TREC Order, the BPU directed the New Jersey EDCs to engage a TREC Administrator to acquire, on behalf of the EDCs. TRECs produced by eligible solar projects, which will be funded through a TREC charge to electric customers collected by the EDCs. The order allows the EDCs to recover their costs associated with the TREC program in an annual filing, subject to approval by the BPU. In April 2020, PSE&G filed for increased rates of approximately $23 million annually for recovery of its expected share of TREC costs. PSE&G’s filing proposes to recover the revenue requirements associated with the TREC Program as a new component of PSE&G’s existing electric GPRC. This matter is pending.
|
| Public Service Electric and Gas Company [Member] | |
| Regulatory Assets [Line Items] | |
| Rate Filings | Rate Filings This Note should be read in conjunction with Note 7. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2019. 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 are as follows: COVID-19 Deferral—In July 2020, the BPU authorized regulated utilities in the State of New Jersey to create a COVID-19-related Regulatory Asset by deferring on their books and records the prudently incurred incremental costs related to COVID-19 beginning on March 9, 2020 through September 30, 2021, or 60 days after the New Jersey governor determines that the Public Health Emergency is no longer in effect, or in the absence of such a determination, 60 days from the time the Public Health Emergency automatically terminates by law, whichever is later. Deferred costs should be offset by any federal or state assistance that the utility may receive as a direct result of the COVID-19 pandemic. Utilities must file quarterly reports of the costs incurred and offsets, with the first quarterly report due on August 1, 2020 for the period ending June 30, 2020. Each New Jersey utility regulated by the BPU must file a petition by December 31, 2021, or within 60 days of the close of the Regulatory Asset period as described above, whichever is later. Any potential rate recovery, including any prudency determinations and the appropriate period of recovery, will be addressed through that filing, or in the alternative, the utility may request that the BPU defer consideration of rate recovery for a future base rate case. PSE&G will make its first filing on August 3, 2020 and is evaluating the order and the deferral amounts that would be allowed under the order and expects to record a deferral commencing in the third quarter of 2020. Transmission Formula Rates—In June 2020, PSE&G filed its 2019 true-up adjustment pertaining to its transmission formula rates in effect for 2019. This filing resulted in an additional annual revenue requirement of $24 million more than the 2019 originally filed revenue. In April 2020, the Internal Revenue Service (IRS) issued a Private Letter Ruling (PLR) to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC approved PSE&G’s request to allow the entire amount of these unprotected excess deferred income taxes be returned to customers in the 2019 true-up filing. PSE&G had previously recognized the majority of the revenue requirement true-up in its 2019 Consolidated Statement of Operations, except for the revenue reduction resulting from the flowback of the additional unprotected excess deferred income taxes which reduces the revenue requirement by $37 million. The related revenue reduction for the excess deferred income tax adjustment will be recognized in the third quarter of 2020, and included as a 2021 reduction to transmission rates. Basic Gas Supply Service (BGSS)—In June 2020, PSE&G made its annual BGSS filing with the BPU requesting to maintain the current BGSS rate of 32 cents. If approved, the BGSS rate would remain in place beginning October 1, 2020. This matter is pending. Gas System Modernization Program II (GSMP II)—In July 2020, the BPU approved PSE&G’s GSMP II cost recovery petition requesting approximately $18 million in gas revenues on an annual basis, which included GSMP II investments in service as of February 29, 2020. The increase was effective July 16, 2020. In June 2020, PSE&G filed a GSMP II cost recovery petition seeking BPU approval to recover in gas base rates an estimated annual revenue increase of $22 million effective December 1, 2020. This increase represents the return on and of GSMP II investments expected to be in service through August 31, 2020. This request will be updated in September 2020 for actual costs. Tax Adjustment Credit (TAC)—In July 2020, the BPU gave final approval to PSE&G’s TAC filing that had been approved on a provisional basis in January 2020, with additional credits included in the final ruling. The final approval provides for a reduction to electric and gas revenues of $25 million and $29 million, respectively, on an annual basis effective July 16, 2020. As discussed above, PSE&G received a PLR from the IRS in April 2020 that concluded that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the tax normalization rules allowing them to be refunded to customers sooner as agreed to with the BPU. As part of a procedural discovery to obtain the BPU’s final approval, PSE&G proposed that it change its current provisional TAC rates to increase the credit and start flowing back these unprotected amounts starting in July 2020 through December 31, 2024, which the BPU approved. This resulted in a total additional credit to electric and gas customers of $50 million and $46 million, respectively, of which $10 million and $19 million will be flowed back annually, effective July 16, 2020 for electric and gas, respectively. Weather Normalization Charge (WNC)—In June 2020, PSE&G filed its 2019-2020 WNC petition seeking to recover an undercollection of $34 million from customers over the 2020-2021 Winter Period. The undercollection is the result of deficient revenues from the warmer-than-normal 2019-2020 Winter Period. This matter is pending. Green Program Recovery Charge (GPRC)—In June 2020, PSE&G filed its 2020 GPRC cost recovery petition requesting recovery of approximately $67 million and $20 million in electric and gas revenues, respectively, on an annual basis. This matter is pending. Transition Incentive Program—In 2019, the BPU approved an order establishing a Transition Incentive Program to serve as a bridge between the existing Solar Renewable Energy Certificate (SREC) program and a to-be-established successor program and created a new incentive mechanism known as Transition Renewable Incentive Certificates (TRECs). TRECs will be awarded to qualifying solar projects under the new program. In the TREC Order, the BPU directed the New Jersey EDCs to engage a TREC Administrator to acquire, on behalf of the EDCs. TRECs produced by eligible solar projects, which will be funded through a TREC charge to electric customers collected by the EDCs. The order allows the EDCs to recover their costs associated with the TREC program in an annual filing, subject to approval by the BPU. In April 2020, PSE&G filed for increased rates of approximately $23 million annually for recovery of its expected share of TREC costs. PSE&G’s filing proposes to recover the revenue requirements associated with the TREC Program as a new component of PSE&G’s existing electric GPRC. This matter is pending.
|
Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2020, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2019 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, such leveraged leases will be accounted for as operating, direct financing, or sales-type leases. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2020, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2019 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, such leveraged leases will be accounted for as operating, direct financing, or sales-type leases. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2020, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2019 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, such leveraged leases will be accounted for as operating, direct financing, or sales-type leases. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2020, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2019 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, such leveraged leases will be accounted for as operating, direct financing, or sales-type leases. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2020, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2019 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, such leveraged leases will be accounted for as operating, direct financing, or sales-type leases. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2020, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 8. Financing Receivables. There was no significant change in amounts reported in Note 8. Leases in the Annual Report on Form 10-K for the year ended December 31, 2019 for operating leases in which PSEG and its subsidiaries are lessees. PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities. Rental income from these leases is included in Operating Revenues. PSEG Power Certain of PSEG Power’s sales agreements related to its solar generating plants qualify as operating leases with remaining terms through 2043 with no extension terms. Lease income is based on solar energy generation; therefore, all rental income is variable under these leases. Other Energy Holdings is the lessor in leveraged leases. Leveraged lease accounting guidance is grandfathered for existing leveraged leases. If modified after January 1, 2019, such leveraged leases will be accounted for as operating, direct financing, or sales-type leases. Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. Energy Holdings was previously the lessor in operating leases for real estate assets which were sold in March 2020. The following is the operating lease income for PSEG Power and Energy Holdings for the three and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Receivables [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of June 30, 2020, none of the solar loans were impaired; however, in the event of a loan default or if a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. As of June 30, 2020, none of the solar loans were delinquent and no loans are currently expected to become delinquent in light of the payment mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. 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 would be considered “non-performing.”
The solar loans originated under three Solar Loan Programs are comprised as follows:
The average life of loans paid in full is seven years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of June 30, 2020 and have an average remaining life of approximately four years. Energy Holdings Energy Holdings, through several of its indirect subsidiaries, 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’ equity investments in the leases are comprised of the total expected lease receivables 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. In the second quarter of 2020, Energy Holdings completed its annual review of estimated residual values embedded in domestic energy leveraged leases and determined no impairments were necessary. During the second quarter of 2019, the outcome of Energy Holdings’ annual review indicated that the updated residual value estimate of the coal-fired Powerton lease was lower than the recorded residual value and the decline was deemed to be other than temporary as a result of expected future adverse market conditions. As a result, a pre-tax write-down of $58 million was reflected in Operating Revenues in the quarter ended June 30, 2019, calculated by comparing the gross investment in the leases before and after the revised residual estimates. On July 22, 2020, wholly owned subsidiaries of PSEG Energy Holdings L.L.C. (the Sellers) entered into a Purchase Agreement with Midwest Generation, LLC (the Buyer) relating to the sale by Sellers of their ownership interests in the Powerton and Joliet generation facilities and related assets, including the assumption by the Buyer of related liabilities. The transaction is targeted to close during the second half of 2020, subject to customary closing conditions and regulatory approvals. PSEG will reclassify approximately $160 million of assets as Assets Held for Sale on its Condensed Consolidated Balance Sheet in the third quarter of 2020. Any gain or loss, net of taxes, resulting from the transaction is anticipated to be immaterial. Leveraged leases outstanding as of June 30, 2020 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2020 and December 31, 2019.
The corresponding receivables associated with the lease portfolio are reflected as follows, 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 “NR” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of June 30, 2020, the gross investment in the leases of such assets, net of non-recourse debt, was $235 million ($(25) million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table.
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease. The existing leveraged leases are either with counterparties with strong credit ratings, or with counterparties that are supplying parent guarantees or other credit support. PSEG believes no credit losses are necessary for the leveraged leases existing on June 30, 2020. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and 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 and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against 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. Additional factors that 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 their affiliates and the quality and condition of assets under lease.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Receivables [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Receivables | Financing Receivables PSE&G PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducts a comprehensive credit review for all prospective borrowers. As of June 30, 2020, none of the solar loans were impaired; however, in the event of a loan default or if a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. As of June 30, 2020, none of the solar loans were delinquent and no loans are currently expected to become delinquent in light of the payment mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. 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 would be considered “non-performing.”
The solar loans originated under three Solar Loan Programs are comprised as follows:
The average life of loans paid in full is seven years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of June 30, 2020 and have an average remaining life of approximately four years. Energy Holdings Energy Holdings, through several of its indirect subsidiaries, 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’ equity investments in the leases are comprised of the total expected lease receivables 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. In the second quarter of 2020, Energy Holdings completed its annual review of estimated residual values embedded in domestic energy leveraged leases and determined no impairments were necessary. During the second quarter of 2019, the outcome of Energy Holdings’ annual review indicated that the updated residual value estimate of the coal-fired Powerton lease was lower than the recorded residual value and the decline was deemed to be other than temporary as a result of expected future adverse market conditions. As a result, a pre-tax write-down of $58 million was reflected in Operating Revenues in the quarter ended June 30, 2019, calculated by comparing the gross investment in the leases before and after the revised residual estimates. On July 22, 2020, wholly owned subsidiaries of PSEG Energy Holdings L.L.C. (the Sellers) entered into a Purchase Agreement with Midwest Generation, LLC (the Buyer) relating to the sale by Sellers of their ownership interests in the Powerton and Joliet generation facilities and related assets, including the assumption by the Buyer of related liabilities. The transaction is targeted to close during the second half of 2020, subject to customary closing conditions and regulatory approvals. PSEG will reclassify approximately $160 million of assets as Assets Held for Sale on its Condensed Consolidated Balance Sheet in the third quarter of 2020. Any gain or loss, net of taxes, resulting from the transaction is anticipated to be immaterial. Leveraged leases outstanding as of June 30, 2020 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investment as of June 30, 2020 and December 31, 2019.
The corresponding receivables associated with the lease portfolio are reflected as follows, 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 “NR” ratings in the preceding table represent lease receivables related to coal and gas-fired assets in Illinois and Pennsylvania, respectively. As of June 30, 2020, the gross investment in the leases of such assets, net of non-recourse debt, was $235 million ($(25) million, net of deferred taxes). A more detailed description of such assets under lease is presented in the following table.
The credit exposure for lessors is partially mitigated through various credit enhancement mechanisms within the lease structures. These credit enhancement features vary from lease to lease. The existing leveraged leases are either with counterparties with strong credit ratings, or with counterparties that are supplying parent guarantees or other credit support. PSEG believes no credit losses are necessary for the leveraged leases existing on June 30, 2020. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and 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 and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against 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. Additional factors that 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 their affiliates and the quality and condition of assets under lease.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Investments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Trust Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective 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 funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
Net unrealized gains (losses) on debt securities of $38 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of June 30, 2020. An impairment of debt securities of $(3) million was included in Net Gains (Losses) on Trust Investments on PSEG Power’s Condensed Consolidated Statement of Operations for the six months ended June 30, 2020. The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2020 related to equity securities still held as of June 30, 2020 was $172 million and $(1) million, respectively. 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 gains (losses) on securities in the NDT Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification.
The NDT Fund debt securities held as of June 30, 2020 had the following maturities:
PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these 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). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.
Net unrealized gains (losses) on debt securities of $15 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2020. The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2020 related to equity securities still held as of June 30, 2020 was $4 million and $(1) million, respectively. 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 12 months and greater than 12 months.
The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of June 30, 2020 had the following maturities:
PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these 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). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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 the Rabbi Trust related to PSEG, PSE&G and PSEG Power are detailed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Trust Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective 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 funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
Net unrealized gains (losses) on debt securities of $38 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of June 30, 2020. An impairment of debt securities of $(3) million was included in Net Gains (Losses) on Trust Investments on PSEG Power’s Condensed Consolidated Statement of Operations for the six months ended June 30, 2020. The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2020 related to equity securities still held as of June 30, 2020 was $172 million and $(1) million, respectively. 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 gains (losses) on securities in the NDT Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification.
The NDT Fund debt securities held as of June 30, 2020 had the following maturities:
PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these 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). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.
Net unrealized gains (losses) on debt securities of $15 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2020. The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2020 related to equity securities still held as of June 30, 2020 was $4 million and $(1) million, respectively. 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 12 months and greater than 12 months.
The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of June 30, 2020 had the following maturities:
PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these 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). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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 the Rabbi Trust related to PSEG, PSE&G and PSEG Power are detailed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Trust Investments [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trust Investments | Trust Investments Nuclear Decommissioning Trust (NDT) Fund PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective 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 funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power. The following tables show the fair values and gross unrealized gains and losses for the securities held in the NDT Fund.
Net unrealized gains (losses) on debt securities of $38 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s and PSEG Power’s Condensed Consolidated Balance Sheets as of June 30, 2020. An impairment of debt securities of $(3) million was included in Net Gains (Losses) on Trust Investments on PSEG Power’s Condensed Consolidated Statement of Operations for the six months ended June 30, 2020. The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2020 related to equity securities still held as of June 30, 2020 was $172 million and $(1) million, respectively. 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 gains (losses) on securities in the NDT Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification.
The NDT Fund debt securities held as of June 30, 2020 had the following maturities:
PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these 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). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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.” The following tables show the fair values, gross unrealized gains and losses and amortized cost basis for the securities held in the Rabbi Trust.
Net unrealized gains (losses) on debt securities of $15 million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2020. The portion of net unrealized gains (losses) recognized during the second quarter and first half of 2020 related to equity securities still held as of June 30, 2020 was $4 million and $(1) million, respectively. 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 12 months and greater than 12 months.
The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification. The Rabbi Trust debt securities held as of June 30, 2020 had the following maturities:
PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these 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). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. 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 the Rabbi Trust related to PSEG, PSE&G and PSEG Power are detailed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and OPEB |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. 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 for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
Pension and OPEB (credits) costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
PSEG does not plan to contribute to its pension and OPEB plans in 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact PSEG’s pension contributions in 2020. 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 5. Variable Interest Entity. 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 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 $30 million into its pension plan during 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact Servco’s pension contributions in 2020. Servco’s pension-related revenues and costs were $7 million for both the three months ended June 30, 2020 and 2019, and $15 million and $14 million for the six months ended June 30, 2020 and 2019, respectively. The OPEB-related revenues earned and costs incurred were $2 million for both the three months ended June 30, 2020 and 2019, and $4 million and $3 million for the six months ended June 30, 2020 and 2019, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. 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 for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
Pension and OPEB (credits) costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
PSEG does not plan to contribute to its pension and OPEB plans in 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact PSEG’s pension contributions in 2020. 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 5. Variable Interest Entity. 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 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 $30 million into its pension plan during 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact Servco’s pension contributions in 2020. Servco’s pension-related revenues and costs were $7 million for both the three months ended June 30, 2020 and 2019, and $15 million and $14 million for the six months ended June 30, 2020 and 2019, respectively. The OPEB-related revenues earned and costs incurred were $2 million for both the three months ended June 30, 2020 and 2019, and $4 million and $3 million for the six months ended June 30, 2020 and 2019, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Other Postretirement Benefits (OPEB) | Pension and Other Postretirement Benefits (OPEB) PSEG sponsors qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria. PSEG, PSE&G and PSEG Power are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions of each PSEG company are required to be measured as of the date of their respective year-end Consolidated Balance Sheets. 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 for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
Pension and OPEB (credits) costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
PSEG does not plan to contribute to its pension and OPEB plans in 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact PSEG’s pension contributions in 2020. 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 5. Variable Interest Entity. 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 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 $30 million into its pension plan during 2020. IRS minimum funding requirements for pension plans are determined based on the fund’s assets and liabilities at the end of a calendar year for the subsequent calendar year. As a result, the market downturn associated with the ongoing coronavirus pandemic is not expected to impact Servco’s pension contributions in 2020. Servco’s pension-related revenues and costs were $7 million for both the three months ended June 30, 2020 and 2019, and $15 million and $14 million for the six months ended June 30, 2020 and 2019, respectively. The OPEB-related revenues earned and costs incurred were $2 million for both the three months ended June 30, 2020 and 2019, and $4 million and $3 million for the six months ended June 30, 2020 and 2019, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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 as a form of collateral. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to
PSEG Power is subject 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 PSEG Power to incur a liability for the face value of the outstanding guarantees,
PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. 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. PSEG 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, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2020 and December 31, 2019.
As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 13. 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 Condensed Consolidated 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 PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. Certain Potentially Responsible Parties (PRPs), including PSE&G and PSEG Power, formed a Cooperating Parties Group (CPG) and agreed to conduct a Remedial Investigation and Feasibility Study of the LPRSA. The CPG allocated, on an interim basis, the associated costs among its members. The interim allocation is subject to change. In June 2019, the EPA conditionally approved the CPG’s Remedial Investigation. In May 2020, the CPG submitted a revised draft Feasibility Study (FS) to the EPA which evaluated various adaptive management scenarios for the remediation of only the upper 9 miles of the LPRSA and incorporated the EPA’s comments on an earlier FS draft. The EPA’s selection of its preferred adaptive management scenario will be subject to public review and comment prior to the EPA’s announcement of a final selection, which is expected in late 2020 or early 2021. Separately, the EPA has released a Record of Decision (ROD) for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (ROD Remedy). An EPA-commenced process to allocate the associated costs is underway and PSEG cannot predict the outcome. The allocation does not address certain costs incurred by the EPA for which they may be entitled to reimbursement and which may be material. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced the design of the ROD Remedy, but declined to participate in the allocation process. Instead, it filed suit against PSE&G and others seeking cost recovery and contribution under CERCLA but has not quantified alleged damages. The litigation is ongoing and PSEG cannot predict the outcome. Two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), have filed for Chapter 11 bankruptcy. The trust representing the creditors in this proceeding has filed a complaint asserting claims against Tierra’s and Maxus’ current and former parent entities, among others. Any damages awarded may be used to fund the remediation of the LPRSA. As of June 30, 2020, PSEG has accrued approximately $65 million for this matter. Of this amount, PSE&G has accrued $52 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has accrued $13 million as an Other Noncurrent Liability with the corresponding O&M Expense. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s 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 PSEG 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 New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 11 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (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 $346 million and $389 million on an undiscounted basis through 2023, including its $52 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $346 million as of June 30, 2020. Of this amount, $78 million was recorded in Other Current Liabilities and $268 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $346 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. PSE&G is conducting sampling in the Passaic River to delineate coal tar from certain 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. Clean Water Act (CWA) Section 316(b) Rule The EPA’s CWA Section 316(b) rule establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA requires that National Pollutant Discharge Elimination System permits be renewed every five years and that each state Permitting Director manage renewal permits for its respective power generation facilities on a case by case basis. 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. In June 2016, the NJDEP issued a final NJPDES permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. The NJDEP had granted the hearing request but no hearing date has been established. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the NJDEP. The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison. The impacted cable was repaired in September 2017. A federal response was initially led by the U.S. Coast Guard. The U.S. Coast Guard transitioned control of the federal response to the EPA, and the EPA ended the federal response to the matter in 2018. The investigation of small amounts of residual dielectric fluid believed to be contained with the marina sediment is ongoing as part of the NJDEP site remediation program. We are currently in discussions with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties, in an amount expected to be immaterial to the financial statements of PSEG and PSE&G. A lawsuit in federal court is pending to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC. In addition, Con Edison filed counter claims against PSE&G and NADC, including seeking injunctive relief and damages. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover its costs, other than civil penalties, through regulatory proceedings. Basic Generation Service (BGS), BGSS and ZECs 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 PSEG Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including PSEG 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, 2020 is $359.98 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2020 of $281.78 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:
PSEG 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, PSEG Power has entered into contracts to directly supply PSE&G and other New Jersey 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 PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG 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 PSEG 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 20. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The legislation also requires nuclear plants to reapply for any subsequent three-year periods and allows the BPU to adjust prospective ZEC payments. Minimum Fuel Purchase Requirements PSEG 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. PSEG Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2021 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. PSEG 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, PSEG Power can use the gas to supply its fossil generating stations in New Jersey. As of June 30, 2020, the total minimum purchase requirements included in these commitments were as follows:
Pending FERC Matter PSE&G has received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G retained outside counsel to assist with an internal investigation. PSE&G is fully cooperating with FERC’s requests for information and the investigation. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and PSEG Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or PSEG Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or PSEG Power’s results of operations or liquidity for any particular reporting period. Ongoing Coronavirus Pandemic PSE&G, PSEG Power and PSEG LI are providing essential services during this national emergency related to the ongoing coronavirus (COVID-19) pandemic. The ongoing coronavirus pandemic has not had a material impact on our results of operations, financial condition or cash flows for the six months ended June 30, 2020. However, the potential future impact of the pandemic and the associated economic impacts, which could extend beyond the duration of the pandemic, could have risks that drive certain accounting considerations. The ultimate impact of the ongoing coronavirus pandemic is highly uncertain and cannot be predicted at this time.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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 as a form of collateral. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to
PSEG Power is subject 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 PSEG Power to incur a liability for the face value of the outstanding guarantees,
PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. 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. PSEG 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, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2020 and December 31, 2019.
As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 13. 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 Condensed Consolidated 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 PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. Certain Potentially Responsible Parties (PRPs), including PSE&G and PSEG Power, formed a Cooperating Parties Group (CPG) and agreed to conduct a Remedial Investigation and Feasibility Study of the LPRSA. The CPG allocated, on an interim basis, the associated costs among its members. The interim allocation is subject to change. In June 2019, the EPA conditionally approved the CPG’s Remedial Investigation. In May 2020, the CPG submitted a revised draft Feasibility Study (FS) to the EPA which evaluated various adaptive management scenarios for the remediation of only the upper 9 miles of the LPRSA and incorporated the EPA’s comments on an earlier FS draft. The EPA’s selection of its preferred adaptive management scenario will be subject to public review and comment prior to the EPA’s announcement of a final selection, which is expected in late 2020 or early 2021. Separately, the EPA has released a Record of Decision (ROD) for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (ROD Remedy). An EPA-commenced process to allocate the associated costs is underway and PSEG cannot predict the outcome. The allocation does not address certain costs incurred by the EPA for which they may be entitled to reimbursement and which may be material. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced the design of the ROD Remedy, but declined to participate in the allocation process. Instead, it filed suit against PSE&G and others seeking cost recovery and contribution under CERCLA but has not quantified alleged damages. The litigation is ongoing and PSEG cannot predict the outcome. Two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), have filed for Chapter 11 bankruptcy. The trust representing the creditors in this proceeding has filed a complaint asserting claims against Tierra’s and Maxus’ current and former parent entities, among others. Any damages awarded may be used to fund the remediation of the LPRSA. As of June 30, 2020, PSEG has accrued approximately $65 million for this matter. Of this amount, PSE&G has accrued $52 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has accrued $13 million as an Other Noncurrent Liability with the corresponding O&M Expense. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s 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 PSEG 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 New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 11 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (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 $346 million and $389 million on an undiscounted basis through 2023, including its $52 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $346 million as of June 30, 2020. Of this amount, $78 million was recorded in Other Current Liabilities and $268 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $346 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. PSE&G is conducting sampling in the Passaic River to delineate coal tar from certain 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. Clean Water Act (CWA) Section 316(b) Rule The EPA’s CWA Section 316(b) rule establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA requires that National Pollutant Discharge Elimination System permits be renewed every five years and that each state Permitting Director manage renewal permits for its respective power generation facilities on a case by case basis. 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. In June 2016, the NJDEP issued a final NJPDES permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. The NJDEP had granted the hearing request but no hearing date has been established. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the NJDEP. The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison. The impacted cable was repaired in September 2017. A federal response was initially led by the U.S. Coast Guard. The U.S. Coast Guard transitioned control of the federal response to the EPA, and the EPA ended the federal response to the matter in 2018. The investigation of small amounts of residual dielectric fluid believed to be contained with the marina sediment is ongoing as part of the NJDEP site remediation program. We are currently in discussions with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties, in an amount expected to be immaterial to the financial statements of PSEG and PSE&G. A lawsuit in federal court is pending to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC. In addition, Con Edison filed counter claims against PSE&G and NADC, including seeking injunctive relief and damages. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover its costs, other than civil penalties, through regulatory proceedings. Basic Generation Service (BGS), BGSS and ZECs 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 PSEG Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including PSEG 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, 2020 is $359.98 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2020 of $281.78 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:
PSEG 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, PSEG Power has entered into contracts to directly supply PSE&G and other New Jersey 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 PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG 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 PSEG 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 20. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The legislation also requires nuclear plants to reapply for any subsequent three-year periods and allows the BPU to adjust prospective ZEC payments. Minimum Fuel Purchase Requirements PSEG 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. PSEG Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2021 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. PSEG 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, PSEG Power can use the gas to supply its fossil generating stations in New Jersey. As of June 30, 2020, the total minimum purchase requirements included in these commitments were as follows:
Pending FERC Matter PSE&G has received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G retained outside counsel to assist with an internal investigation. PSE&G is fully cooperating with FERC’s requests for information and the investigation. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and PSEG Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or PSEG Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or PSEG Power’s results of operations or liquidity for any particular reporting period. Ongoing Coronavirus Pandemic PSE&G, PSEG Power and PSEG LI are providing essential services during this national emergency related to the ongoing coronavirus (COVID-19) pandemic. The ongoing coronavirus pandemic has not had a material impact on our results of operations, financial condition or cash flows for the six months ended June 30, 2020. However, the potential future impact of the pandemic and the associated economic impacts, which could extend beyond the duration of the pandemic, could have risks that drive certain accounting considerations. The ultimate impact of the ongoing coronavirus pandemic is highly uncertain and cannot be predicted at this time.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guaranteed Obligations PSEG 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 as a form of collateral. PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to
PSEG Power is subject 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 PSEG Power to incur a liability for the face value of the outstanding guarantees,
PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted. 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. PSEG 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, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations. The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2020 and December 31, 2019.
As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 13. 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 Condensed Consolidated 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 PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See the preceding table. Environmental Matters Passaic River Lower Passaic River Study Area The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power. Certain Potentially Responsible Parties (PRPs), including PSE&G and PSEG Power, formed a Cooperating Parties Group (CPG) and agreed to conduct a Remedial Investigation and Feasibility Study of the LPRSA. The CPG allocated, on an interim basis, the associated costs among its members. The interim allocation is subject to change. In June 2019, the EPA conditionally approved the CPG’s Remedial Investigation. In May 2020, the CPG submitted a revised draft Feasibility Study (FS) to the EPA which evaluated various adaptive management scenarios for the remediation of only the upper 9 miles of the LPRSA and incorporated the EPA’s comments on an earlier FS draft. The EPA’s selection of its preferred adaptive management scenario will be subject to public review and comment prior to the EPA’s announcement of a final selection, which is expected in late 2020 or early 2021. Separately, the EPA has released a Record of Decision (ROD) for the LPRSA’s lower 8.3 miles that requires the removal of sediments at an estimated cost of $2.3 billion (ROD Remedy). An EPA-commenced process to allocate the associated costs is underway and PSEG cannot predict the outcome. The allocation does not address certain costs incurred by the EPA for which they may be entitled to reimbursement and which may be material. Occidental Chemical Corporation (OCC), one of the PRPs, has commenced the design of the ROD Remedy, but declined to participate in the allocation process. Instead, it filed suit against PSE&G and others seeking cost recovery and contribution under CERCLA but has not quantified alleged damages. The litigation is ongoing and PSEG cannot predict the outcome. Two PRPs, Tierra Solutions, Inc. (Tierra) and Maxus Energy Corporation (Maxus), have filed for Chapter 11 bankruptcy. The trust representing the creditors in this proceeding has filed a complaint asserting claims against Tierra’s and Maxus’ current and former parent entities, among others. Any damages awarded may be used to fund the remediation of the LPRSA. As of June 30, 2020, PSEG has accrued approximately $65 million for this matter. Of this amount, PSE&G has accrued $52 million as an Environmental Costs Liability and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has accrued $13 million as an Other Noncurrent Liability with the corresponding O&M Expense. The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s 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 PSEG 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 New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund Site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter. Newark Bay Study Area The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 11 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site. Manufactured Gas Plant (MGP) Remediation Program PSE&G is working with the New Jersey Department of Environmental Protection (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 $346 million and $389 million on an undiscounted basis through 2023, including its $52 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $346 million as of June 30, 2020. Of this amount, $78 million was recorded in Other Current Liabilities and $268 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $346 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. PSE&G is conducting sampling in the Passaic River to delineate coal tar from certain 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. Clean Water Act (CWA) Section 316(b) Rule The EPA’s CWA Section 316(b) rule establishes requirements for the regulation of cooling water intakes at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day. The EPA requires that National Pollutant Discharge Elimination System permits be renewed every five years and that each state Permitting Director manage renewal permits for its respective power generation facilities on a case by case basis. 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. In June 2016, the NJDEP issued a final NJPDES permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility. The NJDEP had granted the hearing request but no hearing date has been established. Jersey City, New Jersey Subsurface Feeder Cable Matter In October 2016, a discharge of dielectric fluid from subsurface feeder cables located in the Hudson River near Jersey City, New Jersey, was identified and reported to the NJDEP. The feeder cables are located within a subsurface easement granted to PSE&G by the property owners, Newport Associates Development Company (NADC) and Newport Associates Phase I Developer Limited Partnership. The feeder cables are subject to agreements between PSE&G and Consolidated Edison Company of New York, Inc. (Con Edison) and are jointly owned by PSE&G and Con Edison. The impacted cable was repaired in September 2017. A federal response was initially led by the U.S. Coast Guard. The U.S. Coast Guard transitioned control of the federal response to the EPA, and the EPA ended the federal response to the matter in 2018. The investigation of small amounts of residual dielectric fluid believed to be contained with the marina sediment is ongoing as part of the NJDEP site remediation program. We are currently in discussions with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties, in an amount expected to be immaterial to the financial statements of PSEG and PSE&G. A lawsuit in federal court is pending to determine ultimate responsibility for the costs to address the leak among PSE&G, Con Edison and NADC. In addition, Con Edison filed counter claims against PSE&G and NADC, including seeking injunctive relief and damages. Based on the information currently available and depending on the outcome of the federal court action, PSE&G’s portion of the costs to address the leak may be material; however, PSE&G anticipates that it will recover its costs, other than civil penalties, through regulatory proceedings. Basic Generation Service (BGS), BGSS and ZECs 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 PSEG Power, to purchase BGS for PSE&G’s load requirements. The winners of the auction (including PSEG 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, 2020 is $359.98 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2020 of $281.78 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:
PSEG 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, PSEG Power has entered into contracts to directly supply PSE&G and other New Jersey 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 PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG 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 PSEG 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 20. Related-Party Transactions. Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were selected to receive ZEC revenue for approximately three years, through May 2022. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year. The legislation also requires nuclear plants to reapply for any subsequent three-year periods and allows the BPU to adjust prospective ZEC payments. Minimum Fuel Purchase Requirements PSEG 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. PSEG Power’s nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2021 and a significant portion through 2022 at Salem, Hope Creek and Peach Bottom. PSEG 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, PSEG Power can use the gas to supply its fossil generating stations in New Jersey. As of June 30, 2020, the total minimum purchase requirements included in these commitments were as follows:
Pending FERC Matter PSE&G has received requests for information and a Notice of Investigation from FERC’s Office of Enforcement concerning a transmission project. PSE&G retained outside counsel to assist with an internal investigation. PSE&G is fully cooperating with FERC’s requests for information and the investigation. It is not possible at this time to predict the outcome of this matter. Litigation Sewaren 7 Construction In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter. Other Litigation and Legal Proceedings PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG, PSE&G and PSEG Power generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter. In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s, PSE&G’s or PSEG Power’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s, PSE&G’s or PSEG Power’s results of operations or liquidity for any particular reporting period. Ongoing Coronavirus Pandemic PSE&G, PSEG Power and PSEG LI are providing essential services during this national emergency related to the ongoing coronavirus (COVID-19) pandemic. The ongoing coronavirus pandemic has not had a material impact on our results of operations, financial condition or cash flows for the six months ended June 30, 2020. However, the potential future impact of the pandemic and the associated economic impacts, which could extend beyond the duration of the pandemic, could have risks that drive certain accounting considerations. The ultimate impact of the ongoing coronavirus pandemic is highly uncertain and cannot be predicted at this time.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Facilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2020: PSE&G
PSEG Power
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2020, the total available credit capacity was $3.6 billion. As of June 30, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of June 30, 2020, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2020 were as follows:
Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2020: PSE&G
PSEG Power
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2020, the total available credit capacity was $3.6 billion. As of June 30, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of June 30, 2020, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2020 were as follows:
Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Credit Facilities | Debt and Credit Facilities Long-Term Debt Financing Transactions The following long-term debt transactions occurred in the six months ended June 30, 2020: PSE&G
PSEG Power
Short-Term Liquidity PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities. The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2020, the total available credit capacity was $3.6 billion. As of June 30, 2020, no single institution represented more than 9% of the total commitments in the credit facilities. As of June 30, 2020, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon. Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2020 were as follows:
Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Risk Management Activities | Financial Risk Management Activities 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 purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG, 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. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters 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 with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed to commodity 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. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, 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. The changes in fair value of the interest rate swaps are fully offset by changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding fair value interest rate swaps as of June 30, 2020 and December 31, 2019. 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, 2020, PSEG had interest rate hedges outstanding totaling $700 million. These hedges convert PSEG’s $700 million variable-rate term loan due November 2020 into a fixed-rate loan. The fair value of these hedges was $(6) million and $(5) million as of June 30, 2020 and December 31, 2019, respectively. The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $(15) million as of June 30, 2020 and December 31, 2019. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are $(7) million. 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 are offset on the Condensed Consolidated Balance Sheets of PSEG Power and PSEG. For additional information see Note 14. Fair Value Measurements. The following tabular disclosure does not include the offsetting of trade receivables and payables.
Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG 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 PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a three level downgrade from its current S&P or 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. PSEG 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) was $25 million and $35 million as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020 and December 31, 2019, PSEG Power had the contractual right of offset of $6 million and $2 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $19 million and $33 million as of June 30, 2020 and December 31, 2019, 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 and six months ended June 30, 2020 and 2019:
The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months and six months ended June 30, 2020, the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(3) million and $(4) million after-tax, respectively. The amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income for the three months and six months ended June 30, 2019 was immaterial. The following reconciles the Accumulated Other Comprehensive Income (Loss) 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 for the three months and six months ended June 30, 2020 and 2019, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that PSEG Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load.
The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2020 and December 31, 2019.
Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes 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 PSEG Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of June 30, 2020. It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of PSEG Power’s credit risk by credit rating of the counterparties. As of June 30, 2020, 99% of the net credit exposure for PSEG Power’s wholesale 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, NPNS and non-derivatives).
As of June 30, 2020, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $67 million in letters of credit. As of June 30, 2020, PSEG Power had 136 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, 2020, 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 BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2020, PSE&G had no net credit exposure with suppliers, including PSEG 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Risk Management Activities | Financial Risk Management Activities 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 purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG, 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. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters 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 with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed to commodity 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. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, 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. The changes in fair value of the interest rate swaps are fully offset by changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding fair value interest rate swaps as of June 30, 2020 and December 31, 2019. 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, 2020, PSEG had interest rate hedges outstanding totaling $700 million. These hedges convert PSEG’s $700 million variable-rate term loan due November 2020 into a fixed-rate loan. The fair value of these hedges was $(6) million and $(5) million as of June 30, 2020 and December 31, 2019, respectively. The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $(15) million as of June 30, 2020 and December 31, 2019. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are $(7) million. 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 are offset on the Condensed Consolidated Balance Sheets of PSEG Power and PSEG. For additional information see Note 14. Fair Value Measurements. The following tabular disclosure does not include the offsetting of trade receivables and payables.
Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG 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 PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a three level downgrade from its current S&P or 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. PSEG 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) was $25 million and $35 million as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020 and December 31, 2019, PSEG Power had the contractual right of offset of $6 million and $2 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $19 million and $33 million as of June 30, 2020 and December 31, 2019, 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 and six months ended June 30, 2020 and 2019:
The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months and six months ended June 30, 2020, the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(3) million and $(4) million after-tax, respectively. The amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income for the three months and six months ended June 30, 2019 was immaterial. The following reconciles the Accumulated Other Comprehensive Income (Loss) 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 for the three months and six months ended June 30, 2020 and 2019, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that PSEG Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load.
The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2020 and December 31, 2019.
Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes 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 PSEG Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of June 30, 2020. It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of PSEG Power’s credit risk by credit rating of the counterparties. As of June 30, 2020, 99% of the net credit exposure for PSEG Power’s wholesale 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, NPNS and non-derivatives).
As of June 30, 2020, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $67 million in letters of credit. As of June 30, 2020, PSEG Power had 136 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, 2020, 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 BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2020, PSE&G had no net credit exposure with suppliers, including PSEG 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Risk Management Activities | Financial Risk Management Activities 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 purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG, 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. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters 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 with changes recognized in earnings. Commodity Prices Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk. PSEG Power is exposed to commodity 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. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 11. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings. Interest Rates PSEG, 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. The changes in fair value of the interest rate swaps are fully offset by changes in the fair value of the underlying forecasted interest payments of the debt. There were no outstanding fair value interest rate swaps as of June 30, 2020 and December 31, 2019. 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, 2020, PSEG had interest rate hedges outstanding totaling $700 million. These hedges convert PSEG’s $700 million variable-rate term loan due November 2020 into a fixed-rate loan. The fair value of these hedges was $(6) million and $(5) million as of June 30, 2020 and December 31, 2019, respectively. The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $(15) million as of June 30, 2020 and December 31, 2019. The after-tax unrealized losses on these hedges expected to be reclassified to earnings during the next 12 months are $(7) million. 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 are offset on the Condensed Consolidated Balance Sheets of PSEG Power and PSEG. For additional information see Note 14. Fair Value Measurements. The following tabular disclosure does not include the offsetting of trade receivables and payables.
Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG 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 PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a three level downgrade from its current S&P or 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. PSEG 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) was $25 million and $35 million as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020 and December 31, 2019, PSEG Power had the contractual right of offset of $6 million and $2 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $19 million and $33 million as of June 30, 2020 and December 31, 2019, 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 and six months ended June 30, 2020 and 2019:
The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the three months and six months ended June 30, 2020, the amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income was $(3) million and $(4) million after-tax, respectively. The amount of gain or loss on interest rate hedges reclassified from Accumulated Other Comprehensive Income (Loss) into income for the three months and six months ended June 30, 2019 was immaterial. The following reconciles the Accumulated Other Comprehensive Income (Loss) 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 for the three months and six months ended June 30, 2020 and 2019, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that PSEG Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load.
The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2020 and December 31, 2019.
Credit Risk Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations. PSEG has established credit policies that it believes 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 PSEG Power’s and PSEG’s financial condition, results of operations or net cash flows. The following table provides information on PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of June 30, 2020. It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of PSEG Power’s credit risk by credit rating of the counterparties. As of June 30, 2020, 99% of the net credit exposure for PSEG Power’s wholesale 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, NPNS and non-derivatives).
As of June 30, 2020, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $67 million in letters of credit. As of June 30, 2020, PSEG Power had 136 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, 2020, 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 BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2020, PSE&G had no net credit exposure with suppliers, including PSEG 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 PSEG Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. 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. These consist primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s, PSE&G’s and PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, 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 PSEG Power.
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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs.
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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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 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. The fair value of PSEG 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 fair value of PSEG Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these physical gas contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2020 and December 31, 2019.
As of June 30, 2020, 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 energy-related contracts in cases where PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG Power is a buyer, an increase in the average historical basis would increase 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, 2020 and June 30, 2019, 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, 2020
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, 2019
.
As of June 30, 2020, PSEG carried $2.9 billion of net assets that are measured at fair value on a recurring basis, of which $10 million of net assets was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2019, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net assets was 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, 2020 and December 31, 2019.
(B) Given that these bonds do not trade actively, 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [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 PSEG Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. 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. These consist primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s, PSE&G’s and PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, 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 PSEG Power.
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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs.
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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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 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. The fair value of PSEG 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 fair value of PSEG Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these physical gas contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2020 and December 31, 2019.
As of June 30, 2020, 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 energy-related contracts in cases where PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG Power is a buyer, an increase in the average historical basis would increase 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, 2020 and June 30, 2019, 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, 2020
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, 2019
.
As of June 30, 2020, PSEG carried $2.9 billion of net assets that are measured at fair value on a recurring basis, of which $10 million of net assets was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2019, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net assets was 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, 2020 and December 31, 2019.
(B) Given that these bonds do not trade actively, 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG 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 PSEG Power have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on NYMEX. 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. These consist primarily of certain electric load contracts and gas contracts. Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable. The following tables present information about PSEG’s, PSE&G’s and PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, 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 PSEG Power.
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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs.
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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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 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. The fair value of PSEG 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 fair value of PSEG Power’s gas physical contracts at certain illiquid delivery locations are measured using average historical basis and, accordingly, are categorized as Level 3. While these physical gas contracts have an unobservable component in their respective forward price curves, the fluctuations in fair value have been driven primarily by changes in the observable inputs. The following tables provide details surrounding significant Level 3 valuations as of June 30, 2020 and December 31, 2019.
As of June 30, 2020, 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 energy-related contracts in cases where PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG Power is a buyer, an increase in the average historical basis would increase 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, 2020 and June 30, 2019, 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, 2020
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, 2019
.
As of June 30, 2020, PSEG carried $2.9 billion of net assets that are measured at fair value on a recurring basis, of which $10 million of net assets was measured using unobservable inputs and classified as Level 3 within the fair value hierarchy. As of June 30, 2019, PSEG carried $2.5 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net assets was 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, 2020 and December 31, 2019.
(B) Given that these bonds do not trade actively, 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Deductions) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Component of Other Income (Deductions) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income (Deductions) | Other Income (Deductions)
(A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Component of Other Income (Deductions) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income (Deductions) | Other Income (Deductions)
(A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Component of Other Income (Deductions) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income (Deductions) | Other Income (Deductions)
(A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months and six months ended June 30, 2020 and 2019 were as follows:
For the three months and six months ended June 30, 2020, the differences in PSEG’s effective tax rates as compared to the same periods in the prior year were due primarily to the reduction in the 2020 flowback of PSE&G’s excess deferred income tax liabilities as PSE&G refunded all FERC-approved transmission-related excess deferred income taxes that are not subject to the normalization rules in 2019. For the three months and six months ended June 30, 2020, the differences in PSEG’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to the flowback of PSE&G’s excess deferred income tax liabilities and tax repair-related accumulated deferred income taxes, the benefit of purchasing 2019 net operating losses (NOLs) under the New Jersey Technology Tax Benefit Transfer Program in 2020, and the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits. For the three months and six months ended June 30, 2020, the differences in PSE&G’s effective tax rates as compared to the same periods in the prior year were due primarily to the reduction in the 2020 flowback of PSE&G’s excess deferred income tax liabilities, as PSE&G refunded all FERC-approved transmission-related excess deferred income taxes that are not subject to the normalization rules in 2019. For the three months and six months ended June 30, 2020, the differences in PSE&G’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to the flowback of PSE&G’s excess deferred income tax liabilities and tax repair-related accumulated deferred income taxes. For the three months ended June 30, 2020, the difference in PSEG Power’s effective tax rate as compared to the same period in the prior year was due primarily to higher pre-tax income from the NDT qualified fund, which is subject to an additional trust tax, partially offset by the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits. For the six months ended June 30, 2020 the differences in PSEG Power’s effective tax rates as compared to the same period in the prior year and the statutory tax rate of 28.11% were due primarily to the benefit of purchasing 2019 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2020, the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits and the tax benefit of a pre-tax loss on the NDT qualified fund. Tax Cuts and Jobs Act of 2017 (Tax Act) Effective January 1, 2018, the Tax Act established tax laws including, but not limited to, a limitation on deductible interest and limitations on the utilization of NOLS, such as eliminating carrybacks. In November 2018, the IRS issued proposed regulations addressing the interest disallowance rules contained in the Tax Act. For non-regulated businesses, these rules set a cap on the amount of interest that can be deducted in a given year. Any amount that is disallowed can be carried forward indefinitely. For 2018 and 2019, the tax deductibility of a portion of PSEG’s and PSEG Power’s interest expense was disallowed and was recorded as a deferred tax asset. Amounts recorded under the Tax Act and relevant statutes, including but not limited to depreciation and interest disallowance, are subject to change based on several factors, including but not limited to, the IRS and state taxing authorities issuing additional guidance and/or further clarification. In July 2020, the IRS issued final and proposed regulations addressing the limitation on deductible interest expense contained in the Tax Act. PSEG is in the process of analyzing these regulations, which may impact PSEG’s, PSE&G’s and PSEG Power’s financial condition and cash flows. Coronavirus Aid, Relief, and Economic Security Act (CARES Act) In March 2020, the CARES Act was signed into federal law. As applicable to PSEG and PSEG Power, the CARES Act favorably increases the limitation on the amount of interest that can be deducted in 2020. The increased limitation will allow a portion of the previously disallowed amounts to reduce PSEG’s and PSEG Power’s 2020 taxable income. The CARES Act also reversed certain NOL provisions from the Tax Act such as allowing five-year carrybacks of 2018, 2019 and 2020 NOLs. IRS PLR In April 2020, the IRS issued a PLR to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC and the BPU approved PSE&G’s requests to refund these unprotected excess deferred income taxes to customers. FERC approved the refund of these unprotected excess deferred income taxes within the 2019 true-up filing. The BPU approved the refund of these unprotected excess deferred income taxes within the next five years beginning in July 2020. See Note 6. Rate Filings for additional information. Unrecognized Tax Benefits In April 2020, the Joint Committee on Taxation approved PSEG’s nuclear carryback claim and federal tax returns for the years 2011 and 2012. In June 2020, the federal income tax audits for years 2011 through 2016 and the nuclear carryback claim were concluded. As a result, in the second quarter of 2020, PSEG, PSE&G, and PSEG Power decreased their total unrecognized tax benefits by $149 million, $83 million, and $63 million, respectively. As these unrecognized tax benefits primarily relate to temporary differences for which there are associated accumulated deferred income taxes, PSEG, PSE&G, and PSEG Power recorded $37 million, $9 million, and $25 million, respectively, of income statement benefits. The final cash settlement is expected to be completed within the next twelve months. New Jersey State Tax Reform In July 2018, the State of New Jersey made changes to its income tax laws, including imposing a temporary surtax on allocated corporate taxable income of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. There are certain aspects of the law that remain unclear. Any further guidance or clarification could impact PSEG’s and PSEG Power’s financial statements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months and six months ended June 30, 2020 and 2019 were as follows:
For the three months and six months ended June 30, 2020, the differences in PSEG’s effective tax rates as compared to the same periods in the prior year were due primarily to the reduction in the 2020 flowback of PSE&G’s excess deferred income tax liabilities as PSE&G refunded all FERC-approved transmission-related excess deferred income taxes that are not subject to the normalization rules in 2019. For the three months and six months ended June 30, 2020, the differences in PSEG’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to the flowback of PSE&G’s excess deferred income tax liabilities and tax repair-related accumulated deferred income taxes, the benefit of purchasing 2019 net operating losses (NOLs) under the New Jersey Technology Tax Benefit Transfer Program in 2020, and the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits. For the three months and six months ended June 30, 2020, the differences in PSE&G’s effective tax rates as compared to the same periods in the prior year were due primarily to the reduction in the 2020 flowback of PSE&G’s excess deferred income tax liabilities, as PSE&G refunded all FERC-approved transmission-related excess deferred income taxes that are not subject to the normalization rules in 2019. For the three months and six months ended June 30, 2020, the differences in PSE&G’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to the flowback of PSE&G’s excess deferred income tax liabilities and tax repair-related accumulated deferred income taxes. For the three months ended June 30, 2020, the difference in PSEG Power’s effective tax rate as compared to the same period in the prior year was due primarily to higher pre-tax income from the NDT qualified fund, which is subject to an additional trust tax, partially offset by the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits. For the six months ended June 30, 2020 the differences in PSEG Power’s effective tax rates as compared to the same period in the prior year and the statutory tax rate of 28.11% were due primarily to the benefit of purchasing 2019 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2020, the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits and the tax benefit of a pre-tax loss on the NDT qualified fund. Tax Cuts and Jobs Act of 2017 (Tax Act) Effective January 1, 2018, the Tax Act established tax laws including, but not limited to, a limitation on deductible interest and limitations on the utilization of NOLS, such as eliminating carrybacks. In November 2018, the IRS issued proposed regulations addressing the interest disallowance rules contained in the Tax Act. For non-regulated businesses, these rules set a cap on the amount of interest that can be deducted in a given year. Any amount that is disallowed can be carried forward indefinitely. For 2018 and 2019, the tax deductibility of a portion of PSEG’s and PSEG Power’s interest expense was disallowed and was recorded as a deferred tax asset. Amounts recorded under the Tax Act and relevant statutes, including but not limited to depreciation and interest disallowance, are subject to change based on several factors, including but not limited to, the IRS and state taxing authorities issuing additional guidance and/or further clarification. In July 2020, the IRS issued final and proposed regulations addressing the limitation on deductible interest expense contained in the Tax Act. PSEG is in the process of analyzing these regulations, which may impact PSEG’s, PSE&G’s and PSEG Power’s financial condition and cash flows. Coronavirus Aid, Relief, and Economic Security Act (CARES Act) In March 2020, the CARES Act was signed into federal law. As applicable to PSEG and PSEG Power, the CARES Act favorably increases the limitation on the amount of interest that can be deducted in 2020. The increased limitation will allow a portion of the previously disallowed amounts to reduce PSEG’s and PSEG Power’s 2020 taxable income. The CARES Act also reversed certain NOL provisions from the Tax Act such as allowing five-year carrybacks of 2018, 2019 and 2020 NOLs. IRS PLR In April 2020, the IRS issued a PLR to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC and the BPU approved PSE&G’s requests to refund these unprotected excess deferred income taxes to customers. FERC approved the refund of these unprotected excess deferred income taxes within the 2019 true-up filing. The BPU approved the refund of these unprotected excess deferred income taxes within the next five years beginning in July 2020. See Note 6. Rate Filings for additional information. Unrecognized Tax Benefits In April 2020, the Joint Committee on Taxation approved PSEG’s nuclear carryback claim and federal tax returns for the years 2011 and 2012. In June 2020, the federal income tax audits for years 2011 through 2016 and the nuclear carryback claim were concluded. As a result, in the second quarter of 2020, PSEG, PSE&G, and PSEG Power decreased their total unrecognized tax benefits by $149 million, $83 million, and $63 million, respectively. As these unrecognized tax benefits primarily relate to temporary differences for which there are associated accumulated deferred income taxes, PSEG, PSE&G, and PSEG Power recorded $37 million, $9 million, and $25 million, respectively, of income statement benefits. The final cash settlement is expected to be completed within the next twelve months. New Jersey State Tax Reform In July 2018, the State of New Jersey made changes to its income tax laws, including imposing a temporary surtax on allocated corporate taxable income of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. There are certain aspects of the law that remain unclear. Any further guidance or clarification could impact PSEG’s and PSEG Power’s financial statements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months and six months ended June 30, 2020 and 2019 were as follows:
For the three months and six months ended June 30, 2020, the differences in PSEG’s effective tax rates as compared to the same periods in the prior year were due primarily to the reduction in the 2020 flowback of PSE&G’s excess deferred income tax liabilities as PSE&G refunded all FERC-approved transmission-related excess deferred income taxes that are not subject to the normalization rules in 2019. For the three months and six months ended June 30, 2020, the differences in PSEG’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to the flowback of PSE&G’s excess deferred income tax liabilities and tax repair-related accumulated deferred income taxes, the benefit of purchasing 2019 net operating losses (NOLs) under the New Jersey Technology Tax Benefit Transfer Program in 2020, and the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits. For the three months and six months ended June 30, 2020, the differences in PSE&G’s effective tax rates as compared to the same periods in the prior year were due primarily to the reduction in the 2020 flowback of PSE&G’s excess deferred income tax liabilities, as PSE&G refunded all FERC-approved transmission-related excess deferred income taxes that are not subject to the normalization rules in 2019. For the three months and six months ended June 30, 2020, the differences in PSE&G’s effective tax rates as compared to the statutory tax rate of 28.11% were due primarily to the flowback of PSE&G’s excess deferred income tax liabilities and tax repair-related accumulated deferred income taxes. For the three months ended June 30, 2020, the difference in PSEG Power’s effective tax rate as compared to the same period in the prior year was due primarily to higher pre-tax income from the NDT qualified fund, which is subject to an additional trust tax, partially offset by the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits. For the six months ended June 30, 2020 the differences in PSEG Power’s effective tax rates as compared to the same period in the prior year and the statutory tax rate of 28.11% were due primarily to the benefit of purchasing 2019 NOLs under the New Jersey Technology Tax Benefit Transfer Program in 2020, the tax benefit from changes in uncertain tax positions as a result of the settlement of the 2011-2016 federal income tax audits and the tax benefit of a pre-tax loss on the NDT qualified fund. Tax Cuts and Jobs Act of 2017 (Tax Act) Effective January 1, 2018, the Tax Act established tax laws including, but not limited to, a limitation on deductible interest and limitations on the utilization of NOLS, such as eliminating carrybacks. In November 2018, the IRS issued proposed regulations addressing the interest disallowance rules contained in the Tax Act. For non-regulated businesses, these rules set a cap on the amount of interest that can be deducted in a given year. Any amount that is disallowed can be carried forward indefinitely. For 2018 and 2019, the tax deductibility of a portion of PSEG’s and PSEG Power’s interest expense was disallowed and was recorded as a deferred tax asset. Amounts recorded under the Tax Act and relevant statutes, including but not limited to depreciation and interest disallowance, are subject to change based on several factors, including but not limited to, the IRS and state taxing authorities issuing additional guidance and/or further clarification. In July 2020, the IRS issued final and proposed regulations addressing the limitation on deductible interest expense contained in the Tax Act. PSEG is in the process of analyzing these regulations, which may impact PSEG’s, PSE&G’s and PSEG Power’s financial condition and cash flows. Coronavirus Aid, Relief, and Economic Security Act (CARES Act) In March 2020, the CARES Act was signed into federal law. As applicable to PSEG and PSEG Power, the CARES Act favorably increases the limitation on the amount of interest that can be deducted in 2020. The increased limitation will allow a portion of the previously disallowed amounts to reduce PSEG’s and PSEG Power’s 2020 taxable income. The CARES Act also reversed certain NOL provisions from the Tax Act such as allowing five-year carrybacks of 2018, 2019 and 2020 NOLs. IRS PLR In April 2020, the IRS issued a PLR to PSE&G concluding that certain excess deferred taxes previously classified as protected should be classified as unprotected. Unprotected excess deferred income taxes are not subject to the normalization rules allowing them to be refunded to customers sooner as agreed to with FERC and the BPU. In July 2020, FERC and the BPU approved PSE&G’s requests to refund these unprotected excess deferred income taxes to customers. FERC approved the refund of these unprotected excess deferred income taxes within the 2019 true-up filing. The BPU approved the refund of these unprotected excess deferred income taxes within the next five years beginning in July 2020. See Note 6. Rate Filings for additional information. Unrecognized Tax Benefits In April 2020, the Joint Committee on Taxation approved PSEG’s nuclear carryback claim and federal tax returns for the years 2011 and 2012. In June 2020, the federal income tax audits for years 2011 through 2016 and the nuclear carryback claim were concluded. As a result, in the second quarter of 2020, PSEG, PSE&G, and PSEG Power decreased their total unrecognized tax benefits by $149 million, $83 million, and $63 million, respectively. As these unrecognized tax benefits primarily relate to temporary differences for which there are associated accumulated deferred income taxes, PSEG, PSE&G, and PSEG Power recorded $37 million, $9 million, and $25 million, respectively, of income statement benefits. The final cash settlement is expected to be completed within the next twelve months. New Jersey State Tax Reform In July 2018, the State of New Jersey made changes to its income tax laws, including imposing a temporary surtax on allocated corporate taxable income of 2.5% effective January 1, 2018 and 2019 and 1.5% in 2020 and 2021, as well as requiring corporate taxpayers to file in a combined reporting group as defined under New Jersey law starting in 2019. Both provisions include an exemption for public utilities. PSEG believes PSE&G meets the definition of a public utility and, therefore, will not be impacted by the temporary surtax or be included in the combined reporting group. There are certain aspects of the law that remain unclear. Any further guidance or clarification could impact PSEG’s and PSEG Power’s financial statements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG 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, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share (EPS) and Dividends | Earnings Per Share (EPS) and Dividends EPS 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 share units or restricted stock units. The following table shows the effect of these stock options, performance share units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS:
Dividends
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information By Business Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information By Business Segments | Financial Information by Business Segment
(B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 20. Related-Party Transactions.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information By Business Segments | Financial Information by Business Segment
(B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 20. Related-Party Transactions.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information By Business Segments | Financial Information by Business Segment
(B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 20. Related-Party Transactions.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 presented as follows:
PSEG Power The financial statements for PSEG Power include transactions with related parties presented as follows:
(E) PSEG 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [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 presented as follows:
PSEG Power The financial statements for PSEG Power include transactions with related parties presented as follows:
(E) PSEG 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG 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 presented as follows:
PSEG Power The financial statements for PSEG Power include transactions with related parties presented as follows:
(E) PSEG 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation (Policies) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory, Policy [Policy Text Block] | Fuel Inventory Fuel inventory at PSEG Power is valued at the lower of average cost or market and includes stored natural gas, coal, fuel oil and propane used to generate power and to satisfy obligations under PSEG Power’s gas supply contracts with PSE&G. The costs of fuel, including initial transportation costs, are included in inventory when purchased and charged to Energy Costs when used or sold. In the first quarter of 2020, PSEG Power recorded a $20 million lower of cost or market (LOCOM) adjustment to its fuel oil inventory due to the significant decline in market pricing. In the second quarter of 2020, PSEG Power reversed $9 million of the LOCOM adjustment recorded in the first quarter of 2020 due to recovery in the market price of oil. PSEG Power may continue to reverse the LOCOM adjustment in future quarters, limited to the adjustment recorded in the three months ended March 31, 2020, if the oil market recovers within the 2020 calendar year. However, downward adjustments in future quarters may be required if the market price of oil declines.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment PSEG Power capitalizes costs, including those related to its jointly-owned facilities that increase the capacity, improve or extend the life of an existing asset; represent a newly acquired or constructed asset; or represent the replacement of a retired asset. The cost of maintenance, repair and replacement of minor items of property is charged to appropriate expense accounts as incurred. Environmental costs are capitalized if the costs mitigate or prevent future environmental contamination or if the costs improve existing assets’ environmental safety or efficiency. All other environmental expenditures are expensed as incurred. PSEG Power also capitalizes spare parts that meet specific criteria. Capitalized spares are depreciated over the remaining lives of their associated assets. In March 2020, the NRC approved Peach Bottom’s second license extension for both units. Concurrent with the license extensions, PSEG Power has extended the useful life of the asset to match the 80-year life expectation and reassessed the related Asset Retirement Cost (ARC) and Asset Retirement Obligation (ARO) assumptions. This resulted in an increase to the ARC asset and ARO liability of $74 million, primarily due to lower discount rates offset by a longer discounting period as a result of the Peach Bottom units’ longer expected useful life.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation The respective 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 guidance 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, 2019. 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 significant 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, 2019.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash, Cash Equivalents and Restricted Cash, Policy [Policy Text Block] | Cash, Cash Equivalents and Restricted Cash The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2019) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
(A) Includes amounts applicable to PSEG (parent company), Energy Holdings and Services.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Standards (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| New Accounting Standards | New Standards Issued and Adopted Measurement of Credit Losses on Financial Instruments—Accounting Standards Update (ASU) 2016-13, updated by ASU 2018-19, 2019-04, 2019-05, 2019-11 and 2020-02 This accounting standard provides a new model for recognizing credit losses on financial assets. 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 based on past events, current conditions and supportable forecasts over a reasonable period. For purchased financial assets with credit deterioration, a similar model is used; however, the initial allowance is added to the purchase price rather than reported as an allowance. Credit losses on available-for-sale debt securities are measured in a manner similar to current GAAP; however, this standard requires those credit losses be presented as an allowance, rather than a write-down. This new standard also requires additional disclosures of the allowance for credit losses by financial asset type, including 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. PSEG adopted this standard on January 1, 2020 on a modified retrospective basis. Upon adoption, PSE&G recorded an increase of $8 million to its allowance for credit losses, offset by a $6 million increase to Regulatory and Other Assets, and a $2 million cumulative effect charge to Retained Earnings. See Note 3. Revenues. There was no impact from adoption of this standard on the financial statements of PSEG Power. Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement—ASU 2018-13 This accounting standard modifies the disclosure requirements for fair value measurements. Certain current disclosure requirements relating to Level 3 fair value measurements, and transfers between Level 1 and Level 2 fair value measurements have been eliminated. The standard also adds certain other disclosure requirements for Level 3 fair value measurements. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard on January 1, 2020. Certain amendments in the standard have been applied prospectively in 2020. All other amendments of the standard were applied retrospectively to all periods presented. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract—ASU 2018-15 This accounting standard aligns the capitalization requirements for implementation costs incurred in a hosting arrangement that is a service contract with capitalization requirements for implementation costs incurred to develop or obtain internal-use software, including hosting arrangements that include an internal-use software license. The standard follows the guidance in Accounting Standard Codification 350—Intangibles—Goodwill and Other to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. The standard requires the amortization of capitalized costs to be presented in Operation and Maintenance (O&M) Expense. In addition, the standard also adds presentation requirements for these costs in the statements of cash flows and financial position. The standard is effective for annual and interim periods beginning after December 15, 2019. PSEG adopted this standard prospectively on January 1, 2020. PSEG, PSE&G and PSEG Power do not expect a material impact on their respective financial statements. Targeted Improvements to Related Party Guidance for Variable Interest Entities (VIE)—ASU 2018-17 This accounting standard improves the VIE guidance in the area of decision-making fees. Consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE, indirect interests held through related parties in common control arrangements are considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This standard is effective for annual and interim periods beginning after December 15, 2019. The standard is required to be applied retrospectively with a cumulative effect adjustment to Retained Earnings at the beginning of the earliest period presented. PSEG adopted this standard on January 1, 2020. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Simplifying the Test for Goodwill Impairment—ASU 2017-04 This accounting standard requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. This standard requires application on a prospective basis and disclosure of the nature of and reason for the change in accounting principle upon transition. The new standard is effective for impairment tests for periods beginning January 1, 2020. PSEG early adopted this standard in the fourth quarter of 2019, and recorded an impairment loss of $16 million in O&M Expense. Codification Improvements to Financial Instruments—ASU 2020-03 This accounting standard provides clarification of guidance for financial instruments and makes narrow scope amendments related to various issues. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. Facilitation of the Effects of Reference Rate Reform on Financial Reporting—ASU 2020-04 This accounting standard provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The standard is effective from its issuance date, March 12, 2020, through December 31, 2022. PSEG adopted this standard effective upon issuance. Adoption of this standard did not have an impact on the financial statements of PSEG, PSE&G and PSEG Power. New Standards Issued But Not Yet Adopted as of June 30, 2020 Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans—ASU 2018-14 This accounting standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans, including the elimination of certain current disclosure requirements. Certain other disclosure requirements related to interest crediting rates have been added and certain clarifications were made to other disclosure requirements. The standard is effective for fiscal years ending after December 15, 2020 and early adoption is permitted. Amendments in this standard will be applied on a retrospective basis to all periods presented. PSEG is currently analyzing the impact of this standard on its disclosures. Simplifying the Accounting for Income Taxes—ASU 2019-12 This accounting standard simplifies the accounting for income taxes, including the elimination of certain exceptions to current requirements. Certain other requirements related to franchise taxes that are partially based on income, step-up of tax basis of goodwill and allocation of consolidated taxes to legal entities have been added and certain clarifications were made to other requirements. The standard is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. Certain amendments in this standard will be applied on a retrospective basis to all periods presented. Certain other amendments will be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative effect adjustment to Retained Earnings as of the beginning of the fiscal year of adoption. All other amendments will be applied on a prospective basis. PSEG is currently analyzing the impact of this standard on its financial statements. Clarifying the Interactions between Investments-Equity Securities, Investments-Equity Method and Joint Ventures, and Derivatives and Hedging—ASU 2020-01 This accounting standard clarifies that an entity should consider transaction prices for purposes of measuring the fair value of certain equity securities immediately before applying or upon discontinuing the equity method. This accounting standard also clarifies that when accounting for contracts entered into to purchase equity securities, an entity should not consider whether, upon the settlement of the forward contract or exercise of the purchased option, the underlying securities would be accounted for under the equity method or the fair value option. The standard is effective for fiscal years beginning after December 15, 2020. Amendments in this standard will be applied prospectively. PSEG is currently analyzing the impact of this standard on its financial statements.
|
Revenues Revenues (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2020 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue [Policy Text Block] | PSE&G Revenues from Contracts with Customers Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period. PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers. Other Revenues from Contracts with Customers Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered. Payment for services rendered and products transferred are typically due on average within 30 days of delivery. Revenues Unrelated to Contracts with Customers Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include weather normalization, green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues. PSEG Power Revenues from Contracts with Customers Electricity and Related Products—Wholesale and retail load contracts are executed in the different Independent System Operator (ISO) regions for the bundled supply of energy, capacity, renewable energy credits (RECs) and ancillary services representing PSEG Power’s performance obligations. Revenue for these contracts is recognized over time as the bundled service is provided to the customer. Transaction terms generally run from several months to three years. PSEG Power also sells to the ISOs energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. PSEG Power generally reports electricity sales and purchases conducted with those individual ISOs net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity. PSEG Power enters into capacity sales and capacity purchases through the ISOs. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through the individual ISOs. The performance obligations with the ISOs are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through the ISOs, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity. In April 2019, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded Zero Emission Certificates (ZECs) by the BPU. These nuclear plants are expected to receive ZEC revenue for approximately three years, through May 2022, from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are included in PJM Interconnection, L.L.C. (PJM) Sales in the following tables. See Note 4. Early Plant Retirements/Asset Dispositions for additional information. Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. The performance obligation is primarily delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation under these contracts is satisfied over time upon delivery of the gas or capacity, and revenue is recognized accordingly. Other Revenues from Contracts with Customers PSEG Power enters into bilateral contracts to sell solar power and solar RECs from its solar facilities. Contract terms range from 15 to 30 years. The performance obligations are generally solar power and RECs which are transferred to customers upon generation. Revenue is recognized upon generation of the solar power. PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 13. Financial Risk Management Activities for further discussion. PSEG Power is also a party to solar contracts that qualify as leases and are accounted for in accordance with lease accounting guidance. Other Revenues from Contracts with Customers PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction. Revenues Unrelated to Contracts with Customers
|
Organization and Basis of Presentation Organization and Basis of Presentation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash, Cash Equivalents and Restricted Cash [Table Text Block] | The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2019) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
(A) Includes amounts applicable to PSEG (parent company), Energy Holdings and Services.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues Revenues (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenues
(B) Includes primarily alternative revenues at PSE&G, derivative contracts and lease contracts at PSEG Power, and lease contracts in Other.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Receivable, Allowance for Credit Loss [Table Text Block] | The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue, Capacity Auction Obligations [Table Text Block] | Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. The 2022/2023 auction has yet to be held and is not expected until the first half of 2021. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.
Capacity Payments from the ISO New England Forward Capacity Market (FCM)—The FCM Auction is conducted annually three years in advance of the operating period. The table below includes PSEG Power’s cleared capacity in the FCM Auction for the Bridgeport Harbor Station 5 (BH5), which cleared the 2019/2020 auction at $231/MW-day for seven years, and the planned retirement of Bridgeport Harbor Station 3 (BH3) in May 2021. PSEG Power expects to realize the following average capacity prices for capacity obligations to be satisfied resulting from the FCM Auctions which have been completed through May 2024 and the seven-year rate lock for BH5 through May 2026:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Lease, Lease Income | The following is the operating lease income for PSEG Power and Energy Holdings for the three and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Receivables [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Credit Risk Profile Based On Payment Activity |
The solar loans originated under three Solar Loan Programs are comprised as follows:
The average life of loans paid in full is seven years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of June 30, 2020 and have an average remaining life of approximately four years.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2020 and December 31, 2019.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Assets Under Lease Receivables | A more detailed description of such assets under lease is presented in the following table.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Trust Investments [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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
(C) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 gains (losses) on securities in the NDT Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount Of Available-For-Sale Debt Securities By Maturity Periods | The NDT Fund debt securities held as of June 30, 2020 had the following maturities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rabbi Trust [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Trust Investments [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 12 months and greater than 12 months.
(B) Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for these corporate bonds because they are primarily investment grade.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 gains (losses) on securities in the Rabbi Trust Fund were:
(A)Includes activity in accounts related to the liquidation of funds being transitioned to new managers. (B)The cost of these securities was determined on the basis of specific identification.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amount Of Available-For-Sale Debt Securities By Maturity Periods | The Rabbi Trust debt securities held as of June 30, 2020 had the following maturities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Of The Rabbi Trusts | The fair value of the Rabbi Trust related to PSEG, PSE&G and PSEG Power are detailed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and OPEB (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components Of Net Periodic Benefit Cost | 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 for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization and co-owner allocations. Only the service cost component is eligible for capitalization, when applicable.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Pension And OPEB Costs | Pension and OPEB (credits) costs for PSE&G, PSEG Power and PSEG’s other subsidiaries, excluding Servco, are detailed as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Face Value Of Outstanding Guarantees, Current Exposure And Margin Positions | The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of June 30, 2020 and December 31, 2019.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Minimum Purchase Commitments | As of June 30, 2020, the total minimum purchase requirements included in these commitments were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss Contingencies [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract For Anticipated BGS-Fixed Price Eligible Load |
(A) Prices set in the 2020 BGS auction became effective on June 1, 2020 when the 2017 BGS auction agreements expired.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Credit Facilities Debt and Credit Facilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Credit Facilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Line of Credit Facilities [Table Text Block] | Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. The total credit facilities and available liquidity as of June 30, 2020 were as follows:
Except as otherwise noted in the table above, in March 2020, PSEG, PSE&G and PSEG Power and their respective lenders agreed to extend the expiration dates on their credit agreements from March 2023 to March 2024. Short-Term Loans PSEG In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement and in April 2020 it entered into two 364-day variable rate term loan agreements for $200 million and $300 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Risk Management Activities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Derivative Instruments Fair Value In Balance Sheets |
(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) 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, 2020 and December 31, 2019, PSEG Power had net cash collateral (receipts) payments to counterparties of $12 million and $44 million, respectively. Of these net cash collateral (receipts) payments, $(2) million as of June 30, 2020 and December 31, 2019 were netted against the corresponding net derivative contract positions. The $(2) million as of June 30, 2020 was netted against noncurrent assets. Of the $(2) million as of December 31, 2019, $(1) million was netted against current assets and $(1) million was netted against noncurrent assets
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 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 and six months ended June 30, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in the Accumulated Other Comprehensive Loss of PSEG on a pre-tax and after-tax basis.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 for the three months and six months ended June 30, 2020 and 2019, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel. The table does not include contracts that PSEG Power has designated as NPNS, such as its BGS contracts and certain other energy supply contracts that it has with other utilities and companies with retail load.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Gross Volume, On Absolute Value Basis For Derivative Contracts | The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2020 and December 31, 2019.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG 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 PSEG Power’s credit risk from wholesale counterparties, net of collateral, as of June 30, 2020. It further delineates that exposure by the credit rating of the counterparties, which is determined by the lowest rating from S&P, Moody’s or an internal scoring model. In addition, it provides guidance on the concentration of credit risk to individual counterparties and an indication of the quality of PSEG Power’s credit risk by credit rating of the counterparties. As of June 30, 2020, 99% of the net credit exposure for PSEG Power’s wholesale 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, NPNS and non-derivatives).
As of June 30, 2020, collateral held from counterparties where PSEG Power had credit exposure included $3 million in cash collateral and $67 million in letters of credit. As of June 30, 2020, PSEG Power had 136 active counterparties.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 PSEG Power’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, 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 PSEG Power.
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 settled prices from similar assets and liabilities from an exchange, such as NYMEX, ICE and Nodal Exchange, or auction prices. Prices used in the valuation process are also corroborated independently by management to determine that values are based on actual transaction data or, in the absence of transactions, bid and offers for the day. Examples may include certain exchange and non-exchange traded capacity and electricity contracts and natural gas physical or swap contracts based on market prices, basis adjustments and other premiums where adjustments and premiums are not considered significant to the overall inputs. Level 3—Unobservable inputs are used for the valuation of certain contracts. See “Additional Information Regarding Level 3 Measurements” below for more information on the utilization of unobservable inputs.
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 other equity securities in the NDT and Rabbi Trust Funds consist primarily of investments in money market funds which seek a high level of current income as is consistent with the preservation of capital and the maintenance of liquidity. To pursue its goals, the funds normally invest in diversified portfolios of high quality, short-term, dollar-denominated debt securities and government securities. The funds’ net asset value is priced and published daily. The Rabbi Trust’s Russell 3000 index fund is valued based on quoted prices in an active market and can be redeemed daily without restriction. Level 2—NDT and Rabbi Trust fixed income securities include investment grade corporate bonds, collateralized mortgage obligations, asset-backed securities and certain government and U.S. Treasury obligations or Federal Agency asset-backed securities and municipal bonds 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. The preferred stocks are not actively traded on a daily basis and therefore, are also priced using an evaluated pricing methodology. 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quantitative Information About Level 3 Fair Value Measurements |
As of June 30, 2020, 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 energy-related contracts in cases where PSEG Power is a seller, an increase in the load variability would decrease the fair value. For gas-related contracts in cases where PSEG Power is a buyer, an increase in the average historical basis would increase the fair value.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2020 and June 30, 2019, 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, 2020
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, 2019
.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, 2020 and December 31, 2019.
(B) Given that these bonds do not trade actively, 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. The fair value amounts above do not represent the price at which the outstanding debt may be called for redemption by each issuer under their respective debt agreements.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Unrealized gains (losses) in the following table represent the change in derivative assets and liabilities still held as of June 30, 2020 and 2019. .
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Deductions) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Other Income (Deductions) |
(A) Other consists of activity at PSEG (as parent company), Energy Holdings, Services, PSEG LI and intercompany eliminations.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Effective Tax Rates | PSEG’s, PSE&G’s and PSEG Power’s effective tax rates for the three months and six months ended June 30, 2020 and 2019 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Accumulated Other Comprehensive Income by Component |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassifications out of Accumulated Other Comprehensive Income |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share (EPS) and Dividends (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic And Diluted Earnings Per Share Computation | The following table shows the effect of these stock options, performance share units and restricted stock units on the weighted average number of shares outstanding used in calculating diluted EPS:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividend Payments On Common Stock | Dividends
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information By Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information By Business Segments |
(B) Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 20. Related-Party Transactions.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-Party Transactions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Related Party Transactions, Revenue | PSE&G The financial statements for PSE&G include transactions with related parties presented as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Related Party Transactions, Payables |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Related Party Transactions, Revenue | The financial statements for PSEG Power include transactions with related parties presented as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Related Party Transactions, Receivables |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||
| Cash and Cash Equivalents | $ 431 | $ 147 | |||||
| Cash, Cash Equivalents and Restricted Cash | 467 | 176 | $ 115 | $ 199 | |||
| Public Service Electric and Gas Company [Member] | |||||||
| Cash and Cash Equivalents | 258 | 21 | |||||
| Restricted Cash in Other Current Assets | 15 | 11 | |||||
| Restricted Cash in Other Noncurrent Assets | 21 | 18 | |||||
| Cash, Cash Equivalents and Restricted Cash | 294 | 50 | 56 | 61 | |||
| PSEG Power [Member] | |||||||
| Cash and Cash Equivalents | 17 | 21 | |||||
| Restricted Cash in Other Current Assets | 0 | 0 | |||||
| Restricted Cash in Other Noncurrent Assets | 0 | 0 | |||||
| Cash, Cash Equivalents and Restricted Cash | 17 | 21 | $ 14 | $ 22 | |||
| Lower of Cost or Market adjustment | $ 20 | ||||||
| Asset Retirement Obligation, Revision of Estimate | 74 | ||||||
| Other Entities [Member] | |||||||
| Cash and Cash Equivalents | [1] | 156 | 105 | ||||
| Restricted Cash in Other Current Assets | [1] | 0 | 0 | ||||
| Restricted Cash in Other Noncurrent Assets | [1] | 0 | 0 | ||||
| Cash, Cash Equivalents and Restricted Cash | [1] | 156 | 105 | ||||
| Other Current Assets [Member] | |||||||
| Restricted Cash in Other Current Assets | 15 | 11 | |||||
| Other Noncurrent Assets [Member] | |||||||
| Restricted Cash in Other Noncurrent Assets | $ 21 | $ 18 | |||||
| |||||||
Recent Accounting Standards Recent Accounting Standards (Details) - USD ($) $ in Millions |
Jan. 01, 2020 |
Dec. 31, 2019 |
Jan. 01, 2019 |
|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Cumulative Effect Adjustment | $ (2) | $ 81 | |
| Public Service Electric and Gas Company [Member] | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Cumulative Effect Adjustment | $ (2) | ||
| PSEG Power [Member] | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Cumulative Effect Adjustment | $ 69 | ||
| Allowance for Credit Losses [Member] | Accounting Standards Update 2016-13 [Member] | Public Service Electric and Gas Company [Member] | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Cumulative Effect Adjustment | $ 8 | ||
| Other Regulatory Assets (Liabilities) [Member] | Accounting Standards Update 2016-13 [Member] | Public Service Electric and Gas Company [Member] | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Cumulative Effect Adjustment | 6 | ||
| Other Assets [Member] | Accounting Standards Update 2016-13 [Member] | Public Service Electric and Gas Company [Member] | |||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
| Cumulative Effect Adjustment | $ 2 |
Revenues Revenues (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
$ / mwd
MW
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
$ / mwd
MW
|
Jun. 30, 2019
USD ($)
|
Mar. 31, 2020
USD ($)
|
Jan. 01, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jan. 01, 2019
USD ($)
|
|||||
| Revenues [Line Items] | ||||||||||||
| Cumulative Effect Adjustment | $ (2) | $ 81 | ||||||||||
| Revenue from Contract with Customers | $ 2,025 | $ 1,992 | $ 4,474 | $ 4,778 | ||||||||
| Revenues Unrelated to Contracts with Customers | [1] | 25 | 324 | 357 | 518 | |||||||
| Total Operating Revenues | 2,050 | 2,316 | 4,831 | 5,296 | ||||||||
| Electric Distribution Contracts [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 723 | 775 | 1,372 | 1,517 | ||||||||
| Gas Distribution [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 276 | 208 | 1,005 | 1,136 | ||||||||
| Electric Transmission [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 378 | 304 | 744 | 592 | ||||||||
| Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 346 | 423 | 714 | 938 | ||||||||
| Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Electricity and Related Products [Member] | NY ISO [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 24 | 29 | 49 | 70 | ||||||||
| Electricity and Related Products [Member] | ISO New England [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 25 | 27 | 73 | 48 | ||||||||
| Gas Sales [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 15 | 11 | 44 | 58 | ||||||||
| Gas Sales [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other Revenues from Contracts with Customers [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | [2] | $ 238 | 215 | $ 473 | 419 | |||||||
| Public Service Electric and Gas Company [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Allowances percentage of accounts receivable | 10.00% | 10.00% | 6.00% | |||||||||
| Revenue from Contract with Customers | $ 1,462 | 1,358 | $ 3,290 | 3,383 | ||||||||
| Revenues Unrelated to Contracts with Customers | [1] | (6) | 24 | 49 | 31 | |||||||
| Total Operating Revenues | 1,456 | 1,382 | 3,339 | 3,414 | ||||||||
| Public Service Electric and Gas Company [Member] | Electric Distribution Contracts [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 723 | 775 | 1,372 | 1,517 | ||||||||
| Public Service Electric and Gas Company [Member] | Gas Distribution [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 278 | 211 | 1,009 | 1,142 | ||||||||
| Public Service Electric and Gas Company [Member] | Electric Transmission [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 378 | 304 | 744 | 592 | ||||||||
| Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Public Service Electric and Gas Company [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Public Service Electric and Gas Company [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Public Service Electric and Gas Company [Member] | Other Revenues from Contracts with Customers [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | [2] | 83 | 68 | 165 | 132 | |||||||
| PSEG Power [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 659 | 736 | 1,614 | 1,975 | ||||||||
| Revenues Unrelated to Contracts with Customers | [1] | 24 | 347 | 289 | 524 | |||||||
| Total Operating Revenues | 683 | 1,083 | 1,903 | 2,499 | ||||||||
| Anticipated Contract Revenues | $ 154 | $ 154 | ||||||||||
| PSEG Power [Member] | PJM [Member] | June 2020 to May 2021 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 168 | 168 | ||||||||||
| Load (MW) | MW | 7,900 | 7,900 | ||||||||||
| PSEG Power [Member] | PJM [Member] | June 2021 to May 2022 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 180 | 180 | ||||||||||
| Load (MW) | MW | 7,100 | 7,100 | ||||||||||
| PSEG Power [Member] | ISO New England [Member] | June 2019 to May 2020 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | ||||||||||
| PSEG Power [Member] | ISO New England [Member] | June 2020 to May 2021 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 195 | 195 | ||||||||||
| Load (MW) | MW | 1,330 | 1,330 | ||||||||||
| PSEG Power [Member] | ISO New England [Member] | June 2021 to May 2022 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 192 | 192 | ||||||||||
| Load (MW) | MW | 950 | 950 | ||||||||||
| PSEG Power [Member] | ISO New England [Member] | June 2022 to May 2023 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 179 | 179 | ||||||||||
| Load (MW) | MW | 950 | 950 | ||||||||||
| PSEG Power [Member] | ISO New England [Member] | June 2023 to May 2024 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 152 | 152 | ||||||||||
| Load (MW) | MW | 930 | 930 | ||||||||||
| PSEG Power [Member] | ISO New England [Member] | June 2024 to May 2025 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | ||||||||||
| Load (MW) | MW | 480 | 480 | ||||||||||
| PSEG Power [Member] | ISO New England [Member] | June 2025 to May 2026 [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Dollars Per Megawatt-Day | $ / mwd | 231 | 231 | ||||||||||
| Load (MW) | MW | 480 | 480 | ||||||||||
| PSEG Power [Member] | Electric Distribution Contracts [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | $ 0 | 0 | $ 0 | 0 | ||||||||
| PSEG Power [Member] | Gas Distribution [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| PSEG Power [Member] | Electric Transmission [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| PSEG Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 346 | 423 | 714 | 938 | ||||||||
| PSEG Power [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 111 | 130 | 232 | 256 | ||||||||
| PSEG Power [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 24 | 29 | 49 | 70 | ||||||||
| PSEG Power [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 25 | 27 | 73 | 48 | ||||||||
| PSEG Power [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 15 | 11 | 44 | 58 | ||||||||
| PSEG Power [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 124 | 102 | 478 | 581 | ||||||||
| PSEG Power [Member] | Other Revenues from Contracts with Customers [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | [2] | 14 | 14 | 24 | 24 | |||||||
| Other [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 141 | 134 | 285 | 265 | ||||||||
| Revenues Unrelated to Contracts with Customers | [1] | 7 | (47) | 19 | (37) | |||||||
| Total Operating Revenues | 148 | 87 | 304 | 228 | ||||||||
| Other [Member] | LIPA OSA contract fixed component [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Anticipated Contract Revenues | 67 | 67 | ||||||||||
| Other [Member] | Electric Distribution Contracts [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Gas Distribution [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Electric Transmission [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Other [Member] | Other Revenues from Contracts with Customers [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | [2] | 141 | 134 | 285 | 265 | |||||||
| Eliminations [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | (237) | (236) | (715) | (845) | ||||||||
| Revenues Unrelated to Contracts with Customers | [1] | 0 | 0 | 0 | 0 | |||||||
| Total Operating Revenues | (237) | (236) | (715) | (845) | ||||||||
| Eliminations [Member] | Electric Distribution Contracts [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Eliminations [Member] | Gas Distribution [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | (2) | (3) | (4) | (6) | ||||||||
| Eliminations [Member] | Electric Transmission [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Eliminations [Member] | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Eliminations [Member] | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | (111) | (130) | (232) | (256) | ||||||||
| Eliminations [Member] | Electricity and Related Products [Member] | NY ISO [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Eliminations [Member] | Electricity and Related Products [Member] | ISO New England [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Eliminations [Member] | Gas Sales [Member] | Third Party Sales [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | 0 | 0 | 0 | 0 | ||||||||
| Eliminations [Member] | Gas Sales [Member] | Sales to Affiliates [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | (124) | (102) | (478) | (581) | ||||||||
| Eliminations [Member] | Other Revenues from Contracts with Customers [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Revenue from Contract with Customers | [2] | 0 | (1) | (1) | (2) | |||||||
| Public Service Electric and Gas Company [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Accounts Receivable, Allowance for Credit Loss, Recovery | 1 | 3 | ||||||||||
| Cumulative Effect Adjustment | $ (2) | |||||||||||
| Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses | 121 | 121 | $ 80 | $ 68 | ||||||||
| Provision for Other Credit Losses | 45 | 77 | ||||||||||
| Accounts Receivable, Allowance for Credit Loss, Writeoff | (4) | (24) | ||||||||||
| Total Operating Revenues | $ 1,456 | $ 1,382 | $ 3,339 | $ 3,414 | ||||||||
| Allowance for Credit Losses [Member] | Accounting Standards Update 2016-13 [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||
| Revenues [Line Items] | ||||||||||||
| Cumulative Effect Adjustment | $ 8 | |||||||||||
| ||||||||||||
Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|
| Early Plant Retirements/Asset Dispositions [Line Items] | |||
| Assets Held-for-sale | $ 29,000,000 | $ 30,000,000 | |
| PSEG Power [Member] | |||
| Early Plant Retirements/Asset Dispositions [Line Items] | |||
| ZEC Charge per kwh | 0.004 | ||
| ZEC Charge per MWh | 10 | ||
| Assets Held-for-sale | $ 29,000,000 | $ 28,000,000 | |
| Approximate Loss on Disposition | $ 400,000,000 |
Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Variable Interest Entity [Line Items] | ||||
| Operating Revenues | $ 2,050 | $ 2,316 | $ 4,831 | $ 5,296 |
| Operation and Maintenance | 733 | 750 | 1,487 | 1,506 |
| Long Island ServCo [Member] | ||||
| Variable Interest Entity [Line Items] | ||||
| Operating Revenues | 125 | 118 | 252 | 233 |
| Operation and Maintenance | $ 125 | $ 118 | $ 252 | $ 233 |
Rate Filings (Details) - Public Service Electric and Gas Company [Member] $ in Millions |
1 Months Ended | ||
|---|---|---|---|
|
Jul. 31, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Apr. 30, 2020
USD ($)
|
|
| Regulatory Assets And Liabilities [Line Items] | |||
| Proposed BGSS rate per therm | 0.32 | ||
| Transmission Formula Rate [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Requested Rate Increase (Decrease), Amount | $ 24 | ||
| Transition Renewable Incentive Certificates [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Requested Rate Increase (Decrease), Amount | $ 23 | ||
| Electric Green Program Recovery [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Requested Rate Increase (Decrease), Amount | 67 | ||
| Gas Green Program Recovery [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Requested Rate Increase (Decrease), Amount | 20 | ||
| Gas System Modernization Program II [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Requested Rate Increase (Decrease), Amount | 22 | ||
| Tax Adjustment Credits Electric Distribution [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Flowback of unprotected tax benefits total | 50 | ||
| Flowback of unprotected tax benefits current year | 10 | ||
| Tax Adjustment Credits Gas Distribution [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Flowback of unprotected tax benefits total | 46 | ||
| Flowback of unprotected tax benefits current year | $ 19 | ||
| Subsequent Event [Member] | Transmission Formula Rate [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Flowback of unprotected tax benefits total | $ 37 | ||
| Subsequent Event [Member] | Gas System Modernization Program II [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Approved Rate Increase (Decrease), Amount | 18 | ||
| Subsequent Event [Member] | Tax Adjustment Credits Electric Distribution [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Approved Rate Increase (Decrease), Amount | (25) | ||
| Subsequent Event [Member] | Tax Adjustment Credits Gas Distribution [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Approved Rate Increase (Decrease), Amount | $ (29) | ||
| 2019 to 2020 [Member] | Gas Weather Normalization Deferral [Member] | |||
| Regulatory Assets And Liabilities [Line Items] | |||
| Public Utilities, Requested Rate Increase (Decrease), Amount | $ (34) | ||
Leases Operating Lease Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Operating Lease Income | ||||
| Fixed Lease Income | $ 3 | $ 6 | $ 8 | $ 11 |
| Variable Lease Income | 8 | 8 | 13 | 12 |
| Total Operating Lease Income | 11 | 14 | 21 | 23 |
| PSEG Power [Member] | ||||
| Operating Lease Income | ||||
| Fixed Lease Income | 0 | 0 | 0 | 0 |
| Variable Lease Income | 8 | 8 | 13 | 12 |
| Total Operating Lease Income | 8 | 8 | 13 | 12 |
| Energy Holdings | ||||
| Operating Lease Income | ||||
| Fixed Lease Income | 3 | 6 | 8 | 11 |
| Variable Lease Income | 0 | 0 | 0 | 0 |
| Total Operating Lease Income | $ 3 | $ 6 | $ 8 | $ 11 |
Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
| Concentration Risk [Line Items] | ||
| Average Loan Repayment Period | 7 years | |
| Outstanding Loans by Class of Customer | $ 161 | $ 164 |
| Current Portion of Outstanding Loans | 29 | 28 |
| Noncurrent Portion of Outstanding Loans | $ 132 | 136 |
| Average Loan Remaining Repayment Period | 4 years | |
| Commercial/Industrial [Member] | ||
| Concentration Risk [Line Items] | ||
| Outstanding Loans by Class of Customer | $ 154 | 156 |
| Residential [Member] | ||
| Concentration Risk [Line Items] | ||
| Outstanding Loans by Class of Customer | 7 | $ 8 |
| Solar Loan I [Member] | ||
| Concentration Risk [Line Items] | ||
| Outstanding Loans by Class of Customer | $ 24 | |
| Solar Loan I [Member] | Commercial/Industrial [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 15 years | |
| Solar Loan I [Member] | Residential [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 10 years | |
| Solar Loan II [Member] | ||
| Concentration Risk [Line Items] | ||
| Outstanding Loans by Class of Customer | $ 77 | |
| Solar Loan II [Member] | Commercial/Industrial [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 15 years | |
| Solar Loan II [Member] | Residential [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 10 years | |
| Solar Loan III [Member] | ||
| Concentration Risk [Line Items] | ||
| Outstanding Loans by Class of Customer | $ 60 | |
| Solar Loan III [Member] | Commercial/Industrial [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 10 years | |
| Solar Loan III [Member] | Residential [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 10 years | |
| Minimum [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 10 years | |
| Maximum [Member] | ||
| Concentration Risk [Line Items] | ||
| Loan Receivable, Term | 15 years |
Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Schedule of Financial Receivables [Line Items] | ||
| Lease Receivables (net of Non-Recourse Debt) | $ 470 | $ 498 |
| Estimated Residual Value of Leased Assets | 198 | 202 |
| Total Investment in Rental Receivables | 668 | 700 |
| Unearned and Deferred Income | (192) | (203) |
| Gross Investments in Leases | 476 | 497 |
| Deferred Tax Liabilities | (323) | (328) |
| Net Investments in Leases | $ 153 | $ 169 |
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, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Schedule of Financial Receivables [Line Items] | ||
| Lease Receivables (net of Non-Recourse Debt) | $ 470 | $ 498 |
| Standard & Poor's, AA Rating [Member] | ||
| Schedule of Financial Receivables [Line Items] | ||
| Lease Receivables (net of Non-Recourse Debt) | 9 | |
| Standard & Poor's, A- Rating [Member] | ||
| Schedule of Financial Receivables [Line Items] | ||
| Lease Receivables (net of Non-Recourse Debt) | 54 | |
| Standard & Poor's, BBB plus - BBB - Rating [Member] | ||
| Schedule of Financial Receivables [Line Items] | ||
| Lease Receivables (net of Non-Recourse Debt) | 237 | |
| Standard & Poor's, BB Rating [Member] | ||
| Schedule of Financial Receivables [Line Items] | ||
| Lease Receivables (net of Non-Recourse Debt) | 132 | |
| Not Rated [Member] | ||
| Schedule of Financial Receivables [Line Items] | ||
| Lease Receivables (net of Non-Recourse Debt) | $ 38 |
Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
| Schedule of Financial Receivables [Line Items] | ||||
| Pre-Tax Lease write-down | $ 58 | |||
| Lease investment with non-investment grade counterparties, gross | $ 235 | |||
| Lease investment with non-investment grade counterparties, net of deferred taxes | (25) | |||
| Assets to be classified as Held-for-sale | $ 29 | $ 30 | ||
| Powerton Station [Member] | ||||
| Schedule of Financial Receivables [Line Items] | ||||
| Counterparties’ S&P Credit Ratings | BB | |||
| Subsequent Event [Member] | ||||
| Schedule of Financial Receivables [Line Items] | ||||
| Assets to be classified as Held-for-sale | $ 160 |
Financing Receivables (Schedule Of Assets Under Lease Receivables) (Detail) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2020
USD ($)
MW
| |
| Powerton Station Units 5 And 6 [Member] | |
| Schedule of Financial Receivables [Line Items] | |
| Location | IL |
| Gross Investment | $ | $ 75 |
| % 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 | $ | $ 85 |
| % Owned | 64.00% |
| Total MW | MW | 1,036 |
| Fuel Type | Gas |
| Counterparties’ S&P Credit Ratings | BB |
| Counterparty | NRG Energy, Inc. |
| Shawville Station Units 1, 2, 3 And 4 [Member] | |
| Schedule of Financial Receivables [Line Items] | |
| Location | PA |
| Gross Investment | $ | $ 75 |
| % Owned | 100.00% |
| Total MW | MW | 596 |
| Fuel Type | Gas |
| Counterparties’ S&P Credit Ratings | NR |
| Counterparty | Shawville Power, LLC |
Trust Investments (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|||||||
| Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Trust Investments, Cost | $ 1,898 | $ 1,858 | ||||||
| Gross Unrealized Gains | 391 | 374 | ||||||
| Gross Unrealized Losses | (39) | (18) | ||||||
| Trust Investments, Fair Value | 2,250 | [1] | 2,214 | [2] | ||||
| NDT Fund Foreign Currency | 1 | 2 | ||||||
| Rabbi Trust [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Trust Investments, Cost | 233 | 228 | ||||||
| Gross Unrealized Gains | 26 | 18 | ||||||
| Gross Unrealized Losses | 0 | 0 | ||||||
| Trust Investments, Fair Value | 259 | 246 | ||||||
| Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Debt Securities, Available-for-sale, Amortized Cost | 1,067 | 1,033 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 68 | 33 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2 | 3 | ||||||
| Debt Securities, Available-for-Sale, Fair Value | 1,133 | 1,063 | ||||||
| Total Debt Securities [Member] | Rabbi Trust [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Debt Securities, Available-for-sale, Amortized Cost | 212 | 207 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 21 | 11 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||||||
| Debt Securities, Available-for-Sale, Fair Value | 233 | 218 | ||||||
| Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Equity Securities, Cost | 831 | 825 | ||||||
| Equity Securities, Accumulated Gross Unrealized Gain | 323 | 341 | ||||||
| Equity Securities, Accumulated Gross Unrealized Loss | 37 | 15 | ||||||
| Equity Securities, Fair Value | 1,117 | 1,151 | ||||||
| Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Debt Securities, Available-for-sale, Amortized Cost | 554 | 470 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 35 | 17 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2 | 1 | ||||||
| Debt Securities, Available-for-Sale, Fair Value | 587 | 486 | ||||||
| Corporate Debt Obligations [Member] | Rabbi Trust [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Debt Securities, Available-for-sale, Amortized Cost | 125 | 107 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 11 | 7 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||||||
| Debt Securities, Available-for-Sale, Fair Value | 136 | 114 | ||||||
| Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Debt Securities, Available-for-sale, Amortized Cost | 513 | 563 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 33 | 16 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 2 | ||||||
| Debt Securities, Available-for-Sale, Fair Value | 546 | 577 | ||||||
| Government Debt Securities [Member] | Rabbi Trust [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Debt Securities, Available-for-sale, Amortized Cost | 87 | 100 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 10 | 4 | ||||||
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||||||
| Debt Securities, Available-for-Sale, Fair Value | 97 | 104 | ||||||
| International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Equity Securities, Cost | 395 | 400 | ||||||
| Equity Securities, Accumulated Gross Unrealized Gain | 79 | 103 | ||||||
| Equity Securities, Accumulated Gross Unrealized Loss | 26 | 11 | ||||||
| Equity Securities, Fair Value | 448 | 492 | ||||||
| Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Equity Securities, Cost | 436 | 425 | ||||||
| Equity Securities, Accumulated Gross Unrealized Gain | 244 | 238 | ||||||
| Equity Securities, Accumulated Gross Unrealized Loss | 11 | 4 | ||||||
| Equity Securities, Fair Value | 669 | 659 | ||||||
| Domestic Equity Securities [Member] | Rabbi Trust [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Equity Securities, Cost | 21 | 21 | ||||||
| Equity Securities, Accumulated Gross Unrealized Gain | 5 | 7 | ||||||
| Equity Securities, Accumulated Gross Unrealized Loss | 0 | 0 | ||||||
| Equity Securities, Fair Value | $ 26 | $ 28 | ||||||
| ||||||||
Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Accounts Receivable | $ 13 | $ 11 |
| Accounts Payable | 17 | 11 |
| Rabbi Trust [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Accounts Receivable | 1 | 2 |
| Accounts Payable | $ 0 | $ 0 |
Trust Investments (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, 2020 |
Dec. 31, 2019 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | $ 195 | $ 197 | ||||||||||
| Gross Unrealized Losses on Equity Securities, Less Than 12 Months | (24) | (5) | ||||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | 38 | 82 | ||||||||||
| Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | (15) | (13) | ||||||||||
| Rabbi Trust [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | 15 | 37 | ||||||||||
| Gross Unrealized Losses on Equity Securities, Less Than 12 Months | 0 | 0 | ||||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | 2 | 5 | ||||||||||
| Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | 0 | 0 | ||||||||||
| Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | [1] | 130 | 49 | |||||||||
| Gross Unrealized Losses on Equity Securities, Less Than 12 Months | [1] | (22) | (3) | |||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | [1] | 28 | 40 | |||||||||
| Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | [1] | (15) | (12) | |||||||||
| Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 65 | 148 | ||||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | (2) | (2) | ||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 10 | 42 | ||||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | 0 | (1) | ||||||||||
| Total Debt Securities [Member] | Rabbi Trust [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 15 | 37 | ||||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 | ||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2 | 5 | ||||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | 0 | 0 | ||||||||||
| Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [2] | 46 | 49 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [2] | (2) | 0 | |||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [2] | 9 | 12 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [2] | 0 | (1) | |||||||||
| Corporate Debt Obligations [Member] | Rabbi Trust [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [3] | 9 | 11 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [3] | 0 | 0 | |||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [3] | 1 | 2 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [3] | 0 | 0 | |||||||||
| Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [4] | 19 | 99 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [4] | 0 | (2) | |||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [4] | 1 | 30 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [4] | 0 | 0 | |||||||||
| Government Debt Securities [Member] | Rabbi Trust [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [5] | 6 | 26 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | [5] | 0 | 0 | |||||||||
| Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | [5] | 1 | 3 | |||||||||
| Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, | [5] | 0 | 0 | |||||||||
| International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | [1] | 77 | 28 | |||||||||
| Gross Unrealized Losses on Equity Securities, Less Than 12 Months | [1] | (15) | (2) | |||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | [1] | 23 | 34 | |||||||||
| Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | [1] | (11) | (9) | |||||||||
| Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Less Than 12 Months | [1] | 53 | 21 | |||||||||
| Gross Unrealized Losses on Equity Securities, Less Than 12 Months | [1] | (7) | (1) | |||||||||
| Fair Value of Equity Securities in Unrealized Loss Position, Greater Than 12 Months | [1] | 5 | 6 | |||||||||
| Gross Unrealized Losses on Equity Securities, Greater Than 12 Months | [1] | $ (4) | $ (3) | |||||||||
| ||||||||||||
Trust Investments (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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||||||||
| Net Gains (Losses) on Trust Investments | $ 201 | $ 39 | $ (20) | $ 167 | ||||||||||||||
| Rabbi Trust [Member] | ||||||||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||||||||
| Proceeds from Sales | 61 | [1] | 42 | [1] | 115 | [2] | 86 | [2] | ||||||||||
| Gross Realized Gains | 5 | 1 | 10 | 2 | ||||||||||||||
| Gross Realized Losses | (2) | 0 | (3) | (1) | ||||||||||||||
| Net Realized Gains (Losses) | [3] | 3 | 1 | 7 | 1 | |||||||||||||
| Unrealized Gain (Loss) on Equity Securities | 4 | 0 | (1) | 3 | ||||||||||||||
| Net Gains (Losses) on Trust Investments | 7 | 1 | 6 | 4 | ||||||||||||||
| PSEG Power [Member] | ||||||||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||||||||
| Net Gains (Losses) on Trust Investments | 196 | 38 | (24) | 164 | ||||||||||||||
| PSEG Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | ||||||||||||||||||
| Schedule of Trust Investments [Line Items] | ||||||||||||||||||
| Proceeds from Sales | [1] | 493 | 427 | 1,048 | 880 | |||||||||||||
| Gross Realized Gains | 32 | 18 | 70 | 63 | ||||||||||||||
| Gross Realized Losses | (20) | (13) | (54) | (32) | ||||||||||||||
| Net Realized Gains (Losses) | [4] | 12 | 5 | 16 | 31 | |||||||||||||
| Unrealized Gain (Loss) on Equity Securities | 182 | 33 | (39) | 132 | ||||||||||||||
| Impairment of Debt Securities | 0 | 0 | (3) | [5] | 0 | |||||||||||||
| Net Gains (Losses) on Trust Investments | $ 194 | $ 38 | $ (26) | $ 163 | ||||||||||||||
| ||||||||||||||||||
Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions |
Jun. 30, 2020
USD ($)
|
|---|---|
| Rabbi Trust [Member] | |
| Schedule of Trust Investments [Line Items] | |
| Total Available-for-Sale Debt Securities | $ 233 |
| PSEG Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
| Schedule of Trust Investments [Line Items] | |
| Total Available-for-Sale Debt Securities | 1,133 |
| Debt Securities [Member] | Rabbi Trust [Member] | |
| Schedule of Trust Investments [Line Items] | |
| Less than one year | 1 |
| 1 - 5 years | 32 |
| 6 - 10 years | 32 |
| 11 - 15 years | 16 |
| 16 - 20 years | 32 |
| Over 20 years | 120 |
| Debt Securities [Member] | PSEG Power [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | |
| Schedule of Trust Investments [Line Items] | |
| Less than one year | 23 |
| 1 - 5 years | 257 |
| 6 - 10 years | 220 |
| 11 - 15 years | 75 |
| 16 - 20 years | 71 |
| Over 20 years | $ 487 |
Trust Investments (Fair Value Of Rabbi Trust) (Detail) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Schedule of Trust Investments [Line Items] | ||
| Total Rabbi Trust Investments | $ 259 | $ 246 |
| PSEG Power [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Total Rabbi Trust Investments | 65 | 62 |
| Public Service Electric and Gas Company [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Total Rabbi Trust Investments | 50 | 48 |
| Rabbi Trust [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Total Rabbi Trust Investments | 259 | 246 |
| Rabbi Trust [Member] | PSEG Power [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Total Rabbi Trust Investments | 65 | 62 |
| Rabbi Trust [Member] | Public Service Electric and Gas Company [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Total Rabbi Trust Investments | 50 | 48 |
| Rabbi Trust [Member] | Other Entity [Member] | ||
| Schedule of Trust Investments [Line Items] | ||
| Total Rabbi Trust Investments | $ 144 | $ 136 |
Trust Investments (Narrative) (Detail) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
Facility
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
||||
| PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Number of Nuclear Facilities | Facility | 5 | |||||||
| Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| NDT Fund Foreign Currency | $ 1 | $ 1 | $ 2 | |||||
| Impairment of Debt Securities | 0 | $ 0 | (3) | [1] | $ 0 | |||
| Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| After tax amount of net unrealized gains recognized in AOCI | 38 | |||||||
| Debt Securities [Member] | Rabbi Trust [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| After tax amount of net unrealized gains recognized in AOCI | 15 | |||||||
| Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Unrealized Gains (Losses) on Equity Securities still held | 172 | (1) | ||||||
| Equity Securities [Member] | Rabbi Trust [Member] | ||||||||
| Schedule of Trust Investments [Line Items] | ||||||||
| Unrealized Gains (Losses) on Equity Securities still held | $ 4 | $ (1) | ||||||
| ||||||||
Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Pension Benefits [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Service Cost | $ 35 | $ 28 | $ 70 | $ 57 |
| Interest Cost | 48 | 58 | 96 | 116 |
| Expected Return on Plan Assets | (110) | (96) | (221) | (193) |
| Amortization of Prior Service Cost | (3) | (4) | (5) | (9) |
| Amortization of Actuarial Loss | 23 | 27 | 46 | 54 |
| Non-Operating Pension and OPEB (Credits) Costs | (42) | (15) | (84) | (32) |
| Total Benefit Costs | (7) | 13 | (14) | 25 |
| OPEB [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Service Cost | 3 | 3 | 5 | 5 |
| Interest Cost | 8 | 11 | 17 | 22 |
| Expected Return on Plan Assets | (9) | (9) | (19) | (18) |
| Amortization of Prior Service Cost | (32) | (32) | (64) | (64) |
| Amortization of Actuarial Loss | 11 | 12 | 23 | 25 |
| Non-Operating Pension and OPEB (Credits) Costs | (22) | (18) | (43) | (35) |
| Total Benefit Costs | $ (19) | $ (15) | $ (38) | $ (30) |
Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Pension Benefits [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | $ (7) | $ 13 | $ (14) | $ 25 |
| Pension Benefits [Member] | Public Service Electric and Gas Company [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | (6) | 6 | (13) | 13 |
| Pension Benefits [Member] | PSEG Power [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | (2) | 4 | (3) | 7 |
| Pension Benefits [Member] | Other Entity [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | 1 | 3 | 2 | 5 |
| OPEB [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | (19) | (15) | (38) | (30) |
| OPEB [Member] | Public Service Electric and Gas Company [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | (19) | (16) | (38) | (32) |
| OPEB [Member] | PSEG Power [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | 0 | 1 | 0 | 2 |
| OPEB [Member] | Other Entity [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | $ 0 | $ 0 | $ 0 | $ 0 |
Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Pension Plan [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | $ (7) | $ 13 | $ (14) | $ 25 |
| Postretirement Healthcare Plans [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | (19) | (15) | (38) | (30) |
| Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Employer contributions | 30 | |||
| Total Benefit Costs | 7 | 7 | 15 | 14 |
| Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member] | ||||
| Defined Benefit Plan Disclosure [Line Items] | ||||
| Total Benefit Costs | $ 2 | $ 2 | $ 4 | $ 3 |
Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - PSEG Power [Member] - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Loss Contingencies [Line Items] | ||
| Face Value of Outstanding Guarantees | $ 1,828 | $ 1,854 |
| Exposure under Current Guarantees | 113 | 171 |
| Letters of Credit Margin Posted | 95 | 121 |
| Letters of Credit Margin Received | 75 | 29 |
| Counterparty Cash Collateral Deposited | 0 | 0 |
| Counterparty Cash Collateral Received | (4) | (4) |
| Net Broker Balance Deposited (Received) | 16 | 48 |
| Other Letters of Credit | $ 83 | $ 82 |
Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions |
Jun. 30, 2020
USD ($)
Plant
mi
|
|---|---|
| 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 additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination | 11 |
| Passaic River Site Contingency [Member] | |
| Site Contingency [Line Items] | |
| Estimated Cleanup Costs EPA Preferred Method | $ 2,300 |
| Accrual for Environmental Loss Contingencies | $ 65 |
| Number Of Additional Potentially Responsible Parties Directed By New Jersey Department Of Environmental Protection To Arrange Damage Assessment For Lower Passaic River | 56 |
| Passaic River Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
| Site Contingency [Line Items] | |
| Number of former generating electric station | Plant | 1 |
| Accrual for Environmental Loss Contingencies | $ 52 |
| Passaic River Site Contingency [Member] | PSEG Power [Member] | |
| Site Contingency [Line Items] | |
| Accrual for Environmental Loss Contingencies | $ 13 |
| Pse G S Former Mgp Sites [Member] | |
| Site Contingency [Line Items] | |
| Aggregate Number Of Mgp Sites Identified For Cleanup By New Jersey Department Of Environmental Protection | 38 |
| Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
| Site Contingency [Line Items] | |
| Remediation Liability Recorded As Other Current Liabilities | $ 78 |
| Remediation Liability Recorded As Other Noncurrent Liabilities | 268 |
| Regulatory Assets | 346 |
| Minimum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
| Site Contingency [Line Items] | |
| Loss Contingency, Estimate of Possible Loss | 346 |
| Accrual for Environmental Loss Contingencies | 346 |
| Maximum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member] | |
| Site Contingency [Line Items] | |
| Loss Contingency, Estimate of Possible Loss | $ 389 |
Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions |
6 Months Ended |
|---|---|
|
Jun. 30, 2020
USD ($)
cf
$ / mwd
$ / MWh
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% |
| Public Service Electric and Gas Company [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| ZEC Charge per kwh | $ | $ 0.004 |
| Public Service Electric and Gas Company [Member] | Auction Year 2017 [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Load (MW) | MW | 2,800 |
| Dollars Per Megawatt Hour | $ / MWh | 90.78 |
| Public Service Electric and Gas Company [Member] | Auction Year 2018 [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Load (MW) | MW | 2,900 |
| Dollars Per Megawatt Hour | $ / MWh | 91.77 |
| Public Service Electric and Gas Company [Member] | Auction Year 2019 [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Dollars Per Megawatt-Day | $ / mwd | 281.78 |
| Load (MW) | MW | 2,800 |
| Dollars Per Megawatt Hour | $ / MWh | 98.04 |
| Public Service Electric and Gas Company [Member] | Auction Year 2020 [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Dollars Per Megawatt-Day | $ / mwd | 359.98 |
| Load (MW) | MW | 2,800 |
| Dollars Per Megawatt Hour | $ / MWh | 102.16 |
Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - PSEG Power [Member] $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2020
USD ($)
| |
| Long-term Purchase Commitment [Line Items] | |
| Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements | 100.00% |
| Nuclear Fuel Uranium [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Total five-year minimum purchase requirements | $ 173 |
| Nuclear Fuel Enrichment [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Total five-year minimum purchase requirements | 333 |
| Nuclear Fuel Fabrication [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Total five-year minimum purchase requirements | 170 |
| Natural Gas [Member] | |
| Long-term Purchase Commitment [Line Items] | |
| Total five-year minimum purchase requirements | $ 1,244 |
Commitments And Contingent Liabilities (Litigation) (Detail) $ in Millions |
Jun. 30, 2020
USD ($)
|
|---|---|
| PSEG Power [Member] | Sewaren 7 Litigation [Member] | Maximum [Member] | |
| Loss Contingencies [Line Items] | |
| Sewaren 7 Construction complaint amount | $ 93 |
Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Debt Instrument [Line Items] | ||
| Issuance of Long-term Debt | $ 975 | $ 1,500 |
| Public Service Electric and Gas Company [Member] | ||
| Debt Instrument [Line Items] | ||
| Issuance of Long-term Debt | 975 | $ 750 |
| Medium Term Notes Two Point Four Five Percent due Two Thousand Thirty [Member] | Public Service Electric and Gas Company [Member] | ||
| Debt Instrument [Line Items] | ||
| Issuance of Long-term Debt | $ 300 | |
| Debt Instrument, Interest Rate, Stated Percentage | 2.45% | |
| Medium Term Notes Three Point One Five Percent due Two Thousand Fifty [Member] | Public Service Electric and Gas Company [Member] | ||
| Debt Instrument [Line Items] | ||
| Issuance of Long-term Debt | $ 300 | |
| Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |
| Medium Term Notes Two Point Seven Zero Percent due Two Thousand Fifty [Member] | Public Service Electric and Gas Company [Member] | ||
| Debt Instrument [Line Items] | ||
| Issuance of Long-term Debt | $ 375 | |
| Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |
| Senior Notes Five Point One Three Percentage Due Two Thousand Twenty [Member] | PSEG Power [Member] | ||
| Debt Instrument [Line Items] | ||
| Debt Instrument, Interest Rate, Stated Percentage | 5.13% | |
| Repayments of Long-term Debt | $ 406 | |
Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) - USD ($) $ in Millions |
6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|||||||||
| Commercial Paper | $ 1,165 | $ 1,115 | ||||||||
| Commitments of Single Institution as Percentage of Total Commitments | 9.00% | |||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 3,639 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 4,200 | |||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 561 | ||||||||
| Public Service Electric and Gas Company [Member] | ||||||||||
| Commercial Paper | 0 | $ 362 | ||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | 583 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 600 | |||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 17 | ||||||||
| PSEG Power [Member] | ||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | 1,964 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 2,100 | |||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | 136 | |||||||||
| Five Year Credit Facility Maturing March 2023 [Member] | Public Service Electric and Gas Company [Member] | ||||||||||
| Credit Facility Reduction in March 2022 | 4 | |||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 583 | |||||||||
| Debt Instrument, Maturity Date, Description | Mar 2024 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | [2] | $ 600 | ||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 17 | ||||||||
| Five Year Credit Facility Maturing March 2023 [Member] | PSEG Power [Member] | ||||||||||
| Credit Facility Reduction in March 2022 | 12 | |||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 1,860 | |||||||||
| Debt Instrument, Maturity Date, Description | Mar 2024 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | [3] | $ 1,900 | ||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | 40 | |||||||||
| Three Year Credit Facilities Maturing September 2021 [Member] | PSEG Power [Member] | ||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 104 | |||||||||
| Debt Instrument, Maturity Date, Description | Sept 2021 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 200 | |||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | 96 | |||||||||
| PSEG [Member] | ||||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | 1,092 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | 1,500 | |||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 408 | ||||||||
| PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member] | ||||||||||
| Credit Facility Reduction in March 2022 | 9 | |||||||||
| Line of Credit Facility, Remaining Borrowing Capacity | $ 1,092 | |||||||||
| Debt Instrument, Maturity Date, Description | Mar 2024 | |||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | [4] | $ 1,500 | ||||||||
| Line of Credit Facility, Fair Value of Amount Outstanding | [1] | 408 | ||||||||
| PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member] | ||||||||||
| Commercial Paper | $ 365 | |||||||||
| Short-term Debt, Weighted Average Interest Rate, at Point in Time | 0.40% | |||||||||
| ||||||||||
Financial Risk Management Activities (Schedule Of Derivative Transactions Designated And Effective As Cash Flow Hedges) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 0 | $ (19) | $ (6) | $ (24) |
| Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | (4) | (1) | (6) | (1) |
| Interest Expense [Member] | Interest Rate Swap [Member] | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | (19) | (6) | (24) |
| Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion | $ (4) | $ (1) | $ (6) | $ (1) |
Financial Risk Management Activities (Narrative) (Detail) $ / Derivative in Millions, $ in Millions |
6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
$ / Derivative
|
Dec. 31, 2019
USD ($)
$ / Derivative
|
|||||
| Derivatives, Fair Value [Line Items] | ||||||
| Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (15) | |||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | (2) | $ (2) | ||||
| Derivative, Fair Value, Net | 116 | 100 | ||||
| Unrealized Loss to be Reclassified to Earnings During the Next Twelve Months | (7) | |||||
| PSEG Power [Member] | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Securities held as Collateral | 70 | |||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (2) | (2) | |||
| Fair Value of Derivatives with credit-risk related contingent features | 25 | 35 | ||||
| Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral | 6 | 2 | ||||
| Additional collateral aggregate fair value | 19 | |||||
| Derivative, Fair Value, Net | [2] | $ 122 | $ 105 | |||
| Interest Rate Swaps [Member] | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Interest Rate Hedge outstanding | $ / Derivative | 700 | 700 | ||||
| Interest Rate Swaps [Member] | PSEG [Member] | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Interest Rate Hedge outstanding | $ / Derivative | 700 | 700 | ||||
| Interest Rate Swaps [Member] | PSEG Power [Member] | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Interest Rate Hedge outstanding | $ / Derivative | 0 | 0 | ||||
| Interest Rate Swaps [Member] | Public Service Electric and Gas Company [Member] | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Interest Rate Hedge outstanding | $ / Derivative | 0 | 0 | ||||
| Term Loan maturing in 2020 [Member] | Interest Rate Swap [Member] | PSEG [Member] | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Interest Rate Hedge outstanding | $ / Derivative | 700 | |||||
| Fair Value Hedging [Member] | Interest Rate Swap [Member] | PSEG [Member] | ||||||
| Derivatives, Fair Value [Line Items] | ||||||
| Derivative, Fair Value, Net | [2] | $ (6) | $ (5) | |||
| ||||||
Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||||
|---|---|---|---|---|---|---|---|---|
| Derivatives, Fair Value [Line Items] | ||||||||
| Collateral Already Posted, Aggregate Fair Value | $ 12 | $ 44 | ||||||
| Derivative Contracts, Current Assets | 112 | 113 | ||||||
| Derivative Contracts, Noncurrent Assets | 30 | 24 | ||||||
| Total Mark-to-Market Derivative Assets | 142 | 137 | ||||||
| Derivative Contracts, Current Liabilities | (24) | (36) | ||||||
| Derivative Contracts, Noncurrent Liabilities | (2) | (1) | ||||||
| Total Mark-to-Market Derivative (Liabilities) | (26) | (37) | ||||||
| Net Mark-to-Market Derivative Assets (Liabilities) | 116 | 100 | ||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | (2) | (2) | ||||||
| PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative Contracts, Current Assets | [1] | 112 | 113 | |||||
| Derivative Contracts, Noncurrent Assets | [1] | 30 | 24 | |||||
| Total Mark-to-Market Derivative Assets | [1] | 142 | 137 | |||||
| Derivative Contracts, Current Liabilities | [1] | (18) | (31) | |||||
| Derivative Contracts, Noncurrent Liabilities | [1] | (2) | (1) | |||||
| Total Mark-to-Market Derivative (Liabilities) | [1] | (20) | (32) | |||||
| Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 122 | 105 | |||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (2) | (2) | |||||
| Other Current Assets [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | (1) | |||||||
| Other Noncurrent Assets [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | (1) | |||||||
| Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member] | PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative Contracts, Current Assets | [1] | 595 | 636 | |||||
| Derivative Contracts, Noncurrent Assets | [1] | 202 | 163 | |||||
| Total Mark-to-Market Derivative Assets | [1] | 797 | 799 | |||||
| Derivative Contracts, Current Liabilities | [1] | (501) | (553) | |||||
| Derivative Contracts, Noncurrent Liabilities | [1] | (172) | (139) | |||||
| Total Mark-to-Market Derivative (Liabilities) | [1] | (673) | (692) | |||||
| Net Mark-to-Market Derivative Assets (Liabilities) | [1] | 124 | 107 | |||||
| Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member] | PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 170 | 138 | |||||
| Energy-Related Contracts [Member] | Other Current Assets [Member] | PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (483) | (523) | |||||
| Energy-Related Contracts [Member] | Other Noncurrent Assets [Member] | PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (172) | (139) | |||||
| Energy-Related Contracts [Member] | Assets [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | (655) | (662) | |||||
| Energy-Related Contracts [Member] | Assets [Member] | PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3] | (655) | (662) | |||||
| Energy-Related Contracts [Member] | Other Current Liabilities [Member] | PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | 483 | 522 | |||||
| Energy-Related Contracts [Member] | Other Liabilities [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [3] | 653 | 660 | |||||
| Energy-Related Contracts [Member] | Other Liabilities [Member] | PSEG Power [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2],[3] | 653 | 660 | |||||
| Interest Rate Swap [Member] | PSEG [Member] | Fair Value Hedging [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative Contracts, Current Assets | [1] | 0 | 0 | |||||
| Derivative Contracts, Noncurrent Assets | [1] | 0 | 0 | |||||
| Total Mark-to-Market Derivative Assets | [1] | 0 | 0 | |||||
| Derivative Contracts, Current Liabilities | [1] | (6) | (5) | |||||
| Derivative Contracts, Noncurrent Liabilities | [1] | 0 | 0 | |||||
| Total Mark-to-Market Derivative (Liabilities) | [1] | (6) | (5) | |||||
| Net Mark-to-Market Derivative Assets (Liabilities) | [1] | (6) | (5) | |||||
| Interest Rate Swap [Member] | Other Liabilities [Member] | ||||||||
| Derivatives, Fair Value [Line Items] | ||||||||
| Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
| Gain (Loss) in AOCI | $ 30 | $ 8 | $ 40 | $ 21 | |
| (Gain) Loss into Income | (4) | 1 | (6) | 5 | |
| Cash Flow Hedges [Member] | |||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||
| Pre-Tax Balance at Beginning of Period | (21) | (2) | $ (2) | ||
| Gain (Loss) in AOCI | (6) | (23) | |||
| (Gain) Loss into Income | 4 | 1 | 6 | 1 | 4 |
| Pre-Tax Balance at End of Period | (21) | (21) | (21) | ||
| After-Tax Balance at Beginning of Period | (15) | (1) | (1) | ||
| Gain (Loss) in AOCI | 0 | (13) | (4) | (17) | (17) |
| (Gain) Loss into Income | 3 | $ 0 | 4 | $ 0 | 3 |
| After-Tax Balance at End of Period | $ (15) | $ (15) | $ (15) | ||
Financial Risk Management Activities (Schedule Of Derivative Instruments Not Designated As Hedging Instruments And Impact On Results Of Operations) (Detail) - Energy-Related Contracts [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (25) | $ 261 | $ 138 | $ 387 |
| Operating Revenues [Member] | ||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (27) | 322 | 204 | 461 |
| Energy Costs [Member] | ||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 2 | $ (61) | $ (66) | $ (74) |
Financial Risk Management Activities (Schedule Of Net Notional Volume For Open Derivative Contracts) (Detail) $ / mwh in Millions, $ / Derivative in Millions, $ / DTH in Millions |
6 Months Ended | 12 Months Ended |
|---|---|---|
|
Jun. 30, 2020
$ / Derivative
$ / mwh
$ / DTH
|
Dec. 31, 2019
$ / Derivative
$ / mwh
$ / DTH
|
|
| Natural Gas Dth [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | $ / DTH | 371 | 341 |
| Electricity MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | (58) | (62) |
| FTRs MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | 30 | 13 |
| Interest Rate Swaps [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | $ / Derivative | 700 | 700 |
| PSEG [Member] | Natural Gas Dth [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | 0 | 0 |
| PSEG [Member] | Electricity MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | 0 | 0 |
| PSEG [Member] | FTRs MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | 0 | 0 |
| PSEG [Member] | Interest Rate Swaps [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | $ / Derivative | 700 | 700 |
| PSEG Power [Member] | Natural Gas Dth [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | $ / DTH | 371 | 341 |
| PSEG Power [Member] | Electricity MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | (58) | (62) |
| PSEG Power [Member] | FTRs MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | 30 | 13 |
| PSEG Power [Member] | Interest Rate Swaps [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | $ / Derivative | 0 | 0 |
| Public Service Electric and Gas Company [Member] | Natural Gas Dth [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | $ / DTH | 0 | 0 |
| Public Service Electric and Gas Company [Member] | Electricity MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | 0 | 0 |
| Public Service Electric and Gas Company [Member] | FTRs MWh [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | 0 | 0 |
| Public Service Electric and Gas Company [Member] | Interest Rate Swaps [Member] | ||
| Derivative [Line Items] | ||
| Net notional volume of derivative transactions | $ / Derivative | 0 | 0 |
Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail) - PSEG Power [Member] $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
|
Jun. 30, 2020
USD ($)
Counterparty
| ||||
| Derivative [Line Items] | ||||
| Current Exposure | $ 337 | |||
| Securities held as Collateral | 70 | |||
| Net exposure | 267 | |||
| Number of Counterparties greater than 10% | $ 3 | |||
| Number Of Active Counterparties On Credit Risk Derivatives | Counterparty | 136 | |||
| Investment Grade - External Rating [Member] | ||||
| Derivative [Line Items] | ||||
| Percentage Of Credit Exposure | 99.00% | |||
| Investment Grade [Member] | ||||
| Derivative [Line Items] | ||||
| Current Exposure | $ 335 | |||
| Securities held as Collateral | 70 | |||
| Net exposure | 265 | |||
| Number of Counterparties greater than 10% | 3 | |||
| Amount Of Net Credit Exposure Greater Than Ten Percent | 136 | [1] | ||
| External Credit Rating, Non Investment Grade [Member] | ||||
| Derivative [Line Items] | ||||
| Current Exposure | 2 | |||
| Securities held as Collateral | 0 | |||
| Amount Of Net Credit Exposure Greater Than Ten Percent | 0 | |||
| Non-Investment Grade [Member] | ||||
| Derivative [Line Items] | ||||
| Net exposure | 2 | |||
| Number of Counterparties greater than 10% | 0 | |||
| Cash [Member] | ||||
| Derivative [Line Items] | ||||
| Securities held as Collateral | 3 | |||
| Letter of Credit [Member] | ||||
| Derivative [Line Items] | ||||
| Securities held as Collateral | 67 | |||
| Other Entities [Member] | Investment Grade [Member] | ||||
| Derivative [Line Items] | ||||
| Amount Of Net Credit Exposure Greater Than Ten Percent | 86 | |||
| Public Service Electric and Gas Company [Member] | Investment Grade [Member] | ||||
| Derivative [Line Items] | ||||
| Amount Of Net Credit Exposure Greater Than Ten Percent | $ 50 | |||
| ||||
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, 2020 |
Dec. 31, 2019 |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral Already Posted, Aggregate Fair Value | $ 12 | $ 44 | ||||||||||||||
| Total Mark-to-Market Derivative Assets | 142 | 137 | ||||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | (26) | (37) | ||||||||||||||
| Collateral netted against assets and liabilities | 2 | 2 | ||||||||||||||
| PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total Mark-to-Market Derivative Assets | [1] | 142 | 137 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [1] | (20) | (32) | |||||||||||||
| Collateral netted against assets and liabilities | [1],[2] | 2 | 2 | |||||||||||||
| 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 | [3] | 280 | 50 | |||||||||||||
| Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Cash Equivalents, Fair Value Disclosure | 180 | |||||||||||||||
| 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 | [3] | 0 | 0 | |||||||||||||
| Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Cash Equivalents, Fair Value Disclosure | 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 | [3] | 0 | 0 | |||||||||||||
| Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Cash Equivalents, Fair Value Disclosure | 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 | [3] | 280 | 50 | |||||||||||||
| Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Cash Equivalents, Fair Value Disclosure | 180 | |||||||||||||||
| 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 | [4] | 27 | 19 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (59) | (43) | |||||||||||||
| Energy-Related Contracts [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total Mark-to-Market Derivative Assets | [4] | 27 | 19 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (59) | (43) | |||||||||||||
| 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 | [4] | 758 | 770 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (612) | (646) | |||||||||||||
| Energy-Related Contracts [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total Mark-to-Market Derivative Assets | [4] | 758 | 770 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (612) | 646 | |||||||||||||
| 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 | [4] | 12 | 10 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (2) | (3) | |||||||||||||
| Energy-Related Contracts [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total Mark-to-Market Derivative Assets | [4] | 12 | 10 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (2) | (3) | |||||||||||||
| 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 | [4] | 142 | 137 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (20) | (32) | |||||||||||||
| Energy-Related Contracts [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Total Mark-to-Market Derivative Assets | [4] | 142 | 137 | |||||||||||||
| Total Mark-to-Market Derivative (Liabilities) | [4] | (20) | (32) | |||||||||||||
| 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 (Liabilities) | [5] | 0 | 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 (Liabilities) | [5] | (6) | (5) | |||||||||||||
| 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 (Liabilities) | [5] | 0 | 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 (Liabilities) | [5] | (6) | (5) | |||||||||||||
| Cash and Cash Equivalents [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Cash and Cash Equivalents [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 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 | [6] | 655 | 662 | |||||||||||||
| Assets [Member] | Energy-Related Contracts [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | [1],[2],[6] | 655 | 662 | |||||||||||||
| 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 | [6] | (653) | (660) | |||||||||||||
| Other Liabilities [Member] | Energy-Related Contracts [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | [1],[2],[6] | (653) | (660) | |||||||||||||
| 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 | 0 | 0 | ||||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 136 | 114 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 34 | 28 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 27 | 23 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 136 | 114 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 34 | 28 | |||||||||||||
| Rabbi Trusts Debt Securities Other [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 27 | 23 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 44 | 47 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 11 | 12 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 8 | 9 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 44 | 47 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 11 | 12 | |||||||||||||
| Rabbi Trusts Debt Securities Government Obligations [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 8 | 9 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 53 | 57 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 13 | 14 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 10 | 11 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 53 | 57 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 13 | 14 | |||||||||||||
| Rabbi Trusts US Treasury Obligations [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 10 | 11 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 26 | 28 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 7 | 8 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 5 | 5 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 26 | 28 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 7 | 8 | |||||||||||||
| Rabbi Trusts Equity Securities Mutual Funds [Member] | Total Estimate Of Fair Value [Member] | Public Service Electric and Gas Company [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 5 | 5 | |||||||||||||
| Corporate Debt Obligations [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Corporate Debt Obligations [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Corporate Debt Obligations [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 587 | 486 | |||||||||||||
| Corporate Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 587 | 486 | |||||||||||||
| Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Corporate Debt Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 587 | 486 | |||||||||||||
| Corporate Debt Obligations [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 587 | 486 | |||||||||||||
| Government Debt Securities [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Government Debt Securities [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Government Debt Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 368 | 352 | |||||||||||||
| Government Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 368 | 352 | |||||||||||||
| Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Government Debt Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 368 | 352 | |||||||||||||
| Government Debt Securities [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 368 | 352 | |||||||||||||
| US Treasury Securities [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| US Treasury Securities [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| US Treasury Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 178 | 225 | |||||||||||||
| US Treasury Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 178 | 225 | |||||||||||||
| US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| US Treasury Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 178 | 225 | |||||||||||||
| US Treasury Securities [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 178 | 225 | |||||||||||||
| Equity Securities [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Equity Securities [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Collateral netted against assets and liabilities | 0 | 0 | ||||||||||||||
| Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 1,117 | 1,150 | |||||||||||||
| Equity Securities [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 1,117 | 1,150 | |||||||||||||
| Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 1 | |||||||||||||
| Equity Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 1 | |||||||||||||
| Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Equity Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 0 | 0 | |||||||||||||
| Equity Securities [Member] | Total Estimate Of Fair Value [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 1,117 | 1,151 | |||||||||||||
| Equity Securities [Member] | Total Estimate Of Fair Value [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| Fair Value, Measured on Recurring Basis, Investments | [7] | 1,117 | 1,151 | |||||||||||||
| Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | ||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||
| NDT Fund Foreign Currency | $ 1 | $ 2 | ||||||||||||||
| ||||||||||||||||
Fair Value Measurements (Schedule Of Quantitative Information About Level 3 Fair Value Measurements) (Detail) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |
|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets, Fair Value | $ 12 | $ 10 | |
| Liabilities, Fair Value | (2) | (3) | |
| PSEG Power [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets, Fair Value | 12 | 10 | |
| Liabilities, Fair Value | (2) | (3) | |
| Electric Load Contracts [Member] | PSEG Power [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets, Fair Value | 12 | 10 | |
| Liabilities, Fair Value | $ 0 | $ 0 | |
| Valuation Technique used | Discounted Cash flow | Discounted Cash flow | |
| Significant Unobservable Inputs | Load Shaping Cost | Historic Load Variability | |
| Historic Load Variability | 4.00% | ||
| Electric Load Contracts [Member] | Minimum [Member] | PSEG Power [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Historic Load Variability | 0.00% | 0.00% | |
| Electric Load Contracts [Member] | Maximum [Member] | PSEG Power [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Historic Load Variability | 11.00% | 10.00% | |
| Gas Physical Contract [Member] | PSEG Power [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Assets, Fair Value | $ 0 | $ 0 | |
| Liabilities, Fair Value | $ (2) | $ (3) | |
| Valuation Technique used | Discounted Cash flow | Discounted Cash flow | |
| Significant Unobservable Inputs | Historical Basis Adjustment | Average Historical Basis | |
| Average Historical Basis | (27.00%) | ||
| Gas Physical Contract [Member] | Minimum [Member] | PSEG Power [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Average Historical Basis | (50.00%) | (50.00%) | |
| Gas Physical Contract [Member] | Maximum [Member] | PSEG Power [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Average Historical Basis | 0.00% | 0.00% | |
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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Mar. 31, 2019 |
Dec. 31, 2018 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PSEG Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in Income | $ (4) | $ 8 | $ 9 | $ 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (9) | 6 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Derivative Assets (Liabilities) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Closing Balance | 10 | 10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Derivative Assets (Liabilities) [Member] | PSEG Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 7 | $ (2) | $ 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Opening Balance | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in Income | 4 | [1] | (8) | 9 | [1] | 9 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchases, (Sales) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuances (Settlements) | (5) | (2) | (6) | [2] | (6) | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transfers In (Out) | [3] | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Closing Balance | 10 | 4 | 10 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Revenues [Member] | PSEG Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in Income | (4) | 11 | 14 | 17 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | (9) | 9 | 2 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Energy Costs [Member] | PSEG Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Included in Income | 0 | (3) | 1 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 0 | $ (3) | $ (5) | $ (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Net assets measured at fair value on a recurring basis | $ 2,900 | $ 2,500 | $ 2,900 | $ 2,500 | |||||
| Net assets measured at fair value on a recurring basis measured using unobservable input and as Level 3 | 10 | 4 | 10 | 4 | |||||
| Net Derivative Assets [Member] | PSEG Power [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| Issuances (Settlements) | (5) | $ (2) | (6) | [1] | $ (6) | [1] | |||
| Nuclear Decommissioning Trust (NDT) Fund [Member] | PSEG Power [Member] | |||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
| NDT Fund Foreign Currency | $ 1 | $ 1 | $ 2 | ||||||
| |||||||||
Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||
|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Long-Term Debt, Carrying Amount | $ 15,673 | $ 15,108 | ||||
| Long-Term Debt, Fair Value | 18,529 | 16,723 | ||||
| Power - Recourse Debt [Member] | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Long-Term Debt, Carrying Amount | [1] | 2,436 | 2,840 | |||
| Long-Term Debt, Fair Value | [1] | 2,840 | 3,137 | |||
| Public Service Electric and Gas Company [Member] | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Long-Term Debt, Carrying Amount | [1] | 10,795 | 9,827 | |||
| Long-Term Debt, Fair Value | [1] | 13,152 | 11,107 | |||
| PSEG [Member] | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Long-Term Debt, Carrying Amount | [1],[2] | 2,442 | 2,441 | |||
| Long-Term Debt, Fair Value | [1],[2] | 2,537 | 2,479 | |||
| Variable Rate [Domain] | PSEG [Member] | ||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Floating Rate Term Loan | $ 700 | $ 700 | ||||
| ||||||
Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||
| Component of Other Income (Deductions) [Line Items] | |||||||
| NDT Fund Interest and Dividends | $ 14 | $ 16 | $ 27 | $ 30 | |||
| Allowance for Funds Used During Construction | 20 | 14 | 41 | 27 | |||
| Solar Loan Interest | 4 | 4 | 8 | 8 | |||
| Purchase of Tax Losses | (1) | (36) | |||||
| Other | 1 | (1) | 2 | 1 | |||
| Other Income (Deductions) | 38 | 33 | 42 | 66 | |||
| Public Service Electric and Gas Company [Member] | |||||||
| Component of Other Income (Deductions) [Line Items] | |||||||
| NDT Fund Interest and Dividends | 0 | 0 | 0 | 0 | |||
| Allowance for Funds Used During Construction | 20 | 14 | 41 | 27 | |||
| Solar Loan Interest | 4 | 4 | 8 | 8 | |||
| Purchase of Tax Losses | 0 | 0 | |||||
| Other | 2 | 1 | 4 | 3 | |||
| Other Income (Deductions) | 26 | 19 | 53 | 38 | |||
| PSEG Power [Member] | |||||||
| Component of Other Income (Deductions) [Line Items] | |||||||
| NDT Fund Interest and Dividends | 14 | 16 | 27 | 30 | |||
| Allowance for Funds Used During Construction | 0 | 0 | 0 | 0 | |||
| Solar Loan Interest | 0 | 0 | 0 | 0 | |||
| Purchase of Tax Losses | (1) | (36) | |||||
| Other | (1) | (1) | (2) | (2) | |||
| Other Income (Deductions) | 12 | 15 | (11) | 28 | |||
| Other Entities [Member] | |||||||
| Component of Other Income (Deductions) [Line Items] | |||||||
| NDT Fund Interest and Dividends | [1] | 0 | 0 | 0 | 0 | ||
| Allowance for Funds Used During Construction | [1] | 0 | 0 | 0 | 0 | ||
| Solar Loan Interest | [1] | 0 | 0 | 0 | 0 | ||
| Purchase of Tax Losses | 0 | 0 | [1] | ||||
| Other | [1] | 0 | (1) | 0 | 0 | ||
| Other Income (Deductions) | [1] | $ 0 | $ (1) | $ 0 | $ 0 | ||
| |||||||
Income Taxes (Schedule Of Effective Tax Rates) (Detail) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Income Taxes [Line Items] | ||||
| Effective tax rate | 19.50% | (15.00%) | 14.50% | 13.10% |
| Public Service Electric and Gas Company [Member] | ||||
| Income Taxes [Line Items] | ||||
| Effective tax rate | 14.20% | 5.80% | 17.70% | 5.80% |
| PSEG Power [Member] | ||||
| Income Taxes [Line Items] | ||||
| Effective tax rate | 27.40% | 21.60% | (3.40%) | 30.60% |
Income Taxes (Narrative) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
| Income Taxes [Line Items] | ||
| Effective Income Tax Rate, Federal and State Statutory Income Tax Rate, Percent | 28.11% | |
| Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | $ 149 | |
| Audit Settlement tax benefit | 37 | |
| NJ surcharge tax percent for 2018 to 2019 | 2.50% | |
| NJ tax surcharge percent for 2020 to 2021 | 1.50% | |
| Public Service Electric and Gas Company [Member] | ||
| Income Taxes [Line Items] | ||
| Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 83 | |
| Audit Settlement tax benefit | 9 | |
| PSEG Power [Member] | ||
| Income Taxes [Line Items] | ||
| Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 63 | |
| Audit Settlement tax benefit | $ 25 |
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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
Jan. 01, 2019 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | $ (2) | $ 81 | ||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | $ (481) | $ (441) | $ (489) | $ (377) | (377) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 30 | 8 | 40 | 21 | ||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (4) | 1 | (6) | 5 | ||
| Other Comprehensive Income (Loss), net of tax | 26 | 9 | 34 | 26 | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | (455) | (432) | (455) | (432) | (489) | |
| Net Change in Accumulated Other Comprehensive Income | (55) | |||||
| Cash Flow Hedges [Member] | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | 0 | |||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | (18) | (5) | (15) | (1) | (1) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | (13) | (4) | (17) | (17) | |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 0 | 4 | 0 | 3 | |
| Other Comprehensive Income (Loss), net of tax | 3 | (13) | 0 | (17) | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | (15) | (18) | (15) | (18) | (15) | |
| Net Change in Accumulated Other Comprehensive Income | (17) | |||||
| Pension and OPEB Plans [Member] | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | 81 | |||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | (496) | (441) | (499) | (360) | (360) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | (3) | ||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 4 | 6 | 7 | ||
| Other Comprehensive Income (Loss), net of tax | 3 | 4 | 6 | 4 | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | (493) | (437) | (493) | (437) | (499) | |
| Net Change in Accumulated Other Comprehensive Income | (77) | |||||
| Available-for-Sale Securities [Member] | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | 0 | |||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | 33 | 5 | 25 | (16) | (16) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 30 | 21 | 44 | 41 | ||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (10) | (3) | (16) | (2) | ||
| Other Comprehensive Income (Loss), net of tax | 20 | 18 | 28 | 39 | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | 53 | 23 | 53 | 23 | 25 | |
| Net Change in Accumulated Other Comprehensive Income | 39 | |||||
| PSEG Power [Member] | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | 69 | |||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | (392) | (372) | (401) | (319) | (319) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 24 | 17 | 35 | 29 | ||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (6) | 1 | (8) | 5 | ||
| Other Comprehensive Income (Loss), net of tax | 18 | 18 | 27 | 34 | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | (374) | (354) | (374) | (354) | (401) | |
| Net Change in Accumulated Other Comprehensive Income | (35) | |||||
| PSEG Power [Member] | Cash Flow Hedges [Member] | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | 0 | |||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | 0 | 0 | 0 | 0 | 0 | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | 0 | ||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | ||
| Other Comprehensive Income (Loss), net of tax | 0 | 0 | 0 | 0 | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | 0 | 0 | 0 | 0 | 0 | |
| Net Change in Accumulated Other Comprehensive Income | 0 | |||||
| PSEG Power [Member] | Pension and OPEB Plans [Member] | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | 69 | |||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | (418) | (375) | (420) | (306) | (306) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | 0 | (3) | ||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 3 | 3 | 5 | 6 | ||
| Other Comprehensive Income (Loss), net of tax | 3 | 3 | 5 | 3 | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | (415) | (372) | (415) | (372) | (420) | |
| Net Change in Accumulated Other Comprehensive Income | (66) | |||||
| PSEG Power [Member] | Available-for-Sale Securities [Member] | ||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
| Cumulative Effect Adjustment | $ 0 | |||||
| Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
| Accumulated Other Comprehensive Income (Loss), Beginning Balance | 26 | 3 | 19 | (13) | (13) | |
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 24 | 17 | 35 | 32 | ||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (9) | (2) | (13) | (1) | ||
| Other Comprehensive Income (Loss), net of tax | 15 | 15 | 22 | 31 | ||
| Accumulated Other Comprehensive Income (Loss), Ending Balance | $ 41 | $ 18 | $ 41 | 18 | $ 19 | |
| Net Change in Accumulated Other Comprehensive Income | $ 31 | |||||
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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 9 | $ (2) | $ 12 | $ (8) | |
| Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | (5) | 1 | (6) | 3 | |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 4 | (1) | 6 | (5) | |
| Cash Flow Hedges [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (4) | (1) | (6) | (1) | $ (4) |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | 0 | (4) | 0 | $ (3) |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (1) | (1) | (2) | (1) | |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (3) | 0 | (4) | 0 | |
| Pension and OPEB Plans [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax | (4) | (5) | (8) | (10) | |
| Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 1 | 1 | 2 | 3 | |
| Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (3) | (4) | (6) | (7) | |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | (4) | (6) | (7) | |
| Available-for-Sale Securities [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Reclassification for Available for Sale Securities, Pre-Tax | 17 | 4 | 26 | 3 | |
| Reclassification for Available for Sale Securities, Tax | (7) | (1) | (10) | (1) | |
| Reclassification for Available for Sale Securities, After-Tax | 10 | 3 | 16 | 2 | |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 10 | 3 | 16 | 2 | |
| PSEG Power [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 11 | (1) | 15 | (6) | |
| Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax | (5) | 0 | (7) | 1 | |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 6 | (1) | 8 | (5) | |
| PSEG Power [Member] | Cash Flow Hedges [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 | |
| PSEG 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 | (3) | (4) | (6) | (8) | |
| Reclassification Adjustment from AOCI, Pension and OPEB, Tax | 0 | 1 | 1 | 2 | |
| Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax | (3) | (3) | (5) | (6) | |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | (3) | (3) | (5) | (6) | |
| PSEG Power [Member] | Available-for-Sale Securities [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Reclassification for Available for Sale Securities, Pre-Tax | 14 | 3 | 21 | 2 | |
| Reclassification for Available for Sale Securities, Tax | (5) | (1) | (8) | (1) | |
| Reclassification for Available for Sale Securities, After-Tax | 9 | 2 | 13 | 1 | |
| Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) | 9 | 2 | 13 | 1 | |
| Interest Expense [Member] | Cash Flow Hedges [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (4) | (1) | (6) | (1) | |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | (1) | 1 | (2) | 1 | |
| Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (3) | 0 | (4) | 0 | |
| Non-Operating Pension and OPEB Credits (Costs) [Member] | Pension and OPEB Plans [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Amortization of Prior Service (Cost) Credit, Pre-Tax | 6 | 6 | 12 | 13 | |
| Amortization of Prior Service (Cost) Credit, Tax | (1) | (2) | (3) | (4) | |
| Amortization of Prior Service (Cost) Credit, After-Tax | 5 | 4 | 9 | 9 | |
| Amortization of Actuarial Loss, Pre-Tax | (10) | (11) | (20) | (23) | |
| Amortization of Actuarial Loss, Tax | 2 | 3 | 5 | 7 | |
| Amortization of Actuarial Loss, After-Tax | (8) | (8) | (15) | (16) | |
| Non-Operating Pension and OPEB Credits (Costs) [Member] | PSEG Power [Member] | Pension and OPEB Plans [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Amortization of Prior Service (Cost) Credit, Pre-Tax | 6 | 5 | 11 | 11 | |
| Amortization of Prior Service (Cost) Credit, Tax | (2) | (1) | (3) | (3) | |
| Amortization of Prior Service (Cost) Credit, After-Tax | 4 | 4 | 8 | 8 | |
| Amortization of Actuarial Loss, Pre-Tax | (9) | (9) | (17) | (19) | |
| Amortization of Actuarial Loss, Tax | 2 | 2 | 4 | 5 | |
| Amortization of Actuarial Loss, After-Tax | (7) | (7) | (13) | (14) | |
| Net Gains (Losses) on Trust Investments [Member] | Available-for-Sale Securities [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Reclassification for Available for Sale Securities, Pre-Tax | 17 | 4 | 26 | 3 | |
| Reclassification for Available for Sale Securities, Tax | (7) | (1) | (10) | (1) | |
| Reclassification for Available for Sale Securities, After-Tax | 10 | 3 | 16 | 2 | |
| Net Gains (Losses) on Trust Investments [Member] | PSEG Power [Member] | Available-for-Sale Securities [Member] | |||||
| Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Reclassification for Available for Sale Securities, Pre-Tax | 14 | 3 | 21 | 2 | |
| Reclassification for Available for Sale Securities, Tax | (5) | (1) | (8) | (1) | |
| Reclassification for Available for Sale Securities, After-Tax | $ 9 | $ 2 | $ 13 | $ 1 | |
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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Net Income | $ 451 | $ 153 | $ 899 | $ 853 |
| Weighted Average Common Shares Outstanding, Basic (shares) | 504 | 504 | 504 | 504 |
| Effect of Stock Based Compensation Awards, Basic (shares) | 0 | 0 | 0 | 0 |
| Total Shares, Basic (shares) | 504 | 504 | 504 | 504 |
| Net Income, Basic (dollars per share) | $ 0.89 | $ 0.30 | $ 1.78 | $ 1.69 |
| Weighted Average Common Shares Outstanding, Diluted (shares) | 504 | 504 | 504 | 504 |
| Effect of Stock Based Compensation Awards, Diluted (shares) | 3 | 3 | 3 | 3 |
| Total Shares, Diluted (shares) | 507 | 507 | 507 | 507 |
| Net Income, Diluted (dollars per share) | $ 0.89 | $ 0.30 | $ 1.77 | $ 1.68 |
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, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
| Common Stock, Dividends, Per Share, Cash Paid | $ 0.49 | $ 0.47 | $ 0.98 | $ 0.94 |
| Dividend Payments on Common Stock | $ 247 | $ 237 | $ 495 | $ 475 |
Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | $ 2,050 | $ 2,316 | $ 4,831 | $ 5,296 | |||||
| Net Income (Loss) | 451 | 153 | 899 | 853 | |||||
| Property, Plant and Equipment, Additions | 694 | 809 | 1,414 | 1,604 | |||||
| Total Assets | 48,780 | 48,780 | $ 47,730 | ||||||
| Investments in Equity Method Subsidiaries | 68 | 68 | 67 | ||||||
| Public Service Electric and Gas Company [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | 1,456 | 1,382 | 3,339 | 3,414 | |||||
| PSEG Power [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | 683 | 1,083 | 1,903 | 2,499 | |||||
| Other [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | 148 | 87 | 304 | 228 | |||||
| Operating Segments [Member] | Public Service Electric and Gas Company [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | 1,456 | 1,382 | 3,339 | 3,414 | |||||
| Net Income (Loss) | 283 | 227 | 723 | 630 | |||||
| Property, Plant and Equipment, Additions | 570 | 633 | 1,190 | 1,258 | |||||
| Total Assets | 34,445 | 34,445 | 33,266 | ||||||
| Investments in Equity Method Subsidiaries | 0 | 0 | 0 | ||||||
| Operating Segments [Member] | PSEG Power [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | 683 | 1,083 | 1,903 | 2,499 | |||||
| Net Income (Loss) | 170 | (40) | 183 | 256 | |||||
| Property, Plant and Equipment, Additions | 121 | 172 | 218 | 339 | |||||
| Total Assets | 12,508 | 12,508 | 12,805 | ||||||
| Investments in Equity Method Subsidiaries | 67 | 67 | 66 | ||||||
| Operating Segments [Member] | Other [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | [1] | 148 | 87 | 304 | 228 | ||||
| Net Income (Loss) | [1] | (2) | (34) | (7) | (33) | ||||
| Property, Plant and Equipment, Additions | [1] | 3 | 4 | 6 | 7 | ||||
| Total Assets | [1] | 2,618 | 2,618 | 2,715 | |||||
| Investments in Equity Method Subsidiaries | [1] | 1 | 1 | 1 | |||||
| Eliminations [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | [2] | (237) | (236) | (715) | (845) | ||||
| Net Income (Loss) | [2] | 0 | 0 | 0 | |||||
| Property, Plant and Equipment, Additions | [2] | 0 | 0 | 0 | 0 | ||||
| Total Assets | [2] | (791) | (791) | (1,056) | |||||
| Investments in Equity Method Subsidiaries | [2] | 0 | 0 | 0 | |||||
| PSEG Power [Member] | |||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Operating Revenues | 683 | 1,083 | 1,903 | 2,499 | |||||
| Net Income (Loss) | 170 | $ (40) | 183 | $ 256 | |||||
| Total Assets | $ 12,508 | $ 12,508 | $ 12,805 | ||||||
| |||||||||
Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
||||||||
| Public Service Electric and Gas Company [Member] | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Net Billings from Power primarily through BGS and BGSS | $ 227 | [1] | $ 246 | [1] | $ 717 | [1] | $ 879 | ||||
| Administrative Billings from Services | [2] | 78 | 80 | 156 | 155 | ||||||
| Total Billings from Affiliates | 305 | 326 | 873 | 1,034 | |||||||
| PSEG Power [Member] | |||||||||||
| Related Party Transaction [Line Items] | |||||||||||
| Net Billings to PSE&G primarily through BGS and BGSS | [1] | 227 | 246 | 717 | 879 | ||||||
| Administrative Billings from Services | [2] | $ 42 | $ 46 | $ 87 | $ 91 | ||||||
| |||||||||||
Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Related Party Transaction [Line Items] | ||||||||||
| Receivable From PSEG | [1] | $ 0 | $ 1 | |||||||
| Payable To PSEG Power | [2] | 215 | 307 | |||||||
| Payable To Services | [3] | 71 | 83 | |||||||
| Payable to PSEG | [1] | 87 | 0 | |||||||
| Accounts Payable - Affiliated Companies | 373 | 390 | ||||||||
| Noncurrent Payable to PSEG Power | [2] | 11 | 0 | |||||||
| Working Capital Advances to Services | [4] | 33 | 33 | |||||||
| Long-Term Accrued Taxes Payable | $ 19 | $ 115 | ||||||||
| ||||||||||
Related-Party Transactions (Schedule Of Related Party Transactions, Receivables) (Detail) - PSEG Power [Member] - USD ($) $ in Millions |
Jun. 30, 2020 |
Dec. 31, 2019 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Related Party Transaction [Line Items] | ||||||||||||
| Receivable From PSEG | [1] | $ 66 | $ 101 | |||||||||
| Receivable from PSE&G | [2] | 215 | 307 | |||||||||
| Accounts Receivable - Affiliated Companies | 281 | 408 | ||||||||||
| Payable To Services | [3] | 20 | 5 | |||||||||
| Accounts Payable - Affiliated Companies | 20 | 5 | ||||||||||
| Short-Term Loan to Affiliate | [4] | 104 | 149 | |||||||||
| Noncurrent Receivable from PSE&G | [2] | 11 | 0 | |||||||||
| Working Capital Advances to Services | [5] | 17 | 17 | |||||||||
| Long-Term Accrued Taxes Payable | $ 53 | $ 115 | ||||||||||
| ||||||||||||
U#*['-Q5D!4DOWE"HAV.X^K/;!) .QZMBL[4"[
MGW['(:2$([127\#'_,>_L3/V]-=2/>H$P)"GE L]NJZ,$4JJOY!($
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MQFB8L,0G2:-35*3%'
M[!R-(L.TX!X2XA_/CM3*"Q?RN$C^;A(13&P4ET-PP%ML21N5B]!@SNM9XDBD
MR8]*4RID2%_4,,H95A[DP2Z@.\0#\VG">Z70'T@P$QBL?58Y=/;?TH4+% EP
MDQ&C5GOFHEFCD:A=)+9*U5B!T45]BYK<$7@#(%'U+BP=8 83#*_/XP;EH8>K
M=Y25O&4PX,7L,@QQU/L8GOG"+EHJM,#,_ULG,S3;V:/0OFBJ1*;#P#!9IMRF
MRHA
M/@ &0 'AL+W=O