10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM          TO

Commission File Number	Name of Registrant, Address, and Telephone Number			State or other jurisdiction of Incorporation or Organization	I.R.S. Employer Identification  Number
001-09120	Public Service Enterprise Group Incorporated			New Jersey	22-2625848
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000
001-00973	Public Service Electric and Gas Company			New Jersey	22-1212800
	80 Park Plaza
	Newark,	New Jersey	07102
	973	430-7000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)	Name of Each Exchange On Which Registered
Public Service Enterprise Group Incorporated
	Common Stock without par value	PEG	New York Stock Exchange
Public Service Electric and Gas Company
	8.00% First and Refunding Mortgage Bonds, due 2037	PEG37D	New York Stock Exchange
	5.00% First and Refunding Mortgage Bonds, due 2037	PEG37J	New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Public Service Enterprise Group Incorporated	Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
Public Service Electric and Gas Company	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒	Smaller reporting company	☐	Emerging growth company	☐

(Cover continued on next page)

(Cover continued from previous page)

If any of the registrants is an emerging growth company, indicate by check mark if such registrant has elected not to use

the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 17, 2023, Public Service Enterprise Group Incorporated had outstanding 499,111,056 shares of its sole class of Common Stock, without par value.

As of July 17, 2023, Public Service Electric and Gas Company had issued and outstanding 132,450,344 shares of Common Stock, without nominal or par value, all of which were privately held, beneficially and of record, by Public Service Enterprise Group Incorporated.

Public Service Electric and Gas Company is a wholly owned subsidiary of Public Service Enterprise Group Incorporated and meets the conditions set forth in General Instruction H(1) of Form 10-Q. Public Service Electric and Gas Company is filing its Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.

		Page
FORWARD-LOOKING STATEMENTS		ii
FILING FORMAT		iii
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Public Service Enterprise Group Incorporated	1
	Public Service Electric and Gas Company	7
	Notes to Condensed Consolidated Financial Statements
	Note 1. Organization, Basis of Presentation and Significant Accounting Policies	13
	Note 2. Revenues	14
	Note 3. Early Plant Retirements/Asset Dispositions and Impairments	20
	Note 4. Variable Interest Entity (VIE)	21
	Note 5. Rate Filings	21
	Note 6. Leases	23
	Note 7. Financing Receivables	23
	Note 8. Trust Investments	25
	Note 9. Pension and Other Postretirement Benefits (OPEB)	31
	Note 10. Commitments and Contingent Liabilities	33
	Note 11. Debt and Credit Facilities	38
	Note 12. Financial Risk Management Activities	40
	Note 13. Fair Value Measurements	44
	Note 14. Other Income (Deductions)	49
	Note 15. Income Taxes	50
	Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax	52
	Note 17. Earnings Per Share (EPS) and Dividends	54
	Note 18. Financial Information by Business Segment	55
	Note 19. Related-Party Transactions	57
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	58
	Executive Overview of 2023 and Future Outlook	58
	Results of Operations	64
	Liquidity and Capital Resources	69
	Capital Requirements	71
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	72
Item 4.	Controls and Procedures	73
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 5.	Other Information	73
Item 6.	Exhibits	76
	Signatures	77

i

FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:

•any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects;

•the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;

•any equipment failures, accidents, critical operating technology or business system failures, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers;

•any inability to recover the carrying amount of our long-lived assets;

•disruptions or cost increases in our supply chain, including labor shortages;

•any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;

•the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;

•a material shift away from natural gas toward increased electrification and a reduction in the use of natural gas;

•failure to attract and retain a qualified workforce;

•inflation, including increases in the costs of equipment, materials, fuel and labor;

•the impact of our covenants in our debt instruments and credit agreements on our business;

•adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements and pension costs;

•fluctuations in, or third party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;

•our ability to obtain adequate nuclear fuel supply;

•changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;

•third-party credit risk relating to and purchase of nuclear fuel;

•any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;

•reliance on transmission facilities to maintain adequate transmission capacity for our nuclear generation fleet;

•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;

ii

•our ability to advocate for and our receipt of appropriate regulatory guidance to ensure long-term support for our nuclear fleet;

•adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;

•risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, 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 laws and regulations and enforcement;

•delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and

•changes in tax laws and regulations.

All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.

The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage at https://investor.pseg.com/resources/email-alerts/default.aspx. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this Form 10-Q.

FILING FORMAT

This combined Quarterly Report on Form 10-Q is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information relating to any individual company is filed by such company on its own behalf. PSE&G is only responsible for information about itself and its subsidiaries.

Discussions throughout the document refer to PSEG and its direct operating subsidiaries. Depending on the context of each section, references to “we,” “us,” and “our” relate to PSEG or to the specific company or companies being discussed.

iii

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions, except per share data

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
OPERATING REVENUES	$	2,421	$	2,076	$	6,176	$	4,389
OPERATING EXPENSES
Energy Costs	604		765		1,686		2,010
Operation and Maintenance	744		751		1,487		1,545
Depreciation and Amortization	279		269		561		552
(Gains) Losses on Asset Dispositions and Impairments	—		(5)		—		38
Total Operating Expenses	1,627		1,780		3,734		4,145
OPERATING INCOME	794		296		2,442		244
Income from Equity Method Investments	—		7		1		11
Net Gains (Losses) on Trust Investments	57		(187)		103		(255)
Other Income (Deductions)	49		38		91		43
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs)	29		94		57		188
Interest Expense	(185)		(150)		(365)		(287)
INCOME (LOSS) BEFORE INCOME TAXES	744		98		2,329		(56)
Income Tax (Expense) Benefit	(153)		33		(451)		185
NET INCOME	$	591	$	131	$	1,878	$	129
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC	497		497		497		499
DILUTED	500		500		500		502
NET INCOME PER SHARE:
BASIC	$	1.19	$	0.26	$	3.78	$	0.26
DILUTED	$	1.18	$	0.26	$	3.76	$	0.26

See Notes to Condensed Consolidated Financial Statements.

1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
NET INCOME	$	591	$	131	$	1,878	$	129
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $6, $30, $(11) and $69 for the three and six months ended 2023 and 2022, respectively	(8)		(46)		18		(107)
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $(5), $(1), $(4) and $(1) for the three and six months ended 2023 and 2022, respectively	11		—		10		1
Pension/OPEB adjustment, net of tax (expense) benefit of $(1), $0, $(3) and $0 for the three and six months ended 2023 and 2022, respectively	4		1		7		1
Other Comprehensive Income (Loss), net of tax	7		(45)		35		(105)
COMPREHENSIVE INCOME	$	598	$	86	$	1,913	$	24

See Notes to Condensed Consolidated Financial Statements.

2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

 

	June 30, 2023		December 31, 2022
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	547	$	465
Accounts Receivable, net of allowance of $290 in 2023 and $323 in 2022	1,422		1,944
Tax Receivable	8		79
Unbilled Revenues, net of allowance of $4 in 2023 and $16 in 2022	190		322
Fuel	200		420
Materials and Supplies, net	645		540
Prepayments	365		93
Derivative Contracts	91		18
Regulatory Assets	358		369
Assets Held for Sale	—		20
Other	37		33
Total Current Assets	3,863		4,303
PROPERTY, PLANT AND EQUIPMENT	47,193		45,924
Less: Accumulated Depreciation and Amortization	(10,333)		(9,982)
Net Property, Plant and Equipment	36,860		35,942
NONCURRENT ASSETS
Regulatory Assets	4,813		4,404
Operating Lease Right-of-Use Assets	170		176
Long-Term Investments	302		624
Nuclear Decommissioning Trust (NDT) Fund	2,383		2,230
Long-Term Tax Receivable	—		5
Long-Term Receivable of Variable Interest Entity (VIE)	562		551
Rabbi Trust Fund	185		183
Intangibles	14		14
Derivative Contracts	62		15
Other	291		271
Total Noncurrent Assets	8,782		8,473
TOTAL ASSETS	$	49,505	$	48,718

See Notes to Condensed Consolidated Financial Statements.

3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	June 30, 2023		December 31, 2022
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$	2,075	$	1,575
Commercial Paper and Loans	1,197		2,200
Accounts Payable	1,050		1,271
Derivative Contracts	66		124
Accrued Interest	141		134
Accrued Taxes	11		12
Clean Energy Program	229		145
Obligation to Return Cash Collateral	92		290
Regulatory Liabilities	339		384
Other	550		545
Total Current Liabilities	5,750		6,680
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	6,345		5,725
Regulatory Liabilities	2,157		2,240
Operating Leases	166		169
Asset Retirement Obligations	1,525		1,499
OPEB Costs	400		410
OPEB Costs of Servco	466		455
Accrued Pension Costs	691		705
Accrued Pension Costs of Servco	81		82
Environmental Costs	219		231
Derivative Contracts	8		33
Long-Term Accrued Taxes	57		66
Other	193		199
Total Noncurrent Liabilities	12,308		11,814
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10)
CAPITALIZATION
LONG-TERM DEBT	16,394		16,495
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2023 and 2022—534 shares	5,054		5,065
Treasury Stock, at cost, 2023 and 2022—37 shares	(1,386)		(1,377)
Retained Earnings	11,900		10,591
Accumulated Other Comprehensive Loss	(515)		(550)
Total Stockholders’ Equity	15,053		13,729
Total Capitalization	31,447		30,224
TOTAL LIABILITIES AND CAPITALIZATION	$	49,505	$	48,718

See Notes to Condensed Consolidated Financial Statements.

4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions (Unaudited)

	Six Months Ended
	June 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	1,878	$	129
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	561		552
Amortization of Nuclear Fuel	94		93
Losses on Asset Dispositions and Impairments	—		38
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual	5		40
Provision for Deferred Income Taxes and ITC	377		(379)
Non-Cash Employee Benefit Plan (Credits) Costs	19		(120)
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives	(1,066)		951
Cost of Removal	(82)		(63)
Net Change in Regulatory Assets and Liabilities	(189)		(188)
Net (Gains) Losses and (Income) Expense from NDT Fund	(132)		222
Net Change in Certain Current Assets and Liabilities:
Tax Receivable	71		1
Accrued Taxes	(3)		(98)
Prepayments	(270)		(199)
Cash Collateral	1,095		(1,244)
Obligation to Return Cash Collateral	(198)		552
Other Current Assets and Liabilities	283		130
Employee Benefit Plan Funding and Related Payments	(21)		(16)
Other	(13)		(45)
Net Cash Provided By (Used In) Operating Activities	2,409		356
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(1,444)		(1,291)
Proceeds from Sales of Trust Investments	721		862
Purchases of Trust Investments	(742)		(876)
Proceeds from Sales of Equity Method Investments	290		—
Proceeds from Sales of Long-Lived Assets	20		1,890
Other	36		(54)
Net Cash Provided By (Used In) Investing Activities	(1,119)		531
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	247		(956)
Proceeds from Short-Term Loans	750		2,000
Payment of Short-Term Loans	(2,000)		(1,250)
Issuance of Long-Term Debt	900		1,750
Payment of Long-Term Debt	(500)		—
Payments for Share Repurchase Program	—		(500)
Cash Dividends Paid on Common Stock	(569)		(541)
Other	(32)		(7)
Net Cash Provided By (Used In) Financing Activities	(1,204)		496
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	86		1,383
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	511		863
Cash, Cash Equivalents and Restricted Cash at End of Period	$	597	$	2,246
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	63	$	325
Interest Paid, Net of Amounts Capitalized	$	347	$	276
Accrued Property, Plant and Equipment Expenditures	$	413	$	381

See Notes to Condensed Consolidated Financial Statements.

5

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Millions

(Unaudited)

	Common Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	Shs.	Amount		Shs.	Amount						Total
Balance as of March 31, 2023	534	$	5,045	(37)	$	(1,391)	$	11,594	$	(522)	$	14,726
Net Income	—	—		—	—		591		—		591
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0	—	—		—	—		—		7		7
Comprehensive Income											598
Cash Dividends at $0.57 per share on Common Stock	—	—		—	—		(285)		—		(285)
Other	—	9		—	5		—		—		14
Balance as of June 30, 2023	534	$	5,054	(37)	$	(1,386)	$	11,900	$	(515)	$	15,053
Balance as of March 31, 2022	534	$	4,978	(37)	$	(1,336)	$	10,366	$	(410)	$	13,598
Net Income	—	—		—	—		131		—		131
Other Comprehensive Income (Loss), net of tax (expense) benefit of $29	—	—		—	—		—		(45)		(45)
Comprehensive Income											86
Cash Dividends at $0.54 per share on Common Stock	—	—		—	—		(270)		—		(270)
Payments for Share Repurchase Program	—	50		—	(50)		—		—		—
Other	—	10		—	4		—		—		14
Balance as of June 30, 2022	534	$	5,038	(37)	$	(1,382)	$	10,227	$	(455)	$	13,428

	Common Stock			Treasury Stock			Retained Earnings		Accumulated Other Comprehensive Income (Loss)
	Shs.	Amount		Shs.	Amount						Total
Balance as of December 31, 2022	534	$	5,065	(37)	$	(1,377)	$	10,591	$	(550)	$	13,729
Net Income	—	—		—	—		1,878		—		1,878
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(18)	—	—		—	—		—		35		35
Comprehensive Income											1,913
Cash Dividends at $1.14 per share on Common Stock	—	—		—	—		(569)		—		(569)
Other	—	(11)		—	(9)		—		—		(20)
Balance as of June 30, 2023	534	$	5,054	(37)	$	(1,386)	$	11,900	$	(515)	$	15,053
Balance as of December 31, 2021	534	$	5,045	(30)	$	(896)	$	10,639	$	(350)	$	14,438
Net Income	—	—		—	—		129		—		129
Other Comprehensive Income (Loss), net of tax (expense) benefit of $68	—	—		—	—		—		(105)		(105)
Comprehensive Income											24
Cash Dividends at $1.08 per share on Common Stock	—	—		—	—		(541)		—		(541)
Payments for Share Repurchase Program	—	—		(7)	(500)		—		—		(500)
Other	—	(7)		—	14		—		—		7
Balance as of June 30, 2022	534	$	5,038	(37)	$	(1,382)	$	10,227	$	(455)	$	13,428

See Notes to Condensed Consolidated Financial Statements.

6

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
OPERATING REVENUES	$	1,662	$	1,668	$	3,955	$	3,952
OPERATING EXPENSES
Energy Costs	551		630		1,535		1,598
Operation and Maintenance	429		434		889		897
Depreciation and Amortization	240		227		484		468
Total Operating Expenses	1,220		1,291		2,908		2,963
OPERATING INCOME	442		377		1,047		989
Net Gains (Losses) on Trust Investments	—		(2)		—		(2)
Other Income (Deductions)	23		22		44		41
Net Non-Operating Pension and OPEB Credits (Costs)	28		71		56		141
Interest Expense	(123)		(107)		(236)		(210)
INCOME BEFORE INCOME TAXES	370		361		911		959
Income Tax Expense	(34)		(56)		(88)		(145)
NET INCOME	$	336	$	305	$	823	$	814

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

7

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
NET INCOME	$	336	$	305	$	823	$	814
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0, $1, $0 and $2 for the three and six months ended 2023 and 2022, respectively	—		(1)		1		(4)
COMPREHENSIVE INCOME	$	336	$	304	$	824	$	810

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

8

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	June 30, 2023		December 31, 2022
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	126	$	220
Accounts Receivable, net of allowance of $290 in 2023 and $323 in 2022	976		1,075
Unbilled Revenues, net of allowance of $4 in 2023 and $16 in 2022	190		322
Materials and Supplies, net	405		307
Prepayments	235		7
Regulatory Assets	358		369
Other	37		32
Total Current Assets	2,327		2,332
PROPERTY, PLANT AND EQUIPMENT	42,272		41,045
Less: Accumulated Depreciation and Amortization	(8,449)		(8,215)
Net Property, Plant and Equipment	33,823		32,830
NONCURRENT ASSETS
Regulatory Assets	4,813		4,404
Operating Lease Right-of-Use Assets	85		86
Long-Term Investments	132		143
Rabbi Trust Fund	33		32
Other	134		133
Total Noncurrent Assets	5,197		4,798
TOTAL ASSETS	$	41,347	$	39,960

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

9

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)

	June 30, 2023		December 31, 2022
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$	575	$	825
Commercial Paper and Loans	298		—
Accounts Payable	695		703
Accounts Payable—Affiliated Companies	296		485
Accrued Interest	122		113
Clean Energy Program	229		145
Obligation to Return Cash Collateral	92		290
Regulatory Liabilities	339		384
Other	450		416
Total Current Liabilities	3,096		3,361
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC	5,638		5,348
Regulatory Liabilities	2,157		2,240
Operating Leases	76		77
Asset Retirement Obligations	384		384
OPEB Costs	246		255
Accrued Pension Costs	392		397
Environmental Costs	162		173
Long-Term Accrued Taxes	8		9
Other	165		163
Total Noncurrent Liabilities	9,228		9,046
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 10)
CAPITALIZATION
LONG-TERM DEBT	12,517		11,871
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2023 and 2022—132 shares	892		892
Contributed Capital	1,170		1,170
Basis Adjustment	986		986
Retained Earnings	13,462		12,639
Accumulated Other Comprehensive Income (Loss)	(4)		(5)
Total Stockholder’s Equity	16,506		15,682
Total Capitalization	29,023		27,553
TOTAL LIABILITIES AND CAPITALIZATION	$	41,347	$	39,960

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

10

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)

	Six Months Ended
	June 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	823	$	814
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization	484		468
Provision for Deferred Income Taxes and ITC	65		80
Non-Cash Employee Benefit Plan (Credits) Costs	7		(90)
Cost of Removal	(82)		(63)
Net Change in Regulatory Assets and Liabilities	(189)		(188)
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues	229		11
Materials and Supplies	(97)		(27)
Prepayments	(228)		(201)
Accounts Payable	(67)		71
Accounts Receivable/Payable—Affiliated Companies, net	(189)		(133)
Obligation to Return Cash Collateral	(198)		552
Other Current Assets and Liabilities	40		52
Employee Benefit Plan Funding and Related Payments	(11)		(8)
Other	(44)		(26)
Net Cash Provided By (Used In) Operating Activities	543		1,312
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment	(1,336)		(1,171)
Proceeds from Sales of Trust Investments	3		9
Purchases of Trust Investments	(2)		(8)
Solar Loan Investments	11		13
Other	1		3
Net Cash Provided By (Used In) Investing Activities	(1,323)		(1,154)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans	298		—
Issuance of Long-Term Debt	900		500
Redemption of Long-Term Debt	(500)		—
Other	(8)		(5)
Net Cash Provided By (Used In) Financing Activities	690		495
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash	(90)		653
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	266		339
Cash, Cash Equivalents and Restricted Cash at End of Period	$	176	$	992
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	65	$	104
Interest Paid, Net of Amounts Capitalized	$	218	$	200
Accrued Property, Plant and Equipment Expenditures	$	390	$	349

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

11

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

Millions

(Unaudited)

	Common Stock		Contributed Capital		Basis Adjustment		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
											Total
Balance as of March 31, 2023	$	892	$	1,170	$	986	$	13,126	$	(4)	$	16,170
Net Income	—		—		—		336		—		336
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0	—		—		—		—		—		—
Comprehensive Income											336
Balance as of June 30, 2023	$	892	$	1,170	$	986	$	13,462	$	(4)	$	16,506
Balance as of March 31, 2022	$	892	$	1,170	$	986	$	12,033	$	(2)	$	15,079
Net Income	—		—		—		305		—		305
Other Comprehensive Income (Loss), net of tax (expense) benefit of $1	—		—		—		—		(1)		(1)
Comprehensive Income											304
Balance as of June 30, 2022	$	892	$	1,170	$	986	$	12,338	$	(3)	$	15,383

	Common Stock		Contributed Capital		Basis Adjustment		Retained Earnings		Accumulated Other Comprehensive Income (Loss)
											Total
Balance as of December 31, 2022	$	892	$	1,170	$	986	$	12,639	$	(5)	$	15,682
Net Income	—		—		—		823		—		823
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0	—		—		—		—		1		1
Comprehensive Income											824
Balance as of June 30, 2023	$	892	$	1,170	$	986	$	13,462	$	(4)	$	16,506
Balance as of December 31, 2021	$	892	$	1,170	$	986	$	11,524	$	1	$	14,573
Net Income	—		—		—		814		—		814
Other Comprehensive Income (Loss), net of tax (expense) benefit of $2	—		—		—		—		(4)		(4)
Comprehensive Income											810
Balance as of June 30, 2022	$	892	$	1,170	$	986	$	12,338	$	(3)	$	15,383

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•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), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

•PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate.

PSEG’s other direct wholly owned subsidiaries are: PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds lease investments; 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); 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, 2022.

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, 2022.

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, 2022) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2022
Cash and Cash Equivalents	$	220	$	245	$	465
Restricted Cash in Other Current Assets	27		—		27
Restricted Cash in Other Noncurrent Assets	19		—		19
Cash, Cash Equivalents and Restricted Cash	$	266	$	245	$	511
As of June 30, 2023
Cash and Cash Equivalents	$	126	$	421	$	547
Restricted Cash in Other Current Assets	30		—		30
Restricted Cash in Other Noncurrent Assets	20		—		20
Cash, Cash Equivalents and Restricted Cash	$	176	$	421	$	597

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

Note 2. Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries 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.

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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. Prior to the sale of the fossil generation assets in 2022, PSEG Power also had significant sales in the New York Independent System Operator (NYISO) and the New England Independent System Operator (ISO-NE) regions.

14

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

PSEG Power primarily sells to the Independent System Operators (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. Historically, wholesale load contracts have been executed in the different 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. PSEG 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 December 2022, PJM called its first ISO-wide Maximum Generation Emergency Action, which triggered a Performance Assessment Interval (PAI) event. During the PAI, PSEG Power’s Salem 2 nuclear plant incurred penalties due to an unplanned outage during the second day of the event. Our remaining nuclear plants earned bonus payments during the entire event. Additional revenue has been recorded in 2023 upon clarification from the ISO on expected bonus payments and receipts to date. The estimated impact of Salem 2’s penalties and bonuses earned by the other units was not material to PSEG’s financial results in 2022 or 2023.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 Sales in the following tables. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments 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. 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 is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

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 12. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

15

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	784	$	—	$	—	$	784
Gas Distribution	274		—		—		274
Transmission	447		—		—		447
Electricity and Related Product Sales
PJM
Third-Party Sales	—		211		—		211
Sales to Affiliates	—		27		(27)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		26		—		26
Sales to Affiliates	—		115		(115)		—
Other Revenues from Contracts with Customers (B)	94		153		(1)		246
Total Revenues from Contracts with Customers	1,599		535		(143)		1,991
Revenues Unrelated to Contracts with Customers (C)	63		367		—		430
Total Operating Revenues	$	1,662	$	902	$	(143)	$	2,421

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	1,514	$	—	$	—	$	1,514
Gas Distribution	1,233		—		—		1,233
Transmission	872		—		—		872
Electricity and Related Product Sales
PJM
Third-Party Sales	—		487		—		487
Sales to Affiliates	—		58		(58)		—
NYISO	—		—		—		—
ISO-NE	—		6		—		6
Gas Sales
Third-Party Sales	—		112		—		112
Sales to Affiliates	—		648		(648)		—
Other Revenues from Contracts with Customers (B)	172		306		(2)		476
Total Revenues from Contracts with Customers	3,791		1,617		(708)		4,700
Revenues Unrelated to Contracts with Customers (C)	164		1,312		—		1,476
Total Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176

16

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	836	$	—	$	—	$	836
Gas Distribution	317		—		—		317
Transmission	396		—		—		396
Electricity and Related Product Sales
PJM
Third-Party Sales	—		475		—		475
Sales to Affiliates	—		35		(35)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		77		—		77
Sales to Affiliates	—		202		(202)		—
Other Revenues from Contracts with Customers (B)	94		150		—		244
Total Revenues from Contracts with Customers	1,643		942		(237)		2,348
Revenues Unrelated to Contracts with Customers (C)	25		(297)		—		(272)
Total Operating Revenues	$	1,668	$	645	$	(237)	$	2,076

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	1,556	$	—	$	—	$	1,556
Gas Distribution	1,364		—		(1)		1,363
Transmission	788		—		—		788
Electricity and Related Product Sales
PJM
Third-Party Sales	—		1,057		—		1,057
Sales to Affiliates	—		91		(91)		—
NYISO	—		88		—		88
ISO-NE	—		89		—		89
Gas Sales
Third-Party Sales	—		213		—		213
Sales to Affiliates	—		728		(728)		—
Other Revenues from Contracts with Customers (B)	179		296		(1)		474
Total Revenues from Contracts with Customers	3,887		2,562		(821)		5,628
Revenues Unrelated to Contracts with Customers (C)	65		(1,304)		—		(1,239)
Total Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

17

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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, 2023 and December 31, 2022. 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 20% of accounts receivable (including unbilled revenues) as of June 30, 2023 and December 31, 2022.

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 on 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 COVID-19 pandemic on the outstanding balances as of June 30, 2023. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of June 30, 2023, PSE&G had a deferred balance of $137 million from electric bad debts recorded as a Regulatory Asset. In addition, as of June 30, 2023, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 5. Rate Filings for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2023 and 2022:

		Three Months Ended June 30, 2023
		Millions
Balance as of March 31, 2023		$	319
Utility Customer and Other Accounts
	Provision	15
	Write-offs, net of Recoveries of $6 million	(40)
Balance as of June 30, 2023		$	294
		Six Months Ended June 30, 2023
		Millions
Balance as of January 1, 2023		$	339
Utility Customer and Other Accounts
	Provision	24
	Write-offs, net of Recoveries of $13 million	(69)
Balance as of June 30, 2023		$	294

18

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

		Three Months Ended June 30, 2022
		Millions
Balance as of March 31, 2022		$	351
Utility Customer and Other Accounts
	Provision	6
	Write-offs, net of Recoveries of $14 million	(22)
Balance as of June 30, 2022		$	335
		Six Months Ended June 30, 2022
		Millions
Balance as of January 1, 2022		$	337
Utility Customer and Other Accounts
	Provision	39
	Write-offs, net of Recoveries of $22 million	(41)
Balance as of June 30, 2022		$	335

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2023 and December 31, 2022.

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 energy and ancillary services sold directly to ISOs, wholesale load contracts and capacity sales which are executed in the different ISO regions, 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 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, 2023 or December 31, 2022. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of June 30, 2023 and December 31, 2022.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records 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:

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 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per MW-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$55	3,500

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG

19

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Power’s monthly net sale or purchase position.

Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $27 million.

Amended OSA—PSEG LI entered into an amended OSA with LIPA effective April 2022. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2023 is approximately $42 million and is updated each year based on the change in the Consumer Price Index.

Note 3. Early Plant Retirements/Asset Dispositions and Impairments

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)). Each nuclear plant received ZEC revenue for approximately three years, through May 2022. That first eligibility period related to the award of ZECs from the April 2019 BPU Order has concluded.

In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022 at the same approximate $10 per MWh received during the prior ZEC period through May 2022 referenced above. As a result, each nuclear plant is receiving ZEC revenue for an additional three years starting June 2022. The terms and conditions of this April 2021 ZEC award are the same as the ZEC period through May 2022. In May 2021, the New Jersey Division of Rate Counsel filed an appeal with the New Jersey Appellate Division of the BPU’s April 2021 decision. PSEG cannot predict the outcome of this matter.

The award of ZECs attaches certain obligations, including an obligation to repay the ZECs in the event that a plant ceases operations during the period that it was awarded ZECs, subject to certain 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. Further, the ZEC payment may be adjusted by the BPU at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source.

In August 2022, the Inflation Reduction Act (IRA) was signed into law expanding incentives promoting carbon-free generation. The enacted legislation established the Production Tax Credit (PTC) for electricity generation using nuclear energy set to begin in 2024 through 2032. The expected PTC rate is up to $15/MWh subject to adjustment based upon a facility’s gross receipts. The PTC rate and the gross receipts cap are subject to annual inflation adjustments. PSEG Power is continuing to analyze the impact of the IRA on its nuclear units, including additional future guidance from the U.S. Treasury and the impact of PTCs on expected ZEC payments.

PSEG Power may take all necessary steps to cease to operate all of these plants and will incur associated costs and accounting charges in the event that the financial condition of the plants is materially adversely impacted in the future. This decision may be based upon market conditions, including energy and capacity revenues, insufficient government financial support, or, in the case of the Salem nuclear plants, decisions by the Environmental Protection Agency and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act (CWA) and related state regulations, or other factors. The associated costs and accounting charges may include, among other things, one-time impairment charges or accelerated Depreciation and Amortization Expense on the remaining carrying value of the plants, 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, which would result in a material adverse impact on PSEG’s results of operations.

Non-Nuclear

In May 2023, PSEG sold its 25% equity interest in Ocean Wind JV HoldCo, LLC. The sale proceeds approximated PSEG’s carrying value of the investment; therefore, no material gain or loss was recognized upon disposition.

In May 2023, PSEG Power entered into an agreement to sell its 50% ownership interest in Kalaeloa. The sale of PSEG Power’s limited and general partnership ownership interests closed in May and July 2023, respectively. The sale proceeds approximated PSEG Power's carrying value of the investment; therefore, no material gain or loss was recognized upon disposition.

20

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain.

In February 2022, PSEG completed the sale of its fossil generating portfolio. As defined in each agreement, adjustments were required as a result of purchase price and working capital adjustments, including an adjustment for positive or negative cash flow of the fossil generating assets based on actual performance starting after December 31, 2021 through the respective closing dates. As a result, in 2022 PSEG Power recorded a pre-tax impairment of approximately $43 million.

PSEG Power has retained ownership of certain assets and liabilities excluded from the transactions primarily related to obligations under certain environmental regulations, including possible remediation obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA). The amounts for any such environmental remediation are not currently estimable, but will likely be material.

Note 4. 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 paid 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 payment 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 Operation and Maintenance (O&M) Expense, respectively. Servco recorded $129 million for each of the three months ended June 30, 2023 and 2022 and $257 million and $252 million for the six months ended June 30, 2023 and 2022, 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.

Note 5. 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, 2022.

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC are as follows:

BGSS—In January and February 2023, PSE&G filed with the BPU two self-implementing BGSS rate reductions of 15 cents and 3 cents per therm, effective February 1, 2023 and March 1, 2023, respectively. These reductions resulted in a new BGSS rate of approximately 47 cents per therm effective March 1, 2023. In April 2023, the BPU gave final approval to PSE&G’s BGSS rate of 47 cents per therm.

In June 2023, PSE&G made its annual BGSS filing with the BPU requesting a decrease to its BGSS rate to approximately 40 cents per therm, effective October 1, 2023. This matter is pending.

CIP—In February 2023, the BPU gave final approval for PSE&G to recover approximately $52 million of deficient electric revenues that resulted from the 12-month period ended May 31, 2022, with approximately $18 million approved for recovery for the first year starting on the effective date of June 15, 2022 and the remaining $34 million to be recovered starting in June 2023.

In April 2023, the BPU gave final approval for PSE&G to recover approximately $53 million of deficient gas revenues that resulted from the 12-month period ended September 30, 2022, over one year effective October 1, 2022.

21

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

In May 2023, the BPU provisionally approved PSE&G's updated annual electric CIP petition to recover approximately $72 million of deficient electric revenues over two years that resulted from the 12-month period ended May 31, 2023, with new rates effective June 1, 2023.

In June 2023, PSE&G filed a gas CIP recovery petition seeking BPU approval to recover estimated deficient gas revenues of approximately $99 million for the 12-month period ending September 30, 2023, and an additional $11 million carryover underrecovery from the prior CIP period for a total request of $110 million. The revenue deficiency is the result of lower actual and estimated revenues as compared to a baseline established in PSE&G’s most recent distribution base rate proceeding. New rates are proposed to be effective October 1, 2023 and PSE&G expects to recover its deficiency over a one year period. This matter is pending.

COVID-19 Deferral—In May and June 2023, the BPU issued two Orders to all public utilities in New Jersey that stipulated a filing deadline for recovery of COVID-19 Regulatory Asset balances, and set forth certain filing requirements primarily related to recovery proposals to be included by each utility in their COVID-19 filings.

In July 2023, PSE&G filed a petition with the BPU in compliance with those Orders requesting recovery of its incremental costs associated with the COVID-19 pandemic. This matter is pending.

As of June 30, 2023, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders.

Energy Strong II—In April 2023, the BPU approved PSE&G’s updated filing for annual electric and gas revenue increases of $16 million and $4 million, respectively, effective May 1, 2023. These increases represent the return on and of Energy Strong II investments placed in service through January 2023.

In May 2023, PSE&G filed a petition seeking BPU approval to recover an annualized increase in electric revenue requirement of approximately $15 million associated with capitalized electric investment costs of the Energy Strong II program. This increase represents the return on and of actual and forecasted investments through July 31, 2023. This matter is pending.

Gas System Modernization Program II (GSMP II)—In May 2023, the BPU approved PSE&G’s updated GSMP II cost recovery filing to recover an annual gas revenue increase of approximately $11 million effective June 1, 2023. This increase represents the return on and of GSMP II investments placed in service through February 2023.

Green Program Recovery Charges (GPRC)—In May 2023, the BPU approved PSE&G’s 2022 updated GPRC filing for annual electric and gas revenue increases of $87 million and $5 million, respectively, with new rates effective June 1, 2023.

Additionally in May 2023, the BPU approved PSE&G’s petition to increase its Clean Energy Future-EE sub program investment (a component of GPRC) by $280 million and approved a nine-month extension to make investments.

In June 2023, PSE&G filed its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $38 million and $20 million in annual electric and gas revenues, respectively. This matter is pending.

Pension—In February 2023, the BPU approved an accounting order authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for ratemaking purposes. This methodology change for ratemaking purposes is effective for the calendar year ending December 31, 2023 and forward. As of June 30, 2023, PSE&G has deferred $30 million as a Regulatory Asset under this methodology.

Remediation Adjustment Charge (RAC)—In January 2023, PSE&G filed its RAC 30 petition with the BPU seeking recovery of approximately $44 million of net Manufactured Gas Plant (MGP) expenditures incurred from August 1, 2021 through July 31, 2022. This matter is pending.

SBC—In January 2023, PSE&G filed a petition to increase its annual electric and gas rates by approximately $52 million and $32 million, respectively, in order to recover electric and gas costs incurred or expected to be incurred through February 2024 under its EE and Renewable Energy and Social Programs. The increase to electric rates includes the impact of increased bad debt expense as a result of the negative economic impact of the coronavirus pandemic and the resulting impact of moratoriums on collections. This matter is pending.

Tax Adjustment Credit (TAC)—In July 2023, the BPU approved PSE&G’s updated 2022 TAC filing to increase annual electric revenues by approximately $17 million and decrease annual gas revenues by approximately $42 million, with new rates effective August 1, 2023.

Transmission Formula Rates—In June 2023, PSE&G filed with FERC its 2022 true-up adjustment pertaining to its transmission formula rates in effect for calendar year 2022, as established by its 2022 annual forecast filing. The June 2023 true-up filing resulted in a decrease in the 2022 annual revenue requirement of approximately $21 million less than the revenue

22

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

requirement numbers contained in the forecast filing. PSE&G had previously recognized the majority of the lower revenue requirement in its 2022 Consolidated Statement of Operations.

ZEC Program—In January 2023, the BPU approved PSE&G’s petition to set the ZEC refund component of the tariff rate to zero effective February 1, 2023 as overcollections for the ZEC Energy Year ended May 31, 2022 totaling $1.3 million, including interest, were refunded to customers in 2022 through January 2023.

Note 6. Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2023, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 7. 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, 2022 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years.

Energy Holdings is the lessor in leveraged leases. See Note 7. Financing Receivables.

Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with remaining terms through 2036, and in real estate assets with remaining terms through 2049. As of June 30, 2023, Energy Holdings’ property subject to these leases had a total carrying value of $30 million.

In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain.

The following is the operating lease income for the three months and six months ended June 30, 2023 and 2022:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
					Millions
Fixed Lease Income	$	6	$	8	$	12	$	16
Total Operating Lease Income	$	6	$	8	$	12	$	16

Note 7. 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, 2023, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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.”

23

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of
Outstanding Loans by Class of Customer	June 30, 2023		December 31, 2022
	Millions
Commercial/Industrial	$	74	$	85
Residential	3		4
Total	77		89
Current Portion (included in Accounts Receivable)	(26)		(27)
Noncurrent Portion (included in Long-Term Investments)	$	51	$	62

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of June 30, 2023		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	7	prior to 2013	10 years	15 years
Solar Loan II	36		prior to 2015	10 years	15 years
Solar Loan III	34		largely funded as of June 30, 2023	10 years	10 years
Total	$	77

The average life of loans paid in full is eight 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, 2023 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in 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, 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.

Leveraged leases outstanding as of June 30, 2023 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of June 30, 2023 and December 31, 2022.

	As of
	June 30, 2023		December 31, 2022
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	223	$	249
Unearned and Deferred Income	(68)		(74)
Gross Investments in Leases	155		175
Deferred Tax Liabilities	(35)		(39)
Net Investments in Leases	$	120	$	136

24

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2023
	As of June 30, 2023
	Millions
AA	$	7
A-	43
BBB+ to BBB	173
Total	$	223

PSEG recorded no credit losses for the leveraged leases existing on June 30, 2023. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, 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.

Note 8. 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.

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	458	$	300	$	(5)	$	753
International	361		94		(19)		436
Total Equity Securities	819		394		(24)		1,189
Available-for-Sale Debt Securities
Government	742		1		(82)		661
Corporate	585		1		(55)		531
Total Available-for-Sale Debt Securities	1,327		2		(137)		1,192
Total NDT Fund Investments (A)	$	2,146	$	396	$	(161)	$	2,381

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of June 30, 2023, which is part of the NDT Fund.

25

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	476	$	232	$	(12)	$	696
International	336		68		(28)		376
Total Equity Securities	812		300		(40)		1,072
Available-for-Sale Debt Securities
Government	721		—		(94)		627
Corporate	597		1		(69)		529
Total Available-for-Sale Debt Securities	1,318		1		(163)		1,156
Total NDT Fund Investments (A)	$	2,130	$	301	$	(203)	$	2,228

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of December 31, 2022, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(80) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2023. The portion of net unrealized gains (losses) recognized in the second quarter and first six months of 2023 related to equity securities still held as of June 30, 2023 was $59 million and $114 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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	32	$	14
Accounts Payable	$	23	$	6

26

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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.

	As of June 30, 2023								As of December 31, 2022
	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	$	29	$	(3)	$	8	$	(2)	$	90	$	(10)	$	9	$	(2)
International	39		(4)		41		(15)		88		(12)		38		(16)
Total Equity Securities	68		(7)		49		(17)		178		(22)		47		(18)
Available-for-Sale Debt Securities
Government (B)	206		(6)		406		(76)		301		(27)		292		(67)
Corporate (C)	136		(3)		336		(52)		221		(21)		249		(48)
Total Available-for-Sale Debt Securities	342		(9)		742		(128)		522		(48)		541		(115)
NDT Trust Investments	$	410	$	(16)	$	791	$	(145)	$	700	$	(70)	$	588	$	(133)

(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)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will 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. PSEG Power 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 Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(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. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

27

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from NDT Fund Sales (A)	$	308	$	341	$	704	$	814
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	25	$	21	$	46	$	50
Gross Realized Losses	(28)		(31)		(55)		(65)
Net Realized Gains (Losses) on NDT Fund (B)	(3)		(10)		(9)		(15)
Net Unrealized Gains (Losses) on Equity Securities	60		(170)		111		(231)
Net Gains (Losses) on NDT Fund Investments	$	57	$	(180)	$	102	$	(246)

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of June 30, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	293
6 - 10 years	220
11 - 15 years	66
16 - 20 years	101
Over 20 years	492
Total NDT Available-for-Sale Debt Securities	$	1,192

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.

28

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	13	$	8	$	—	$	21
Available-for-Sale Debt Securities
Government	111		—		(19)		92
Corporate	85		—		(13)		72
Total Available-for-Sale Debt Securities	196		—		(32)		164
Total Rabbi Trust Investments	$	209	$	8	$	(32)	$	185

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	6	$	—	$	20
Available-for-Sale Debt Securities
Government	110		—		(21)		89
Corporate	89		—		(15)		74
Total Available-for-Sale Debt Securities	199		—		(36)		163
Total Rabbi Trust Investments	$	213	$	6	$	(36)	$	183

Net unrealized gains (losses) on debt securities of $(23) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2023. The portion of net unrealized gains (losses) recognized during the second quarter and first six months of 2023 related to equity securities still held as of June 30, 2023 was $1 million and $2 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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	1	$	—

29

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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.

	As of June 30, 2023								As of December 31, 2022
	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)	$	16	$	(1)	$	75	$	(18)	$	32	$	(5)	$	57	$	(16)
Corporate (B)	14		(1)		55		(12)		35		(5)		39		(10)
Total Available-for-Sale Debt Securities	30		(2)		130		(30)		67		(10)		96		(26)
Rabbi Trust Investments	$	30	$	(2)	$	130	$	(30)	$	67	$	(10)	$	96	$	(26)

(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)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 corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from Rabbi Trust Sales	$	11	$	20	$	17	$	48
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	3	$	2	$	4	$	3
Gross Realized Losses	(4)		(4)		(5)		(6)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		(2)		(1)		(3)
Net Unrealized Gains (Losses) on Equity Securities	1		(5)		2		(6)
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	(7)	$	1	$	(9)

(A)The cost of these securities was determined on the basis of specific identification.

30

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Rabbi Trust debt securities held as of June 30, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	25
6 - 10 years	20
11 - 15 years	10
16 - 20 years	14
Over 20 years	88
Total Rabbi Trust Available-for-Sale Debt Securities	$	164

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 PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
PSE&G	$	33	$	32
PSEG Power & Other	152		151
Total Rabbi Trust Investments	$	185	$	183

Note 9. Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers 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 and PSE&G 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 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 (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Net periodic benefit costs are reduced in 2023 as a result of an accounting order from the BPU authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for rate making purposes. See Note 5. Rate Filings. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

31

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	36	$	1	$	1	$	45	$	71	$	2	$	3
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	69		41		11		7		138		83		21		13
Expected Return on Plan Assets	(96)		(121)		(9)		(10)		(191)		(242)		(17)		(21)
Amortization of Net
Prior Service Credit	—		—		(13)		(32)		—		—		(26)		(64)
Actuarial Loss (Gain)	24		15		—		3		48		30		(1)		7
Non-Service Components of Pension and OPEB (Credits) Costs	(3)		(65)		(11)		(32)		(5)		(129)		(23)		(65)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
PSE&G	$	14	$	(17)	$	(10)	$	(28)	$	27	$	(35)	$	(20)	$	(55)
PSEG Power & Other	6		(12)		—		(3)		13		(23)		(1)		(7)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

PSEG does not plan to contribute to its pension and OPEB plans in 2023.

In July 2023, PSEG and Fiduciary Counselors Inc., as independent fiduciary of the Pension Plan of Public Service Enterprise Group Incorporated and Pension Plan of Public Service Enterprise Group Incorporated II (together, the Plans), entered into a commitment agreement (for a “lift-out”) with The Prudential Insurance Company of America (the Insurer) under which the Plans agreed to purchase a nonparticipating single premium group annuity contract that will transfer to the Insurer approximately $1 billion of the Plans’ defined benefit pension obligations and associated Plan assets related to certain pension benefits. The contract covers approximately 2,000 retirees from PSEG Power & Other, excluding Services (Participants). To the extent provided in the contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay benefits of each Participant that are due on and after December 31, 2023. The transaction will result in no changes to the amount of benefits payable to Participants.

As a result of the transaction, PSEG expects to recognize a one-time settlement charge in the range of $315 million to $360 million ($225 million to $260 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction. The charge is subject to finalization based on actuarial and other assumptions. PSEG expects the transaction to be completed in August 2023, subject to the satisfaction of closing conditions.

32

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 4. 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’s pension-related revenues and costs were $4 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and $9 million and $15 million for the six months ended June 30, 2023 and 2022, respectively. The OPEB-related revenues earned and costs incurred were $3 million for each of the three months ended June 30, 2023 and 2022, and $6 million and $5 million for the six months ended June 30, 2023 and 2022, respectively.

Servco plans to contribute $18 million to its pension plan in 2023.

Note 10. 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

•support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and

•obtain credit.

PSEG Power is subject to

•counterparty collateral calls related to commodity contracts of its subsidiaries, and

•certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries.

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,

•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).

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, 2023 and December 31, 2022.

33

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Face Value of Outstanding Guarantees	$	1,445	$	1,601
Exposure under Current Guarantees	$	80	$	198
Letters of Credit Margin Posted	$	13	$	87
Letters of Credit Margin Received	$	85	$	38
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(7)	$	(1)
Net Broker Balance Deposited (Received)	$	433	$	1,522
Additional Amounts Posted
Other Letters of Credit	$	180	$	156

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 12. 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.

The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work.

Occidental Chemical Corporation (Occidental) has voluntarily commenced design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. One lawsuit is currently paused, and the other is currently proceeding. PSEG cannot predict the outcome of the litigation.

The EPA has announced a proposed settlement with 85 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer.

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.

34

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As of June 30, 2023, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its assessment of the continued ability to recover such costs in its rates. PSEG Power has an Environmental Liability of $13 million.

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.

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 21 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.

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.

Hackensack River

In 2022, the EPA announced it had designated the lower 18.75 miles of the Hackensack River a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. The ultimate impact of this action on PSE&G and PSEG Power is currently unknown, but could be material.

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 $198 million and $219 million on an undiscounted basis, including its $53 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 $198 million as of June 30, 2023. Of this amount, $39 million was recorded in Other Current Liabilities and $159 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $198 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 completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy.

Legacy Environmental Obligations at Former Fossil Generating Sites

PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey ISRA and the CTA to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015.

PSEG Power is in the process of fulfilling its obligations under ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. The full remediation costs at each of the ten sites are not estimable, but will likely be material.

CWA Section 316(b) Rule

The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation of cooling water intake structures at

35

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

existing power plants and industrial facilities with a design flow of more than two million gallons of water per day.

In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System 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 granted the hearing request and may schedule a hearing after considering dispositive motions.

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. In August 2020, PSE&G finalized a settlement with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties of an immaterial amount.

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

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category 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 Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services 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, 2023 is $330.72 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2023 of $276.26 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:

	Auction Year
	2020	2021	2022	2023
36-Month Terms Ending	May 2023	May 2024	May 2025	May 2026	(A)
Load (MW)	2,800	2,900	2,800	2,800
$ per MWh	$102.16	$64.80	$76.30	$93.11

(A)Prices set in the 2023 BGS auction became effective on June 1, 2023 when the 2020 BGS auction agreements expired.

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

36

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 19. 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. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 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 minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom. Additionally, available contractual volume flexibility provides for approximately 100% coverage of expected requirements through 2027.

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.

As of June 30, 2023, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2027
	Millions
Nuclear Fuel
Uranium	$	379
Enrichment	$	309
Fabrication	$	183
Natural Gas	$	1,135

Pending FERC Matter

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

BPU Audit of PSE&G

In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which will address, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021 and data collection (written discovery and interviews) has concluded. The BPU Audit Staff are in the process of finalizing their report. It is not possible at this time to predict the outcome of this matter.

37

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Litigation

Sewaren 7 Construction

In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was 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 January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. 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 and PSE&G 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 or PSE&G’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 or PSE&G’s results of operations or liquidity for any particular reporting period.

Note 11. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2023:

PSE&G

•issued $500 million of 4.65% Secured Medium-Term Notes (Green Bond), Series P, due March 2033,

•issued $400 million of 5.13% Secured Medium-Term Notes (Green Bond), Series P, due March 2053, and

•retired $500 million of 2.38% Secured Medium-Term Notes Series I, at maturity.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2023, the total available credit capacity was $3.5 billion.

As of June 30, 2023, no single institution represented more than 10% of the total commitments in the credit facilities.

As of June 30, 2023, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The total committed credit facilities and available liquidity as of June 30, 2023 were as follows:

	As of June 30, 2023
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	152	$	1,348	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	152	$	1,348
PSE&G
Revolving Credit Facility	$	1,000	$	318	$	682	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	318	$	682
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		—		100		Apr 2025	Letters of Credit
Letter of Credit Facility	200		86		114		Sept 2024	Letters of Credit
Letter of Credit Facility	100		66		34		Apr 2024	Letters of Credit
Total PSEG Power	$	1,650	$	191	$	1,459
Total (C)	$	4,150	$	661	$	3,489

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.

(B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2023, PSEG had $149 million outstanding at a weighted average interest rate of 5.53% and PSE&G had $298 million outstanding at a weighted average interest rate of 5.49%.

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

A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be drawn to fund its cash collateral postings. As of June 30, 2023, there were no amounts outstanding under this facility.

Net Cash Collateral Postings

During the second half of 2021 and continuing into 2023, forward energy prices have demonstrated considerable price volatility. This has led to significant variations in PSEG Power’s collateral requirements. As of June 30, 2023, net cash collateral postings were approximately $426 million. While currently off their highs experienced during 2022, collateral postings could remain volatile in the future.

Short-Term Loans

PSEG

In January 2023, PSEG repaid $750 million of the $1.5 billion 364-day variable rate term loan that was issued in April 2022 and in April 2023 the remaining $750 million matured. In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In May 2023, PSEG’s $500 million 364-day variable rate term loan matured.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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Note 12. 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 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, natural gas 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 10. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings.

Interest Rates

PSEG, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements.

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. The fair value of these hedges were $13 million and $1 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, PSEG had interest rate hedges outstanding totaling $900 million. PSEG executed these interest rate swaps to convert a portion of PSEG Power’s $1.25 billion variable rate term loan due March 2025 into fixed rate loans.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $7 million and $(3) million as of June 30, 2023 and December 31, 2022, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are $5 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. For additional information see Note 13. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of June 30, 2023 and December 31, 2022. The following tabular disclosure does not include the offsetting of trade receivables and payables.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of June 30, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	11	$	767	$	(687)	$	80	$	91
Noncurrent Assets	2		633		(573)		60		62
Total Mark-to-Market Derivative Assets	$	13	$	1,400	$	(1,260)	$	140	$	153
Derivative Contracts
Current Liabilities	$	—	$	(919)	$	853	$	(66)	$	(66)
Noncurrent Liabilities	—		(698)		690		(8)		(8)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,617)	$	1,543	$	(74)	$	(74)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	13	$	(217)	$	283	$	66	$	79

	As of December 31, 2022
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	4	$	1,721	$	(1,707)	$	14	$	18
Noncurrent Assets	—		629		(614)		15		15
Total Mark-to-Market Derivative Assets	$	4	$	2,350	$	(2,321)	$	29	$	33
Derivative Contracts
Current Liabilities	$	—	$	(2,447)	$	2,323	$	(124)	$	(124)
Noncurrent Liabilities	(3)		(1,139)		1,109		(30)		(33)
Total Mark-to-Market Derivative (Liabilities)	$	(3)	$	(3,586)	$	3,432	$	(154)	$	(157)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	1	$	(1,236)	$	1,111	$	(125)	$	(124)

(A)     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, 2023 and December 31, 2022, PSEG Power had net cash collateral (receipts) payments to counterparties of $426 million and $1,521 million, respectively. Of these net cash collateral (receipts) payments, $283 million and $1,111 million as of June 30, 2023 and December 31, 2022, respectively, were netted against the corresponding net derivative contract positions. Of the $283 million as of June 30, 2023, $(5) million was netted against current assets, $(1) million against noncurrent assets, $171 million against current liabilities and $118 million against noncurrent liabilities. Of the $1,111 million as of December 31, 2022, $616 million was netted against current liabilities and $495 million against noncurrent liabilities.

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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 two level downgrade from its current Moody’s and S&P 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 $76 million as of June 30, 2023 and $190 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, PSEG Power had the contractual right of offset of $5 million and $41 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 $71 million and $149 million as of June 30, 2023 and December 31, 2022, 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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months and six months ended June 30, 2023 and 2022:

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Three Months Ended					Three Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	17	$	—	Interest Expense	$	1	$	(1)
Total PSEG	$	17	$	—		$	1	$	(1)

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Six Months Ended					Six Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	14	$	—	Interest Expense	$	—	$	(2)
Total PSEG	$	14	$	—		$	—	$	(2)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the six months ended June 30, 2023 and 2022, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was less than $1 million and $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL of PSEG on a pre-tax and after-tax basis.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Accumulated Other Comprehensive Income (Loss)	Pre-Tax		After-Tax
	Millions
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	5		3
Balance as of December 31, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	14		10
Less: Loss Reclassified into Income	—		—
Balance as of June 30, 2023	$	10	$	7

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, 2023 and 2022, 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.

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,
		2023		2022		2023		2022
		Millions				Millions
Energy-Related Contracts	Operating Revenues	$	339	$	(354)	$	1,241	$	(1,398)
Energy-Related Contracts	Energy Costs	(1)		(1)		—		(1)
Total		$	338	$	(355)	$	1,241	$	(1,399)

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2023 and December 31, 2022.

		As of	As of
Type	Notional	June 30, 2023	December 31, 2022
		Millions
Natural Gas	Dekatherm (Dth)	52	49
Electricity	MWh	(63)	(60)
Financial Transmission Rights (FTRs)	MWh	31	24
Interest Rate Swaps	U.S. Dollars	900	1,050

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’s financial condition, results of operations or net cash flows.

As of June 30, 2023, nearly 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 19. Related-Party Transactions for additional information.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

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 guarantee 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, 2023, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2023, PSE&G had no unsecured mark-to-market credit exposure with its suppliers.

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.

Note 13. 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 and PSE&G 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.

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, 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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Recurring Fair Value Measurements as of June 30, 2023
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)	$	480	$	—	$	480	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	140	$	(1,260)	$	5	$	1,395	$	—
Interest Rate Swaps (C)	$	13	$	—	$	—	$	13	$	—
NDT Fund (D)
Equity Securities	$	1,189	$	—	$	1,189	$	—	$	—
Debt Securities—U.S. Treasury	$	277	$	—	$	—	$	277	$	—
Debt Securities—Govt Other	$	384	$	—	$	—	$	384	$	—
Debt Securities—Corporate	$	531	$	—	$	—	$	531	$	—
Rabbi Trust (D)
Equity Securities	$	21	$	—	$	21	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	33	$	—	$	—	$	33	$	—
Debt Securities—Corporate	$	72	$	—	$	—	$	72	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(74)	$	1,543	$	(1)	$	(1,612)	$	(4)
PSE&G
Assets:
Cash Equivalents (A)	$	100	$	—	$	100	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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	Recurring Fair Value Measurements as of December 31, 2022
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)	$	385	$	—	$	385	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	29	$	(2,321)	$	42	$	2,307	$	1
Interest Rate Swaps (C)	$	4	$	—	$	—	$	4	$	—
NDT Fund (D)
Equity Securities	$	1,072	$	—	$	1,072	$	—	$	—
Debt Securities—U.S. Treasury	$	288	$	—	$	—	$	288	$	—
Debt Securities—Govt Other	$	339	$	—	$	—	$	339	$	—
Debt Securities—Corporate	$	529	$	—	$	—	$	529	$	—
Rabbi Trust (D)
Equity Securities	$	20	$	—	$	20	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	74	$	—	$	—	$	74	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(154)	$	3,432	$	(3)	$	(3,537)	$	(46)
Interest Rate Swaps (C)	$	(3)	$	—	$	—	$	(3)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	165	$	—	$	165	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

(A)Represents money market mutual funds.

(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.

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.

(C)Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $2 million in the NDT Fund as of June 30, 2023 and December 31, 2022. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

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. 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.

(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 12. Financial Risk Management Activities for additional detail.

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 non-performance 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 non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements.

As of June 30, 2023, PSEG carried $3.1 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

As of June 30, 2022, PSEG carried $4.5 billion of net assets that are measured at fair value on a recurring basis, of which $10 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

There were no transfers to or from Level 3 during the six months ended June 30, 2023 and 2022, respectively.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of June 30, 2023 and December 31, 2022 are included in the following table and accompanying notes.

47

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	As of				As of
	June 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,127	$	3,828	$	4,124	$	3,808
PSE&G (A)	13,092		11,603		12,696		11,106
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	18,469	$	16,681	$	18,070	$	16,164

(A)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 using market-based measurements that are processed through a rules-based pricing 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.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

48

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 14. Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	19	$	19
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	5		9		14
Other	1		(2)		(1)
Total Other Income (Deductions)	$	23	$	26	$	49
Six Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	34	$	34
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	4		—		4
Other Interest	7		16		23
Other	3		(3)		—
Total Other Income (Deductions)	$	44	$	47	$	91
Three Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	16	$	16
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Other Interest	2		2		4
Other	2		(2)		—
Total Other Income (Deductions)	$	22	$	16	$	38
Six Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	30	$	30
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	6		—		6
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other Interest	2		2		4
Other	3		(3)		—
Total Other Income (Deductions)	$	41	$	2	$	43

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG ( parent company) and intercompany eliminations.

49

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 15. Income Taxes

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income (Loss)	$	744		$	98		$	2,329		$	(56)
Tax Computed at Statutory Rate @ 21%	$	156		$	21		$	489		$	(12)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	50			6			158			(22)
NDT Fund	7			(18)			13			(24)
Uncertain Tax Positions	(1)			—			(7)			(2)
Leasing Activities	—			—			(17)			—
GPRC-CEF-EE	(8)			(8)			(24)			(14)
Tax Credits	(3)			(2)			(5)			(4)
Estimated Annual Effective Tax Rate Interim Period Adjustment	7			4			(16)			(8)
TAC	(51)			(32)			(126)			(106)
Other	(4)			(4)			(14)			7
Subtotal	(3)			(54)			(38)			(173)
Total Income Tax Expense (Benefit)	$	153		$	(33)		$	451		$	(185)
Effective Income Tax Rate	20.6		%	(33.7)		%	19.4		%	N/A

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSE&G	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income	$	370		$	361		$	911		$	959
Tax Computed at Statutory Rate @ 21%	$	78		$	76		$	191		$	201
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	30			25			68			67
Uncertain Tax Positions	(6)			—			(6)			—
Tax Credits	(3)			(2)			(5)			(4)
GPRC-CEF-EE	(8)			(8)			(24)			(14)
TAC	(51)			(32)			(126)			(106)
Other	(6)			(3)			(10)			1
Subtotal	(44)			(20)			(103)			(56)
Total Income Tax Expense (Benefit)	$	34		$	56		$	88		$	145
Effective Income Tax Rate	9.2		%	15.5		%	9.7		%	15.1		%

50

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

A prolonged economic recovery can result in the enactment of additional federal and state tax legislation. Enactment of additional legislation and clarification of prior enacted tax laws could impact PSEG’s and PSE&G’s financial statements.

In August 2022, the IRA was signed into law. The IRA made certain changes to existing energy tax credit laws and enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023. Changes to the energy tax credit laws include: increases to the PTC rate, a new PTC for electricity generation using nuclear energy, expanded technologies that are eligible for energy tax credits, and the transferability of the energy tax credits. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments for additional information on the nuclear PTC.

Since the enactment of the IRA, the U.S. Treasury issued various Notices that provide interim guidance on several provisions of the IRA, including the CAMT. The Notices state that the U.S. Treasury anticipates issuing additional guidance including proposed and final regulations. Many aspects of the IRA remain unclear and in need of further guidance; therefore, the impact the IRA will have on PSEG's and PSE&G's financial statements is subject to continued evaluation.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas transmission and distribution property. The impact, if any, this may have on PSEG and PSE&G’s financial statements has not yet been determined.

As of June 30, 2023, PSEG had a $44 million state net operating loss (NOL) and PSE&G had a $50 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

51

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 16. Accumulated Other Comprehensive Income (Loss), Net of Tax

	Three Months Ended June 30, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of March 31, 2023	$	(4)	$	(423)	$	(95)	$	(522)
Other Comprehensive Income (Loss) before Reclassifications	12		—		(12)		—
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(1)		4		4		7
Net Current Period Other Comprehensive Income (Loss)	11		4		(8)		7
Balance as of June 30, 2023	$	7	$	(419)	$	(103)	$	(515)
	Three Months Ended June 30, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of March 31, 2022	$	(5)	$	(355)	$	(50)	$	(410)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(53)		(53)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		1		7		8
Net Current Period Other Comprehensive Income (Loss)	—		1		(46)		(45)
Balance as of June 30, 2022	$	(5)	$	(354)	$	(96)	$	(455)
	Six Months Ended June 30, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2022	$	(3)	$	(426)	$	(121)	$	(550)
Other Comprehensive Income (Loss) before Reclassifications	10		—		8		18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		7		10		17
Net Current Period Other Comprehensive Income (Loss)	10		7		18		35
Balance as of June 30, 2023	$	7	$	(419)	$	(103)	$	(515)
	Six Months Ended June 30, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2021	$	(6)	$	(355)	$	11	$	(350)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(118)		(118)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		1		11		13
Net Current Period Other Comprehensive Income (Loss)	1		1		(107)		(105)
Balance as of June 30, 2022	$	(5)	$	(354)	$	(96)	$	(455)

52

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended						Six Months Ended
		June 30, 2023						June 30, 2023
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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	$	1	$	—	$	1	$	—	$	—	$	—
Total Cash Flow Hedges		1		—		1		—		—		—
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Non-Operating Pension and OPEB Credits (Costs)	2		(1)		1		4		(1)		3
Amortization of Actuarial Loss	Non-Operating Pension and OPEB Credits (Costs)	(7)		2		(5)		(14)		4		(10)
Total Pension and OPEB Plans		(5)		1		(4)		(10)		3		(7)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(7)		3		(4)		(17)		7		(10)
Total Available-for-Sale Debt Securities		(7)		3		(4)		(17)		7		(10)
Total		$	(11)	$	4	$	(7)	$	(27)	$	10	$	(17)

53

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended						Six Months Ended
		June 30, 2022						June 30, 2022
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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	$	(1)	$	1	$	—	$	(2)	$	1	$	(1)
Total Cash Flow Hedges		(1)		1		—		(2)		1		(1)
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Non-Operating Pension and OPEB Credits (Costs)	5		(2)		3		10		(3)		7
Amortization of Actuarial Loss	Non-Operating Pension and OPEB Credits (Costs)	(6)		2		(4)		(11)		3		(8)
Total Pension and OPEB Plans		(1)		—		(1)		(1)		—		(1)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(12)		5		(7)		(18)		7		(11)
Total Available-for-Sale Debt Securities		(12)		5		(7)		(18)		7		(11)
Total		$	(14)	$	6	$	(8)	$	(21)	$	8	$	(13)

Note 17. Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income	$	591	$	591	$	131	$	131	$	1,878	$	1,878	$	129	$	129
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	497		497		497		497		497		497		499		499
Effect of Stock Based Compensation Awards	—		3		—		3		—		3		—		3
Total Shares	497		500		497		500		497		500		499		502
EPS
Net Income	$	1.19	$	1.18	$	0.26	$	0.26	$	3.78	$	3.76	$	0.26	$	0.26

54

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Dividends

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Dividend Payments on Common Stock	2023		2022		2023		2022
Per Share	$	0.57	$	0.54	$	1.14	$	1.08
In Millions	$	285	$	270	$	569	$	541

On July 17, 2023, PSEG’s Board of Directors approved a $0.57 per share common stock dividend for the third quarter of 2023.

Note 18. Financial Information by Business Segment

Basis of Organization

PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income and how resources are allocated to each business.

Following completion of the sale of the PSEG Power Fossil portfolio in February 2022 and as a result of the transition to a new CEO, our designated CODM, effective September 1, 2022, various changes were made to the content and manner in which the new CEO reviews financial information for purposes of assessing business performance and allocating resources. Based on management’s analysis, PSE&G and PSEG Power were determined to remain operating segments of PSEG. However, PSEG has revised its reportable segments for the year ended December 31, 2022 to PSE&G and PSEG Power & Other. PSE&G continues to be PSEG’s principal reportable segment. The PSEG Power & Other reportable segment includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent company) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. All prior period comparative information has been restated to reflect the change in segment presentation.

PSE&G

PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

55

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended June 30, 2023
Operating Revenues	$	1,662	$	902	$	(143)	$	2,421
Net Income (B)	336		255		—		591
Gross Additions to Long-Lived Assets	660		45		—		705
Six Months Ended June 30, 2023
Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176
Net Income (B)	823		1,055		—		1,878
Gross Additions to Long-Lived Assets	1,336		108		—		1,444
Three Months Ended June 30, 2022
Operating Revenues	$	1,668	$	645	$	(237)	$	2,076
Net Income (Loss) (B)	305		(174)		—		131
Gross Additions to Long-Lived Assets	543		62		—		605
Six Months Ended June 30, 2022
Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389
Net Income (Loss) (B)	814		(685)		—		129
Gross Additions to Long-Lived Assets	1,171		120		—		1,291
As of June 30, 2023
Total Assets	$	41,347	$	8,505	$	(347)	$	49,505
Investments in Equity Method Subsidiaries	$	—	$	15	$	—	$	15
As of December 31, 2022
Total Assets	$	39,960	$	9,285	$	(527)	$	48,718
Investments in Equity Method Subsidiaries	$	—	$	306	$	—	$	306

(A)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 19. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

56

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 19. 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:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2023		2022		2023		2022
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	114	$	232	$	675	$	812
Administrative Billings from Services (B)	118		113		220		212
Total Billings from Affiliates	$	232	$	345	$	895	$	1,024

	As of		As of
Related-Party Transactions	June 30, 2023		December 31, 2022
	Millions
Payable to PSEG Power (A)	$	192	$	313
Payable to Services (B)	88		98
Payable to PSEG (C)	16		74
Accounts Payable—Affiliated Companies	$	296	$	485
Noncurrent Payable to PSEG Power (A)	$	10	$	—
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	8	$	9

(A)PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Since June 1, 2022, PSEG Power had no contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.

(B)Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(D)PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

57

ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)

This combined MD&A is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information contained herein relating to any individual company is filed by such company on its own behalf.

PSEG’s business consists of two reportable segments, PSE&G and PSEG Power LLC (PSEG Power) & Other, primarily comprised of our principal direct wholly owned subsidiaries, which are:

•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), the Federal Energy Regulatory Commission (FERC), and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU, and

•PSEG Power—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC) and other federal regulators and state regulators in the states in which they operate.

The PSEG Power & Other reportable segment also includes amounts related to the parent company as well as PSEG’s other direct wholly owned subsidiaries, which are: PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds lease investments; PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) transmission and distribution (T&D) system under an Operations Services Agreement (OSA); and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

Our business discussion in Item 1. Business of our 2022 Annual Report on 10-K (Form 10-K) provides a review of the regions and markets where we operate and compete, as well as our strategy for conducting our businesses within these markets, focusing on operational excellence, financial strength and making disciplined investments. Our risk factor discussion in Item 1A. Risk Factors of Form 10-K provides information about factors that could have a material adverse impact on our businesses. The following supplements that discussion and the discussion included in the Executive Overview of 2022 and Future Outlook provided in Item 7 in our Form 10-K by describing significant events and business developments that have occurred during 2023 and changes to the key factors that we expect may drive our future performance. The following discussion refers to the Condensed Consolidated Financial Statements (Statements) and the Related Notes to Condensed Consolidated Financial Statements (Notes). This discussion should be read in conjunction with such Statements, Notes and the Form 10-K.

EXECUTIVE OVERVIEW OF 2023 AND FUTURE OUTLOOK

We are a public utility holding company that, acting through our wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. Our business plan focuses on achieving growth by allocating capital primarily toward regulated investments in an effort to continue to improve the sustainability and predictability of our business. We are focused on investing to modernize our energy infrastructure, improve reliability and resilience, increase EE and deliver cleaner energy to meet customer expectations and be well aligned with public policy objectives. In furtherance of these goals, our investments in PSE&G have adjusted our business mix to reflect a higher percentage of earnings contribution by PSE&G. See Item 1. Note 3. Early Plant Retirements/Asset Dispositions and Impairments for additional information. In addition, the passage of the Inflation Reduction Act (IRA) established a Production Tax Credit (PTC) for existing nuclear facilities from 2024 through 2032 which is expected to provide downside price protection for our nuclear generation fleet.

PSE&G

At PSE&G, our focus is on investing capital in T&D infrastructure and clean energy programs to enhance the reliability and resiliency of our T&D system, meet customer expectations and support public policy objectives. For the years 2023-2027, PSE&G’s capital investment program is estimated to be in a range of $15.5 billion to $18 billion, resulting in an expected compound annual growth in rate base of 6% to 7.5% from year-end 2022 to year-end 2027. This represents the majority of PSEG’s total capital investment program of $16.3 billion to $18.9 billion. The low end of PSE&G’s range includes an extension of our Gas System Modernization Program (GSMP) and Clean Energy Future (CEF)-EE program at their current average annual investment levels plus inflation, as these programs are expected to continue beyond their currently approved timeframes. The upper end of our capital investment range includes an extension of our Energy Strong program, which otherwise concludes in 2024, as well as the remaining portion of our CEF proposal (portion of Electric Vehicle (EV) and Energy Storage (ES) programs) and a potentially higher amount of investments for GSMP and CEF-EE beyond current levels. In May 2023, the

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BPU approved a $280 million nine-month extension of our CEF-EE program through June 2024. We also filed for a three-year extension of GSMP in March 2023 which would provide for continuation of the program. The $2.5 billion proposal provides for acceleration of the replacement of the remaining cast iron and unprotected steel main in our system as well as initiating projects to introduce renewable natural gas and hydrogen blending into our existing distribution system. A remaining component of our CEF-EV program related to medium and heavy duty charging infrastructure has been the subject of a stakeholder process that the BPU began in 2021 and we expect that this effort will result in PSE&G submitting a filing targeting infrastructure investments for the medium and heavy duty EV market in 2023. In September 2022, the BPU released a draft Storage Incentive Program proposal and is currently undertaking a stakeholder process to receive comments. In the meantime, our CEF-ES program is being held in abeyance. Pursuant to our GSMP II and Energy Strong II programs, we are required to file a distribution base rate case no later than December 31, 2023. Among other things, the rate case will recover capital expenditures associated with these programs that are not already in rates, as well as the Advanced Metering Infrastructure and EV programs, other investments that are not recovered through periodic rate roll-ins, and several other cost and return factors. We expect to conclude the case in the second half of 2024.

PSEG Power

At PSEG Power, we seek to produce low-cost electricity by efficiently operating our nuclear generation assets, mitigate volatility by contracting in advance for a significant portion of their output and support public policies that preserve these existing nuclear generating plants. During the first six months of 2023, our nuclear units generated 16.1 terawatt hours and operated at a capacity factor of 95.8%.

More than 90% of PSEG Power’s expected gross margin in 2023 relates to hedged energy margin, known capacity revenues, Zero Emission Certificate (ZEC) revenues and, certain gas operations and ancillary service payments such as reactive power, which limits our exposure to uncontracted market prices. Over the past two years, forward energy prices have demonstrated considerable price volatility. This has led to significant variations in our collateral requirements. As of June 30, 2023, net cash collateral postings were approximately $426 million. While currently off their highs experienced during 2022, collateral postings could remain volatile in the future. PSEG continues to maintain sufficient liquidity as described in Liquidity and Capital Resources.

Climate Strategy and Sustainability Efforts

For more than a century, our purpose has been to provide safe access to an around-the-clock supply of reliable, affordable energy. Today, our vision is to power a future where people use less energy, and it is cleaner, safer and delivered more reliably than ever. We have established a net zero greenhouse gas (GHG) emissions by 2030 goal that includes direct GHG emissions (Scope 1) and indirect GHG emissions from operations (Scope 2) across our business operations, assuming advances in technology, public policy and customer behavior. Scope 1 emissions include power generation, methane leaks, vehicle fleet emissions, and sulfur hexafluoride and refrigerant leaks. Scope 2 emissions include both gas and electric purchased energy for our PSE&G facilities and line losses. We have also committed to the United Nations-backed Race to Zero campaign. Therefore, we continue to evaluate the criteria for science-based emission reduction targets encompassing Scopes 1, 2 and 3 emissions (the majority of which are associated with the downstream use of energy products) in relation to the Science Based Targets initiative (SBTi).

PSE&G has undertaken a number of initiatives that support the reduction of GHG emissions and the implementation of EE initiatives. PSE&G’s approved CEF-EE, CEF-Energy Cloud and CEF-EV programs and the proposed CEF-ES program are intended to support New Jersey’s Energy Master Plan (EMP) through programs designed to help customers increase their EE, support the expansion of the EV infrastructure in the State, install energy storage capacity to supplement solar generation and enhance grid resiliency, install smart meters and supporting infrastructure to allow for the integration of other clean energy technologies and to more efficiently respond to weather and other outage events.

In addition, PSE&G is committed to the safe and reliable delivery of natural gas to approximately 1.9 million customers throughout New Jersey and we are equally committed to reducing GHG emissions associated with such operations. The first phase of our GSMP replaced approximately 450 miles of cast-iron and unprotected steel gas main infrastructure, and the second phase of this program replaced an additional 1,090 miles of gas pipes and was completed in the first quarter of 2023. The GSMP is designed to significantly reduce natural gas leaks in our distribution system, which would reduce the release of methane, a potent GHG, into the air. Through GSMP II, from 2018 through 2023 we reduced methane leaks by approximately 22% system wide and assuming continuation of GSMP, we expect to achieve an overall reduction in methane emissions of at least 60% over the 2011 through 2030 period. We also continue to assess physical risks of climate change and adapt our capital investment program to improve the reliability and resiliency of our system in an environment of increasing frequency and severity of weather events, notably through our investments in our Energy Strong program and Infrastructure Advancement Program and our investments in transmission infrastructure upgrades. These investments have shown benefits in recent severe weather events, including Tropical Storm Ida in 2021, which brought significant flooding to our service territory but did not result in the loss of any of our electric distribution substations.

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We also continue to focus on providing cleaner energy for our customers by working to preserve the economic viability of our nuclear units, which provide over 85% of the carbon-free energy in New Jersey. These efforts include reducing market risk by advocating for state and federal policies, such as the IRA discussed below, that recognize the value of our nuclear fleet’s carbon-free generation and its contribution to grid reliability.

Offshore Wind

In May 2023, PSEG sold to Ørsted North America Inc. (Ørsted) its 25% equity interest in Ocean Wind JV HoldCo, LLC. The sale proceeds approximated PSEG’s carrying value of the investment; therefore, no material gain or loss was recognized upon disposition.

Additionally, PSEG and Ørsted each owns 50% of Garden State Offshore Energy LLC (GSOE) which holds rights to an offshore wind lease area just south of New Jersey. PSEG is evaluating its options for the potential sale of its interest in GSOE.

In April 2023, the BPU issued an order requesting that PJM conduct a second public policy transmission solicitation process utilizing the State Agreement Approach for transmission projects to support New Jersey’s expanded offshore wind goal. This goal, announced in a September 2022 executive order issued by Governor Murphy, is to develop an additional 3.5 gigawatts (GWs) of offshore wind generation, to bring New Jersey’s overall goal to 11 GWs. The solicitation will seek to procure both onshore and offshore transmission solutions. PJM stated that the solicitation process is tentatively expected to commence in 2024.

Financial Results

The results for PSEG, PSE&G and PSEG Power & Other for the three months and six months ended June 30, 2023 and 2022 are presented as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Earnings (Losses)	2023		2022		2023		2022
	Millions
PSE&G	$	336	$	305	$	823	$	814
PSEG Power & Other (A)	255		(174)		1,055		(685)
PSEG Net Income	$	591	$	131	$	1,878	$	129
PSEG Net Income Per Share (Diluted)	$	1.18	$	0.26	$	3.76	$	0.26

(A)Other includes after-tax activities at the parent company, PSEG LI, and Energy Holdings as well as intercompany eliminations.

PSEG Power’s results above include the Nuclear Decommissioning Trust (NDT) Fund activity and the impacts of non-trading commodity mark-to-market (MTM) activity, which consist of the financial impact from positions with future delivery dates.

The variances in our Net Income attributable to changes related to the NDT Fund and MTM are shown in the following table:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions, after tax
NDT Fund Income (Expense) (A) (B)	$	35	$	(117)	$	60	$	(163)
Non-Trading MTM Gains (Losses) (C)	$	212	$	(74)	$	767	$	(682)

(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 8. 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 Operation and Maintenance (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 $(23) million and $68 million for the three months and $(40) million and $94 million for the six months ended June 30, 2023 and 2022, respectively.

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(C)Net of tax (expense) benefit of $(84) million and $30 million for the three months and $(301) million and $267 million for the six months ended June 30, 2023 and 2022, respectively.

Our Net Income for the three months and six months ended June 30, 2023 increased as compared to the comparable periods in 2022 driven primarily by

•MTM gains in 2023 as compared to MTM losses in 2022 due to changing energy prices,

•unrealized gains in 2023 as compared to unrealized losses in 2022 on equity securities in the NDT Fund, and

•higher earnings due to continued investments in T&D clause programs at PSE&G,

•partially offset by lower pension and other postretirement benefit (OPEB) credits in 2023.

Regulatory, Legislative and Other Developments

We closely monitor and engage with stakeholders on significant regulatory and legislative developments.

Wholesale Power Market Design

In February 2023, FERC issued an order accepting PJM’s proposal to recalculate the market clearing price for one particular capacity zone for the December 2022 Base Residual Auction. FERC also accepted PJM’s tariff revisions to allow it to implement similar changes in future auctions. A number of parties have appealed the FERC Order to the D.C. Circuit Court of Appeals and we cannot predict the outcome.

Transmission Rate Proceedings and Return on Equity (ROE)

Under current FERC rules, PSE&G continues to earn a 50 basis point adder to its base ROE for its membership in PJM as a transmission owner. In April 2021, FERC proposed eliminating this ROE adder for Regional Transmission Owner participation. FERC has not acted on the proposal. If the adder was eliminated it would reduce PSE&G’s annual Net Income and annual cash inflows by approximately $30 million to $40 million.

New Jersey Stakeholder Proceedings

In February 2023, New Jersey Governor Murphy issued executive orders (EOs) that establish or accelerate previously established 2050 targets for clean-sourced energy, building electrification, and EV adoption goals, with new target dates of 2030 or 2035, as applicable. The EOs direct the BPU and other state agencies to collaborate with stakeholders to develop plans to reach the targets and convene a stakeholder proceeding to develop a plan for gas distribution utilities to reach the target of 50% natural gas emissions reductions over 2006 levels by 2030. We are unable to predict the outcomes of this proceeding, but it could have a material impact on our business, results of operations and cash flows.

Environmental Regulation

We are subject to liability under environmental laws for the costs and penalties of remediating contamination of property now or formerly owned by us and of property contaminated by hazardous substances that we generated. In particular, the historic operations of PSEG companies and the operations of numerous other companies along the Passaic and Hackensack Rivers are alleged by federal and state agencies to have discharged substantial contamination into the Passaic River/Newark Bay Complex in violation of various statutes. In addition, PSEG Power has retained ownership of certain liabilities excluded from the sale of its fossil generation portfolio, primarily related to obligations under New Jersey and Connecticut state law to investigate and remediate the sites. We are also currently involved in a number of proceedings relating to sites where other hazardous substances may have been discharged and may be subject to additional proceedings in the future, and the costs and penalties of any such remediation efforts could be material.

For further information regarding the matters described above, as well as other matters that may impact our financial condition and results of operations, see Item 1. Note 10. Commitments and Contingent Liabilities.

Nuclear

In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022 at the same approximate $10 per megawatt hour (MWh) received during the prior ZEC period through May 2022. 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 used (which is equivalent to approximately $10 per MWh generated in payments to selected nuclear plants (ZEC payment)). As previously noted, in August 2022, the IRA was signed into law expanding incentives promoting carbon-free generation. The enacted legislation established the PTC for electricity generation using existing nuclear energy set to begin in 2024 through 2032. The expected PTC rate is up to $15/MWh subject to adjustment based upon a facility’s gross receipts. The PTC rate and the gross receipts cap are subject to annual inflation adjustments. We are continuing to analyze the impact of the IRA on our nuclear units, including future guidance from the U.S. Treasury and the impact of PTCs on expected ZEC payments. See Item 1. Note 3. Early Plant Retirements/Asset Dispositions and Impairments for additional information.

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Current Inflationary Environment

The current inflationary environment has prompted the Federal Reserve to tighten monetary policy resulting in higher interest rates, which have impacted financial markets, reducing the value of fixed income investments and created uncertainty about the future economic outlook weakening equity markets. These factors resulted in negative returns on our pension assets during 2022, which resulted in materially higher pension costs in 2023 and are expected to have impacts on future years. The higher interest rates translated into a higher discount rate for our pension obligations, which lowered our pension liability and positively affected our funded ratio, which remains strong.

In February 2023, PSE&G received an accounting order from the BPU authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for ratemaking purposes. This order mitigates some of the volatility in earnings and customer rates related to our pension trust performance, and is effective for calendar year 2023 and forward. As a result of this order, PSEG’s 2023 pension expense, net of amounts capitalized, was reduced by $59 million, resulting in a pension credit of $16 million.

On July 31, 2023, PSEG entered into a commitment agreement with The Prudential Insurance Company of America (the Insurer) under which certain PSEG pension plans agreed to purchase a group annuity contract that will transfer to the Insurer approximately $1 billion of the Plans’ defined benefit pension obligations and associated Plan assets related to certain pension benefits. See Note 9. Pension and Other Postretirement Benefits (OPEB) for additional information.

Further, higher interest rates on borrowings will contribute to higher interest expense on variable rate debt and impact long-term rates on future financing plans. As of June 30, 2023, PSEG had entered into floating-to-fixed interest rate swaps totaling $900 million in order to reduce the volatility in interest expense related to a portion of a $1.25 billion variable rate term loan at PSEG Power due March 2025.

Inflation will also result in upward pressure on operating costs and capital spending.

Tax Legislation

Future federal and state tax legislation and clarification of existing legislation could have a material impact on our effective tax rate and cash tax position.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas transmission and distribution property. The impact, if any, this may have on PSEG and PSE&G’s financial statements has not yet been determined.

The IRA enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023, a PTC for existing nuclear generation facilities and allows energy tax credits to be transferable. In June 2023, the U.S. Treasury issued proposed regulations on the transferability of certain credits that may affect PSEG’s post 2023 operations, financial condition and cash flows. Many aspects of the IRA remain unclear and in need of further guidance; therefore, we continue to analyze the impact the IRA will have on PSEG’s and PSE&G’s results of operations, financial condition and cash flows, which could be material.

Future Outlook    

Our future success will depend on our ability to continue to maintain strong operational and financial performance to capitalize on or otherwise address regulatory and legislative developments that impact our business and to respond to the issues and challenges described below. In order to do this, we will continue to:

•seek approval of and execute on our utility capital investment program to modernize our infrastructure, improve the reliability and resilience of the service we provide to our customers, and align our sustainability and climate goals with New Jersey’s energy policy,

•seek a fair return for our T&D investments through our transmission formula rate, existing rate incentives, distribution infrastructure and clean energy investment programs and periodic distribution base rate case proceedings,

•focus on controlling costs while maintaining safety, reliability and customer satisfaction and complying with applicable standards and requirements,

•manage the risks and opportunities in federal and state clean energy policies, which is an integral part of our long-term strategy,

•successfully manage our obligations and re-contract our open positions in response to changes in prices and demand,

•advocate for appropriate regulatory guidance on the federal nuclear PTC to ensure long-term support for New Jersey’s largest carbon-free generation resource, and adapt our hedging program accordingly,

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•engage constructively with our multiple stakeholders, including regulators, government officials, customers, employees, investors, suppliers and the communities in which we do business, and

•deliver on our human capital management strategy to attract, develop and retain a diverse, high-performing workforce.

In addition to the risks described elsewhere in this Form 10-Q and in our Form 10-K, for 2023 and beyond, the key issues and challenges we expect our business to confront include:

•regulatory and political uncertainty, both with regard to transmission planning and rates policy, the role of distribution utilities and decarbonization impacts, future energy policy, design of energy and capacity markets, and environmental regulation, as well as with respect to the outcome of any legal, regulatory or other proceedings,

•the current inflationary environment and associated volatility in the financial markets, including the impact on our pension fund performance and interest rates on our future financing plans,

•increases in commodity prices and customer rates, which may adversely affect customer collections and future regulatory proceedings,

•the increasing frequency, sophistication and magnitude of cybersecurity attacks against us and our respective vendors and business partners who may have our sensitive information and/or access to our environment, and the increasing frequency and magnitude of physical attacks on electric and gas infrastructure,

•future changes in federal and state tax laws or any other associated tax guidance, and

•the impact of changes in demand, natural gas and electricity prices, and expanded efforts to decarbonize several sectors of the economy.

We continually assess a broad range of strategic options to maximize long-term shareholder value and address the interests of our multiple stakeholders. We consider a wide variety of factors when determining how and when to efficiently deploy capital, including the performance and prospects of our businesses; returns and the sustainability and predictability of future earnings streams; the views of investors, regulators, public policy initiatives, rating agencies, customers and employees; our existing indebtedness and restrictions it imposes; and tax considerations, among other things. Strategic options available to us include:

•investments in PSE&G, including T&D facilities to enhance reliability, resiliency and modernize the system to meet the growing needs and increasingly higher expectations of customers, and clean energy investments such as CEF-EE, CEF-EV, CEF-ES and Solar,

•continued operation of our nuclear generation facilities that are supported through the PTC through 2032 and can enable certain enhancements to the units as well as potential license extensions,

•investments in competitive, regulated transmission investments through PJM processes and BPU solicitations related to enabling offshore wind that provide revenue predictability and reasonable risk-adjusted returns, and

•acquisitions, dispositions, development and other transactions involving our common stock, assets or businesses that could provide value to customers and shareholders.

There can be no assurance, however, that we will successfully develop and execute any of the strategic options noted above, or any additional options we may consider in the future. The execution of any such strategic plan may not have the expected benefits or may have unexpected adverse consequences.

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RESULTS OF OPERATIONS

PSEG

Our results of operations are comprised of the results of operations of our reportable segments, PSE&G and PSEG Power & Other, excluding charges related to intercompany transactions, which are eliminated in consolidation. For additional information on intercompany transactions, see Item 1. Note 19. Related-Party Transactions.

	Three Months Ended				Increase/ (Decrease)			Six Months Ended				Increase/ (Decrease)
	June 30,							June 30,
	2023		2022		2023 vs. 2022			2023		2022		2023 vs. 2022
	Millions				Millions		%	Millions				Millions		%
Operating Revenues	$	2,421	$	2,076	$	345	17	$	6,176	$	4,389	$	1,787	41
Energy Costs	604		765		(161)		(21)	1,686		2,010		(324)		(16)
Operation and Maintenance	744		751		(7)		(1)	1,487		1,545		(58)		(4)
Depreciation and Amortization	279		269		10		4	561		552		9		2
(Gains) Losses on Asset Dispositions and Impairments	—		(5)		5		N/A	—		38		(38)		N/A
Income from Equity Method Investments	—		7		(7)		N/A	1		11		(10)		(91)
Net Gains (Losses) on Trust Investments	57		(187)		244		N/A	103		(255)		358		N/A
Other Income (Deductions)	49		38		11		29	91		43		48		N/A
Net Non-Operating Pension and OPEB Credits (Costs)	29		94		(65)		(69)	57		188		(131)		(70)
Interest Expense	185		150		35		23	365		287		78		27
Income Tax Expense (Benefit)	153		(33)		186		N/A	451		(185)		636		N/A

The following discussions for PSE&G and PSEG Power & Other provide a detailed explanation of their respective variances.

PSE&G

	Three Months Ended				Increase/ (Decrease)			Six Months Ended				Increase/ (Decrease)
	June 30,							June 30,
	2023		2022		2023 vs. 2022			2023		2022		2023 vs. 2022
	Millions				Millions		%	Millions				Millions		%
Operating Revenues	$	1,662	$	1,668	$	(6)	—	$	3,955	$	3,952	$	3	—
Energy Costs	551		630		(79)		(13)	1,535		1,598		(63)		(4)
Operation and Maintenance	429		434		(5)		(1)	889		897		(8)		(1)
Depreciation and Amortization	240		227		13		6	484		468		16		3
Net Gains (Losses) on Trust Investments	—		(2)		2		N/A	—		(2)		2		N/A
Other Income (Deductions)	23		22		1		5	44		41		3		7
Net Non-Operating Pension and OPEB Credits (Costs)	28		71		(43)		(61)	56		141		(85)		(60)
Interest Expense	123		107		16		15	236		210		26		12
Income Tax Expense (Benefit)	34		56		(22)		(39)	88		145		(57)		(39)

Three Months Ended June 30, 2023 as Compared to Three Months Ended June 30, 2022

Operating Revenues decreased $6 million due to changes in delivery, commodity, clause and other operating revenues.

Delivery Revenues increased $57 million due primarily to

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•Transmission revenues were $32 million higher due primarily to an increase in revenue requirements attributable to higher rate base investment.

•Electric and gas distribution revenues increased $25 million due primarily to increases of $31 million from Conservation Incentive Program (CIP) decoupling, $10 million from GSMP II and Energy Strong II collections, and $12 million due to a reduction 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. These increases were partially offset by lower sales volumes of $27 million.

Commodity Revenues decreased $86 million as a result of lower Electric and Gas revenues. The changes in Commodity revenues for both electric and gas are entirely offset by the changes in Energy Costs. PSE&G earns no margin on the provision of basic generation service (BGS) and BGSS to retail customers.

•Electric commodity revenues decreased $47 million due primarily to $30 million in lower BGS prices and $17 million in lower sales volumes.

•Gas commodity revenues decreased $39 million due primarily to $23 million from lower BGSS prices and $13 million from lower BGSS sales volumes.

Clause Revenues increased $14 million due primarily to a $17 million increase in Green Program Recovery Charge (GPRC) deferrals, partially offset by lower Societal Benefit Clause (SBC) revenues of $3 million. The changes in GPRC deferral amounts and SBC revenues are entirely offset by changes in the amortization of Regulatory Assets and Regulatory Liabilities and related costs in O&M, D&A, Interest and Income Tax Expenses. PSE&G does not earn margin on GPRC deferrals or on SBC revenue.

Other Operating Revenues increased $9 million due primarily to an increase from appliance services and a net increase from renewable energy credit (REC) programs. The changes in revenues from REC programs are entirely offset by changes to Energy Costs.

Operating Expenses

Energy Costs decreased $79 million. This is primarily offset by changes in Commodity Revenues and Other Operating Revenues.

Operation and Maintenance decreased $5 million due primarily to $11 million in lower Distribution and Transmission expenditures and a $6 million reduction in damages, partially offset by increases of $8 million for voluntary severance costs and $6 million for higher clause and renewable expenditures.

Depreciation and Amortization increased $13 million due primarily to increases in depreciation due to higher plant placed in service and software amortization.

Net Non-Operating Pension and OPEB Credits (Costs) decreased $43 million due primarily to a $21 million increase in interest cost, a $17 million decrease in the expected return on plan assets and a $16 million decrease in the amortization of net prior service credits, partially offset by an $11 million decrease in the amortization of the net actuarial loss.

Interest Expense increased $16 million due primarily to March 2023 and December 2022 debt issuances.

Income Tax Expense decreased $22 million due primarily to increased tax benefits in the second quarter 2023 from the flowback of excess deferred income tax benefits.

Six Months Ended June 30, 2023 as Compared to Six Months Ended June 30, 2022

Operating Revenues increased $3 million due to changes in delivery, commodity, clause and other operating revenues.

Delivery Revenues increased $110 million due primarily to

•Transmission revenues were $56 million higher due primarily to an increase in revenue requirements attributable to higher rate base investment.

•Electric and gas distribution revenues increased $54 million due primarily to increases of $69 million from CIP decoupling, $38 million due to a reduction 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, and $33 million in GSMP II and Energy Strong II collections. These increases were partially offset by lower sales volumes of $80 million and $5 million in lower GPRC collections.

Commodity Revenues decreased $76 million as a result of lower Gas and Electric revenues. The changes in Commodity revenues for both gas and electric are entirely offset by the changes in Energy Costs. PSE&G earns no margin on the provision of BGSS and basic generation service (BGS) to retail customers.

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•Gas commodity revenues decreased $53 million due primarily to $92 million from lower BGSS sales volumes, partially offset by an increase of $39 million from higher BGSS prices.

•Electric commodity revenues decreased $23 million due to $12 million from lower BGS prices and $11 million from lower sales volumes.

Clause Revenues decreased $49 million due primarily to a $36 million net decrease in Tax Adjustment Credit (TAC) and GPRC deferrals and lower SBC revenues of $15 million. The changes in TAC and GPRC deferral amounts and Societal Benefit Clause (SBC) revenues are entirely offset by changes in the amortization of Regulatory Assets and Regulatory Liabilities and related costs in O&M, D&A, Interest and Income Tax Expenses. PSE&G does not earn margin on TAC and GPRC deferrals or on SBC revenue.

Other Operating Revenues increased $18 million due primarily to an increase from appliance services and a net increase from REC programs. The changes in revenues from REC programs are entirely offset by changes to Energy Costs.

Operating Expenses

Energy Costs decreased $63 million. This is primarily offset by changes in Commodity Revenues and Other Operating Revenues.

Operation and Maintenance decreased $8 million due primarily to $23 million in lower Distribution expenditures and an $8 million reduction in damages, partially offset by increases of $17 million for voluntary severance costs and $9 million for higher clause and renewable expenditures.

Depreciation and Amortization increased $16 million due primarily to increases in depreciation due to higher plant placed in service and software amortization, partially offset by a decrease in the amortization of Regulatory Assets.

Other Income (Deductions) increased $3 million due primarily to an increase in investment income.

Net Non-Operating Pension and OPEB Credits (Costs) decreased $85 million due primarily to a $42 million increase in interest cost, a $35 million decrease in the expected return on plan assets and a $31 million decrease in the amortization of net prior service credits, partially offset by a $23 million decrease in the amortization of the net actuarial loss.

Interest Expense increased $26 million due primarily to March 2023 and March and December 2022 debt issuances.

Income Tax Expense decreased $57 million due primarily to lower pre-tax income, increased tax benefits from CEF program investments, the flowback of excess deferred income tax benefits and flow-through items in 2023.

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PSEG Power & Other

	Three Months Ended				Increase/ (Decrease)			Six Months Ended				Increase/ (Decrease)
	June 30,							June 30,
	2023		2022		2023 vs. 2022			2023		2022		2023 vs. 2022
	Millions				Millions		%	Millions				Millions		%
Operating Revenues	$	902	$	645	$	257	40	$	2,929	$	1,258	$	1,671	N/A
Energy Costs	196		372		(176)		(47)	859		1,233		(374)		(30)
Operation and Maintenance	315		317		(2)		(1)	598		648		(50)		(8)
Depreciation and Amortization	39		42		(3)		(7)	77		84		(7)		(8)
(Gains) Losses on Asset Dispositions and Impairments	—		(5)		5		N/A	—		38		(38)		N/A
Income from Equity Method Investments	—		7		(7)		N/A	1		11		(10)		(91)
Net Gains (Losses) on Trust Investments	57		(185)		242		N/A	103		(253)		356		N/A
Other Income (Deductions)	27		16		11		69	49		2		47		N/A
Net Non-Operating Pension and OPEB Credits (Costs)	1		23		(22)		(96)	1		47		(46)		(98)
Interest Expense	63		43		20		47	131		77		54		70
Income Tax Expense (Benefit)	119		(89)		208		N/A	363		(330)		693		N/A

Three Months Ended June 30, 2023 as Compared to Three Months Ended June 30, 2022

Operating Revenues increased $257 million due primarily to changes in generation and gas supply and other operating revenues.

Generation Revenues increased $445 million due primarily to

•a net increase of $414 million due to MTM gains in 2023 as compared to MTM losses in 2022. Of this amount, there was a $553 million increase due to changes in forward prices in 2023 as compared to 2022, partially offset by a $139 million decrease due to positions reclassified to realized upon settlement, and

•a net increase of $59 million due primarily to higher average realized prices and volumes sold in 2023 in the PJM region,

•partially offset by a net decrease of $49 million due primarily to lower volumes of electricity sold under the BGS contracts, which ended in May 2023, and other load contracts.

Gas Supply Revenues decreased $189 million due primarily to

•a net decrease of $90 million related to sales to third parties, due primarily to $66 million from lower sales prices, and $24 million from lower sales volumes,

•a net decrease of $82 million in sales under the BGSS contract due primarily to $57 million from lower prices, and $25 million due to lower sales volumes, and

•a net decrease of $17 million due to lower MTM gains in 2023 as compared to 2022 due primarily to changes in forward prices.

Operating Expenses

Energy Costs represent the cost of generation, which includes fuel costs for generation as well as purchased energy in the market, and gas purchases to meet PSEG Power’s obligation under its BGSS contract with PSE&G. Energy Costs decreased $176 million primarily due to

Gas costs decreased $170 million due mainly to

•a net decrease of $91 million related to sales to third parties, due primarily to $69 million from the lower average cost of gas, and $22 million due to lower volumes sold, and

•a net decrease of $78 million related primarily to sales under the BGSS contract, of which $55 million was due to

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lower average cost of gas, and $23 million due to lower send out volumes.

Income from Equity Method Investments decreased $7 million due primarily to the sale of our ownership interest in Kalaeloa in May 2023.

Net Gains (Losses) on Trust Investments increased $242 million due primarily to NDT investments with $60 million of net unrealized gains on equity securities in 2023 as compared to $170 million of net unrealized losses in 2022 and a decrease of $7 million in net realized losses.

Other Income (Deductions) increased $11 million due primarily to interest income.

Non-Operating Pension and OPEB Credits (Costs) decreased $22 million due to a decrease in the expected return on plan assets, an increase in interest cost, a decrease in the amortization of the net prior service credit and an increase in the amortization of the net actuarial loss, partially offset by lower co-owner charges.

Interest Expense increased $20 million due primarily to the replacement of maturing debt at the parent company at higher rates, as well as higher rates on PSEG Power and parent company variable rate term loans.

Income Tax Expense (Benefit) increased $208 million due primarily to higher pre-tax income in 2023 and increased tax expense in 2023 on gains from the NDT qualified fund.

Six Months Ended June 30, 2023 as Compared to Six Months Ended June 30, 2022

Operating Revenues increased $1,671 million due primarily to changes in generation and gas supply and other operating revenues.

Generation Revenues increased $1,872 million due primarily to

•a net increase of $2,054 million due to MTM gains in 2023 as compared to MTM losses in 2022. Of this amount, there was a $1,746 million increase due to changes in forward prices in 2023 as compared to 2022 coupled with a $308 million increase due to positions reclassified to realized upon settlement,

•partially offset by a net decrease of $109 million due primarily to lower volumes of electricity sold under the BGS contracts, which ended in May 2023, and other load contracts,

•a net decrease of $39 million in capacity revenue due primarily to the sale of the fossil generating plants coupled with lower capacity prices in the PJM region, partially offset by decreases in capacity expenses due to lower load volumes served, and

•a net decrease of $37 million due primarily to volumes sold in the New England and New York regions in 2022 related to the fossil generating plants sold in February 2022, partially offset by higher average realized prices and volumes sold in 2023 in the PJM region.

Gas Supply Revenues decreased $207 million due primarily to

•a net decrease of $123 million related to sales to third parties, primarily due to lower sales prices,

•a net decrease of $44 million in sales under the BGSS contract due primarily to $114 million from lower sales volumes, partially offset by $70 million due to higher prices, and

•a net decrease of $40 million due to MTM losses in 2023 as compared to MTM gains in 2022 primarily due to positions reclassified to realized upon settlement, coupled with changes in forward prices.

Operating Expenses

Energy Costs represent the cost of generation, which includes fuel costs for generation as well as purchased energy in the market, and gas purchases to meet PSEG Power’s obligation under its BGSS contract with PSE&G. Energy Costs decreased $374 million due to

Generation costs decreased $226 million due primarily to

•a net decrease of $191 million in fuel and emission costs due primarily to the sale of the fossil generating plants, and

•a net decrease of $22 million in energy purchases due primarily to lower REC requirements caused by decreases in load served in the PJM region.

Gas costs decreased $148 million due mainly to

•a net decrease of $115 million related to sales to third parties, primarily due to the lower average cost of gas, and

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•a net decrease of $32 million related primarily to sales under the BGSS contract, of which $100 million was due to lower send out volumes, partially offset by $68 million due to the higher average cost of gas.

Operation and Maintenance decreased $50 million due primarily to the sale of the fossil generating plants in February 2022.

Losses on Asset Dispositions and Impairments reflects a $38 million impairment loss due primarily to the sale of the fossil generating plants in February 2022. See Item 1. Note 3. Early Plant Retirements/Asset Dispositions and Impairments.

Income from Equity Method Investments decreased $10 million primarily due to the sale of our ownership interest in Kalaeloa in May 2023.

Net Gains (Losses) on Trust Investments increased $356 million due primarily to NDT investments with $111 million of net unrealized gains on equity securities in 2023 as compared to $231 million of net unrealized losses in 2022 and a decrease of $6 million in net realized losses.

Other Income (Deductions) increased $47 million due primarily to purchases of net operating loss tax benefits under the New Jersey Technology Tax Benefit Transfer Program in 2022 and higher interest income.

Non-Operating Pension and OPEB Credits (Costs) decreased $46 million due to a decrease in the expected return on plan assets, an increase in interest cost, a decrease in the amortization of the net prior service credit and an increase in the amortization of the net actuarial loss, partially offset by lower co-owner charges.

Interest Expense increased $54 million due primarily to the replacement of maturing debt at the parent company at higher rates, the issuance of a PSEG Power term loan in March 2022, as well as higher rates on PSEG Power and parent company variable rate term loans.

Income Tax Expense (Benefit) increased $693 million due primarily to higher pre-tax income in 2023.

LIQUIDITY AND CAPITAL RESOURCES

The following discussion of our liquidity and capital resources is on a consolidated basis, noting the uses and contributions, where material, of our two direct major operating subsidiaries.

Operating Cash Flows

We continue to expect our operating cash flows combined with cash on hand and financing activities to be sufficient to fund planned capital expenditures and shareholder dividends.

For the six months ended June 30, 2023, our operating cash flow increased $2,053 million as compared to the same period in 2022. The net increase was primarily due to an inflow of $1,095 million in net cash collateral postings in 2023 as compared to a $1,244 million outflow in 2022 at PSEG Power and higher tax payments in 2022, partially offset by a net change at PSE&G, as discussed below.

PSE&G

PSE&G’s operating cash flow decreased $769 million from $1,312 million to $543 million for the six months ended June 30, 2023, as compared to the same period in 2022. The decrease was due primarily to lower cash collateral postings received from BGS suppliers, and an increase in vendor and electric energy payments and increases in materials and supplies to primarily support our electric Advanced Metering Infrastructure program. This was partially offset by a decrease in net accounts receivable due to improved collections following the delays from COVID-19 moratoriums.

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.

Each of our credit facilities is restricted as to availability and use to the specific companies as listed below; however, if necessary, the PSEG facilities can also be used to support our subsidiaries’ liquidity needs.

During the second half of 2021 and continuing into 2023, forward energy prices have demonstrated considerable price volatility. This has led to significant variations in our collateral requirements. As of June 30, 2023, net cash collateral postings were approximately $426 million. While currently off their highs experienced during 2022, collateral postings could remain volatile in the future.

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In January 2023, PSEG repaid $750 million of the $1.5 billion 364-day variable rate term loan that was issued in April 2022 and in April 2023 the remaining $750 million matured. In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In May 2023, PSEG’s $500 million 364-day variable rate term loan matured. These term loans are not included in the credit facility amounts presented in the following table.

Our total committed credit facilities and available liquidity as of June 30, 2023 were as follows:

Company/Facility	As of June 30, 2023
	Total Facility		Usage		Available Liquidity
	Millions
PSEG	$	1,500	$	152	$	1,348
PSE&G	1,000		318		682
PSEG Power	1,650		191		1,459
Total	$	4,150	$	661	$	3,489

We continually monitor our liquidity and seek to add capacity as needed to meet our liquidity requirements, including to satisfy any additional collateral requirements. As of June 30, 2023, our liquidity position, including our credit facilities and access to external financing, was expected to be sufficient to meet our projected stressed requirements over our 12-month planning horizon. PSEG analyzes its liquidity requirements using stress scenarios that consider different events, including changes in commodity prices and the potential impact of PSEG Power losing its investment grade credit rating from S&P or Moody’s, which would represent a two level downgrade from its current Moody’s and S&P ratings. In the event of a deterioration of PSEG Power’s credit rating, certain of PSEG Power’s agreements allow the counterparty to demand further performance assurance. The potential additional collateral that we would be required to post under these agreements if PSEG Power were to lose its investment grade credit rating was approximately $709 million and $878 million as of June 30, 2023 and December 31, 2022, respectively.

For additional information, see Item 1. Note 11. Debt and Credit Facilities.

Long-Term Debt Financing

During the next twelve months,

•PSEG has $750 million of 0.84% Senior Notes maturing in November 2023,

•PSEG has $750 million of 2.88% Senior Notes maturing in June 2024,

•PSE&G has $325 million of 3.25% Medium-Term Notes, Series M, due September 2023, and

•PSE&G has $250 million of 3.75% Medium-Term Notes, Series I, due March 2024.

PSEG, PSEG Power, Energy Holdings, PSEG LI and Services participate in a corporate money pool, an aggregation of daily cash balances designed to efficiently manage their respective short-term liquidity needs, which are accounted for as intercompany loans. Long Island Electric Utility Servco, LLC (Servco) does not participate in the corporate money pool. Servco’s short-term liquidity needs are met through an account funded and owned by LIPA.

For additional information see Item 1. Note 11. Debt and Credit Facilities.

Common Stock Dividends

On July 17, 2023, PSEG’s Board of Directors approved a $0.57 per share common stock dividend for the third quarter of 2023. This reflects an indicative annual dividend rate of $2.28 per share. We expect to continue to pay cash dividends on our common stock; however, the declaration and payment of future dividends to holders of our common stock will be at the discretion of the Board of Directors and will depend upon many factors, including our financial condition, earnings, capital requirements of our businesses, alternate investment opportunities, legal requirements, regulatory constraints, industry practice and other factors that the Board of Directors deems relevant. For additional information related to cash dividends on our common stock, see Item 1. Note 17. Earnings Per Share (EPS) and Dividends.

Credit Ratings

If the rating agencies lower or withdraw our credit ratings, such revisions may adversely affect the market price of our securities and serve to materially increase our cost of capital and limit access to capital. Credit Ratings shown are for securities that we typically issue. Outlooks are shown for the credit ratings at each entity and can be Stable, Negative, or Positive. There is no assurance that the ratings will continue for any given period of time or that they will not be revised by the rating agencies, if in

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their respective judgments, circumstances warrant. Each rating given by an agency should be evaluated independently of the other agencies’ ratings. The ratings should not be construed as an indication to buy, hold or sell any security.

	Moody’s (A)	S&P (B)
PSEG
Outlook	Stable	Stable
Senior Notes	Baa2	BBB
Commercial Paper	P2	A2
PSE&G
Outlook	Stable	Stable
Mortgage Bonds	A1	A
Commercial Paper	P2	A2
PSEG Power
Outlook	Stable	Stable
Issuer Rating	Baa2	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.

CAPITAL REQUIREMENTS

We expect that all of our capital requirements over the next three years will come from a combination of internally generated funds and external debt financing. There were no material changes to our projected capital expenditures as compared to amounts disclosed in our 2022 Form 10-K.

PSE&G

During the six months ended June 30, 2023, PSE&G made capital expenditures of $1,336 million, primarily for T&D system reliability and advanced electric metering. This excludes cost of removal, net of salvage, of $82 million associated with capital replacements, and expenditures for EE programs of approximately $203 million, which are included in operating cash flows.

PSEG Power & Other

During the six months ended June 30, 2023, PSEG Power & Other made capital expenditures of $61 million, excluding $47 million for nuclear fuel, primarily related to various nuclear projects at PSEG Power and various information technology projects at Services.

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ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The risk inherent in our market-risk sensitive instruments and positions is the potential loss arising from adverse changes in commodity prices, equity security prices and interest rates as discussed in the Notes to the Condensed Consolidated Financial Statements. It is our policy to use derivatives to manage risk consistent with business plans and prudent practices. We have a Risk Management Committee comprised of executive officers who utilize a risk oversight function to ensure compliance with our corporate policies and risk management practices.

Additionally, we are exposed to counterparty credit losses in the event of non-performance or non-payment. We have a credit management process, which is used to assess, monitor and mitigate counterparty exposure. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on our financial condition, results of operations or net cash flows.

Commodity Contracts

The availability and price of energy-related commodities are subject to fluctuations from factors such as weather, environmental policies, changes in supply and demand, state and federal regulatory policies, market rules and other events. To reduce price risk caused by market fluctuations, we enter into supply contracts and derivative contracts, including forwards, futures, swaps and options with approved counterparties. These contracts, in conjunction with physical sales and other services, help reduce risk and optimize the value of owned electric generation capacity.

Value-at-Risk (VaR) Models

VaR represents the potential losses, under normal market conditions, for instruments or portfolios due to changes in market factors, for a specified time period and confidence level. We estimate VaR across our commodity businesses.

MTM VaR consists of MTM derivatives that are economic hedges. The MTM VaR calculation does not include market risks associated with activities that are subject to accrual accounting, primarily our generating facilities and some load-serving activities.

The VaR models used are variance/covariance models adjusted for the change of positions with 95% and 99.5% confidence levels and a one-day holding period for the MTM activities. The models assume no new positions throughout the holding periods; however, we actively manage our portfolio.

From April through June 2023, MTM VaR varied between a low of $54 million and a high of $86 million at the 95% confidence level. The range of VaR was narrower for the three months ended June 30, 2023 as compared with the year ended December 31, 2022.

	MTM VaR
	Three Months Ended June 30, 2023		Year Ended December 31, 2022
	Millions
95% Confidence Level, Loss could exceed VaR one day in 20 days
Period End	$	56	$	122
Average for the Period	$	66	$	152
High	$	86	$	365
Low	$	54	$	70
99.5% Confidence Level, Loss could exceed VaR one day in 200 days
Period End	$	87	$	191
Average for the Period	$	103	$	239
High	$	135	$	572
Low	$	85	$	110

See Item 1. Note 12. Financial Risk Management Activities for a discussion of credit risk.

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ITEM 4.CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

PSEG and PSE&G

We have established and maintain disclosure controls and procedures as defined under Rule 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to provide reasonable assurance that information required to be disclosed in the reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported and is accumulated and communicated to the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) of each respective company, as appropriate, by others within the entities to allow timely decisions regarding required disclosure. We have established a disclosure committee which includes several key management employees and which reports directly to the CFO and CEO of each of PSEG and PSE&G. The committee monitors and evaluates the effectiveness of these disclosure controls and procedures. The CFO and CEO of each of PSEG and PSE&G have evaluated the effectiveness of the disclosure controls and procedures and, based on this evaluation, have concluded that disclosure controls and procedures at each respective company were effective at a reasonable assurance level as of the end of the period covered by the report.

Internal Controls

PSEG and PSE&G

There have been no changes in internal control over financial reporting that occurred during the second quarter of 2023 that have materially affected, or are reasonably likely to materially affect, each registrant’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.LEGAL PROCEEDINGS

We are party to various lawsuits and environmental and regulatory matters, including in the ordinary course of business. For information regarding material legal proceedings, including updates to information reported in Item 3 of Part I of the Form 10-K, see Part I, Item 1. Note 10. Commitments and Contingent Liabilities in this Quarterly Report on Form 10-Q.

ITEM 1A.RISK FACTORS

The discussion of our business and operations in this Quarterly Report on Form 10-Q should be read together with the risk factors contained in Part I, Item 1A of our Form 10-K which describes various risks and uncertainties that could have a material adverse impact on our business, prospects, financial position, results of operations or cash flows and could cause results to differ materially from those expressed elsewhere in this report.

ITEM 5. OTHER INFORMATION

Certain information is provided below for new matters that have arisen subsequent to the filing of the Form 10-K and the first quarter 2023 10-Q.

Director and Officer Rule 10b5-1 and non-Rule 10b5-1 Trading Plans

During the three months ended June 30, 2023, certain of our officers and directors adopted or terminated trading plans for the sale of PSEG common stock which are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as amended, as shown in the following table:

Name and Title	Action	Date	Aggregate Number of Shares to be Sold or Purchased	Expiration (A)
Rose M. Chernick	Adoption	May 22, 2023	Sell 1,800 shares	May 3, 2024
Vice President and Controller

(A)    Expires on the date shown or such earlier date upon the completion of all trades under the plan or the occurrence of such other termination events as specified in the plan, including but not limited to termination of the plan by Ms. Chernick.

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Federal Regulation

Transmission Planning Proceedings

December 31, 2022 Form 10-K page 10. In June 2023, FERC issued a rule directing the North American Electric Reliability Corporation (NERC) to either change existing reliability standards or create a new standard that will require regional transmission organizations (RTOs) like PJM to plan for extreme weather events. FERC also issued a rule directing RTOs to file one-time informational reports describing their current and future processes for conducting extreme weather assessments.

Capacity Market Issues

December 31, 2022 Form 10-K page 11 and March 31, 2023 Form 10-Q page 66. In June 2023, FERC approved PJM’s request to delay the base residual auctions for 2025-2029, starting with postponing the June 2023 base residual auction for delivery year 2025/2026 until June 2024 while PJM considers changes to its capacity markets. The following three base residual auctions would occur at six-month intervals. PJM is currently examining various capacity market reforms, including changes to how capacity resources are compensated for their availability and the imposition of more stringent winterization requirements.

Compliance—Reliability Standards

December 31, 2022 Form 10-K page 11 and March 31, 2023 Form 10-Q page 66. FERC and the NERC are conducting a joint inquiry into the operation of the Bulk Power System (BPS) during Winter Storm Elliott that struck in late 2022. We received and responded to information requests from FERC and NERC regarding the performance of our generators during the storm. Relatedly, in February 2023, FERC approved additional reliability standards governing extreme cold weather preparedness and operations, which will begin going into effect in 2024. In addition, FERC recently directed NERC to revise existing or develop new transmission planning standards that will require enhanced planning for extreme weather events.

State Regulation

New Jersey EMP and Future of Gas Stakeholder Proceeding

March 31, 2023 Form 10-Q page 66. In February 2023, Governor Murphy issued three EOs, one of which directs the BPU to immediately convene a stakeholder process on the future of gas to develop a plan to meet the State’s current EMP goal to reduce emissions by 50% versus 2006 levels by 2030. In March 2023, the BPU opened a stakeholder proceeding to implement such EO that will commence in August 2023 with a two-day technical conference. This proceeding will consider the possible development of a “clean heat standard” or other market mechanisms to support the State’s goals, among other things. Additionally, in April of 2023 the governor’s office Council on the Green Economy initiated a “Clean Buildings Working Group” that is considering pathways for building electrification and meeting gas utility emissions reduction goals, including development of a clean heat standard. PSE&G was invited to participate in this working group focused on strategic planning. We cannot predict the impact on our business or results of operations from these stakeholder proceedings, or any laws, rules, or regulations promulgated as a result thereof, particularly as they may relate to PSEG Power’s nuclear energy generating stations and PSE&G’s electric transmission and gas distribution assets.

Energy Efficiency, Triennial Review

March 31, 2023 Form 10-Q page 66. In May 2023, rather than issue a single Order as originally contemplated, the BPU issued its first Energy Efficiency Framework Order, which addresses program administration and design, cost recovery and filing requirements, among other things. In July 2023, the BPU issued a second Order related to the Energy Efficiency Framework. This Order addresses goals, a performance incentive mechanism, building decarbonization and demand response.

BGS Process

December 31, 2022 Form 10-K page 13 and March 31, 2023 Form 10-Q page 67. In June 2023, the State’s electric distribution companies (EDCs), including PSE&G, filed their annual joint proposal for the conduct of the February 2024 BGS auction covering energy years 2025 through 2027. As was directed by a November 2022 BPU order, PSE&G participated in a working group led by BPU Staff to consider proposals for a commercial direct current, fast-charging (DCFC) rate solution. PSE&G’s proposal included in the June 2023 joint EDC BGS filing is for a two-year DCFC BGS rate pilot program to begin June 1, 2024. Also in accordance with the November 2022 order’s directive that the EDCs implement a rate solution for residential EV charging customers, in May 2023, the BPU approved PSE&G’s proposal for a BGS time-of-use rate solution for residential EV charging, with rates effective June 1, 2023.

Environmental Matters

Environmental Justice (EJ)

December 31, 2022 Form 10-K page 16 and March 31, 2023 Form 10-Q page 67. In April 2023, the New Jersey Department of Environmental Protection (NJDEP) finalized its EJ regulations. The regulations supersede a previously issued EJ

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administrative order and require review of potential EJ impacts from a wide variety of environmental permit applications at certain designated facilities. The NJDEP may impose permit conditions or deny permits if the impacts cannot be satisfactorily mitigated. We do not currently anticipate that these regulations will have a material impact on the business, operations, financial position or cash flows of PSEG and PSE&G.

New Jersey Protecting Against Climate Threats (NJ PACT)

December 31, 2022 Form 10-K page 16. This NJDEP regulatory reform is expected to result in changes to existing air and land use regulations in response to anticipated impacts of climate change. It has already published a final, updated regulation pertaining to inland flood protection which is intended to protect new development from river or stream flooding, which went into effect in July 2023. We do not currently anticipate any specific material impacts from this regulation.

We continue to assess the potential impact of other proposed NJ PACT regulations, which include proposed real estate and land use regulations that could have cost implications for business operations, including the construction of new facilities or upgrades to existing utility infrastructure. Such expenditures could materially affect the continued economic viability and/or cost to construct one or more such facilities. However, the impacts of these new rules are both site and activity specific to the proposed development and therefore can only be determined during the project phases of specific projects.

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ITEM 6.EXHIBITS

A listing of exhibits being filed with this document is as follows:

a. PSEG:
Exhibit 10.1:	2021 Long-Term Incentive Plan - Performance Share Units Award Agreement
Exhibit 10.2:	2021 Long-Term Incentive Plan - Restricted Stock Unit Award Agreement
Exhibit 10.3:	2021 Equity Compensation Plan for Outside Directors - Restricted Stock Unit Award Agreement
Exhibit 31:	Certification by Ralph LaRossa Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 31.1:	Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 32:	Certification by Ralph LaRossa Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 32.1:	Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 101.INS:	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 10.1:	2021 Long-Term Incentive Plan - Performance Share Units Award Agreement
Exhibit 10.2:	2021 Long-Term Incentive Plan - Restricted Stock Unit Award Agreement
Exhibit 10.3:	2021 Equity Compensation Plan for Outside Directors - Restricted Stock Unit Award Agreement
Exhibit 31.2:	Certification by Ralph LaRossa Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 31.3:	Certification by Daniel J. Cregg Pursuant to Rules 13a-14 and 15d-14 of the 1934 Act
Exhibit 32.2:	Certification by Ralph LaRossa Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 32.3:	Certification by Daniel J. Cregg Pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code
Exhibit 101.INS:	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)

76

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
(Registrant)
By:	/S/ ROSE M. CHERNICK
	Rose M. Chernick Vice President and Controller (Principal Accounting Officer)

Date: August 1, 2023

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The signature of the undersigned company shall be deemed to relate only to matters having reference to such company and any subsidiaries thereof.

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
(Registrant)
By:	/S/ ROSE M. CHERNICK
	Rose M. Chernick Vice President and Controller (Principal Accounting Officer)

Date: August 1, 2023

77

EX-10.1

Exhibit 10.1

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2021 LONG-TERM INCENTIVE PLAN

PERFORMANCE SHARE UNITS AWARD AGREEMENT

#ParticipantName#

#EmployeeID#

#GrantDate#

#ClientGrantID#

#QuantityGranted#

#AcceptanceDate#

THIS PERFORMANCE SHARE UNITS AWARD AGREEMENT (this

“Agreement”) by and between Public Service Enterprise Group Incorporated, a New Jersey corporation with an address at 80 Park Plaza, Newark, NJ, 07102 (the “Company”) and You, relates to an equity compensation award (the “Award”) pursuant and subject to the Company’s 2021 Long-Term Incentive Plan (the “Plan”), as may from time to time be amended, and upon the following terms and conditions.

1.Target Award. This Award is a grant of Performance Share Units (“PSUs”)

equal to the target number of shares of PSEG Common Stock (“Shares”) pursuant to the terms, conditions and restrictions of the Plan, and hereinafter set forth. The number of PSUs awarded to You, the grant date (the “Grant Date”), the vesting schedule (“Vesting Schedule”) and performance period (the “Performance Period”) are shown on the Award Summary page of the Fidelity NetBenefits website. The distribution date shall be the date, as described below, on which Shares attributable to Your Vested Award are distributed to You (the “Distribution Date”). The PSU award is comprised of three performance factors (“Performance Goals”) weighted: (i) 50% - the Company’s Total Shareholder Return (“TSR”), (ii) 25% - Earnings Per Share Growth (“EPS Growth”), and (iii) 25% - Environmental, Social and Governance (“ESG”) Index. The TSR, EPS Growth and ESG components are defined below in Section 3.

This Award shall not be considered granted unless and until You accept the terms of this Agreement. By so accepting the terms of this Agreement, You are memorializing that You have accepted the Award as of the Grant Date. If the Company has no record of Your acceptance of the terms of this Agreement, or any other document required by the Company in connection with this Award, the Award shall be ineffective and You shall have no rights in the Award.

2.Vesting. “Vesting” (“Vest” or “Vested") means that Your Award is no longer

subject to substantial risk of forfeiture. You shall become Vested in Your Award upon satisfaction of criteria described in (a) through (e) below. Distribution of a Vested Award shall be made in accordance with Section 6.

(a)Vesting Schedule. The Award shall Vest in accordance with the Vesting Schedule as shown in the Award Summary.

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(b)Retirement. Notwithstanding the Vesting Schedule, if while employed, You satisfy the criteria for Retirement under the component of the Company’s Pension Plan in which You participate (“Retirement Eligible”), You will Vest in Your Award (and associated dividend equivalents) 1/36th for each month of service completed during the Performance Period.

(c)Disability. Notwithstanding the Vesting Schedule, if You cease to remain as an employee of the Company or one of its Subsidiaries by reason of Disability prior to the date that Your Award becomes fully Vested, You will Vest in Your Award (and associated dividend equivalents) 1/36th for each month of service completed during the Performance Period.

(d)Death. Notwithstanding the Vesting Schedule, if You cease to remain as an employee of the Company or one of its Subsidiaries by reason of death prior to the date that Your Award becomes fully Vested, You will Vest in Your Award (and associated dividend equivalents) 1/36th for each month of service completed during the Performance Period.

(e)Reduction in Force. Notwithstanding the Vesting Schedule, if You are terminated as a result of a reduction-in-force, You will Vest in Your Award (and associated dividend equivalents) 1/36th for each month of service completed during the Performance Period.

Termination of Employment. If You cease to remain as an employee of the

Company or one of its Subsidiaries prior to the date that Your Award becomes fully

Vested in accordance with subsections (a) through (e) above, all unvested PSUs

and associated dividend equivalents shall, upon such termination, be forfeited.

3.Performance Goals and Performance Period. Shares of common stock are

earned with respect to the Award as follows:

(a)TSR (50%) - The Company will provide You with the Shares that are earned under the Award based on the TSR within 90 days of the end of the Performance Period, free and clear of all restrictions (other than restrictions arising by operation of law and the Company’s Insider Trading Practice). The number of Shares earned will be based on the Company’s TSR percentile payout versus its peer group. Exhibit A defines the specific percentage of the minimum Shares, the target Shares and the maximum Shares earned. Companies that are no longer publicly-traded on a U.S. stock exchange as of the end of the Performance Period will be excluded from the performance assessment for the entire Performance Period.

(b)EPS Growth (25%) - The Company will provide You with the Shares that are earned under the Award based on EPS Growth within 90 days of the end of the Performance Period, free and clear of all restrictions (other than restrictions arising by operation of law and the Company’s Insider Trading Practice). The number of Shares earned will be based on the Company’s year 3 Operating EPS from the 2023 – 2025 Business Plan.

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(c)ESG (25%) - The Company will provide You with the Shares that are earned under the Award based on ESG Index within 90 days of the end of the Performance Period, free and clear of all restrictions (other than restrictions arising by operation of law and the Company’s Insider Trading Practice). The number of Shares earned as reflected in Exhibit A will be based on the actual attainment of ESG measurement goals.

The Organization and Compensation Committee of the Company’s Board of Directors’ (the “Committee”) authority and discretion under the Plan includes, but is not limited to, the establishment of the metrics of the goals, determination of the value and number of PSUs upon which payout will be based, and adjustment of Performance Goals or Performance Period with respect to any PSUs whenever the Committee may determine that such action is appropriate because of compelling business reasons or changes in circumstances occurring after the commencement of the Performance Period.

4.Dividend Equivalents. Prior to the completion of the Performance Period,

the PSUs shall be credited with dividend equivalents in an amount equal to the dividends paid on the Company’s Common Stock. Such dividend equivalents shall be credited to a bookkeeping account established by the Company under the Plan in Your name in each calendar quarter during the Performance Period that the Company pays a dividend on its outstanding Shares of Common Stock. Amounts credited to this account shall be credited with a quarterly rate equal to the dividend payment rate with dividends invested as of the last business day of each quarter and share price equal to the average of the high and low actual sale prices of the Company’s Common Stock on the New York Stock Exchange on the date the transaction is credited. Amounts accumulated in this account shall be proportionately distributed to You in Shares at the same time that the Shares related to the PSU are distributed to You. Such dividend equivalents shall Vest in accordance with the Vesting of the underlying Award.

5.Your Rights. Except as otherwise provided herein and the Plan, You, as a

recipient of an award of PSUs, shall have none of the rights of a stockholder, including, but not limited to, the right to receive cash dividends and the right to vote until Shares are actually distributed to You.

6.Completion of Performance Period and Distribution. Upon the completion

of the Performance Period with respect to the Shares attributable to the Award and the determination and certification of the achievement of the Performance Goals by the Committee, the Company shall deliver to You (or in the case of Your death, to Your legal representative) such Shares as shall have been earned hereunder on the Distribution Date. Distribution of such Shares shall be made no later than 90 days after the completion of the Performance Period.

7.Adjustments for Changes in Capitalization. In the event of any change in

the outstanding Shares of Common Stock by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of Shares, merger, consolidation, or any change in the Company’s corporate structure or in the Shares of

2023 PSU 3

Common Stock, the number and class of PSUs covered by this Award shall be appropriately adjusted by the Committee, whose determination shall be conclusive. Any additional PSUs received as a result of the foregoing by You shall be subject to such restrictions and the potential for forfeiture as provided herein. Terms and Conditions of the Award shall not change in any other respect.

8.Effect of Change in Control. In the event of a Change in Control (that is

determined to be a “change in control,” as defined under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”)) after the date hereof but before completion of the Performance Period, a pro-rata distribution shall be made to You as of the date of the Change in Control to the extent the PSUs are otherwise earned on the basis of achievement of the pro-rata portion of the Performance Goals relating to the portion of the Performance Period completed as of the date of the Change in Control, and the balance shall be cancelled.

In the event of a Change in Control (that is determined not to be a “change in control,” as defined under Section 409A) after the date hereof but before completion of the Performance Period, a pro-rata distribution shall be made to You as of the date that distribution would have been made had a Change in Control not occurred to the extent the PSUs are otherwise earned on the basis of achievement of the pro-rata portion of the Performance Goals relating to the portion of the Performance Period completed as of the date of the Change in Control, and the balance shall be cancelled.

9.Delivery and Registration of Shares of Common Stock. The Company’s

obligation to deliver Shares of Common Stock shall, if the Committee so requests, be conditioned upon the receipt of a representation as to Your investment intention or that of any other person to whom such Shares are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended (the “Securities Act”) or any other Federal, state or local securities legislation or regulation. The Committee may provide that any representation requirement shall become inoperative upon a registration of such Shares or other action eliminating the necessity of such representation under such Securities Act or other securities regulation. The Company shall not be required to deliver any Shares under the Plan or this Award prior to (i) the admission of such Shares to listing on any stock exchange on which the Shares of Common Stock may then be listed, and (ii) the completion of such registration or other qualification of such Shares under any state or Federal law, rule or regulation, as the Committee shall determine to be necessary or advisable.

10.Plan and Plan Interpretations as Controlling. The PSUs hereby awarded

and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon You, Your representatives and Your beneficiaries with regard to any question arising hereunder or under the Plan.

11.Employee Service. Nothing in this Agreement shall limit the right of the

Company or any of its Subsidiaries to terminate Your service or otherwise impose upon

2023 PSU 4

the Company or any of its Subsidiaries any obligation to continue to employ You or accept Your services. The Company may terminate Your service at any time, with or without Cause.

12.Applicable Taxes. Upon termination of the Performance Period, the

Company will retain or sell, without notice, a sufficient number of Shares to cover the amount needed to fulfill its withholding requirements for Federal, state, Social Security and Medicare taxes. You shall not be permitted to increase Your Federal income tax withholding above the statutory rate. Notwithstanding the foregoing, if You elected to defer all or a portion of Your Award under the Company’s Equity Deferral Plan, the Company will not retain or sell Shares to cover the applicable taxes. You will be responsible for remitting a check to the Company for the amount of the applicable taxes attributable to the deferred Award (or portion thereof).

13.Unsecured Creditor Status and Assignment Prohibition. This Award is

provided under an entirely unfunded arrangement and no provision shall at any time be made with respect to segregating any assets of the Company or any of its Subsidiaries for payment of any Award hereunder. No employee, beneficiary, surviving spouse or any other person shall have any interest in any particular assets of the Company or any of its Subsidiaries by reason of the right to receive an Award and any such employee, beneficiary, surviving spouse or other person shall have only the rights of a general unsecured creditor with respect to any Award.

Prior to an actual payment with respect to an Award, no interest of any person or entity in, or right to receive the Award shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or other alienation or encumbrance of any kind; nor any such interest or right to receive a benefit be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

14.Proprietary and Confidential Information.

(a)You have been advised, and You acknowledge, that it is the Company’s policy to maintain as secret and confidential all Protected Information (as defined below), and that Protected Information has been and will be developed at substantial cost and effort to the Company. “Protected Information” means trade secrets, confidential and proprietary business information of the Company or any of its Subsidiaries, any information of the Company and/or any of its Subsidiaries other than information which has entered the public domain (unless such information entered the public domain through Your efforts or on Your account) and all valuable and unique information and techniques acquired, developed or used by the Company and/or its Subsidiaries relating to their business, operations, employees, customers and/or potential customers, which give the Company and/or its Subsidiaries a competitive advantage over those who do not know the information and techniques and which are protected by the Company

2023 PSU 5

and/or its Subsidiaries from unauthorized disclosure, including but not limited to, customer lists (including potential customers), sources of supply, processes, plans, materials, pricing information, internal memoranda, marketing plans, internal policies and products and services which may be developed from time to time by the Company and/or its Subsidiaries and/or their agents or employees.

(b)You acknowledge that You will acquire Protected Information with respect to the Company and/or its Subsidiaries and their successors in interest, which information is a valuable, special and unique asset of such entities’ business and operations and that disclosure of such Protected Information would cause irreparable damage to the Company and/or its Subsidiaries.

(c)You shall not, directly or indirectly, divulge, furnish or make accessible to any person, firm, corporation, association or other entity (otherwise than as may be required in the regular course of Your employment) nor use in any manner, either during or after termination of Your employment by the Company or any of its Subsidiaries, any Protected Information, or cause any such Protected Information to enter the public domain.

(d)You will return all Protected Information in Your possession to the Company upon the termination of Your employment.

(e)Nothing in this Agreement shall prevent You from disclosing without notice to the Company a perceived violation of law to any Federal, state or local government agency or entity including but not limited to, the Securities and Exchange Commission (“SEC”), or making other disclosures that are protected under the whistleblower provisions of the law.

(f)Notice pursuant to 18 USC § 1833(b). An individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to their attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.

15.Disclosure of Employee Created Trade Secrets, Confidential and

Proprietary Business Information; Works For Hire. You agree to promptly disclose to the Company, as appropriate, all Protected Information developed in whole or in part by You during Your employment with the Company or any of its Subsidiaries. Such Protected Information is, and shall remain, the exclusive property of the Company or such

2023 PSU 6

Subsidiary. All writings created during the Your employment with the Company or any of its Subsidiaries (excluding writings unrelated to the Company's or the Subsidiary's business) are considered to be “works for hire” for the benefit of the Company or such Subsidiary and the Company or such Subsidiary, as appropriate, shall own all rights in such writings.

16.Non-Compete, Non-Solicitation and No Conflict. You agree that You will not

during Your employment and for twelve months following termination of employment (a) compete in any manner, directly or indirectly, whether for compensation or otherwise, with the Company, or to assist any other person or entity, business or otherwise, to compete with the Company; or (b) to hire, solicit, encourage or induce, or in any manner attempt to hire, solicit, encourage or induce, to leave the employ of the Company any person who is then an employee of the Company or any of its subsidiaries (this restriction will not apply if (i) You receive the Company’s prior written consent or (ii) the employee is responding on his/her own initiative to general solicitations of employment not specifically directed to such employee). Further, during Your employment, You agree not to engage in other conduct, employment or business enterprise that is in conflict with, may present an actual conflict with, or may appear to present a conflict (“Actual, Potential or Apparent Conflict”) with, the Company without the prior written permission of the CEO of the Company. You further agree that, for twelve months following termination of employment, You shall not engage in any activity that constitutes an Actual, Potential or Apparent Conflict with the Company to the extent you had access to Protected Information during the final two years of your employment at the Company relevant or related to the Actual, Potential or Apparent Conflict. You agree that these restrictions are reasonable and necessarily narrowly drawn, given the Company’s lines of business and limited geographic reach.

17.Cooperation. You agree that, if called upon at any time by the Company, its

Subsidiaries, its counsel or other representatives, You will fully cooperate and provide truthful and relevant information (including, if necessary, sworn testimony) with respect to any Company investigations, any threatened or pending claims, actions, or litigation in which the Company or any of its Subsidiaries is a party or otherwise involved, or any other matters for which the Company or any of its Subsidiaries seeks cooperation from You. Such cooperation includes, but is not necessarily limited to, being available to communicate and/or meet with, provide any documentation or other data requested by, or provide any other assistance to, the Company, any of its Subsidiaries its counsel or other representatives with respect to Company matters. You understand and agree that the cooperation referenced in this Section 17 is to be provided within a reasonable time after any request for same by the Company, any of its Subsidiaries, its counsel or other representatives. This requirement to cooperate survives the termination of Your employment.

18.Standards of Conduct. You agree that You will not during Your employment

violate the Company’s Standards of Conduct. Section 19 shall apply if Your act or omission constitutes a material violation of the Company’s Standard of Conduct that (a) results in Your termination from employment, and (b) if it had been known and fully investigated and reviewed by the Company prior to termination from employment would

2023 PSU 7

have resulted in Your termination from employment.

19.Forfeiture and Return of Awards.

(a)You agree that if You violate Sections 14 through 18 of the Agreement, (i) any unpaid Awards that You may hold or be otherwise entitled to shall be forfeited, or (ii) You shall return to the Company the monetary value at distribution of any Shares of stock resulting from Awards under the Plan You received within one year prior to or following Your termination of employment. This remedy shall not be exclusive of any other remedies to which the Company may be entitled with respect to a violation of these provisions, including, without limitation, injunctive relief as provided in Section 20 and those under the Company’s Clawback Practice.

(b)You agree that Your Award is subject to the terms of the Clawback Practice.

20.Injunctive Relief. By Your acceptance of this Award, You acknowledge and

agree that the restrictions imposed upon You by Sections 14 through 18 of the Agreement and the purpose of such restrictions are reasonable and are designed to protect the continued success of the Company and its Subsidiaries without unduly restricting You. Furthermore, You acknowledge that, in view of the necessity of the restrictions contained in Sections 14 through 18, any violation of any such provision would cause irreparable injury to the Company, its Subsidiaries and their successors in interest with respect to the resulting disruption in their operations. By reason of the foregoing, You consent and agree that if You violate any of the provisions of Sections 14 through 18 of the Agreement, the Company and its successors in interest, as the case may be, shall be entitled, in addition to any other remedies that they may have, including money damages and the remedies otherwise provided herein, to an injunction to be issued by a court of competent jurisdiction, restraining You from committing or continuing any violation of Sections 14 through 18 of this Agreement.

21.Stock Ownership Policy. If at the time of any distribution, You are then

subject to the Company’s Officer Stock Ownership and Retention Policy (the “Stock Ownership Policy”), You agree that You will retain an appropriate number of such Shares in accordance with the requirements of the Stock Ownership Policy.

22.409A Compliance. This Award is intended to comply with Section 409A and

shall be interpreted and administered in a manner consistent with Section 409A.

23.Severability of Provisions. If any term or provision of this Agreement is held

by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

24.Acceptance. As a further condition of the grant of this Award, You are

required to signify Your acceptance of the terms and conditions of this Agreement by indicating Your acceptance and consent electronically as provided.

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IF YOU DO NOT SO CONSENT ELECTRONICALLY, THE COMPANY MAY REVOKE THE AWARD AND AVOID ALL OBLIGATIONS UNDER THIS AGREEMENT.

PUBLIC SERVICE ENTERPRISE GROUP

INCORPORATED

2023 PSU 9

EX-10.2

Exhibit 10.2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

2021 LONG-TERM INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

#ParticipantName#

#EmployeeID#

#GrantDate#

#ClientGrantID#

#QuantityGranted#

#AcceptanceDate#

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) by and between Public Service Enterprise Group Incorporated, a New Jersey corporation with an address at 80 Park Plaza, Newark, NJ, 07102 (the “Company”) and You, relates to an equity compensation award (the “Award”) pursuant and subject to the Company’s 2021 Long Term Incentive Plan (the “Plan”), as may from time to time be amended, and upon the following terms and conditions:

1.Unit Award. This Award is a grant of restricted stock units (“RSUs”) related to shares of PSEG Common Stock (the “Shares”) pursuant to the terms, conditions and restrictions of the Plan and hereinafter set forth. The number of RSUs awarded to You, the grant date (the “Grant Date”) and the vesting schedule (the “Vesting Schedule”) are shown on the Award Summary page of the Fidelity NetBenefits website. The distribution date shall be the date, as described below, on which Shares attributable to Your Vested Award are distributed to You (the “Distribution Date”).

This Award shall not be considered granted unless and until You accept the terms of this Agreement. By so accepting the terms of this Agreement, You are memorializing that You have accepted the Award as of the Grant Date. If the Company has no record of Your acceptance of the terms of this Agreement, or any other document required by the Company in connection with this Award, the Award shall be ineffective and You shall have no rights in the Award.

2.Vesting. “Vesting” (“Vest” or “Vested") means that Your Award is no longer subject to substantial risk of forfeiture. You shall become Vested in Your Award upon satisfaction of criteria described in (a) through (e) below. Distribution of a Vested Award shall be made in accordance with Section 5.

(a)Vesting Schedule. The Award shall Vest in accordance with the Vesting Schedule as shown in the Award Summary.

(b)Retirement. Notwithstanding the Vesting Schedule, if while employed, You satisfy the criteria for Retirement under the component of the Company’s Pension Plan in which You participate (“Retirement Eligible”), You will Vest in Your Award (and associated dividend equivalents) 1/12th for each month of service completed in the year that includes the Grant Date.

2023 Rsu_Final                1

(c)Disability. Notwithstanding the Vesting Schedule, if You cease to remain as an employee of the Company or one of its Subsidiaries by reason of Disability prior to the date that Your Award becomes fully Vested, You will fully Vest in your Award (and associated dividend equivalents).

(d)Death. Notwithstanding the Vesting Schedule, if You cease to remain as an employee of the Company or one of its Subsidiaries by reason of death prior to the date that Your Award becomes fully Vested, then all unvested remaining RSUs and dividend equivalents at the time of Your death shall Vest 100%.

(e)Reduction in Force. Notwithstanding the Vesting Schedule, if You are terminated as a result of a reduction-in-force, You will Vest in Your Award (and associated dividend equivalents) 1/12th for each month of service completed in the year that includes the Grant Date.

Termination of Employment. If You cease to remain as an employee of the Company or one of its Subsidiaries prior to the date that Your Award becomes fully Vested in accordance with subsections (a) through (e) above, all unvested RSUs and associated dividend equivalents shall, upon such termination, be forfeited.

3.Restrictions on Transfer and Restricted Period. The Organization and Compensation Committee of the Company’s Board of Directors (the “Committee”) shall have the authority, in its discretion, to accelerate the time at which any or all of the restrictions shall lapse with respect to any RSUs, or to remove any or all of such restrictions. If the date on which the restrictions lapse is accelerated, in no event shall the Distribution Date be accelerated, except as otherwise provided herein.

4.Dividend Equivalents. Prior to the Distribution Date, the RSUs shall be credited with dividend equivalents in an amount equal to the dividends paid on the Company’s Common Stock. Such dividend equivalents shall be credited to a bookkeeping account established by the Company under the Plan in Your name in each calendar quarter prior to the Distribution Date that the Company pays a dividend on its outstanding Shares of Common Stock. Amounts credited to this account shall be credited with a quarterly rate equal to the dividend payment rate with dividends invested as of the last business day of each quarter and share price equal to the average of the high and low actual sale prices of the Company’s Common Stock on the New York Stock Exchange on the date the transaction is credited. Amounts accumulated in this account shall be proportionately distributed to You in Shares at the same time that the Shares related to the RSUs are distributed to You. Such dividend equivalents shall Vest in accordance with the Vesting of the underlying Award.

5.Distribution of Award. Upon the Distribution Date, a number of Shares attributable to Your Vested Award shall be distributed to You, free and clear of any restrictions (other than restrictions arising by operation of law and the Company’s Insider Trading Practice). However, with respect to a Vested Award under Section 2(d) of this Agreement, distribution of the Shares shall be made to Your legal representative within

2023 Rsu_Final                2

60 days following Your date of death.

6.Your Rights. Except as otherwise provided herein and the Plan, You, as a recipient of an award of RSUs, shall have none of the rights of a stockholder, including, but not limited to, the right to receive cash dividends and the right to vote, until Shares are actually distributed to You.

7.Adjustments for Changes in Capitalization. In the event of any change in the outstanding Shares of Common Stock by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of Shares, merger, consolidation, or any change in the Company’s corporate structure or in the Shares of Common Stock, the number and class of RSUs covered by this Award shall be appropriately adjusted by the Committee, whose determination shall be conclusive. Any additional RSUs received as a result of the foregoing by You shall be subject to such restrictions and the potential for forfeiture as provided herein. Terms and Conditions of the Award shall not change in any other respect.

8.Effect of Change in Control. In the event of a Change in Control, to the extent not previously Vested, Your Award shall Vest in full in the event of any involuntary cessation of performance of services for the continuing entity within 18 months following the Change in Control (other than involuntary termination for Cause). In the event that the Change in Control is determined to be a “change in control,” as defined under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the Distribution Date shall be the date that is the earlier that (i) You incur an involuntary termination within 18 month following the Change in Control, or (ii) the specified Distribution Date. In the event that the Change in Control is determined not to be a “change in control,” as defined under Section 409A, the Distribution Date shall be the date that the Shares would have been distributed had a Change in Control not occurred.

9.Delivery and Registration of Shares of Common Stock. The Company’s obligation to deliver Shares of Common Stock shall, if the Committee so requests, be conditioned upon the receipt of a representation as to Your investment intention or that of any other person to whom such Shares are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended (the “Securities Act”) or any other Federal, state or local securities legislation or regulation. The Committee may provide that any representation requirement shall become inoperative upon a registration of such Shares or other action eliminating the necessity of such representation under such Securities Act or other securities regulation. The Company shall not be required to deliver any Shares under the Plan or this Award prior to (i) the admission of such Shares to listing on any stock exchange on which the Shares of Common Stock may then be listed, and (ii) the completion of such registration or other qualification of such Shares under any state or Federal law, rule or regulation, as the Committee shall determine to be necessary or advisable.

10.Plan and Plan Interpretations as Controlling. The RSUs hereby awarded and the terms and conditions herein set forth are subject in all respects to the terms and

2023 Rsu_Final                3

conditions of the Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon You, Your representatives and Your beneficiaries with regard to any question arising hereunder or under the Plan.

11.Employee Service. Nothing in this Agreement shall limit the right of the Company or any of its Subsidiaries to terminate Your service or otherwise impose upon the Company or any of its Subsidiaries any obligation to continue to employ You or accept Your services. The Company may terminate Your service at any time, with or without Cause.

12.Applicable Taxes.

(a)Retirement Eligible. If You become Retirement Eligible prior to the Distribution Date, an amount equal to satisfy Your Social Security tax and Medicare tax liability attributable to Your Vested Award shall be withheld from Your other wages in the later of the year in which the Award was granted or the year in which You become Retirement Eligible. Alternatively, the Company may require You to pay, via personal check, the amount of the Social Security tax and Medicare tax liability. On the Distribution Date, the Company shall retain or sell, without notice, a sufficient number of Shares to cover the amount needed to fulfill its withholding requirements for Federal and state income taxes. You shall not be permitted to increase Your Federal income tax withholding above the statutory rate.

(b)Reduction in Force. If You are terminated as a result of a reduction-in- force prior to the Distribution Date, an amount equal to satisfy Your Social Security tax and Medicare tax liability attributable to Your Vested Award shall be withheld from Your other wages upon Your separation. Alternatively, the Company may require You to pay, via personal check, the amount of the Social Security tax and Medicare tax liability. On the Distribution Date, the Company shall retain or sell, without notice, a sufficient number of Shares to cover the amount needed to fulfill its withholding requirements for Federal and state income taxes. You shall not be permitted to increase Your Federal income tax withholding above the statutory rate.

(c)Disability. If You are terminated as a result of Disability, an amount equal to satisfy Your Social Security tax and Medicare tax liability attributable to Your Vested Award shall be withheld from Your other wages, if any, upon Your separation. Alternatively, the Company may require You to pay, via personal check, the amount of the Social Security tax and Medicare tax liability. On the Distribution Date, the Company shall retain or sell, without notice, a sufficient number of Shares to cover the amount needed to fulfill its withholding requirements for Federal and state income taxes. You shall not be permitted to increase Your Federal income tax withholding above the statutory rate.

2023 Rsu_Final                4

(d)Not Retirement Eligible. If You do not become Retirement Eligible prior to the Distribution Date, upon the Distribution Date, the Company shall retain or sell, without notice, a sufficient number of Shares to cover the amount needed to fulfill its withholding requirements for Federal income, state income, Social Security and Medicare taxes, as applicable. You shall not be permitted to increase Your Federal income tax withholding above the statutory rate.

(e)Death. If Your death occurs prior to the Distribution Date, upon the Distribution Date, the Company shall retain or sell, without notice, a sufficient number of Shares to cover the amount needed to fulfill its withholding requirements for Federal income, state income, Social Security and Medicare taxes, as applicable to the extent that Social Security and Medicare taxes have not been satisfied.

13.Unsecured Creditor Status and Assignment Prohibition. This Award is provided under an entirely unfunded arrangement and no provision shall at any time be made with respect to segregating any assets of the Company or any of its Subsidiaries for payment of any Award hereunder. No employee, beneficiary, surviving spouse or any other person shall have any interest in any particular assets of the Company or any of its Subsidiaries by reason of the right to receive an Award and any such employee, beneficiary, surviving spouse or other person shall have only the rights of a general unsecured creditor with respect to any Award.

Prior to an actual payment with respect to an Award, no interest of any person or entity in, or right to receive the Award shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or other alienation or encumbrance of any kind; nor any such interest or right to receive a benefit be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

14.Proprietary and Confidential Information.

(a)You have been advised and You acknowledge that it is the Company’s policy to maintain as secret and confidential all Protected Information (as defined below), and that Protected Information has been and will be developed at substantial cost and effort to the Company. “Protected Information” means trade secrets, confidential and proprietary business information of the Company or any of its Subsidiaries, any information of the Company and/or any of its Subsidiaries other than information which has entered the public domain (unless such information entered the public domain through Your efforts or on Your account) and all valuable and unique information and techniques acquired, developed or used by the Company and/or its Subsidiaries relating to their business, operations, employees, customers and/or potential customers, which give the Company and/or its Subsidiaries a competitive advantage over those who do not know the information and techniques and which are protected by the Company

2023 Rsu_Final                5

and/or its Subsidiaries from unauthorized disclosure, including but not limited to, customer lists (including potential customers), sources of supply, processes, plans, materials, pricing information, internal memoranda, marketing plans, internal policies and products and services which may be developed from time to time by the Company and/or its Subsidiaries and/or their agents or employees.

(b)You acknowledge that You will acquire Protected Information with respect to the Company and/or its Subsidiaries and their successors in interest, which information is a valuable, special and unique asset of such entities’ business and operations and that disclosure of such Protected Information would cause irreparable damage to the Company and/or its Subsidiaries.

(c)You shall not, directly or indirectly, divulge, furnish or make accessible to any person, firm, corporation, association or other entity (otherwise than as may be required in the regular course of Your employment) nor use in any manner, either during or after termination of Your employment by the Company or any of its Subsidiaries, any Protected Information, or cause any such Protected Information to enter the public domain.

(d)You will return all Protected Information in Your possession to the Company upon the termination of Your employment.

(e)Nothing in this Agreement shall prevent You from disclosing without notice to the Company a perceived violation of law to any Federal, state or local government agency or entity including but not limited to, the Securities and Exchange Commission (“SEC”), or making other disclosures that are protected under the whistleblower provisions of the law.

(f)Notice pursuant to 18 USC § 1833(b). An individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to their attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order.

15.Disclosure of Employee Created Trade Secrets, Confidential and Proprietary Business Information; Works For Hire. You agree to promptly disclose to the Company, as appropriate, all Protected Information developed in whole or in part by You during Your employment with the Company or any of its Subsidiaries. Such Protected Information is, and shall remain, the exclusive property of the Company or such

2023 Rsu_Final                6

Subsidiary. All writings created during the Your employment with the Company or any of its Subsidiaries (excluding writings unrelated to the Company’s or the Subsidiary’s business) are considered to be “works for hire” for the benefit of the Company or such Subsidiary and the Company or such Subsidiary, as appropriate, shall own all rights in such writings.

16.Non-Compete, Non-Solicitation and No Conflict. You agree that You will not during Your employment and for twelve months following termination of employment: (a) compete in any manner, directly or indirectly, whether for compensation or otherwise, with the Company, or to assist any other person or entity, business or otherwise, to compete with the Company; or (b) to hire, solicit, encourage, or induce, or in any manner attempt to hire, solicit, encourage or induce, to leave the employ of the Company any person who is then an employee of the Company or any of its subsidiaries (this restriction will not apply if: (i) You receive the Company’s prior written consent; or (ii) the employee is responding on his/her own initiative to general solicitations of employment not specifically directed to such employee). Further, during Your employment, You agree not to engage in other conduct, employment or business enterprise that is in conflict with, may present an actual conflict with, or may appear to present a conflict (“Actual, Potential or Apparent Conflict”) with, the Company without the prior written permission of the CEO of the Company. You further agree that, for twelve months following termination of employment, You shall not engage in any activity that constitutes an Actual, Potential or Apparent Conflict with the Company to the extent you had access to Protected Information during the final two years of your employment at the Company relevant or related to the Actual, Potential or Apparent Conflict. You agree that these restrictions are reasonable and necessarily narrowly drawn, given the Company’s lines of business and limited geographic reach.

17.Cooperation. You agree that, if called upon at any time by the Company, its Subsidiaries, its counsel or other representatives, You will fully cooperate and provide truthful and relevant information (including, if necessary, sworn testimony) with respect to any Company investigations, any threatened or pending claims, actions, or litigation in which the Company or any of its Subsidiaries is a party or otherwise involved, or any other matters for which the Company or any of its Subsidiaries seeks cooperation from You. Such cooperation includes, but is not necessarily limited to, being available to communicate and/or meet with, provide any documentation or other data requested by, or provide any other assistance to, the Company, any of its Subsidiaries its counsel or other representatives with respect to Company matters. You understand and agree that the cooperation referenced in this Section 17 is to be provided within a reasonable time after any request for same by the Company, any of its Subsidiaries, its counsel or other representatives. This requirement to cooperate survives the termination of Your employment.

18.Standards of Conduct. You agree that You will not during Your employment violate the Company’s Standards of Conduct. Section 19 shall apply if Your act or omission constitutes a material violation of the Company’s Standard of Conduct that (a) results in Your termination from employment; and (b) if it had been known and fully investigated and reviewed by the Company prior to termination from employment, would

2023 Rsu_Final                7

have resulted in Your termination from employment.

19.Forfeiture and Return of Awards.

(a)You agree that if You violate Sections 14 through 18 of the Agreement, (i) any unpaid Awards that You may hold or be otherwise entitled to shall be forfeited, and (ii) You shall return to the Company the monetary value at distribution of any Shares of stock resulting from Awards under the Plan You received within one year prior to or following Your termination of employment. This remedy shall not be exclusive of any other remedies to which the Company may be entitled with respect to a violation of these provisions, including, without limitation, injunctive relief as provided in Section 20 and those under the Company’s Clawback Practice.

(b)You agree that Your Award is subject to the terms of the Company’s Clawback Practice.

20.Injunctive Relief. By Your acceptance of this Award, You acknowledge and agree that the restrictions imposed upon You by Sections 14 through 18 of the Agreement and the purpose of such restrictions are reasonable and are designed to protect the continued success of the Company and its Subsidiaries without unduly restricting You. Furthermore, You acknowledge that, in view of the necessity of the restrictions contained in Sections 14 through 18, any violation of any such provision would cause irreparable injury to the Company, its Subsidiaries and their successors in interest with respect to the resulting disruption in their operations. By reason of the foregoing, You consent and agree that if You violate any of the provisions of Sections 14 through 18 of the Agreement, the Company and its successors in interest, as the case may be, shall be entitled, in addition to any other remedies that they may have, including money damages and the remedies otherwise provided herein, to an injunction to be issued by a court of competent jurisdiction, restraining You from committing or continuing any violation of Sections 14 through 18 of this Agreement.

21.Stock Ownership Policy. If at the time of any distribution, You are then subject to the Company’s Officer Stock Ownership and Retention Policy (the “Stock Ownership Policy”), You agree that You will retain an appropriate number of such Shares in accordance with the requirements of the Stock Ownership Policy.

22.409A Compliance. This Award is intended to comply with Section 409A and shall be interpreted and administered in a manner consistent with Section 409A.

23.Severability of Provisions. If any term or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

24.Acceptance. As a further condition of the grant of this Award, You are required to signify Your acceptance of the terms and conditions of this Agreement by

2023 Rsu_Final                8

indicating Your acceptance and consent electronically as provided.

IF YOU DO NOT SO CONSENT ELECTRONICALLY, THE COMPANY MAY REVOKE THE AWARD AND AVOID ALL OBLIGATIONS UNDER THIS AGREEMENT.

PUBLIC SERVICE ENTERPRISE GROUP

INCORPORATED

2023 Rsu_Final                9

EX-10.3

Exhibit 10.3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2021 EQUITY COMPENSATION PLAN FOR OUTSIDE DIRECTORS

RESTRICTED STOCK UNIT AWARD AGREEMENT

#ParticipantName#

#EmployeeID#

#GrantDate#

#ClientGrantID#

#QuantityGranted#

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) by and

between Public Service Enterprise Group Incorporated, a New Jersey corporation with an address at 80 Park Plaza, Newark, NJ, 07102 (the “Company”) and You, relates to an equity compensation award (the “Award”) pursuant, and subject to the Company’s 2021 Equity Compensation Plan for Outside Directors (the “Plan”), as may be amended from time to time and upon the following terms and conditions:

1. Award. This Award is a grant of restricted stock units (“RSUs”) related to

Shares of PSEG Common Stock (the “Shares”). The number of RSUs awarded to You, the grant date (the “Grant Date”) and the vesting schedule (the “Vesting Schedule”) are shown on the Award Summary page of the Fidelity NetBenefits website. The distribution date shall be the date, as described below, on which Shares attributable to Your Vested Award are distributed to You (the “Distribution Date”) as detailed in Section VI of the Plan.

2.Vesting. “Vesting” (“Vest” or “Vested") means that Your Award is no

longer subject to substantial risk of forfeiture. You shall become Vested in Your Award upon satisfaction of criteria described in (a) through (d) below. Distribution of a Vested Award shall be made in accordance with Section 5.

(a)Vesting Schedule. The Award shall Vest in accordance with the Vesting

Schedule.

(b)Disability. Notwithstanding the Vesting Schedule, if You cease to remain

on the Board of the Company by reason of Disability prior to the date that Your Award becomes fully Vested, You will fully Vest in your Award (and associated dividend equivalents).

(c)Death. Notwithstanding the Vesting Schedule, if You cease to remain on

the Board of the Company by reason of death prior to the date that Your Award becomes fully Vested, then all unvested remaining RSUs and dividend equivalents at the time of Your death and shall Vest 100%.

(d)Termination of Service. If You cease to remain on the Board of the

Company prior to the date that Your Award becomes fully Vested in

2021 Bod Restricted Stock Units Agreement_Final 1

     accordance with subsections (a) through (c) above, all unvested RSUs and

associated dividend equivalents shall, upon such termination, be forfeited.

3.Restrictions on Transfer and Restricted Period. Until distribution of Shares

of Common Stock from the Plan, neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, and anticipate. Upon notice to the Committee that a Qualified Domestic Relations Order (“QDRO”) is being sought with respect to a Participants Account, no distribution shall be made to a Participant until such time as to the QDRO is determined. If the date on which the restrictions lapse is accelerated, in no event shall the Distribution Date be accelerated, except as otherwise provided herein.

4.Dividend Equivalents. Prior to the Distribution Date, the RSUs shall be

credited with dividend equivalents in an amount equal to the dividends paid on the Company’s Common Stock. Such dividend equivalents shall be credited to a bookkeeping account established by the Company under the Plan in Your name in each calendar quarter prior to the Distribution Date that the Company pays a dividend on its outstanding Shares of Common Stock. Amounts credited to this account shall be credited with a quarterly rate equal to the dividend payment rate with dividends invested as of the last business day of each quarter and share price equal to the average of the high and low actual sale prices of the Company’s Common Stock on the New York Stock Exchange on the date the transaction is credited. Amounts accumulated in this account shall be proportionately distributed to You in Shares at the same time that the Shares related to the RSUs are distributed to You. Such dividend equivalents shall Vest in accordance with the Vesting of the underlying Award.

5.Distribution of Award. Upon the Distribution Date, a number of Shares

attributable to Your Vested Award shall be distributed to You as elected under Section VI of the Plan, free and clear of any restrictions (other than restrictions arising by operation of law and the Company’s Insider Trading Practice). However, with respect to a Vested Award under Section 2(c) of this Agreement, distribution of the Shares shall be made to Your legal representative within 30 days following Your date of death.

6.Your Rights. Except as otherwise provided herein and the Plan, You, as a

recipient of an award of RSUs, shall have none of the rights of a stockholder, including, but not limited to, the right to receive cash dividends and the right to vote, until Shares are actually distributed to You.

7.Adjustments for Changes in Capitalization. In the event of any change in

the outstanding Shares of Common Stock by reason of any reorganization, recapitalization, stock split, stock dividend, combination or exchange of Shares, merger, consolidation, or any change in the Company’s corporate structure or in the Shares of Common Stock, the number and class of RSUs covered by this Award shall be appropriately adjusted by the Committee, whose determination shall be conclusive. Any additional RSUs received as a result of the foregoing by You shall be subject to such restrictions and the potential for forfeiture as provided herein. Terms and Conditions of the Award shall not change in any other respect.

2021 Bod Restricted Stock Units Agreement_Final 2

8.Effect of Change in Control. In the event of a Change in Control, to the

extent not previously Vested, Your Award shall Vest in full. In the event that the Change in Control is determined NOT to be a “change in control,” as defined under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), the Distribution Date shall be the date elected as a Distribution Date made under Section VI of the Plan.

9.Delivery and Registration of Shares of Common Stock. The Company’s

obligation to deliver Shares of Common Stock shall, if the Committee so requests, be conditioned upon the receipt of a representation as to Your investment intention or that of any other person to whom such Shares are to be delivered, in such form as the Committee shall determine to be necessary or advisable to comply with the provisions of the Securities Act of 1933, as amended (the “Securities Act”) or any other Federal, state or local securities legislation or regulation. The Committee may provide that any representation requirement shall become inoperative upon a registration of such Shares or other action eliminating the necessity of such representation under such Securities Act or other securities regulation. The Company shall not be required to deliver any Shares under the Plan or this Award prior to (i) the admission of such Shares to listing on any stock exchange on which the Shares of Common Stock may then be listed, and (ii) the completion of such registration or other qualification of such Shares under any state or Federal law, rule or regulation, as the Committee shall determine to be necessary or advisable.

10.Plan and Plan Interpretations as Controlling. The RSUs hereby awarded

and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Plan, which are controlling. All determinations and interpretations of the Committee shall be binding and conclusive upon You, Your representatives and Your beneficiaries with regard to any question arising hereunder or under the Plan.

11.Continued Service. Nothing in this Agreement shall confer upon any

Outside Director any right to remain a member of the Board or in any way limit the right of the Board or Stockholders to terminate or fail to denominate or reelect an Outside Director as a member of the Board.

12.Applicable Taxes.

Tax Withholding. Upon distribution of Awards, the Company will not

withhold any taxes for federal, State or local, domestic or foreign taxes unless required by any law or regulation of any governmental authority. Your taxable distribution amount will be reported to you on IRS Form 1099- NEC for the applicable tax year filing.

13.Unsecured Creditor Status and Assignment Prohibition. This Award is

provided under an entirely unfunded arrangement and no provision shall at any time be made with respect to segregating any assets of the Company or any of its Subsidiaries for payment of any Award hereunder. No beneficiary, surviving spouse or any other person shall have any interest in any particular assets of the Company or any Subsidiary

2021 Bod Restricted Stock Units Agreement_Final 3

by reason of the right to receive an Award and any such beneficiary, surviving spouse or other person shall have only the rights of a general unsecured creditor with respect to any Award.

Prior to an actual payment with respect to an Award, no interest of any person or entity in, or right to receive the Award shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment or other alienation or encumbrance of any kind; nor any such interest or right to receive a benefit be taken, either voluntarily or involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for alimony, support, separate maintenance and claims in bankruptcy proceedings.

14.Stock Ownership Policy. Until you have met the Company’s Independent

Board of Directors Stock Ownership and Retention Policy (the “Policy”), You agree that You will be required to defer all Awards granted until You have achieved the appropriate number of such Shares in accordance with the requirements of the Policy.

15.409A Compliance. This Award is intended to comply with Section 409A

and shall be interpreted and administered in a manner consistent with Section 409A.

16.Severability of Provisions. If any term or provision of this Agreement is

held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms and provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

PUBLIC SERVICE ENTERPRISE GROUP

INCORPORATED                                         

2021 Bod Restricted Stock Units Agreement_Final 4

EX-31

EXHIBIT 31

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Ralph LaRossa, certify that:

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:	August 1, 2023	/s/ Ralph LaRossa
		Ralph LaRossa
		Public Service Enterprise Group Incorporated
		Chief Executive Officer

EX-31.1

EXHIBIT 31.1

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Daniel J. Cregg, certify that:

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:	August 1, 2023	/s/ Daniel J. Cregg
		Daniel J. Cregg
		Public Service Enterprise Group Incorporated
		Chief Financial Officer

EX-31.2

EXHIBIT 31.2

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Ralph LaRossa, certify that:

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:	August 1, 2023	/s/ Ralph LaRossa
		Ralph LaRossa
		Public Service Electric and Gas Company
		Chief Executive Officer

EX-31.3

EXHIBIT 31.3

Certification Pursuant to Rules 13a-14 and 15d-14

of the 1934 Securities Exchange Act

I, Daniel J. Cregg, certify that:

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:	August 1, 2023	/s/ Daniel J. Cregg
		Daniel J. Cregg
		Public Service Electric and Gas Company
		Chief Financial Officer

EX-32

EXHIBIT 32

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Ralph LaRossa, Chief Executive Officer of Public Service Enterprise Group Incorporated, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Enterprise Group Incorporated on Form 10-Q for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Enterprise Group Incorporated.

/s/ Ralph LaRossa

Ralph LaRossa

Public Service Enterprise Group Incorporated

Chief Executive Officer

August 1, 2023

EX-32.1

EXHIBIT 32.1

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Daniel J. Cregg, Chief Financial Officer of Public Service Enterprise Group Incorporated, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Enterprise Group Incorporated on Form 10-Q for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Enterprise Group Incorporated.

/s/ Daniel J. Cregg

Daniel J. Cregg

Public Service Enterprise Group Incorporated

Chief Financial Officer

August 1, 2023

EX-32.2

EXHIBIT 32.2

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Ralph LaRossa, Chief Executive Officer of Public Service Electric and Gas Company, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Electric and Gas Company on Form 10-Q for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Electric and Gas Company.

/s/ Ralph LaRossa

Ralph LaRossa

Public Service Electric and Gas Company

Chief Executive Officer

August 1, 2023

EX-32.3

EXHIBIT 32.3

Certification Pursuant to Section 1350 of Chapter 63 of Title 18

of the United States Code

I, Daniel J. Cregg, Chief Financial Officer of Public Service Electric and Gas Company, to the best of my knowledge, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that (i) the Quarterly Report of Public Service Electric and Gas Company on Form 10-Q for the quarter ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended and (ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Public Service Electric and Gas Company.

/s/ Daniel J. Cregg

Daniel J. Cregg

Public Service Electric and Gas Company

Chief Financial Officer

August 1, 2023

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Jul. 17, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-09120
Entity Registrant Name	Public Service Enterprise Group Incorporated
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-2625848
Entity Address, Address Line One	80 Park Plaza
Entity Address, City or Town	Newark,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	430-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		499,111,056
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000788784
Common Stock without par value [Member]
Entity Information [Line Items]
Title of 12(b) Security	Common Stock without par value
Trading Symbol	PEG
Security Exchange Name	NYSE
Public Service Electric and Gas Company [Member]
Entity Information [Line Items]
Entity File Number	001-00973
Entity Registrant Name	Public Service Electric and Gas Company
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1212800
Entity Address, Address Line One	80 Park Plaza
Entity Address, City or Town	Newark,
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07102
City Area Code	973
Local Phone Number	430-7000
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		132,450,344
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000081033
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Eight Percent, Due Two Thousand Thirty Seven [Member]
Entity Information [Line Items]
Title of 12(b) Security	8.00% First and Refunding Mortgage Bonds, due 2037
Trading Symbol	PEG37D
Security Exchange Name	NYSE
Public Service Electric and Gas Company [Member] | First and Refunding Mortgage Bonds Five Percent, Due Two Thousand Thirty Seven [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.00% First and Refunding Mortgage Bonds, due 2037
Trading Symbol	PEG37J
Security Exchange Name	NYSE

XML

Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Revenues		$ 2,421	$ 2,076	$ 6,176	$ 4,389
Operating Expenses [Abstract]
Energy Costs		604	765	1,686	2,010
Operation and Maintenance		744	751	1,487	1,545
Depreciation and Amortization		279	269	561	552
(Gains) Losses on Asset Dispositions and Impairments		0	(5)	0	38
Total Operating Expenses		1,627	1,780	3,734	4,145
OPERATING INCOME (LOSS)		794	296	2,442	244
Income from Equity Method Investments		0	7	1	11
Net Gains (Losses) on Trust Investments		57	(187)	103	(255)
Other Income (Deductions)		49	38	91	43
Non-Operating Pension and OPEB Credits (Costs)		29	94	57	188
Interest Expense		(185)	(150)	(365)	(287)
Income Before Income Taxes		744	98	2,329	(56)
Income Tax Benefit (Expense)		(153)	33	(451)	185
Net Income (Loss)	[1]	$ 591	$ 131	$ 1,878	$ 129
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC (shares)		497	497	497	499
DILUTED (shares)		500	500	500	502
EARNINGS PER SHARE:
BASIC (dollars per share)		$ 1.19	$ 0.26	$ 3.78	$ 0.26
DILUTED (dollars per share)		$ 1.18	$ 0.26	$ 3.76	$ 0.26
Public Service Electric and Gas Company [Member]
Operating Revenues		$ 1,662	$ 1,668	$ 3,955	$ 3,952
Operating Expenses [Abstract]
Energy Costs		551	630	1,535	1,598
Operation and Maintenance		429	434	889	897
Depreciation and Amortization		240	227	484	468
Total Operating Expenses		1,220	1,291	2,908	2,963
OPERATING INCOME (LOSS)		442	377	1,047	989
Net Gains (Losses) on Trust Investments		0	(2)	0	(2)
Other Income (Deductions)		23	22	44	41
Non-Operating Pension and OPEB Credits (Costs)		28	71	56	141
Interest Expense		(123)	(107)	(236)	(210)
Income Before Income Taxes		370	361	911	959
Income Tax Benefit (Expense)		(34)	(56)	(88)	(145)
Net Income (Loss)		$ 336	$ 305	$ 823	$ 814

[1] Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Income (Loss)	[1]	$ 591	$ 131	$ 1,878	$ 129
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit		(8)	(46)	18	(107)
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit		11	0	10	1
Pension/Other Postretirement Benefit (OPEB) adjustment, net of tax (expense) benefit		4	1	7	1
Other Comprehensive Income (Loss), net of tax		7	(45)	35	(105)
COMPREHENSIVE INCOME (LOSS)		598	86	1,913	24
Public Service Electric and Gas Company [Member]
Net Income (Loss)		336	305	823	814
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit		0	(1)	1	(4)
Other Comprehensive Income (Loss), net of tax		0	(1)	1	(4)
COMPREHENSIVE INCOME (LOSS)		$ 336	$ 304	$ 824	$ 810

[1] Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unrealized Gains (Losses) on Available-for-Sale Securities, tax	$ 6	$ 30	$ (11)	$ 69
Unrealized Gains (Losses) on Cash Flow Hedges, Tax	(5)	(1)	(4)	(1)
Pension/OPEB adjustment, tax	(1)	0	(3)	0
Public Service Electric and Gas Company [Member]
Unrealized Gains (Losses) on Available-for-Sale Securities, tax	$ 0	$ 1	$ 0	$ 2

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and Cash Equivalents	$ 547	$ 465
Accounts Receivable, net of allowance	1,422	1,944
Tax Receivable	8	79
Unbilled Revenues, net of allowance	190	322
Fuel	200	420
Materials and Supplies, net	645	540
Prepayments	365	93
Derivative Contracts	91	18
Regulatory Assets	358	369
Assets Held-for-sale	0	20
Other	37	33
Total Current Assets	3,863	4,303
PROPERTY, PLANT AND EQUIPMENT	47,193	45,924
Less: Accumulated Depreciation and Amortization	(10,333)	(9,982)
Net Property, Plant and Equipment	36,860	35,942
NONCURRENT ASSETS
Regulatory Assets	4,813	4,404
Operating Lease, Right-of-Use Asset	170	176
Long-Term Investments	302	624
Nuclear Decommissioning Trust (NDT) Fund	2,383	2,230
Long-Term Tax Receivable	0	5
Long-Term Receivable of Variable Interest Entities (VIEs)	562	551
Rabbi Trust Fund	185	183
Other Intangibles	14	14
Derivative Contracts	62	15
Other	291	271
Total Noncurrent Assets	8,782	8,473
Total Assets	49,505	48,718
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	2,075	1,575
Commercial Paper and Loans	1,197	2,200
Accounts Payable	1,050	1,271
Derivative Contracts	66	124
Accrued Interest	141	134
Accrued Taxes	11	12
Clean Energy Program	229	145
Obligation to Return Cash Collateral	92	290
Regulatory Liabilities	339	384
Other	550	545
Total Current Liabilities	5,750	6,680
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	6,345	5,725
Regulatory Liabilities	2,157	2,240
Operating Leases	166	169
Asset Retirement Obligations	1,525	1,499
Environmental Costs	219	231
Derivative Contracts	8	33
Long-Term Accrued Taxes	57	66
Other	193	199
Total Noncurrent Liabilities	12,308	11,814
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	16,394	16,495
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	5,054	5,065
Treasury Stock, at cost	(1,386)	(1,377)
Retained Earnings	11,900	10,591
Accumulated Other Comprehensive Income (Loss)	(515)	(550)
Total Stockholder's Equity	15,053	13,729
Total Capitalization	31,447	30,224
TOTAL LIABILITIES AND CAPITALIZATION	49,505	48,718
Consolidated Entity Excluding Variable Interest Entities (VIE)
NONCURRENT LIABILITIES
OPEB Costs	400	410
Accrued Pension Costs	691	705
Variable Interest Entity, Primary Beneficiary
NONCURRENT LIABILITIES
OPEB Costs	466	455
Accrued Pension Costs	81	82
Public Service Electric and Gas Company [Member]
CURRENT ASSETS
Cash and Cash Equivalents	126	220
Accounts Receivable, net of allowance	976	1,075
Unbilled Revenues, net of allowance	190	322
Materials and Supplies, net	405	307
Prepayments	235	7
Regulatory Assets	358	369
Other	37	32
Total Current Assets	2,327	2,332
PROPERTY, PLANT AND EQUIPMENT	42,272	41,045
Less: Accumulated Depreciation and Amortization	(8,449)	(8,215)
Net Property, Plant and Equipment	33,823	32,830
NONCURRENT ASSETS
Regulatory Assets	4,813	4,404
Operating Lease, Right-of-Use Asset	85	86
Long-Term Investments	132	143
Rabbi Trust Fund	33	32
Other	134	133
Total Noncurrent Assets	5,197	4,798
Total Assets	41,347	39,960
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	575	825
Commercial Paper and Loans	298	0
Accrued Interest	122	113
Clean Energy Program	229	145
Obligation to Return Cash Collateral	92	290
Regulatory Liabilities	339	384
Other	450	416
Total Current Liabilities	3,096	3,361
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)	5,638	5,348
Regulatory Liabilities	2,157	2,240
Operating Leases	76	77
Asset Retirement Obligations	384	384
OPEB Costs	246	255
Accrued Pension Costs	392	397
Environmental Costs	162	173
Long-Term Accrued Taxes	8	9
Other	165	163
Total Noncurrent Liabilities	9,228	9,046
COMMITMENTS AND CONTINGENT LIABILITIES
LONG-TERM DEBT
Total Long-Term Debt	12,517	11,871
STOCKHOLDER'S EQUITY
Common Stock, Value, Issued	892	892
Contributed Capital	1,170	1,170
Basis Adjustment	986	986
Retained Earnings	13,462	12,639
Accumulated Other Comprehensive Income (Loss)	(4)	(5)
Total Stockholder's Equity	16,506	15,682
Total Capitalization	29,023	27,553
TOTAL LIABILITIES AND CAPITALIZATION	41,347	39,960
Public Service Electric and Gas Company [Member] | Related Party
CURRENT LIABILITIES
Accounts Payable	296	485
Public Service Electric and Gas Company [Member] | Nonrelated Party
CURRENT LIABILITIES
Accounts Payable	$ 695	$ 703

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, allowance	$ 290	$ 323
Unbilled Revenues, allowance	$ 4	$ 16
Common Stock, authorized	1,000	1,000
Common Stock, issued	534	534
Treasury Stock, Shares	37	37
Public Service Electric and Gas Company [Member]
Accounts Receivable, allowance	$ 290	$ 323
Unbilled Revenues, allowance	$ 4	$ 16
Common Stock, authorized	150	150
Common Stock, issued	132	132
Common Stock, outstanding	132	132

XML

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	[1]	$ 1,878	$ 129
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization		561	552
Amortization of Nuclear Fuel		94	93
(Gains) Losses on Asset Dispositions and Impairments		0	38
Emission Allowances and Renewable Energy Credit Compliance Accrual		5	40
Provision for Deferred Income Taxes and ITC		377	(379)
Non-Cash Employee Benefit Plan (Credits) Costs		19	(120)
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives		(1,066)	951
Payments for Removal Costs		(82)	(63)
Net Change in Regulatory Assets and Liabilities		(189)	(188)
Net Realized (Gains) Losses and (Income) Expense from NDT Fund		(132)	222
Net Change in Certain Current Assets and Liabilities:
Tax Receivable		71	1
Accrued Taxes		(3)	(98)
Margin Deposit		1,095	(1,244)
Prepayments		(270)	(199)
Obligation to Return Cash Collateral		(198)	552
Other Current Assets and Liabilities		283	130
Employee Benefit Plan Funding and Related Payments		(21)	(16)
Other		13	45
Net Cash Provided By (Used In) Operating Activities		2,409	356
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(1,444)	(1,291)
Proceeds from Sale of Trust Investments		721	862
Purchases of Trust Investments		(742)	(876)
Proceeds from Equity Method Investment, Distribution, Return of Capital		290	0
Proceeds from Sales of Long-Lived Assets and Lease Investments		20	1,890
Other		36	(54)
Net Cash Provided By (Used In) Investing Activities		(1,119)	531
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans		247	(956)
Proceeds from Short-Term Loan		750	2,000
Repayments of Short-term Debt		(2,000)	(1,250)
Proceeds from Issuance of Other Long-term Debt		900	1,750
Repayments of Long-term Debt		500	0
Payments for Share Repurchase Program		0	(500)
Cash Dividends Paid on Common Stock		(569)	(541)
Other		(32)	(7)
Net Cash Provided By (Used In) Financing Activities		(1,204)	496
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash		86	1,383
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		511	863
Cash, Cash Equivalents and Restricted Cash at End of Period		597	2,246
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)		63	325
Interest Paid, Net of Amounts Capitalized		347	276
Accrued Property, Plant and Equipment Expenditures		413	381
Public Service Electric and Gas Company [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income		823	814
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization		484	468
Provision for Deferred Income Taxes and ITC		65	80
Non-Cash Employee Benefit Plan (Credits) Costs		7	(90)
Payments for Removal Costs		(82)	(63)
Net Change in Regulatory Assets and Liabilities		(189)	(188)
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues		229	11
Fuel, Materials and Supplies		(97)	(27)
Prepayments		(228)	(201)
Obligation to Return Cash Collateral		(198)	552
Accounts Payable		(67)	71
Accounts Receivable/Payable-Affiliated Companies, net		(189)	(133)
Other Current Assets and Liabilities		40	52
Employee Benefit Plan Funding and Related Payments		(11)	(8)
Other		44	26
Net Cash Provided By (Used In) Operating Activities		543	1,312
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(1,336)	(1,171)
Proceeds from Sale of Trust Investments		3	9
Purchases of Trust Investments		(2)	(8)
Solar Loan Investments		11	13
Other		1	3
Net Cash Provided By (Used In) Investing Activities		(1,323)	(1,154)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans		298	0
Proceeds from Issuance of Other Long-term Debt		900	500
Repayments of Long-term Debt		500	0
Other		(8)	(5)
Net Cash Provided By (Used In) Financing Activities		690	495
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash		(90)	653
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		266	339
Cash, Cash Equivalents and Restricted Cash at End of Period		176	992
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)		65	104
Interest Paid, Net of Amounts Capitalized		218	200
Accrued Property, Plant and Equipment Expenditures		$ 390	$ 349

[1] Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity - USD ($) shares in Millions, $ in Millions	Total		Common Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [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]
Shares, Outstanding			534			(30)
Total Stockholder's Equity	$ 14,438		$ 5,045	$ 10,639	$ (350)	$ (896)	$ 14,573	$ 892	$ 11,524	$ 1	$ 1,170	$ 986
Net Income	129	[1]		129			814		814
Other Comprehensive Income (Loss), Net of Tax	(105)				(105)		(4)			(4)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	24						810
Dividends, Common Stock, Cash	(541)			(541)	0
Treasury Stock, Shares, Acquired						(7)
Stockholders' Equity, Other	7		$ (7)	0	0	$ 14
Stockholders' Equity, Other Shares			0			0
Payments for Share Repurchase Program	(500)		$ 0			$ (500)
Other Comprehensive Income (Loss), Tax	$ 68						2
Common Stock, Dividends, Per Share, Cash Paid	$ 1.08
Shares, Outstanding			534			(37)
Total Stockholder's Equity	$ 13,598		$ 4,978	10,366	(410)	$ (1,336)	15,079	892	12,033	(2)	1,170	986
Net Income	131	[1]		131			305		305
Other Comprehensive Income (Loss), Net of Tax	(45)				(45)		(1)			(1)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	86						304
Dividends, Common Stock, Cash	(270)			(270)	0
Treasury Stock, Shares, Acquired			0			0
Stockholders' Equity, Other	14		$ 10	0	0	$ 4
Stockholders' Equity, Other Shares			0			0
Payments for Share Repurchase Program	0		$ 50			$ (50)
Other Comprehensive Income (Loss), Tax	$ 29						1
Common Stock, Dividends, Per Share, Cash Paid	$ 0.54
Shares, Outstanding			534			(37)
Total Stockholder's Equity	$ 13,428		$ 5,038	10,227	(455)	$ (1,382)	15,383	892	12,338	(3)	1,170	986
Shares, Outstanding			534			(37)
Total Stockholder's Equity	13,729		$ 5,065	10,591	(550)	$ (1,377)	15,682	892	12,639	(5)	1,170	986
Net Income	1,878	[1]		1,878			823		823
Other Comprehensive Income (Loss), Net of Tax	35				35		1			1
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	1,913						824
Dividends, Common Stock, Cash	(569)			(569)	0
Stockholders' Equity, Other	(20)		$ (11)	0	0	$ (9)
Stockholders' Equity, Other Shares			0			0
Payments for Share Repurchase Program	0
Other Comprehensive Income (Loss), Tax	$ (18)						0
Common Stock, Dividends, Per Share, Cash Paid	$ 1.14
Shares, Outstanding			534			(37)
Total Stockholder's Equity	$ 14,726		$ 5,045	11,594	(522)	$ (1,391)	16,170	892	13,126	(4)	1,170	986
Net Income	591	[1]		591			336		336
Other Comprehensive Income (Loss), Net of Tax	7				7		0			0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	598						336
Dividends, Common Stock, Cash	(285)			(285)	0
Stockholders' Equity, Other	14		$ 9	0	0	$ 5
Stockholders' Equity, Other Shares			0			0
Other Comprehensive Income (Loss), Tax	$ 0						0
Common Stock, Dividends, Per Share, Cash Paid	$ 0.57
Shares, Outstanding			534			(37)
Total Stockholder's Equity	$ 15,053		$ 5,054	$ 11,900	$ (515)	$ (1,386)	$ 16,506	$ 892	$ 13,462	$ (4)	$ 1,170	$ 986

[1] Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

XML

Condensed Consolidated Statements of Stockholders Equity Condensed Consolidated Statements of Stockholders Equity (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Other Comprehensive Income (Loss), Tax	$ 0	$ 29	$ (18)	$ 68
Common Stock, Dividends, Per Share, Cash Paid	$ 0.57	$ 0.54	$ 1.14	$ 1.08
Public Service Electric and Gas Company [Member]
Other Comprehensive Income (Loss), Tax	$ 0	$ 1	$ 0	$ 2

XML

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization and Basis of Presentation

Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•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), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

•PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate.

PSEG’s other direct wholly owned subsidiaries are: PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds lease investments; 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); 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, 2022.

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, 2022.

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, 2022) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2022
Cash and Cash Equivalents	$	220	$	245	$	465
Restricted Cash in Other Current Assets	27		—		27
Restricted Cash in Other Noncurrent Assets	19		—		19
Cash, Cash Equivalents and Restricted Cash	$	266	$	245	$	511
As of June 30, 2023
Cash and Cash Equivalents	$	126	$	421	$	547
Restricted Cash in Other Current Assets	30		—		30
Restricted Cash in Other Noncurrent Assets	20		—		20
Cash, Cash Equivalents and Restricted Cash	$	176	$	421	$	597

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

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 public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•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), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

•PSEG Power LLC (PSEG Power)—which is an energy supply company that integrates the operations of its merchant nuclear generating assets with its fuel supply functions through competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate.

PSEG’s other direct wholly owned subsidiaries are: PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds lease investments; 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); 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, 2022.

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, 2022.

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, 2022) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2022
Cash and Cash Equivalents	$	220	$	245	$	465
Restricted Cash in Other Current Assets	27		—		27
Restricted Cash in Other Noncurrent Assets	19		—		19
Cash, Cash Equivalents and Restricted Cash	$	266	$	245	$	511
As of June 30, 2023
Cash and Cash Equivalents	$	126	$	421	$	547
Restricted Cash in Other Current Assets	30		—		30
Restricted Cash in Other Noncurrent Assets	20		—		20
Cash, Cash Equivalents and Restricted Cash	$	176	$	421	$	597

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

XML

Revenues Revenues

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Text Block]

Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries 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.

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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. Prior to the sale of the fossil generation assets in 2022, PSEG Power also had significant sales in the New York Independent System Operator (NYISO) and the New England Independent System Operator (ISO-NE) regions.

PSEG Power primarily sells to the Independent System Operators (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. Historically, wholesale load contracts have been executed in the different 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. PSEG 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 December 2022, PJM called its first ISO-wide Maximum Generation Emergency Action, which triggered a Performance Assessment Interval (PAI) event. During the PAI, PSEG Power’s Salem 2 nuclear plant incurred penalties due to an unplanned outage during the second day of the event. Our remaining nuclear plants earned bonus payments during the entire event. Additional revenue has been recorded in 2023 upon clarification from the ISO on expected bonus payments and receipts to date. The estimated impact of Salem 2’s penalties and bonuses earned by the other units was not material to PSEG’s financial results in 2022 or 2023.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 Sales in the following tables. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments 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. 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 is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

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 12. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	784	$	—	$	—	$	784
Gas Distribution	274		—		—		274
Transmission	447		—		—		447
Electricity and Related Product Sales
PJM
Third-Party Sales	—		211		—		211
Sales to Affiliates	—		27		(27)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		26		—		26
Sales to Affiliates	—		115		(115)		—
Other Revenues from Contracts with Customers (B)	94		153		(1)		246
Total Revenues from Contracts with Customers	1,599		535		(143)		1,991
Revenues Unrelated to Contracts with Customers (C)	63		367		—		430
Total Operating Revenues	$	1,662	$	902	$	(143)	$	2,421

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	1,514	$	—	$	—	$	1,514
Gas Distribution	1,233		—		—		1,233
Transmission	872		—		—		872
Electricity and Related Product Sales
PJM
Third-Party Sales	—		487		—		487
Sales to Affiliates	—		58		(58)		—
NYISO	—		—		—		—
ISO-NE	—		6		—		6
Gas Sales
Third-Party Sales	—		112		—		112
Sales to Affiliates	—		648		(648)		—
Other Revenues from Contracts with Customers (B)	172		306		(2)		476
Total Revenues from Contracts with Customers	3,791		1,617		(708)		4,700
Revenues Unrelated to Contracts with Customers (C)	164		1,312		—		1,476
Total Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	836	$	—	$	—	$	836
Gas Distribution	317		—		—		317
Transmission	396		—		—		396
Electricity and Related Product Sales
PJM
Third-Party Sales	—		475		—		475
Sales to Affiliates	—		35		(35)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		77		—		77
Sales to Affiliates	—		202		(202)		—
Other Revenues from Contracts with Customers (B)	94		150		—		244
Total Revenues from Contracts with Customers	1,643		942		(237)		2,348
Revenues Unrelated to Contracts with Customers (C)	25		(297)		—		(272)
Total Operating Revenues	$	1,668	$	645	$	(237)	$	2,076

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	1,556	$	—	$	—	$	1,556
Gas Distribution	1,364		—		(1)		1,363
Transmission	788		—		—		788
Electricity and Related Product Sales
PJM
Third-Party Sales	—		1,057		—		1,057
Sales to Affiliates	—		91		(91)		—
NYISO	—		88		—		88
ISO-NE	—		89		—		89
Gas Sales
Third-Party Sales	—		213		—		213
Sales to Affiliates	—		728		(728)		—
Other Revenues from Contracts with Customers (B)	179		296		(1)		474
Total Revenues from Contracts with Customers	3,887		2,562		(821)		5,628
Revenues Unrelated to Contracts with Customers (C)	65		(1,304)		—		(1,239)
Total Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

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, 2023 and December 31, 2022. 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 20% of accounts receivable (including unbilled revenues) as of June 30, 2023 and December 31, 2022.

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 on 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 COVID-19 pandemic on the outstanding balances as of June 30, 2023. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of June 30, 2023, PSE&G had a deferred balance of $137 million from electric bad debts recorded as a Regulatory Asset. In addition, as of June 30, 2023, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 5. Rate Filings for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2023 and 2022:

		Three Months Ended June 30, 2023
		Millions
Balance as of March 31, 2023		$	319
Utility Customer and Other Accounts
	Provision	15
	Write-offs, net of Recoveries of $6 million	(40)
Balance as of June 30, 2023		$	294
		Six Months Ended June 30, 2023
		Millions
Balance as of January 1, 2023		$	339
Utility Customer and Other Accounts
	Provision	24
	Write-offs, net of Recoveries of $13 million	(69)
Balance as of June 30, 2023		$	294

		Three Months Ended June 30, 2022
		Millions
Balance as of March 31, 2022		$	351
Utility Customer and Other Accounts
	Provision	6
	Write-offs, net of Recoveries of $14 million	(22)
Balance as of June 30, 2022		$	335
		Six Months Ended June 30, 2022
		Millions
Balance as of January 1, 2022		$	337
Utility Customer and Other Accounts
	Provision	39
	Write-offs, net of Recoveries of $22 million	(41)
Balance as of June 30, 2022		$	335

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2023 and December 31, 2022.

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 energy and ancillary services sold directly to ISOs, wholesale load contracts and capacity sales which are executed in the different ISO regions, 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 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, 2023 or December 31, 2022. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of June 30, 2023 and December 31, 2022.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records 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:

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 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per MW-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$55	3,500

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG

Power’s monthly net sale or purchase position.

Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $27 million.

Amended OSA—PSEG LI entered into an amended OSA with LIPA effective April 2022. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2023 is approximately $42 million and is updated 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 which PSEG and its subsidiaries 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.

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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. Prior to the sale of the fossil generation assets in 2022, PSEG Power also had significant sales in the New York Independent System Operator (NYISO) and the New England Independent System Operator (ISO-NE) regions.

PSEG Power primarily sells to the Independent System Operators (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. Historically, wholesale load contracts have been executed in the different 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. PSEG 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 December 2022, PJM called its first ISO-wide Maximum Generation Emergency Action, which triggered a Performance Assessment Interval (PAI) event. During the PAI, PSEG Power’s Salem 2 nuclear plant incurred penalties due to an unplanned outage during the second day of the event. Our remaining nuclear plants earned bonus payments during the entire event. Additional revenue has been recorded in 2023 upon clarification from the ISO on expected bonus payments and receipts to date. The estimated impact of Salem 2’s penalties and bonuses earned by the other units was not material to PSEG’s financial results in 2022 or 2023.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 Sales in the following tables. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments 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. 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 is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

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 12. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	784	$	—	$	—	$	784
Gas Distribution	274		—		—		274
Transmission	447		—		—		447
Electricity and Related Product Sales
PJM
Third-Party Sales	—		211		—		211
Sales to Affiliates	—		27		(27)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		26		—		26
Sales to Affiliates	—		115		(115)		—
Other Revenues from Contracts with Customers (B)	94		153		(1)		246
Total Revenues from Contracts with Customers	1,599		535		(143)		1,991
Revenues Unrelated to Contracts with Customers (C)	63		367		—		430
Total Operating Revenues	$	1,662	$	902	$	(143)	$	2,421

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	1,514	$	—	$	—	$	1,514
Gas Distribution	1,233		—		—		1,233
Transmission	872		—		—		872
Electricity and Related Product Sales
PJM
Third-Party Sales	—		487		—		487
Sales to Affiliates	—		58		(58)		—
NYISO	—		—		—		—
ISO-NE	—		6		—		6
Gas Sales
Third-Party Sales	—		112		—		112
Sales to Affiliates	—		648		(648)		—
Other Revenues from Contracts with Customers (B)	172		306		(2)		476
Total Revenues from Contracts with Customers	3,791		1,617		(708)		4,700
Revenues Unrelated to Contracts with Customers (C)	164		1,312		—		1,476
Total Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	836	$	—	$	—	$	836
Gas Distribution	317		—		—		317
Transmission	396		—		—		396
Electricity and Related Product Sales
PJM
Third-Party Sales	—		475		—		475
Sales to Affiliates	—		35		(35)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		77		—		77
Sales to Affiliates	—		202		(202)		—
Other Revenues from Contracts with Customers (B)	94		150		—		244
Total Revenues from Contracts with Customers	1,643		942		(237)		2,348
Revenues Unrelated to Contracts with Customers (C)	25		(297)		—		(272)
Total Operating Revenues	$	1,668	$	645	$	(237)	$	2,076

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	1,556	$	—	$	—	$	1,556
Gas Distribution	1,364		—		(1)		1,363
Transmission	788		—		—		788
Electricity and Related Product Sales
PJM
Third-Party Sales	—		1,057		—		1,057
Sales to Affiliates	—		91		(91)		—
NYISO	—		88		—		88
ISO-NE	—		89		—		89
Gas Sales
Third-Party Sales	—		213		—		213
Sales to Affiliates	—		728		(728)		—
Other Revenues from Contracts with Customers (B)	179		296		(1)		474
Total Revenues from Contracts with Customers	3,887		2,562		(821)		5,628
Revenues Unrelated to Contracts with Customers (C)	65		(1,304)		—		(1,239)
Total Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

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, 2023 and December 31, 2022. 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 20% of accounts receivable (including unbilled revenues) as of June 30, 2023 and December 31, 2022.

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 on 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 COVID-19 pandemic on the outstanding balances as of June 30, 2023. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of June 30, 2023, PSE&G had a deferred balance of $137 million from electric bad debts recorded as a Regulatory Asset. In addition, as of June 30, 2023, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. See Note 5. Rate Filings for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and six months ended June 30, 2023 and 2022:

		Three Months Ended June 30, 2023
		Millions
Balance as of March 31, 2023		$	319
Utility Customer and Other Accounts
	Provision	15
	Write-offs, net of Recoveries of $6 million	(40)
Balance as of June 30, 2023		$	294
		Six Months Ended June 30, 2023
		Millions
Balance as of January 1, 2023		$	339
Utility Customer and Other Accounts
	Provision	24
	Write-offs, net of Recoveries of $13 million	(69)
Balance as of June 30, 2023		$	294

		Three Months Ended June 30, 2022
		Millions
Balance as of March 31, 2022		$	351
Utility Customer and Other Accounts
	Provision	6
	Write-offs, net of Recoveries of $14 million	(22)
Balance as of June 30, 2022		$	335
		Six Months Ended June 30, 2022
		Millions
Balance as of January 1, 2022		$	337
Utility Customer and Other Accounts
	Provision	39
	Write-offs, net of Recoveries of $22 million	(41)
Balance as of June 30, 2022		$	335

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of June 30, 2023 and December 31, 2022.

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 energy and ancillary services sold directly to ISOs, wholesale load contracts and capacity sales which are executed in the different ISO regions, 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 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, 2023 or December 31, 2022. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of June 30, 2023 and December 31, 2022.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records 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:

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 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per MW-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$55	3,500

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG

Power’s monthly net sale or purchase position.

Bilateral capacity contracts—Capacity obligations pursuant to contract terms through 2029 are anticipated to result in revenues totaling $27 million.

Amended OSA—PSEG LI entered into an amended OSA with LIPA effective April 2022. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2023 is approximately $42 million and is updated each year based on the change in the Consumer Price Index.

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Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions

6 Months Ended

Jun. 30, 2023

Early Plant Retirements [Abstract]

Early Plant Retirements/Asset Dispositions

Early Plant Retirements/Asset Dispositions and Impairments

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)). Each nuclear plant received ZEC revenue for approximately three years, through May 2022. That first eligibility period related to the award of ZECs from the April 2019 BPU Order has concluded.

In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 2022 at the same approximate $10 per MWh received during the prior ZEC period through May 2022 referenced above. As a result, each nuclear plant is receiving ZEC revenue for an additional three years starting June 2022. The terms and conditions of this April 2021 ZEC award are the same as the ZEC period through May 2022. In May 2021, the New Jersey Division of Rate Counsel filed an appeal with the New Jersey Appellate Division of the BPU’s April 2021 decision. PSEG cannot predict the outcome of this matter.

The award of ZECs attaches certain obligations, including an obligation to repay the ZECs in the event that a plant ceases operations during the period that it was awarded ZECs, subject to certain 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. Further, the ZEC payment may be adjusted by the BPU at any time to offset environmental or fuel diversity payments that a selected nuclear plant may receive from another source.

In August 2022, the Inflation Reduction Act (IRA) was signed into law expanding incentives promoting carbon-free generation. The enacted legislation established the Production Tax Credit (PTC) for electricity generation using nuclear energy set to begin in 2024 through 2032. The expected PTC rate is up to $15/MWh subject to adjustment based upon a facility’s gross receipts. The PTC rate and the gross receipts cap are subject to annual inflation adjustments. PSEG Power is continuing to analyze the impact of the IRA on its nuclear units, including additional future guidance from the U.S. Treasury and the impact of PTCs on expected ZEC payments.

PSEG Power may take all necessary steps to cease to operate all of these plants and will incur associated costs and accounting charges in the event that the financial condition of the plants is materially adversely impacted in the future. This decision may be based upon market conditions, including energy and capacity revenues, insufficient government financial support, or, in the case of the Salem nuclear plants, decisions by the Environmental Protection Agency and state environmental regulators regarding the implementation of Section 316(b) of the Clean Water Act (CWA) and related state regulations, or other factors. The associated costs and accounting charges may include, among other things, one-time impairment charges or accelerated Depreciation and Amortization Expense on the remaining carrying value of the plants, 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, which would result in a material adverse impact on PSEG’s results of operations.

Non-Nuclear

In May 2023, PSEG sold its 25% equity interest in Ocean Wind JV HoldCo, LLC. The sale proceeds approximated PSEG’s carrying value of the investment; therefore, no material gain or loss was recognized upon disposition.

In May 2023, PSEG Power entered into an agreement to sell its 50% ownership interest in Kalaeloa. The sale of PSEG Power’s limited and general partnership ownership interests closed in May and July 2023, respectively. The sale proceeds approximated PSEG Power's carrying value of the investment; therefore, no material gain or loss was recognized upon disposition.

In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain.

In February 2022, PSEG completed the sale of its fossil generating portfolio. As defined in each agreement, adjustments were required as a result of purchase price and working capital adjustments, including an adjustment for positive or negative cash flow of the fossil generating assets based on actual performance starting after December 31, 2021 through the respective closing dates. As a result, in 2022 PSEG Power recorded a pre-tax impairment of approximately $43 million.

PSEG Power has retained ownership of certain assets and liabilities excluded from the transactions primarily related to obligations under certain environmental regulations, including possible remediation obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA). The amounts for any such environmental remediation are not currently estimable, but will likely be material.

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Variable Interest Entities (VIEs)

6 Months Ended

Jun. 30, 2023

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 paid 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 payment 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 Operation and Maintenance (O&M) Expense, respectively. Servco recorded $129 million for each of the three months ended June 30, 2023 and 2022 and $257 million and $252 million for the six months ended June 30, 2023 and 2022, 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.

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Rate Filings

6 Months Ended

Jun. 30, 2023

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, 2022.

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC are as follows:

BGSS—In January and February 2023, PSE&G filed with the BPU two self-implementing BGSS rate reductions of 15 cents and 3 cents per therm, effective February 1, 2023 and March 1, 2023, respectively. These reductions resulted in a new BGSS rate of approximately 47 cents per therm effective March 1, 2023. In April 2023, the BPU gave final approval to PSE&G’s BGSS rate of 47 cents per therm.

In June 2023, PSE&G made its annual BGSS filing with the BPU requesting a decrease to its BGSS rate to approximately 40 cents per therm, effective October 1, 2023. This matter is pending.

CIP—In February 2023, the BPU gave final approval for PSE&G to recover approximately $52 million of deficient electric revenues that resulted from the 12-month period ended May 31, 2022, with approximately $18 million approved for recovery for the first year starting on the effective date of June 15, 2022 and the remaining $34 million to be recovered starting in June 2023.

In April 2023, the BPU gave final approval for PSE&G to recover approximately $53 million of deficient gas revenues that resulted from the 12-month period ended September 30, 2022, over one year effective October 1, 2022.

In May 2023, the BPU provisionally approved PSE&G's updated annual electric CIP petition to recover approximately $72 million of deficient electric revenues over two years that resulted from the 12-month period ended May 31, 2023, with new rates effective June 1, 2023.

In June 2023, PSE&G filed a gas CIP recovery petition seeking BPU approval to recover estimated deficient gas revenues of approximately $99 million for the 12-month period ending September 30, 2023, and an additional $11 million carryover underrecovery from the prior CIP period for a total request of $110 million. The revenue deficiency is the result of lower actual and estimated revenues as compared to a baseline established in PSE&G’s most recent distribution base rate proceeding. New rates are proposed to be effective October 1, 2023 and PSE&G expects to recover its deficiency over a one year period. This matter is pending.

COVID-19 Deferral—In May and June 2023, the BPU issued two Orders to all public utilities in New Jersey that stipulated a filing deadline for recovery of COVID-19 Regulatory Asset balances, and set forth certain filing requirements primarily related to recovery proposals to be included by each utility in their COVID-19 filings.

In July 2023, PSE&G filed a petition with the BPU in compliance with those Orders requesting recovery of its incremental costs associated with the COVID-19 pandemic. This matter is pending.

As of June 30, 2023, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders.

Energy Strong II—In April 2023, the BPU approved PSE&G’s updated filing for annual electric and gas revenue increases of $16 million and $4 million, respectively, effective May 1, 2023. These increases represent the return on and of Energy Strong II investments placed in service through January 2023.

In May 2023, PSE&G filed a petition seeking BPU approval to recover an annualized increase in electric revenue requirement of approximately $15 million associated with capitalized electric investment costs of the Energy Strong II program. This increase represents the return on and of actual and forecasted investments through July 31, 2023. This matter is pending.

Gas System Modernization Program II (GSMP II)—In May 2023, the BPU approved PSE&G’s updated GSMP II cost recovery filing to recover an annual gas revenue increase of approximately $11 million effective June 1, 2023. This increase represents the return on and of GSMP II investments placed in service through February 2023.

Green Program Recovery Charges (GPRC)—In May 2023, the BPU approved PSE&G’s 2022 updated GPRC filing for annual electric and gas revenue increases of $87 million and $5 million, respectively, with new rates effective June 1, 2023.

Additionally in May 2023, the BPU approved PSE&G’s petition to increase its Clean Energy Future-EE sub program investment (a component of GPRC) by $280 million and approved a nine-month extension to make investments.

In June 2023, PSE&G filed its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $38 million and $20 million in annual electric and gas revenues, respectively. This matter is pending.

Pension—In February 2023, the BPU approved an accounting order authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for ratemaking purposes. This methodology change for ratemaking purposes is effective for the calendar year ending December 31, 2023 and forward. As of June 30, 2023, PSE&G has deferred $30 million as a Regulatory Asset under this methodology.

Remediation Adjustment Charge (RAC)—In January 2023, PSE&G filed its RAC 30 petition with the BPU seeking recovery of approximately $44 million of net Manufactured Gas Plant (MGP) expenditures incurred from August 1, 2021 through July 31, 2022. This matter is pending.

SBC—In January 2023, PSE&G filed a petition to increase its annual electric and gas rates by approximately $52 million and $32 million, respectively, in order to recover electric and gas costs incurred or expected to be incurred through February 2024 under its EE and Renewable Energy and Social Programs. The increase to electric rates includes the impact of increased bad debt expense as a result of the negative economic impact of the coronavirus pandemic and the resulting impact of moratoriums on collections. This matter is pending.

Tax Adjustment Credit (TAC)—In July 2023, the BPU approved PSE&G’s updated 2022 TAC filing to increase annual electric revenues by approximately $17 million and decrease annual gas revenues by approximately $42 million, with new rates effective August 1, 2023.

Transmission Formula Rates—In June 2023, PSE&G filed with FERC its 2022 true-up adjustment pertaining to its transmission formula rates in effect for calendar year 2022, as established by its 2022 annual forecast filing. The June 2023 true-up filing resulted in a decrease in the 2022 annual revenue requirement of approximately $21 million less than the revenue

requirement numbers contained in the forecast filing. PSE&G had previously recognized the majority of the lower revenue requirement in its 2022 Consolidated Statement of Operations.ZEC Program—In January 2023, the BPU approved PSE&G’s petition to set the ZEC refund component of the tariff rate to zero effective February 1, 2023 as overcollections for the ZEC Energy Year ended May 31, 2022 totaling $1.3 million, including interest, were refunded to customers in 2022 through January 2023.

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, 2022.

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC are as follows:

BGSS—In January and February 2023, PSE&G filed with the BPU two self-implementing BGSS rate reductions of 15 cents and 3 cents per therm, effective February 1, 2023 and March 1, 2023, respectively. These reductions resulted in a new BGSS rate of approximately 47 cents per therm effective March 1, 2023. In April 2023, the BPU gave final approval to PSE&G’s BGSS rate of 47 cents per therm.

In June 2023, PSE&G made its annual BGSS filing with the BPU requesting a decrease to its BGSS rate to approximately 40 cents per therm, effective October 1, 2023. This matter is pending.

CIP—In February 2023, the BPU gave final approval for PSE&G to recover approximately $52 million of deficient electric revenues that resulted from the 12-month period ended May 31, 2022, with approximately $18 million approved for recovery for the first year starting on the effective date of June 15, 2022 and the remaining $34 million to be recovered starting in June 2023.

In April 2023, the BPU gave final approval for PSE&G to recover approximately $53 million of deficient gas revenues that resulted from the 12-month period ended September 30, 2022, over one year effective October 1, 2022.

In May 2023, the BPU provisionally approved PSE&G's updated annual electric CIP petition to recover approximately $72 million of deficient electric revenues over two years that resulted from the 12-month period ended May 31, 2023, with new rates effective June 1, 2023.

In June 2023, PSE&G filed a gas CIP recovery petition seeking BPU approval to recover estimated deficient gas revenues of approximately $99 million for the 12-month period ending September 30, 2023, and an additional $11 million carryover underrecovery from the prior CIP period for a total request of $110 million. The revenue deficiency is the result of lower actual and estimated revenues as compared to a baseline established in PSE&G’s most recent distribution base rate proceeding. New rates are proposed to be effective October 1, 2023 and PSE&G expects to recover its deficiency over a one year period. This matter is pending.

COVID-19 Deferral—In May and June 2023, the BPU issued two Orders to all public utilities in New Jersey that stipulated a filing deadline for recovery of COVID-19 Regulatory Asset balances, and set forth certain filing requirements primarily related to recovery proposals to be included by each utility in their COVID-19 filings.

In July 2023, PSE&G filed a petition with the BPU in compliance with those Orders requesting recovery of its incremental costs associated with the COVID-19 pandemic. This matter is pending.

As of June 30, 2023, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable. PSE&G expects its COVID-19 Regulatory Asset balance is probable of recovery under the BPU orders.

Energy Strong II—In April 2023, the BPU approved PSE&G’s updated filing for annual electric and gas revenue increases of $16 million and $4 million, respectively, effective May 1, 2023. These increases represent the return on and of Energy Strong II investments placed in service through January 2023.

In May 2023, PSE&G filed a petition seeking BPU approval to recover an annualized increase in electric revenue requirement of approximately $15 million associated with capitalized electric investment costs of the Energy Strong II program. This increase represents the return on and of actual and forecasted investments through July 31, 2023. This matter is pending.

Gas System Modernization Program II (GSMP II)—In May 2023, the BPU approved PSE&G’s updated GSMP II cost recovery filing to recover an annual gas revenue increase of approximately $11 million effective June 1, 2023. This increase represents the return on and of GSMP II investments placed in service through February 2023.

Green Program Recovery Charges (GPRC)—In May 2023, the BPU approved PSE&G’s 2022 updated GPRC filing for annual electric and gas revenue increases of $87 million and $5 million, respectively, with new rates effective June 1, 2023.

Additionally in May 2023, the BPU approved PSE&G’s petition to increase its Clean Energy Future-EE sub program investment (a component of GPRC) by $280 million and approved a nine-month extension to make investments.

In June 2023, PSE&G filed its 2023 GPRC cost recovery petition requesting BPU approval for recovery of increases of $38 million and $20 million in annual electric and gas revenues, respectively. This matter is pending.

Pension—In February 2023, the BPU approved an accounting order authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for ratemaking purposes. This methodology change for ratemaking purposes is effective for the calendar year ending December 31, 2023 and forward. As of June 30, 2023, PSE&G has deferred $30 million as a Regulatory Asset under this methodology.

Remediation Adjustment Charge (RAC)—In January 2023, PSE&G filed its RAC 30 petition with the BPU seeking recovery of approximately $44 million of net Manufactured Gas Plant (MGP) expenditures incurred from August 1, 2021 through July 31, 2022. This matter is pending.

SBC—In January 2023, PSE&G filed a petition to increase its annual electric and gas rates by approximately $52 million and $32 million, respectively, in order to recover electric and gas costs incurred or expected to be incurred through February 2024 under its EE and Renewable Energy and Social Programs. The increase to electric rates includes the impact of increased bad debt expense as a result of the negative economic impact of the coronavirus pandemic and the resulting impact of moratoriums on collections. This matter is pending.

Tax Adjustment Credit (TAC)—In July 2023, the BPU approved PSE&G’s updated 2022 TAC filing to increase annual electric revenues by approximately $17 million and decrease annual gas revenues by approximately $42 million, with new rates effective August 1, 2023.

Transmission Formula Rates—In June 2023, PSE&G filed with FERC its 2022 true-up adjustment pertaining to its transmission formula rates in effect for calendar year 2022, as established by its 2022 annual forecast filing. The June 2023 true-up filing resulted in a decrease in the 2022 annual revenue requirement of approximately $21 million less than the revenue

requirement numbers contained in the forecast filing. PSE&G had previously recognized the majority of the lower revenue requirement in its 2022 Consolidated Statement of Operations.ZEC Program—In January 2023, the BPU approved PSE&G’s petition to set the ZEC refund component of the tariff rate to zero effective February 1, 2023 as overcollections for the ZEC Energy Year ended May 31, 2022 totaling $1.3 million, including interest, were refunded to customers in 2022 through January 2023.

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Leases

6 Months Ended

Jun. 30, 2023

Leases

Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of June 30, 2023, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 7. 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, 2022 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years.

Energy Holdings is the lessor in leveraged leases. See Note 7. Financing Receivables.

Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with remaining terms through 2036, and in real estate assets with remaining terms through 2049. As of June 30, 2023, Energy Holdings’ property subject to these leases had a total carrying value of $30 million.

In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain.

The following is the operating lease income for the three months and six months ended June 30, 2023 and 2022:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
					Millions
Fixed Lease Income	$	6	$	8	$	12	$	16
Total Operating Lease Income	$	6	$	8	$	12	$	16

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, 2023, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 7. 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, 2022 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 and real estate assets. Rental income from these leases is included in Operating Revenues.

A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years.

Energy Holdings is the lessor in leveraged leases. See Note 7. Financing Receivables.

Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with remaining terms through 2036, and in real estate assets with remaining terms through 2049. As of June 30, 2023, Energy Holdings’ property subject to these leases had a total carrying value of $30 million.

In March 2023, Energy Holdings completed the sale of one of its domestic energy generating facilities and recorded an immaterial pre-tax gain.

The following is the operating lease income for the three months and six months ended June 30, 2023 and 2022:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
					Millions
Fixed Lease Income	$	6	$	8	$	12	$	16
Total Operating Lease Income	$	6	$	8	$	12	$	16

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Financing Receivables

6 Months Ended

Jun. 30, 2023

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, 2023, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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.”

	As of
Outstanding Loans by Class of Customer	June 30, 2023		December 31, 2022
	Millions
Commercial/Industrial	$	74	$	85
Residential	3		4
Total	77		89
Current Portion (included in Accounts Receivable)	(26)		(27)
Noncurrent Portion (included in Long-Term Investments)	$	51	$	62

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of June 30, 2023		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	7	prior to 2013	10 years	15 years
Solar Loan II	36		prior to 2015	10 years	15 years
Solar Loan III	34		largely funded as of June 30, 2023	10 years	10 years
Total	$	77

The average life of loans paid in full is eight 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, 2023 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in 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, 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.

Leveraged leases outstanding as of June 30, 2023 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of June 30, 2023 and December 31, 2022.

	As of
	June 30, 2023		December 31, 2022
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	223	$	249
Unearned and Deferred Income	(68)		(74)
Gross Investments in Leases	155		175
Deferred Tax Liabilities	(35)		(39)
Net Investments in Leases	$	120	$	136

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.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2023
	As of June 30, 2023
	Millions
AA	$	7
A-	43
BBB+ to BBB	173
Total	$	223

PSEG recorded no credit losses for the leveraged leases existing on June 30, 2023. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, 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.

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, 2023, none of the solar loans were impaired; however, in the event of a loan default, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan 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.”

	As of
Outstanding Loans by Class of Customer	June 30, 2023		December 31, 2022
	Millions
Commercial/Industrial	$	74	$	85
Residential	3		4
Total	77		89
Current Portion (included in Accounts Receivable)	(26)		(27)
Noncurrent Portion (included in Long-Term Investments)	$	51	$	62

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of June 30, 2023		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	7	prior to 2013	10 years	15 years
Solar Loan II	36		prior to 2015	10 years	15 years
Solar Loan III	34		largely funded as of June 30, 2023	10 years	10 years
Total	$	77

The average life of loans paid in full is eight 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, 2023 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in 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, 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.

Leveraged leases outstanding as of June 30, 2023 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of June 30, 2023 and December 31, 2022.

	As of
	June 30, 2023		December 31, 2022
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	223	$	249
Unearned and Deferred Income	(68)		(74)
Gross Investments in Leases	155		175
Deferred Tax Liabilities	(35)		(39)
Net Investments in Leases	$	120	$	136

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.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2023
	As of June 30, 2023
	Millions
AA	$	7
A-	43
BBB+ to BBB	173
Total	$	223

PSEG recorded no credit losses for the leveraged leases existing on June 30, 2023. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, 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.

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Trust Investments

6 Months Ended

Jun. 30, 2023

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.

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	458	$	300	$	(5)	$	753
International	361		94		(19)		436
Total Equity Securities	819		394		(24)		1,189
Available-for-Sale Debt Securities
Government	742		1		(82)		661
Corporate	585		1		(55)		531
Total Available-for-Sale Debt Securities	1,327		2		(137)		1,192
Total NDT Fund Investments (A)	$	2,146	$	396	$	(161)	$	2,381

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of June 30, 2023, which is part of the NDT Fund.

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	476	$	232	$	(12)	$	696
International	336		68		(28)		376
Total Equity Securities	812		300		(40)		1,072
Available-for-Sale Debt Securities
Government	721		—		(94)		627
Corporate	597		1		(69)		529
Total Available-for-Sale Debt Securities	1,318		1		(163)		1,156
Total NDT Fund Investments (A)	$	2,130	$	301	$	(203)	$	2,228

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of December 31, 2022, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(80) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2023. The portion of net unrealized gains (losses) recognized in the second quarter and first six months of 2023 related to equity securities still held as of June 30, 2023 was $59 million and $114 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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	32	$	14
Accounts Payable	$	23	$	6

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.

	As of June 30, 2023								As of December 31, 2022
	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	$	29	$	(3)	$	8	$	(2)	$	90	$	(10)	$	9	$	(2)
International	39		(4)		41		(15)		88		(12)		38		(16)
Total Equity Securities	68		(7)		49		(17)		178		(22)		47		(18)
Available-for-Sale Debt Securities
Government (B)	206		(6)		406		(76)		301		(27)		292		(67)
Corporate (C)	136		(3)		336		(52)		221		(21)		249		(48)
Total Available-for-Sale Debt Securities	342		(9)		742		(128)		522		(48)		541		(115)
NDT Trust Investments	$	410	$	(16)	$	791	$	(145)	$	700	$	(70)	$	588	$	(133)

(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)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will 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. PSEG Power 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 Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(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. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from NDT Fund Sales (A)	$	308	$	341	$	704	$	814
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	25	$	21	$	46	$	50
Gross Realized Losses	(28)		(31)		(55)		(65)
Net Realized Gains (Losses) on NDT Fund (B)	(3)		(10)		(9)		(15)
Net Unrealized Gains (Losses) on Equity Securities	60		(170)		111		(231)
Net Gains (Losses) on NDT Fund Investments	$	57	$	(180)	$	102	$	(246)

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of June 30, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	293
6 - 10 years	220
11 - 15 years	66
16 - 20 years	101
Over 20 years	492
Total NDT Available-for-Sale Debt Securities	$	1,192

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.

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	13	$	8	$	—	$	21
Available-for-Sale Debt Securities
Government	111		—		(19)		92
Corporate	85		—		(13)		72
Total Available-for-Sale Debt Securities	196		—		(32)		164
Total Rabbi Trust Investments	$	209	$	8	$	(32)	$	185

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	6	$	—	$	20
Available-for-Sale Debt Securities
Government	110		—		(21)		89
Corporate	89		—		(15)		74
Total Available-for-Sale Debt Securities	199		—		(36)		163
Total Rabbi Trust Investments	$	213	$	6	$	(36)	$	183

Net unrealized gains (losses) on debt securities of $(23) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2023. The portion of net unrealized gains (losses) recognized during the second quarter and first six months of 2023 related to equity securities still held as of June 30, 2023 was $1 million and $2 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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	1	$	—

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.

	As of June 30, 2023								As of December 31, 2022
	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)	$	16	$	(1)	$	75	$	(18)	$	32	$	(5)	$	57	$	(16)
Corporate (B)	14		(1)		55		(12)		35		(5)		39		(10)
Total Available-for-Sale Debt Securities	30		(2)		130		(30)		67		(10)		96		(26)
Rabbi Trust Investments	$	30	$	(2)	$	130	$	(30)	$	67	$	(10)	$	96	$	(26)

(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)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 corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from Rabbi Trust Sales	$	11	$	20	$	17	$	48
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	3	$	2	$	4	$	3
Gross Realized Losses	(4)		(4)		(5)		(6)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		(2)		(1)		(3)
Net Unrealized Gains (Losses) on Equity Securities	1		(5)		2		(6)
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	(7)	$	1	$	(9)

(A)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of June 30, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	25
6 - 10 years	20
11 - 15 years	10
16 - 20 years	14
Over 20 years	88
Total Rabbi Trust Available-for-Sale Debt Securities	$	164

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 PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
PSE&G	$	33	$	32
PSEG Power & Other	152		151
Total Rabbi Trust Investments	$	185	$	183

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.

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	458	$	300	$	(5)	$	753
International	361		94		(19)		436
Total Equity Securities	819		394		(24)		1,189
Available-for-Sale Debt Securities
Government	742		1		(82)		661
Corporate	585		1		(55)		531
Total Available-for-Sale Debt Securities	1,327		2		(137)		1,192
Total NDT Fund Investments (A)	$	2,146	$	396	$	(161)	$	2,381

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of June 30, 2023, which is part of the NDT Fund.

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	476	$	232	$	(12)	$	696
International	336		68		(28)		376
Total Equity Securities	812		300		(40)		1,072
Available-for-Sale Debt Securities
Government	721		—		(94)		627
Corporate	597		1		(69)		529
Total Available-for-Sale Debt Securities	1,318		1		(163)		1,156
Total NDT Fund Investments (A)	$	2,130	$	301	$	(203)	$	2,228

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of December 31, 2022, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(80) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2023. The portion of net unrealized gains (losses) recognized in the second quarter and first six months of 2023 related to equity securities still held as of June 30, 2023 was $59 million and $114 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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	32	$	14
Accounts Payable	$	23	$	6

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.

	As of June 30, 2023								As of December 31, 2022
	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	$	29	$	(3)	$	8	$	(2)	$	90	$	(10)	$	9	$	(2)
International	39		(4)		41		(15)		88		(12)		38		(16)
Total Equity Securities	68		(7)		49		(17)		178		(22)		47		(18)
Available-for-Sale Debt Securities
Government (B)	206		(6)		406		(76)		301		(27)		292		(67)
Corporate (C)	136		(3)		336		(52)		221		(21)		249		(48)
Total Available-for-Sale Debt Securities	342		(9)		742		(128)		522		(48)		541		(115)
NDT Trust Investments	$	410	$	(16)	$	791	$	(145)	$	700	$	(70)	$	588	$	(133)

(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)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will 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. PSEG Power 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 Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(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. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from NDT Fund Sales (A)	$	308	$	341	$	704	$	814
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	25	$	21	$	46	$	50
Gross Realized Losses	(28)		(31)		(55)		(65)
Net Realized Gains (Losses) on NDT Fund (B)	(3)		(10)		(9)		(15)
Net Unrealized Gains (Losses) on Equity Securities	60		(170)		111		(231)
Net Gains (Losses) on NDT Fund Investments	$	57	$	(180)	$	102	$	(246)

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of June 30, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	293
6 - 10 years	220
11 - 15 years	66
16 - 20 years	101
Over 20 years	492
Total NDT Available-for-Sale Debt Securities	$	1,192

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.

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	13	$	8	$	—	$	21
Available-for-Sale Debt Securities
Government	111		—		(19)		92
Corporate	85		—		(13)		72
Total Available-for-Sale Debt Securities	196		—		(32)		164
Total Rabbi Trust Investments	$	209	$	8	$	(32)	$	185

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	6	$	—	$	20
Available-for-Sale Debt Securities
Government	110		—		(21)		89
Corporate	89		—		(15)		74
Total Available-for-Sale Debt Securities	199		—		(36)		163
Total Rabbi Trust Investments	$	213	$	6	$	(36)	$	183

Net unrealized gains (losses) on debt securities of $(23) million (after-tax) were included in Accumulated Other Comprehensive Loss on PSEG’s Condensed Consolidated Balance Sheet as of June 30, 2023. The portion of net unrealized gains (losses) recognized during the second quarter and first six months of 2023 related to equity securities still held as of June 30, 2023 was $1 million and $2 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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	1	$	—

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.

	As of June 30, 2023								As of December 31, 2022
	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)	$	16	$	(1)	$	75	$	(18)	$	32	$	(5)	$	57	$	(16)
Corporate (B)	14		(1)		55		(12)		35		(5)		39		(10)
Total Available-for-Sale Debt Securities	30		(2)		130		(30)		67		(10)		96		(26)
Rabbi Trust Investments	$	30	$	(2)	$	130	$	(30)	$	67	$	(10)	$	96	$	(26)

(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)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 corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from Rabbi Trust Sales	$	11	$	20	$	17	$	48
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	3	$	2	$	4	$	3
Gross Realized Losses	(4)		(4)		(5)		(6)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		(2)		(1)		(3)
Net Unrealized Gains (Losses) on Equity Securities	1		(5)		2		(6)
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	(7)	$	1	$	(9)

(A)The cost of these securities was determined on the basis of specific identification.

The Rabbi Trust debt securities held as of June 30, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	25
6 - 10 years	20
11 - 15 years	10
16 - 20 years	14
Over 20 years	88
Total Rabbi Trust Available-for-Sale Debt Securities	$	164

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 PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
PSE&G	$	33	$	32
PSEG Power & Other	152		151
Total Rabbi Trust Investments	$	185	$	183

XML

Pension and OPEB

6 Months Ended

Jun. 30, 2023

Defined Benefit Plan Disclosure [Line Items]

Pension and Other Postretirement Benefits (OPEB)

Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers 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 and PSE&G 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 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 (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Net periodic benefit costs are reduced in 2023 as a result of an accounting order from the BPU authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for rate making purposes. See Note 5. Rate Filings. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	36	$	1	$	1	$	45	$	71	$	2	$	3
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	69		41		11		7		138		83		21		13
Expected Return on Plan Assets	(96)		(121)		(9)		(10)		(191)		(242)		(17)		(21)
Amortization of Net
Prior Service Credit	—		—		(13)		(32)		—		—		(26)		(64)
Actuarial Loss (Gain)	24		15		—		3		48		30		(1)		7
Non-Service Components of Pension and OPEB (Credits) Costs	(3)		(65)		(11)		(32)		(5)		(129)		(23)		(65)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
PSE&G	$	14	$	(17)	$	(10)	$	(28)	$	27	$	(35)	$	(20)	$	(55)
PSEG Power & Other	6		(12)		—		(3)		13		(23)		(1)		(7)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

PSEG does not plan to contribute to its pension and OPEB plans in 2023.

In July 2023, PSEG and Fiduciary Counselors Inc., as independent fiduciary of the Pension Plan of Public Service Enterprise Group Incorporated and Pension Plan of Public Service Enterprise Group Incorporated II (together, the Plans), entered into a commitment agreement (for a “lift-out”) with The Prudential Insurance Company of America (the Insurer) under which the Plans agreed to purchase a nonparticipating single premium group annuity contract that will transfer to the Insurer approximately $1 billion of the Plans’ defined benefit pension obligations and associated Plan assets related to certain pension benefits. The contract covers approximately 2,000 retirees from PSEG Power & Other, excluding Services (Participants). To the extent provided in the contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay benefits of each Participant that are due on and after December 31, 2023. The transaction will result in no changes to the amount of benefits payable to Participants.

As a result of the transaction, PSEG expects to recognize a one-time settlement charge in the range of $315 million to $360 million ($225 million to $260 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction. The charge is subject to finalization based on actuarial and other assumptions. PSEG expects the transaction to be completed in August 2023, subject to the satisfaction of closing conditions.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 4. 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’s pension-related revenues and costs were $4 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and $9 million and $15 million for the six months ended June 30, 2023 and 2022, respectively. The OPEB-related revenues earned and costs incurred were $3 million for each of the three months ended June 30, 2023 and 2022, and $6 million and $5 million for the six months ended June 30, 2023 and 2022, respectively.

Servco plans to contribute $18 million to its pension plan in 2023.

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 and Services administers 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 and PSE&G 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 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 (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Net periodic benefit costs are reduced in 2023 as a result of an accounting order from the BPU authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for rate making purposes. See Note 5. Rate Filings. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	36	$	1	$	1	$	45	$	71	$	2	$	3
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	69		41		11		7		138		83		21		13
Expected Return on Plan Assets	(96)		(121)		(9)		(10)		(191)		(242)		(17)		(21)
Amortization of Net
Prior Service Credit	—		—		(13)		(32)		—		—		(26)		(64)
Actuarial Loss (Gain)	24		15		—		3		48		30		(1)		7
Non-Service Components of Pension and OPEB (Credits) Costs	(3)		(65)		(11)		(32)		(5)		(129)		(23)		(65)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
PSE&G	$	14	$	(17)	$	(10)	$	(28)	$	27	$	(35)	$	(20)	$	(55)
PSEG Power & Other	6		(12)		—		(3)		13		(23)		(1)		(7)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

PSEG does not plan to contribute to its pension and OPEB plans in 2023.

In July 2023, PSEG and Fiduciary Counselors Inc., as independent fiduciary of the Pension Plan of Public Service Enterprise Group Incorporated and Pension Plan of Public Service Enterprise Group Incorporated II (together, the Plans), entered into a commitment agreement (for a “lift-out”) with The Prudential Insurance Company of America (the Insurer) under which the Plans agreed to purchase a nonparticipating single premium group annuity contract that will transfer to the Insurer approximately $1 billion of the Plans’ defined benefit pension obligations and associated Plan assets related to certain pension benefits. The contract covers approximately 2,000 retirees from PSEG Power & Other, excluding Services (Participants). To the extent provided in the contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay benefits of each Participant that are due on and after December 31, 2023. The transaction will result in no changes to the amount of benefits payable to Participants.

As a result of the transaction, PSEG expects to recognize a one-time settlement charge in the range of $315 million to $360 million ($225 million to $260 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction. The charge is subject to finalization based on actuarial and other assumptions. PSEG expects the transaction to be completed in August 2023, subject to the satisfaction of closing conditions.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 4. 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’s pension-related revenues and costs were $4 million and $7 million for the three months ended June 30, 2023 and 2022, respectively, and $9 million and $15 million for the six months ended June 30, 2023 and 2022, respectively. The OPEB-related revenues earned and costs incurred were $3 million for each of the three months ended June 30, 2023 and 2022, and $6 million and $5 million for the six months ended June 30, 2023 and 2022, respectively.

Servco plans to contribute $18 million to its pension plan in 2023.

XML

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2023

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

•support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and

•obtain credit.

PSEG Power is subject to

•counterparty collateral calls related to commodity contracts of its subsidiaries, and

•certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries.

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,

•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).

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, 2023 and December 31, 2022.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Face Value of Outstanding Guarantees	$	1,445	$	1,601
Exposure under Current Guarantees	$	80	$	198
Letters of Credit Margin Posted	$	13	$	87
Letters of Credit Margin Received	$	85	$	38
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(7)	$	(1)
Net Broker Balance Deposited (Received)	$	433	$	1,522
Additional Amounts Posted
Other Letters of Credit	$	180	$	156

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 12. 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.

The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work.

Occidental Chemical Corporation (Occidental) has voluntarily commenced design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. One lawsuit is currently paused, and the other is currently proceeding. PSEG cannot predict the outcome of the litigation.

The EPA has announced a proposed settlement with 85 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer.

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, 2023, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its assessment of the continued ability to recover such costs in its rates. PSEG Power has an Environmental Liability of $13 million.

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.

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 21 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.

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.

Hackensack River

In 2022, the EPA announced it had designated the lower 18.75 miles of the Hackensack River a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. The ultimate impact of this action on PSE&G and PSEG Power is currently unknown, but could be material.

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 $198 million and $219 million on an undiscounted basis, including its $53 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 $198 million as of June 30, 2023. Of this amount, $39 million was recorded in Other Current Liabilities and $159 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $198 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 completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy.

Legacy Environmental Obligations at Former Fossil Generating Sites

PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey ISRA and the CTA to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015.

PSEG Power is in the process of fulfilling its obligations under ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. The full remediation costs at each of the ten sites are not estimable, but will likely be material.

CWA Section 316(b) Rule

The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation of cooling water intake structures at

existing power plants and industrial facilities with a design flow of more than two million gallons of water per day.

In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System 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 granted the hearing request and may schedule a hearing after considering dispositive motions.

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. In August 2020, PSE&G finalized a settlement with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties of an immaterial amount.

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

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category 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 Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services 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, 2023 is $330.72 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2023 of $276.26 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:

	Auction Year
	2020	2021	2022	2023
36-Month Terms Ending	May 2023	May 2024	May 2025	May 2026	(A)
Load (MW)	2,800	2,900	2,800	2,800
$ per MWh	$102.16	$64.80	$76.30	$93.11

(A)Prices set in the 2023 BGS auction became effective on June 1, 2023 when the 2020 BGS auction agreements expired.

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 19. 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. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 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 minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom. Additionally, available contractual volume flexibility provides for approximately 100% coverage of expected requirements through 2027.

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.

As of June 30, 2023, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2027
	Millions
Nuclear Fuel
Uranium	$	379
Enrichment	$	309
Fabrication	$	183
Natural Gas	$	1,135

Pending FERC Matter

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

BPU Audit of PSE&G

In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which will address, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021 and data collection (written discovery and interviews) has concluded. The BPU Audit Staff are in the process of finalizing their report. 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, which at the time was 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 January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. 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 and PSE&G 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 or PSE&G’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 or PSE&G’s results of operations or liquidity for any particular reporting period.

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

•support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and

•obtain credit.

PSEG Power is subject to

•counterparty collateral calls related to commodity contracts of its subsidiaries, and

•certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries.

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,

•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).

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, 2023 and December 31, 2022.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Face Value of Outstanding Guarantees	$	1,445	$	1,601
Exposure under Current Guarantees	$	80	$	198
Letters of Credit Margin Posted	$	13	$	87
Letters of Credit Margin Received	$	85	$	38
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(7)	$	(1)
Net Broker Balance Deposited (Received)	$	433	$	1,522
Additional Amounts Posted
Other Letters of Credit	$	180	$	156

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 12. 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.

The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work.

Occidental Chemical Corporation (Occidental) has voluntarily commenced design of the cleanup plan for the Lower 8.3 miles, and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. One lawsuit is currently paused, and the other is currently proceeding. PSEG cannot predict the outcome of the litigation.

The EPA has announced a proposed settlement with 85 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer.

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, 2023, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its assessment of the continued ability to recover such costs in its rates. PSEG Power has an Environmental Liability of $13 million.

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.

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 21 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.

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.

Hackensack River

In 2022, the EPA announced it had designated the lower 18.75 miles of the Hackensack River a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. The ultimate impact of this action on PSE&G and PSEG Power is currently unknown, but could be material.

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 $198 million and $219 million on an undiscounted basis, including its $53 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 $198 million as of June 30, 2023. Of this amount, $39 million was recorded in Other Current Liabilities and $159 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $198 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 completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy.

Legacy Environmental Obligations at Former Fossil Generating Sites

PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey ISRA and the CTA to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015.

PSEG Power is in the process of fulfilling its obligations under ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. The full remediation costs at each of the ten sites are not estimable, but will likely be material.

CWA Section 316(b) Rule

The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation of cooling water intake structures at

existing power plants and industrial facilities with a design flow of more than two million gallons of water per day.

In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System 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 granted the hearing request and may schedule a hearing after considering dispositive motions.

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. In August 2020, PSE&G finalized a settlement with the federal government regarding the reimbursement of costs associated with the federal response to this matter and payment of civil penalties of an immaterial amount.

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

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category 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 Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services 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, 2023 is $330.72 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2023 of $276.26 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:

	Auction Year
	2020	2021	2022	2023
36-Month Terms Ending	May 2023	May 2024	May 2025	May 2026	(A)
Load (MW)	2,800	2,900	2,800	2,800
$ per MWh	$102.16	$64.80	$76.30	$93.11

(A)Prices set in the 2023 BGS auction became effective on June 1, 2023 when the 2020 BGS auction agreements expired.

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 19. 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. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period starting June 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 minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2026 and a significant portion through 2027 at Salem, Hope Creek and Peach Bottom. Additionally, available contractual volume flexibility provides for approximately 100% coverage of expected requirements through 2027.

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.

As of June 30, 2023, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2027
	Millions
Nuclear Fuel
Uranium	$	379
Enrichment	$	309
Fabrication	$	183
Natural Gas	$	1,135

Pending FERC Matter

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. In November 2021, FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated a FERC regulation. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

BPU Audit of PSE&G

In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which will address, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021 and data collection (written discovery and interviews) has concluded. The BPU Audit Staff are in the process of finalizing their report. 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, which at the time was 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 January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. 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 and PSE&G 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 or PSE&G’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 or PSE&G’s results of operations or liquidity for any particular reporting period.

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Debt and Credit Facilities

6 Months Ended

Jun. 30, 2023

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, 2023:

PSE&G

•issued $500 million of 4.65% Secured Medium-Term Notes (Green Bond), Series P, due March 2033,

•issued $400 million of 5.13% Secured Medium-Term Notes (Green Bond), Series P, due March 2053, and

•retired $500 million of 2.38% Secured Medium-Term Notes Series I, at maturity.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2023, the total available credit capacity was $3.5 billion.

As of June 30, 2023, no single institution represented more than 10% of the total commitments in the credit facilities.

As of June 30, 2023, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total committed credit facilities and available liquidity as of June 30, 2023 were as follows:

	As of June 30, 2023
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	152	$	1,348	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	152	$	1,348
PSE&G
Revolving Credit Facility	$	1,000	$	318	$	682	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	318	$	682
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		—		100		Apr 2025	Letters of Credit
Letter of Credit Facility	200		86		114		Sept 2024	Letters of Credit
Letter of Credit Facility	100		66		34		Apr 2024	Letters of Credit
Total PSEG Power	$	1,650	$	191	$	1,459
Total (C)	$	4,150	$	661	$	3,489

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.

(B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2023, PSEG had $149 million outstanding at a weighted average interest rate of 5.53% and PSE&G had $298 million outstanding at a weighted average interest rate of 5.49%.

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

A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be drawn to fund its cash collateral postings. As of June 30, 2023, there were no amounts outstanding under this facility.

Net Cash Collateral Postings

During the second half of 2021 and continuing into 2023, forward energy prices have demonstrated considerable price volatility. This has led to significant variations in PSEG Power’s collateral requirements. As of June 30, 2023, net cash collateral postings were approximately $426 million. While currently off their highs experienced during 2022, collateral postings could remain volatile in the future.

Short-Term Loans

PSEG

In January 2023, PSEG repaid $750 million of the $1.5 billion 364-day variable rate term loan that was issued in April 2022 and in April 2023 the remaining $750 million matured. In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In May 2023, PSEG’s $500 million 364-day variable rate term loan matured.

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, 2023:

PSE&G

•issued $500 million of 4.65% Secured Medium-Term Notes (Green Bond), Series P, due March 2033,

•issued $400 million of 5.13% Secured Medium-Term Notes (Green Bond), Series P, due March 2053, and

•retired $500 million of 2.38% Secured Medium-Term Notes Series I, at maturity.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2023, the total available credit capacity was $3.5 billion.

As of June 30, 2023, no single institution represented more than 10% of the total commitments in the credit facilities.

As of June 30, 2023, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total committed credit facilities and available liquidity as of June 30, 2023 were as follows:

	As of June 30, 2023
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	152	$	1,348	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	152	$	1,348
PSE&G
Revolving Credit Facility	$	1,000	$	318	$	682	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	318	$	682
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		—		100		Apr 2025	Letters of Credit
Letter of Credit Facility	200		86		114		Sept 2024	Letters of Credit
Letter of Credit Facility	100		66		34		Apr 2024	Letters of Credit
Total PSEG Power	$	1,650	$	191	$	1,459
Total (C)	$	4,150	$	661	$	3,489

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.

(B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2023, PSEG had $149 million outstanding at a weighted average interest rate of 5.53% and PSE&G had $298 million outstanding at a weighted average interest rate of 5.49%.

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

A subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be drawn to fund its cash collateral postings. As of June 30, 2023, there were no amounts outstanding under this facility.

Net Cash Collateral Postings

During the second half of 2021 and continuing into 2023, forward energy prices have demonstrated considerable price volatility. This has led to significant variations in PSEG Power’s collateral requirements. As of June 30, 2023, net cash collateral postings were approximately $426 million. While currently off their highs experienced during 2022, collateral postings could remain volatile in the future.

Short-Term Loans

PSEG

In January 2023, PSEG repaid $750 million of the $1.5 billion 364-day variable rate term loan that was issued in April 2022 and in April 2023 the remaining $750 million matured. In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In May 2023, PSEG’s $500 million 364-day variable rate term loan matured.

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Financial Risk Management Activities

6 Months Ended

Jun. 30, 2023

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 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, natural gas 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 10. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings.

Interest Rates

PSEG, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements.

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. The fair value of these hedges were $13 million and $1 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, PSEG had interest rate hedges outstanding totaling $900 million. PSEG executed these interest rate swaps to convert a portion of PSEG Power’s $1.25 billion variable rate term loan due March 2025 into fixed rate loans.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $7 million and $(3) million as of June 30, 2023 and December 31, 2022, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are $5 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. For additional information see Note 13. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of June 30, 2023 and December 31, 2022. The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of June 30, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	11	$	767	$	(687)	$	80	$	91
Noncurrent Assets	2		633		(573)		60		62
Total Mark-to-Market Derivative Assets	$	13	$	1,400	$	(1,260)	$	140	$	153
Derivative Contracts
Current Liabilities	$	—	$	(919)	$	853	$	(66)	$	(66)
Noncurrent Liabilities	—		(698)		690		(8)		(8)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,617)	$	1,543	$	(74)	$	(74)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	13	$	(217)	$	283	$	66	$	79

	As of December 31, 2022
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	4	$	1,721	$	(1,707)	$	14	$	18
Noncurrent Assets	—		629		(614)		15		15
Total Mark-to-Market Derivative Assets	$	4	$	2,350	$	(2,321)	$	29	$	33
Derivative Contracts
Current Liabilities	$	—	$	(2,447)	$	2,323	$	(124)	$	(124)
Noncurrent Liabilities	(3)		(1,139)		1,109		(30)		(33)
Total Mark-to-Market Derivative (Liabilities)	$	(3)	$	(3,586)	$	3,432	$	(154)	$	(157)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	1	$	(1,236)	$	1,111	$	(125)	$	(124)

(A)     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, 2023 and December 31, 2022, PSEG Power had net cash collateral (receipts) payments to counterparties of $426 million and $1,521 million, respectively. Of these net cash collateral (receipts) payments, $283 million and $1,111 million as of June 30, 2023 and December 31, 2022, respectively, were netted against the corresponding net derivative contract positions. Of the $283 million as of June 30, 2023, $(5) million was netted against current assets, $(1) million against noncurrent assets, $171 million against current liabilities and $118 million against noncurrent liabilities. Of the $1,111 million as of December 31, 2022, $616 million was netted against current liabilities and $495 million against noncurrent liabilities.

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 two level downgrade from its current Moody’s and S&P 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 $76 million as of June 30, 2023 and $190 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, PSEG Power had the contractual right of offset of $5 million and $41 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 $71 million and $149 million as of June 30, 2023 and December 31, 2022, 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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months and six months ended June 30, 2023 and 2022:

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Three Months Ended					Three Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	17	$	—	Interest Expense	$	1	$	(1)
Total PSEG	$	17	$	—		$	1	$	(1)

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Six Months Ended					Six Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	14	$	—	Interest Expense	$	—	$	(2)
Total PSEG	$	14	$	—		$	—	$	(2)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the six months ended June 30, 2023 and 2022, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was less than $1 million and $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL of PSEG on a pre-tax and after-tax basis.

Accumulated Other Comprehensive Income (Loss)	Pre-Tax		After-Tax
	Millions
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	5		3
Balance as of December 31, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	14		10
Less: Loss Reclassified into Income	—		—
Balance as of June 30, 2023	$	10	$	7

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, 2023 and 2022, 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.

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,
		2023		2022		2023		2022
		Millions				Millions
Energy-Related Contracts	Operating Revenues	$	339	$	(354)	$	1,241	$	(1,398)
Energy-Related Contracts	Energy Costs	(1)		(1)		—		(1)
Total		$	338	$	(355)	$	1,241	$	(1,399)

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2023 and December 31, 2022.

		As of	As of
Type	Notional	June 30, 2023	December 31, 2022
		Millions
Natural Gas	Dekatherm (Dth)	52	49
Electricity	MWh	(63)	(60)
Financial Transmission Rights (FTRs)	MWh	31	24
Interest Rate Swaps	U.S. Dollars	900	1,050

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’s financial condition, results of operations or net cash flows.

As of June 30, 2023, nearly 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 19. Related-Party Transactions for additional information.

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 guarantee 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, 2023, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2023, PSE&G had no unsecured mark-to-market credit exposure with its suppliers.

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 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, natural gas 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 10. Commitments and Contingent Liabilities. Changes in the fair market value of these derivative contracts are recorded in earnings.

Interest Rates

PSEG, PSE&G and PSEG Power 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. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt, interest rate swaps and interest rate lock agreements.

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. The fair value of these hedges were $13 million and $1 million as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, PSEG had interest rate hedges outstanding totaling $900 million. PSEG executed these interest rate swaps to convert a portion of PSEG Power’s $1.25 billion variable rate term loan due March 2025 into fixed rate loans.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate derivatives designated as cash flow hedges was $7 million and $(3) million as of June 30, 2023 and December 31, 2022, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months are $5 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. For additional information see Note 13. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of June 30, 2023 and December 31, 2022. The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of June 30, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	11	$	767	$	(687)	$	80	$	91
Noncurrent Assets	2		633		(573)		60		62
Total Mark-to-Market Derivative Assets	$	13	$	1,400	$	(1,260)	$	140	$	153
Derivative Contracts
Current Liabilities	$	—	$	(919)	$	853	$	(66)	$	(66)
Noncurrent Liabilities	—		(698)		690		(8)		(8)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,617)	$	1,543	$	(74)	$	(74)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	13	$	(217)	$	283	$	66	$	79

	As of December 31, 2022
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	4	$	1,721	$	(1,707)	$	14	$	18
Noncurrent Assets	—		629		(614)		15		15
Total Mark-to-Market Derivative Assets	$	4	$	2,350	$	(2,321)	$	29	$	33
Derivative Contracts
Current Liabilities	$	—	$	(2,447)	$	2,323	$	(124)	$	(124)
Noncurrent Liabilities	(3)		(1,139)		1,109		(30)		(33)
Total Mark-to-Market Derivative (Liabilities)	$	(3)	$	(3,586)	$	3,432	$	(154)	$	(157)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	1	$	(1,236)	$	1,111	$	(125)	$	(124)

(A)     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, 2023 and December 31, 2022, PSEG Power had net cash collateral (receipts) payments to counterparties of $426 million and $1,521 million, respectively. Of these net cash collateral (receipts) payments, $283 million and $1,111 million as of June 30, 2023 and December 31, 2022, respectively, were netted against the corresponding net derivative contract positions. Of the $283 million as of June 30, 2023, $(5) million was netted against current assets, $(1) million against noncurrent assets, $171 million against current liabilities and $118 million against noncurrent liabilities. Of the $1,111 million as of December 31, 2022, $616 million was netted against current liabilities and $495 million against noncurrent liabilities.

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 two level downgrade from its current Moody’s and S&P 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 $76 million as of June 30, 2023 and $190 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, PSEG Power had the contractual right of offset of $5 million and $41 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 $71 million and $149 million as of June 30, 2023 and December 31, 2022, 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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months and six months ended June 30, 2023 and 2022:

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Three Months Ended					Three Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	17	$	—	Interest Expense	$	1	$	(1)
Total PSEG	$	17	$	—		$	1	$	(1)

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Six Months Ended					Six Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	14	$	—	Interest Expense	$	—	$	(2)
Total PSEG	$	14	$	—		$	—	$	(2)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the six months ended June 30, 2023 and 2022, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was less than $1 million and $(1) million after-tax, respectively.

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL of PSEG on a pre-tax and after-tax basis.

Accumulated Other Comprehensive Income (Loss)	Pre-Tax		After-Tax
	Millions
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	5		3
Balance as of December 31, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	14		10
Less: Loss Reclassified into Income	—		—
Balance as of June 30, 2023	$	10	$	7

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, 2023 and 2022, 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.

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,
		2023		2022		2023		2022
		Millions				Millions
Energy-Related Contracts	Operating Revenues	$	339	$	(354)	$	1,241	$	(1,398)
Energy-Related Contracts	Energy Costs	(1)		(1)		—		(1)
Total		$	338	$	(355)	$	1,241	$	(1,399)

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of June 30, 2023 and December 31, 2022.

		As of	As of
Type	Notional	June 30, 2023	December 31, 2022
		Millions
Natural Gas	Dekatherm (Dth)	52	49
Electricity	MWh	(63)	(60)
Financial Transmission Rights (FTRs)	MWh	31	24
Interest Rate Swaps	U.S. Dollars	900	1,050

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’s financial condition, results of operations or net cash flows.

As of June 30, 2023, nearly 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 19. Related-Party Transactions for additional information.

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 guarantee 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, 2023, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of June 30, 2023, PSE&G had no unsecured mark-to-market credit exposure with its suppliers.

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.

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

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 and PSE&G 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.

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, 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.

	Recurring Fair Value Measurements as of June 30, 2023
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)	$	480	$	—	$	480	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	140	$	(1,260)	$	5	$	1,395	$	—
Interest Rate Swaps (C)	$	13	$	—	$	—	$	13	$	—
NDT Fund (D)
Equity Securities	$	1,189	$	—	$	1,189	$	—	$	—
Debt Securities—U.S. Treasury	$	277	$	—	$	—	$	277	$	—
Debt Securities—Govt Other	$	384	$	—	$	—	$	384	$	—
Debt Securities—Corporate	$	531	$	—	$	—	$	531	$	—
Rabbi Trust (D)
Equity Securities	$	21	$	—	$	21	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	33	$	—	$	—	$	33	$	—
Debt Securities—Corporate	$	72	$	—	$	—	$	72	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(74)	$	1,543	$	(1)	$	(1,612)	$	(4)
PSE&G
Assets:
Cash Equivalents (A)	$	100	$	—	$	100	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

	Recurring Fair Value Measurements as of December 31, 2022
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)	$	385	$	—	$	385	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	29	$	(2,321)	$	42	$	2,307	$	1
Interest Rate Swaps (C)	$	4	$	—	$	—	$	4	$	—
NDT Fund (D)
Equity Securities	$	1,072	$	—	$	1,072	$	—	$	—
Debt Securities—U.S. Treasury	$	288	$	—	$	—	$	288	$	—
Debt Securities—Govt Other	$	339	$	—	$	—	$	339	$	—
Debt Securities—Corporate	$	529	$	—	$	—	$	529	$	—
Rabbi Trust (D)
Equity Securities	$	20	$	—	$	20	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	74	$	—	$	—	$	74	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(154)	$	3,432	$	(3)	$	(3,537)	$	(46)
Interest Rate Swaps (C)	$	(3)	$	—	$	—	$	(3)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	165	$	—	$	165	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

(A)Represents money market mutual funds.

(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.

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.

(C)Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $2 million in the NDT Fund as of June 30, 2023 and December 31, 2022. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These

securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

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. 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.

(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 12. Financial Risk Management Activities for additional detail.

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 non-performance 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 non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements.

As of June 30, 2023, PSEG carried $3.1 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

As of June 30, 2022, PSEG carried $4.5 billion of net assets that are measured at fair value on a recurring basis, of which $10 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

There were no transfers to or from Level 3 during the six months ended June 30, 2023 and 2022, respectively.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of June 30, 2023 and December 31, 2022 are included in the following table and accompanying notes.

	As of				As of
	June 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,127	$	3,828	$	4,124	$	3,808
PSE&G (A)	13,092		11,603		12,696		11,106
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	18,469	$	16,681	$	18,070	$	16,164

(A)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 using market-based measurements that are processed through a rules-based pricing 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.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

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 and PSE&G 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.

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, 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.

	Recurring Fair Value Measurements as of June 30, 2023
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)	$	480	$	—	$	480	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	140	$	(1,260)	$	5	$	1,395	$	—
Interest Rate Swaps (C)	$	13	$	—	$	—	$	13	$	—
NDT Fund (D)
Equity Securities	$	1,189	$	—	$	1,189	$	—	$	—
Debt Securities—U.S. Treasury	$	277	$	—	$	—	$	277	$	—
Debt Securities—Govt Other	$	384	$	—	$	—	$	384	$	—
Debt Securities—Corporate	$	531	$	—	$	—	$	531	$	—
Rabbi Trust (D)
Equity Securities	$	21	$	—	$	21	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	33	$	—	$	—	$	33	$	—
Debt Securities—Corporate	$	72	$	—	$	—	$	72	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(74)	$	1,543	$	(1)	$	(1,612)	$	(4)
PSE&G
Assets:
Cash Equivalents (A)	$	100	$	—	$	100	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

	Recurring Fair Value Measurements as of December 31, 2022
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)	$	385	$	—	$	385	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	29	$	(2,321)	$	42	$	2,307	$	1
Interest Rate Swaps (C)	$	4	$	—	$	—	$	4	$	—
NDT Fund (D)
Equity Securities	$	1,072	$	—	$	1,072	$	—	$	—
Debt Securities—U.S. Treasury	$	288	$	—	$	—	$	288	$	—
Debt Securities—Govt Other	$	339	$	—	$	—	$	339	$	—
Debt Securities—Corporate	$	529	$	—	$	—	$	529	$	—
Rabbi Trust (D)
Equity Securities	$	20	$	—	$	20	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	74	$	—	$	—	$	74	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(154)	$	3,432	$	(3)	$	(3,537)	$	(46)
Interest Rate Swaps (C)	$	(3)	$	—	$	—	$	(3)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	165	$	—	$	165	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

(A)Represents money market mutual funds.

(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.

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.

(C)Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $2 million in the NDT Fund as of June 30, 2023 and December 31, 2022. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These

securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

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. 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.

(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 12. Financial Risk Management Activities for additional detail.

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 non-performance 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 non-performance risk by counterparty. The impacts of credit and non-performance risk were not material to the financial statements.

As of June 30, 2023, PSEG carried $3.1 billion of net assets that are measured at fair value on a recurring basis, of which $4 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

As of June 30, 2022, PSEG carried $4.5 billion of net assets that are measured at fair value on a recurring basis, of which $10 million of net liabilities were measured using unobservable inputs and classified as Level 3 within the fair value hierarchy and are considered immaterial.

There were no transfers to or from Level 3 during the six months ended June 30, 2023 and 2022, respectively.

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of June 30, 2023 and December 31, 2022 are included in the following table and accompanying notes.

	As of				As of
	June 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,127	$	3,828	$	4,124	$	3,808
PSE&G (A)	13,092		11,603		12,696		11,106
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	18,469	$	16,681	$	18,070	$	16,164

(A)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 using market-based measurements that are processed through a rules-based pricing 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.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

XML

Other Income (Deductions)

6 Months Ended

Jun. 30, 2023

Component of Other Income (Deductions) [Line Items]

Other Income (Deductions)

Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	19	$	19
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	5		9		14
Other	1		(2)		(1)
Total Other Income (Deductions)	$	23	$	26	$	49
Six Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	34	$	34
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	4		—		4
Other Interest	7		16		23
Other	3		(3)		—
Total Other Income (Deductions)	$	44	$	47	$	91
Three Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	16	$	16
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Other Interest	2		2		4
Other	2		(2)		—
Total Other Income (Deductions)	$	22	$	16	$	38
Six Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	30	$	30
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	6		—		6
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other Interest	2		2		4
Other	3		(3)		—
Total Other Income (Deductions)	$	41	$	2	$	43

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG ( parent company) and intercompany eliminations.

Public Service Electric and Gas Company [Member]

Component of Other Income (Deductions) [Line Items]

Other Income (Deductions)

Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	19	$	19
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	5		9		14
Other	1		(2)		(1)
Total Other Income (Deductions)	$	23	$	26	$	49
Six Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	34	$	34
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	4		—		4
Other Interest	7		16		23
Other	3		(3)		—
Total Other Income (Deductions)	$	44	$	47	$	91
Three Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	16	$	16
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Other Interest	2		2		4
Other	2		(2)		—
Total Other Income (Deductions)	$	22	$	16	$	38
Six Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	30	$	30
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	6		—		6
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other Interest	2		2		4
Other	3		(3)		—
Total Other Income (Deductions)	$	41	$	2	$	43

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG ( parent company) and intercompany eliminations.

XML

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Taxes [Line Items]

Income Taxes

Income Taxes

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income (Loss)	$	744		$	98		$	2,329		$	(56)
Tax Computed at Statutory Rate @ 21%	$	156		$	21		$	489		$	(12)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	50			6			158			(22)
NDT Fund	7			(18)			13			(24)
Uncertain Tax Positions	(1)			—			(7)			(2)
Leasing Activities	—			—			(17)			—
GPRC-CEF-EE	(8)			(8)			(24)			(14)
Tax Credits	(3)			(2)			(5)			(4)
Estimated Annual Effective Tax Rate Interim Period Adjustment	7			4			(16)			(8)
TAC	(51)			(32)			(126)			(106)
Other	(4)			(4)			(14)			7
Subtotal	(3)			(54)			(38)			(173)
Total Income Tax Expense (Benefit)	$	153		$	(33)		$	451		$	(185)
Effective Income Tax Rate	20.6		%	(33.7)		%	19.4		%	N/A

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSE&G	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income	$	370		$	361		$	911		$	959
Tax Computed at Statutory Rate @ 21%	$	78		$	76		$	191		$	201
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	30			25			68			67
Uncertain Tax Positions	(6)			—			(6)			—
Tax Credits	(3)			(2)			(5)			(4)
GPRC-CEF-EE	(8)			(8)			(24)			(14)
TAC	(51)			(32)			(126)			(106)
Other	(6)			(3)			(10)			1
Subtotal	(44)			(20)			(103)			(56)
Total Income Tax Expense (Benefit)	$	34		$	56		$	88		$	145
Effective Income Tax Rate	9.2		%	15.5		%	9.7		%	15.1		%

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

A prolonged economic recovery can result in the enactment of additional federal and state tax legislation. Enactment of additional legislation and clarification of prior enacted tax laws could impact PSEG’s and PSE&G’s financial statements.

In August 2022, the IRA was signed into law. The IRA made certain changes to existing energy tax credit laws and enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023. Changes to the energy tax credit laws include: increases to the PTC rate, a new PTC for electricity generation using nuclear energy, expanded technologies that are eligible for energy tax credits, and the transferability of the energy tax credits. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments for additional information on the nuclear PTC.

Since the enactment of the IRA, the U.S. Treasury issued various Notices that provide interim guidance on several provisions of the IRA, including the CAMT. The Notices state that the U.S. Treasury anticipates issuing additional guidance including proposed and final regulations. Many aspects of the IRA remain unclear and in need of further guidance; therefore, the impact the IRA will have on PSEG's and PSE&G's financial statements is subject to continued evaluation.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas transmission and distribution property. The impact, if any, this may have on PSEG and PSE&G’s financial statements has not yet been determined.

As of June 30, 2023, PSEG had a $44 million state net operating loss (NOL) and PSE&G had a $50 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

Public Service Electric and Gas Company [Member]

Income Taxes [Line Items]

Income Taxes

Income Taxes

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income (Loss)	$	744		$	98		$	2,329		$	(56)
Tax Computed at Statutory Rate @ 21%	$	156		$	21		$	489		$	(12)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	50			6			158			(22)
NDT Fund	7			(18)			13			(24)
Uncertain Tax Positions	(1)			—			(7)			(2)
Leasing Activities	—			—			(17)			—
GPRC-CEF-EE	(8)			(8)			(24)			(14)
Tax Credits	(3)			(2)			(5)			(4)
Estimated Annual Effective Tax Rate Interim Period Adjustment	7			4			(16)			(8)
TAC	(51)			(32)			(126)			(106)
Other	(4)			(4)			(14)			7
Subtotal	(3)			(54)			(38)			(173)
Total Income Tax Expense (Benefit)	$	153		$	(33)		$	451		$	(185)
Effective Income Tax Rate	20.6		%	(33.7)		%	19.4		%	N/A

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSE&G	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income	$	370		$	361		$	911		$	959
Tax Computed at Statutory Rate @ 21%	$	78		$	76		$	191		$	201
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	30			25			68			67
Uncertain Tax Positions	(6)			—			(6)			—
Tax Credits	(3)			(2)			(5)			(4)
GPRC-CEF-EE	(8)			(8)			(24)			(14)
TAC	(51)			(32)			(126)			(106)
Other	(6)			(3)			(10)			1
Subtotal	(44)			(20)			(103)			(56)
Total Income Tax Expense (Benefit)	$	34		$	56		$	88		$	145
Effective Income Tax Rate	9.2		%	15.5		%	9.7		%	15.1		%

PSEG’s and PSE&G’s total income tax expense (benefit) for interim periods is determined using an estimated annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, PSEG and PSE&G update the respective estimated annual effective tax rates, and if the estimated tax rate changes, PSEG and PSE&G make cumulative adjustments.

A prolonged economic recovery can result in the enactment of additional federal and state tax legislation. Enactment of additional legislation and clarification of prior enacted tax laws could impact PSEG’s and PSE&G’s financial statements.

In August 2022, the IRA was signed into law. The IRA made certain changes to existing energy tax credit laws and enacted a new 15% corporate alternative minimum tax (CAMT), effective in 2023. Changes to the energy tax credit laws include: increases to the PTC rate, a new PTC for electricity generation using nuclear energy, expanded technologies that are eligible for energy tax credits, and the transferability of the energy tax credits. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments for additional information on the nuclear PTC.

Since the enactment of the IRA, the U.S. Treasury issued various Notices that provide interim guidance on several provisions of the IRA, including the CAMT. The Notices state that the U.S. Treasury anticipates issuing additional guidance including proposed and final regulations. Many aspects of the IRA remain unclear and in need of further guidance; therefore, the impact the IRA will have on PSEG's and PSE&G's financial statements is subject to continued evaluation.

In April 2023, the U.S. Treasury issued Revenue Procedure 2023-15 that provides a safe harbor method of accounting to determine the annual repair tax deduction for gas transmission and distribution property. The impact, if any, this may have on PSEG and PSE&G’s financial statements has not yet been determined.

As of June 30, 2023, PSEG had a $44 million state net operating loss (NOL) and PSE&G had a $50 million New Jersey Corporate Business Tax NOL that are both expected to be fully realized in the future.

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Accumulated Other Comprehensive Income (Loss), Net of Tax

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss), Net of Tax

	Three Months Ended June 30, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of March 31, 2023	$	(4)	$	(423)	$	(95)	$	(522)
Other Comprehensive Income (Loss) before Reclassifications	12		—		(12)		—
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(1)		4		4		7
Net Current Period Other Comprehensive Income (Loss)	11		4		(8)		7
Balance as of June 30, 2023	$	7	$	(419)	$	(103)	$	(515)
	Three Months Ended June 30, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of March 31, 2022	$	(5)	$	(355)	$	(50)	$	(410)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(53)		(53)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		1		7		8
Net Current Period Other Comprehensive Income (Loss)	—		1		(46)		(45)
Balance as of June 30, 2022	$	(5)	$	(354)	$	(96)	$	(455)
	Six Months Ended June 30, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2022	$	(3)	$	(426)	$	(121)	$	(550)
Other Comprehensive Income (Loss) before Reclassifications	10		—		8		18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		7		10		17
Net Current Period Other Comprehensive Income (Loss)	10		7		18		35
Balance as of June 30, 2023	$	7	$	(419)	$	(103)	$	(515)
	Six Months Ended June 30, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2021	$	(6)	$	(355)	$	11	$	(350)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(118)		(118)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		1		11		13
Net Current Period Other Comprehensive Income (Loss)	1		1		(107)		(105)
Balance as of June 30, 2022	$	(5)	$	(354)	$	(96)	$	(455)

		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended						Six Months Ended
		June 30, 2023						June 30, 2023
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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	$	1	$	—	$	1	$	—	$	—	$	—
Total Cash Flow Hedges		1		—		1		—		—		—
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Non-Operating Pension and OPEB Credits (Costs)	2		(1)		1		4		(1)		3
Amortization of Actuarial Loss	Non-Operating Pension and OPEB Credits (Costs)	(7)		2		(5)		(14)		4		(10)
Total Pension and OPEB Plans		(5)		1		(4)		(10)		3		(7)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(7)		3		(4)		(17)		7		(10)
Total Available-for-Sale Debt Securities		(7)		3		(4)		(17)		7		(10)
Total		$	(11)	$	4	$	(7)	$	(27)	$	10	$	(17)

		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended						Six Months Ended
		June 30, 2022						June 30, 2022
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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	$	(1)	$	1	$	—	$	(2)	$	1	$	(1)
Total Cash Flow Hedges		(1)		1		—		(2)		1		(1)
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Non-Operating Pension and OPEB Credits (Costs)	5		(2)		3		10		(3)		7
Amortization of Actuarial Loss	Non-Operating Pension and OPEB Credits (Costs)	(6)		2		(4)		(11)		3		(8)
Total Pension and OPEB Plans		(1)		—		(1)		(1)		—		(1)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(12)		5		(7)		(18)		7		(11)
Total Available-for-Sale Debt Securities		(12)		5		(7)		(18)		7		(11)
Total		$	(14)	$	6	$	(8)	$	(21)	$	8	$	(13)

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Earnings Per Share (EPS) and Dividends

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share (EPS) and Dividends

Earnings Per Share (EPS) and Dividends

EPS

Basic EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding. Diluted EPS is calculated by dividing Net Income by the weighted average number of shares of common stock outstanding, plus dilutive potential shares related to PSEG’s stock based compensation. The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income	$	591	$	591	$	131	$	131	$	1,878	$	1,878	$	129	$	129
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	497		497		497		497		497		497		499		499
Effect of Stock Based Compensation Awards	—		3		—		3		—		3		—		3
Total Shares	497		500		497		500		497		500		499		502
EPS
Net Income	$	1.19	$	1.18	$	0.26	$	0.26	$	3.78	$	3.76	$	0.26	$	0.26

Dividends

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Dividend Payments on Common Stock	2023		2022		2023		2022
Per Share	$	0.57	$	0.54	$	1.14	$	1.08
In Millions	$	285	$	270	$	569	$	541

On July 17, 2023, PSEG’s Board of Directors approved a $0.57 per share common stock dividend for the third quarter of 2023.

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Financial Information By Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Financial Information by Business Segment

Basis of Organization

PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income and how resources are allocated to each business.

Following completion of the sale of the PSEG Power Fossil portfolio in February 2022 and as a result of the transition to a new CEO, our designated CODM, effective September 1, 2022, various changes were made to the content and manner in which the new CEO reviews financial information for purposes of assessing business performance and allocating resources. Based on management’s analysis, PSE&G and PSEG Power were determined to remain operating segments of PSEG. However, PSEG has revised its reportable segments for the year ended December 31, 2022 to PSE&G and PSEG Power & Other. PSE&G continues to be PSEG’s principal reportable segment. The PSEG Power & Other reportable segment includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent company) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. All prior period comparative information has been restated to reflect the change in segment presentation.

PSE&G

PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended June 30, 2023
Operating Revenues	$	1,662	$	902	$	(143)	$	2,421
Net Income (B)	336		255		—		591
Gross Additions to Long-Lived Assets	660		45		—		705
Six Months Ended June 30, 2023
Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176
Net Income (B)	823		1,055		—		1,878
Gross Additions to Long-Lived Assets	1,336		108		—		1,444
Three Months Ended June 30, 2022
Operating Revenues	$	1,668	$	645	$	(237)	$	2,076
Net Income (Loss) (B)	305		(174)		—		131
Gross Additions to Long-Lived Assets	543		62		—		605
Six Months Ended June 30, 2022
Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389
Net Income (Loss) (B)	814		(685)		—		129
Gross Additions to Long-Lived Assets	1,171		120		—		1,291
As of June 30, 2023
Total Assets	$	41,347	$	8,505	$	(347)	$	49,505
Investments in Equity Method Subsidiaries	$	—	$	15	$	—	$	15
As of December 31, 2022
Total Assets	$	39,960	$	9,285	$	(527)	$	48,718
Investments in Equity Method Subsidiaries	$	—	$	306	$	—	$	306

(A)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 19. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

Public Service Electric and Gas Company [Member]

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Financial Information by Business Segment

Basis of Organization

PSEG’s and PSE&G’s operating segments were determined by management in accordance with GAAP. These segments were determined based on how the Chief Operating Decision Maker (CODM) (the Chief Executive Officer (CEO) for PSEG and PSE&G), measures performance based on segment Net Income and how resources are allocated to each business.

Following completion of the sale of the PSEG Power Fossil portfolio in February 2022 and as a result of the transition to a new CEO, our designated CODM, effective September 1, 2022, various changes were made to the content and manner in which the new CEO reviews financial information for purposes of assessing business performance and allocating resources. Based on management’s analysis, PSE&G and PSEG Power were determined to remain operating segments of PSEG. However, PSEG has revised its reportable segments for the year ended December 31, 2022 to PSE&G and PSEG Power & Other. PSE&G continues to be PSEG’s principal reportable segment. The PSEG Power & Other reportable segment includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent company) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results. All prior period comparative information has been restated to reflect the change in segment presentation.

PSE&G

PSE&G earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by bidding energy, capacity and ancillary services into the markets for these products and by selling energy, capacity and ancillary services on a wholesale basis under contract to power marketers and to load-serving entities. PSEG Power also enters into bilateral contracts for energy, capacity, FTRs, gas, emission allowances and other energy-related contracts to optimize the value of its portfolio of generating assets and its electric and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants receive ZEC revenue from the EDCs in New Jersey including PSE&G.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 4. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended June 30, 2023
Operating Revenues	$	1,662	$	902	$	(143)	$	2,421
Net Income (B)	336		255		—		591
Gross Additions to Long-Lived Assets	660		45		—		705
Six Months Ended June 30, 2023
Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176
Net Income (B)	823		1,055		—		1,878
Gross Additions to Long-Lived Assets	1,336		108		—		1,444
Three Months Ended June 30, 2022
Operating Revenues	$	1,668	$	645	$	(237)	$	2,076
Net Income (Loss) (B)	305		(174)		—		131
Gross Additions to Long-Lived Assets	543		62		—		605
Six Months Ended June 30, 2022
Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389
Net Income (Loss) (B)	814		(685)		—		129
Gross Additions to Long-Lived Assets	1,171		120		—		1,291
As of June 30, 2023
Total Assets	$	41,347	$	8,505	$	(347)	$	49,505
Investments in Equity Method Subsidiaries	$	—	$	15	$	—	$	15
As of December 31, 2022
Total Assets	$	39,960	$	9,285	$	(527)	$	48,718
Investments in Equity Method Subsidiaries	$	—	$	306	$	—	$	306

(A)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 19. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Related-Party Transactions

6 Months Ended

Jun. 30, 2023

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:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2023		2022		2023		2022
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	114	$	232	$	675	$	812
Administrative Billings from Services (B)	118		113		220		212
Total Billings from Affiliates	$	232	$	345	$	895	$	1,024

	As of		As of
Related-Party Transactions	June 30, 2023		December 31, 2022
	Millions
Payable to PSEG Power (A)	$	192	$	313
Payable to Services (B)	88		98
Payable to PSEG (C)	16		74
Accounts Payable—Affiliated Companies	$	296	$	485
Noncurrent Payable to PSEG Power (A)	$	10	$	—
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	8	$	9

(A)PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Since June 1, 2022, PSEG Power had no contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.

(B)Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(D)PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

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:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2023		2022		2023		2022
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	114	$	232	$	675	$	812
Administrative Billings from Services (B)	118		113		220		212
Total Billings from Affiliates	$	232	$	345	$	895	$	1,024

	As of		As of
Related-Party Transactions	June 30, 2023		December 31, 2022
	Millions
Payable to PSEG Power (A)	$	192	$	313
Payable to Services (B)	88		98
Payable to PSEG (C)	16		74
Accounts Payable—Affiliated Companies	$	296	$	485
Noncurrent Payable to PSEG Power (A)	$	10	$	—
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	8	$	9

(A)PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Since June 1, 2022, PSEG Power had no contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.

(B)Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(D)PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

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Pay vs Performance Disclosure - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income	[1]	$ 591	$ 131	$ 1,878	$ 129

[1] Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Insider Trading Arrangements

3 Months Ended

Jun. 30, 2023

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Director and Officer Rule 10b5-1 and non-Rule 10b5-1 Trading Plans

During the three months ended June 30, 2023, certain of our officers and directors adopted or terminated trading plans for the sale of PSEG common stock which are intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act, as amended, as shown in the following table:

Name and Title	Action	Date	Aggregate Number of Shares to be Sold or Purchased	Expiration (A)
Rose M. Chernick	Adoption	May 22, 2023	Sell 1,800 shares	May 3, 2024
Vice President and Controller

(A)    Expires on the date shown or such earlier date upon the completion of all trades under the plan or the occurrence of such other termination events as specified in the plan, including but not limited to termination of the plan by Ms. Chernick.

Rule 10b5-1 Arrangement Adopted

true

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Rose M. Chernick [Member]

Trading Arrangements, by Individual

Name

Rose M. Chernick

Title

Vice President and Controller

Adoption Date

May 22, 2023

Arrangement Duration

347 days

Aggregate Available

1,800

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Organization and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2023

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, 2022.

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, 2022.

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, 2022) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2022
Cash and Cash Equivalents	$	220	$	245	$	465
Restricted Cash in Other Current Assets	27		—		27
Restricted Cash in Other Noncurrent Assets	19		—		19
Cash, Cash Equivalents and Restricted Cash	$	266	$	245	$	511
As of June 30, 2023
Cash and Cash Equivalents	$	126	$	421	$	547
Restricted Cash in Other Current Assets	30		—		30
Restricted Cash in Other Noncurrent Assets	20		—		20
Cash, Cash Equivalents and Restricted Cash	$	176	$	421	$	597

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

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Revenues Revenues (Policies)

6 Months Ended

Jun. 30, 2023

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.

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 the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. Prior to the sale of the fossil generation assets in 2022, PSEG Power also had significant sales in the New York Independent System Operator (NYISO) and the New England Independent System Operator (ISO-NE) regions.

PSEG Power primarily sells to the Independent System Operators (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. Historically, wholesale load contracts have been executed in the different 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. PSEG 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 December 2022, PJM called its first ISO-wide Maximum Generation Emergency Action, which triggered a Performance Assessment Interval (PAI) event. During the PAI, PSEG Power’s Salem 2 nuclear plant incurred penalties due to an unplanned outage during the second day of the event. Our remaining nuclear plants earned bonus payments during the entire event. Additional revenue has been recorded in 2023 upon clarification from the ISO on expected bonus payments and receipts to date. The estimated impact of Salem 2’s penalties and bonuses earned by the other units was not material to PSEG’s financial results in 2022 or 2023.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded Zero Emission Certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue 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 Sales in the following tables. See Note 3. Early Plant Retirements/Asset Dispositions and Impairments 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. 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 is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—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.

Other Revenues from Contracts with Customers

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 12. Financial Risk Management Activities for further discussion.

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

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Organization and Basis of Presentation Organization and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash, Cash Equivalents and Restricted Cash [Table 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, 2022) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2022
Cash and Cash Equivalents	$	220	$	245	$	465
Restricted Cash in Other Current Assets	27		—		27
Restricted Cash in Other Noncurrent Assets	19		—		19
Cash, Cash Equivalents and Restricted Cash	$	266	$	245	$	511
As of June 30, 2023
Cash and Cash Equivalents	$	126	$	421	$	547
Restricted Cash in Other Current Assets	30		—		30
Restricted Cash in Other Noncurrent Assets	20		—		20
Cash, Cash Equivalents and Restricted Cash	$	176	$	421	$	597

(A)Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

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Revenues Revenues (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	784	$	—	$	—	$	784
Gas Distribution	274		—		—		274
Transmission	447		—		—		447
Electricity and Related Product Sales
PJM
Third-Party Sales	—		211		—		211
Sales to Affiliates	—		27		(27)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		26		—		26
Sales to Affiliates	—		115		(115)		—
Other Revenues from Contracts with Customers (B)	94		153		(1)		246
Total Revenues from Contracts with Customers	1,599		535		(143)		1,991
Revenues Unrelated to Contracts with Customers (C)	63		367		—		430
Total Operating Revenues	$	1,662	$	902	$	(143)	$	2,421

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	1,514	$	—	$	—	$	1,514
Gas Distribution	1,233		—		—		1,233
Transmission	872		—		—		872
Electricity and Related Product Sales
PJM
Third-Party Sales	—		487		—		487
Sales to Affiliates	—		58		(58)		—
NYISO	—		—		—		—
ISO-NE	—		6		—		6
Gas Sales
Third-Party Sales	—		112		—		112
Sales to Affiliates	—		648		(648)		—
Other Revenues from Contracts with Customers (B)	172		306		(2)		476
Total Revenues from Contracts with Customers	3,791		1,617		(708)		4,700
Revenues Unrelated to Contracts with Customers (C)	164		1,312		—		1,476
Total Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Three Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	836	$	—	$	—	$	836
Gas Distribution	317		—		—		317
Transmission	396		—		—		396
Electricity and Related Product Sales
PJM
Third-Party Sales	—		475		—		475
Sales to Affiliates	—		35		(35)		—
NYISO	—		—		—		—
ISO-NE	—		3		—		3
Gas Sales
Third-Party Sales	—		77		—		77
Sales to Affiliates	—		202		(202)		—
Other Revenues from Contracts with Customers (B)	94		150		—		244
Total Revenues from Contracts with Customers	1,643		942		(237)		2,348
Revenues Unrelated to Contracts with Customers (C)	25		(297)		—		(272)
Total Operating Revenues	$	1,668	$	645	$	(237)	$	2,076

	PSE&G		PSEG Power & Other (A)		Eliminations		Consolidated
	Millions
Six Months Ended June 30, 2022
Revenues from Contracts with Customers
Electric Distribution	$	1,556	$	—	$	—	$	1,556
Gas Distribution	1,364		—		(1)		1,363
Transmission	788		—		—		788
Electricity and Related Product Sales
PJM
Third-Party Sales	—		1,057		—		1,057
Sales to Affiliates	—		91		(91)		—
NYISO	—		88		—		88
ISO-NE	—		89		—		89
Gas Sales
Third-Party Sales	—		213		—		213
Sales to Affiliates	—		728		(728)		—
Other Revenues from Contracts with Customers (B)	179		296		(1)		474
Total Revenues from Contracts with Customers	3,887		2,562		(821)		5,628
Revenues Unrelated to Contracts with Customers (C)	65		(1,304)		—		(1,239)
Total Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

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, 2023 and 2022:

		Three Months Ended June 30, 2023
		Millions
Balance as of March 31, 2023		$	319
Utility Customer and Other Accounts
	Provision	15
	Write-offs, net of Recoveries of $6 million	(40)
Balance as of June 30, 2023		$	294
		Six Months Ended June 30, 2023
		Millions
Balance as of January 1, 2023		$	339
Utility Customer and Other Accounts
	Provision	24
	Write-offs, net of Recoveries of $13 million	(69)
Balance as of June 30, 2023		$	294

		Three Months Ended June 30, 2022
		Millions
Balance as of March 31, 2022		$	351
Utility Customer and Other Accounts
	Provision	6
	Write-offs, net of Recoveries of $14 million	(22)
Balance as of June 30, 2022		$	335
		Six Months Ended June 30, 2022
		Millions
Balance as of January 1, 2022		$	337
Utility Customer and Other Accounts
	Provision	39
	Write-offs, net of Recoveries of $22 million	(41)
Balance as of June 30, 2022		$	335

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 2023/2024 auction was held in June 2022. In February 2023, the results of the 2024/2025 auction held in December 2022 were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per MW-Day	MW Cleared
June 2023 to May 2024	$50	3,700
June 2024 to May 2025	$55	3,500

Capacity transactions with the PJM Regional Transmission Organization are reported on a net basis dependent on PSEG

Power’s monthly net sale or purchase position.

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Leases Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Operating Lease, Lease Income

The following is the operating lease income for the three months and six months ended June 30, 2023 and 2022:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
					Millions
Fixed Lease Income	$	6	$	8	$	12	$	16
Total Operating Lease Income	$	6	$	8	$	12	$	16

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Financing Receivables (Tables)

6 Months Ended

Jun. 30, 2023

Public Service Electric and Gas Company [Member]

Schedule of Financial Receivables [Line Items]

Schedule Of Credit Risk Profile Based On Payment Activity

	As of
Outstanding Loans by Class of Customer	June 30, 2023		December 31, 2022
	Millions
Commercial/Industrial	$	74	$	85
Residential	3		4
Total	77		89
Current Portion (included in Accounts Receivable)	(26)		(27)
Noncurrent Portion (included in Long-Term Investments)	$	51	$	62

The solar loans originated under three Solar Loan Programs are comprised as follows:

Programs	Balance as of June 30, 2023		Funding Provided	Residential Loan Term	Non-Residential Loan Term
	Millions
Solar Loan I	$	7	prior to 2013	10 years	15 years
Solar Loan II	36		prior to 2015	10 years	15 years
Solar Loan III	34		largely funded as of June 30, 2023	10 years	10 years
Total	$	77

The average life of loans paid in full is eight 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, 2023 and have an average remaining life of approximately three years. There are no remaining residential loans outstanding under the Solar Loan I program.

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 investments as of June 30, 2023 and December 31, 2022.

	As of
	June 30, 2023		December 31, 2022
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	223	$	249
Unearned and Deferred Income	(68)		(74)
Gross Investments in Leases	155		175
Deferred Tax Liabilities	(35)		(39)
Net Investments in Leases	$	120	$	136

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.

	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of June 30, 2023
	As of June 30, 2023
	Millions
AA	$	7
A-	43
BBB+ to BBB	173
Total	$	223

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Trust Investments (Tables)

6 Months Ended

Jun. 30, 2023

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.

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	458	$	300	$	(5)	$	753
International	361		94		(19)		436
Total Equity Securities	819		394		(24)		1,189
Available-for-Sale Debt Securities
Government	742		1		(82)		661
Corporate	585		1		(55)		531
Total Available-for-Sale Debt Securities	1,327		2		(137)		1,192
Total NDT Fund Investments (A)	$	2,146	$	396	$	(161)	$	2,381

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of June 30, 2023, which is part of the NDT Fund.

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Equity Securities
Domestic	$	476	$	232	$	(12)	$	696
International	336		68		(28)		376
Total Equity Securities	812		300		(40)		1,072
Available-for-Sale Debt Securities
Government	721		—		(94)		627
Corporate	597		1		(69)		529
Total Available-for-Sale Debt Securities	1,318		1		(163)		1,156
Total NDT Fund Investments (A)	$	2,130	$	301	$	(203)	$	2,228

(A)The NDT Fund Investments table excludes cash and foreign currency of $2 million as of December 31, 2022, which is part of 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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	32	$	14
Accounts Payable	$	23	$	6

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.

	As of June 30, 2023								As of December 31, 2022
	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	$	29	$	(3)	$	8	$	(2)	$	90	$	(10)	$	9	$	(2)
International	39		(4)		41		(15)		88		(12)		38		(16)
Total Equity Securities	68		(7)		49		(17)		178		(22)		47		(18)
Available-for-Sale Debt Securities
Government (B)	206		(6)		406		(76)		301		(27)		292		(67)
Corporate (C)	136		(3)		336		(52)		221		(21)		249		(48)
Total Available-for-Sale Debt Securities	342		(9)		742		(128)		522		(48)		541		(115)
NDT Trust Investments	$	410	$	(16)	$	791	$	(145)	$	700	$	(70)	$	588	$	(133)

(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)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will 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. PSEG Power 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 Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(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. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

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:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from NDT Fund Sales (A)	$	308	$	341	$	704	$	814
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	25	$	21	$	46	$	50
Gross Realized Losses	(28)		(31)		(55)		(65)
Net Realized Gains (Losses) on NDT Fund (B)	(3)		(10)		(9)		(15)
Net Unrealized Gains (Losses) on Equity Securities	60		(170)		111		(231)
Net Gains (Losses) on NDT Fund Investments	$	57	$	(180)	$	102	$	(246)

(A)Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(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, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	20
1 - 5 years	293
6 - 10 years	220
11 - 15 years	66
16 - 20 years	101
Over 20 years	492
Total NDT Available-for-Sale Debt Securities	$	1,192

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.

	As of June 30, 2023								As of December 31, 2022
	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)	$	16	$	(1)	$	75	$	(18)	$	32	$	(5)	$	57	$	(16)
Corporate (B)	14		(1)		55		(12)		35		(5)		39		(10)
Total Available-for-Sale Debt Securities	30		(2)		130		(30)		67		(10)		96		(26)
Rabbi Trust Investments	$	30	$	(2)	$	130	$	(30)	$	67	$	(10)	$	96	$	(26)

(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)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 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.

	As of June 30, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	13	$	8	$	—	$	21
Available-for-Sale Debt Securities
Government	111		—		(19)		92
Corporate	85		—		(13)		72
Total Available-for-Sale Debt Securities	196		—		(32)		164
Total Rabbi Trust Investments	$	209	$	8	$	(32)	$	185

	As of December 31, 2022
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	Millions
Domestic Equity Securities	$	14	$	6	$	—	$	20
Available-for-Sale Debt Securities
Government	110		—		(21)		89
Corporate	89		—		(15)		74
Total Available-for-Sale Debt Securities	199		—		(36)		163
Total Rabbi Trust Investments	$	213	$	6	$	(36)	$	183

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.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Accounts Receivable	$	1	$	1
Accounts Payable	$	1	$	—

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:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
	Millions
Proceeds from Rabbi Trust Sales	$	11	$	20	$	17	$	48
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	3	$	2	$	4	$	3
Gross Realized Losses	(4)		(4)		(5)		(6)
Net Realized Gains (Losses) on Rabbi Trust (A)	(1)		(2)		(1)		(3)
Net Unrealized Gains (Losses) on Equity Securities	1		(5)		2		(6)
Net Gains (Losses) on Rabbi Trust Investments	$	—	$	(7)	$	1	$	(9)

(A)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, 2023 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	7
1 - 5 years	25
6 - 10 years	20
11 - 15 years	10
16 - 20 years	14
Over 20 years	88
Total Rabbi Trust Available-for-Sale Debt Securities	$	164

Fair Value Of The Rabbi Trusts

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
PSE&G	$	33	$	32
PSEG Power & Other	152		151
Total Rabbi Trust Investments	$	185	$	183

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Pension and OPEB (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Components Of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Net periodic benefit costs are reduced in 2023 as a result of an accounting order from the BPU authorizing PSE&G to modify its method for calculating the amortization of the net actuarial gain or loss component of pension expense for rate making purposes. See Note 5. Rate Filings. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	23	$	36	$	1	$	1	$	45	$	71	$	2	$	3
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost	69		41		11		7		138		83		21		13
Expected Return on Plan Assets	(96)		(121)		(9)		(10)		(191)		(242)		(17)		(21)
Amortization of Net
Prior Service Credit	—		—		(13)		(32)		—		—		(26)		(64)
Actuarial Loss (Gain)	24		15		—		3		48		30		(1)		7
Non-Service Components of Pension and OPEB (Credits) Costs	(3)		(65)		(11)		(32)		(5)		(129)		(23)		(65)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

Schedule Of Pension And OPEB Costs

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:

	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,
	2023		2022		2023		2022		2023		2022		2023		2022
	Millions
PSE&G	$	14	$	(17)	$	(10)	$	(28)	$	27	$	(35)	$	(20)	$	(55)
PSEG Power & Other	6		(12)		—		(3)		13		(23)		(1)		(7)
Total Benefit (Credits) Costs	$	20	$	(29)	$	(10)	$	(31)	$	40	$	(58)	$	(21)	$	(62)

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Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

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, 2023 and December 31, 2022.

	As of		As of
	June 30, 2023		December 31, 2022
	Millions
Face Value of Outstanding Guarantees	$	1,445	$	1,601
Exposure under Current Guarantees	$	80	$	198
Letters of Credit Margin Posted	$	13	$	87
Letters of Credit Margin Received	$	85	$	38
Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—	$	—
Counterparty Cash Collateral Received	$	(7)	$	(1)
Net Broker Balance Deposited (Received)	$	433	$	1,522
Additional Amounts Posted
Other Letters of Credit	$	180	$	156

Total Minimum Purchase Commitments

As of June 30, 2023, the total minimum purchase requirements included in these commitments were as follows:

Fuel Type	PSEG Power’s Share of Commitments through 2027
	Millions
Nuclear Fuel
Uranium	$	379
Enrichment	$	309
Fabrication	$	183
Natural Gas	$	1,135

Public Service Electric and Gas Company [Member]

Loss Contingencies [Line Items]

Contract For Anticipated BGS-Fixed Price Eligible Load

	Auction Year
	2020	2021	2022	2023
36-Month Terms Ending	May 2023	May 2024	May 2025	May 2026	(A)
Load (MW)	2,800	2,900	2,800	2,800
$ per MWh	$102.16	$64.80	$76.30	$93.11

(A)Prices set in the 2023 BGS auction became effective on June 1, 2023 when the 2020 BGS auction agreements expired.

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Debt and Credit Facilities Debt and Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2023

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 committed credit facilities and available liquidity as of June 30, 2023 were as follows:

	As of June 30, 2023
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	152	$	1,348	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	152	$	1,348
PSE&G
Revolving Credit Facility	$	1,000	$	318	$	682	Mar 2027	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	318	$	682
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	39	$	1,211	Mar 2027	Funding/Letters of Credit
Letter of Credit Facility	100		—		100		Apr 2025	Letters of Credit
Letter of Credit Facility	200		86		114		Sept 2024	Letters of Credit
Letter of Credit Facility	100		66		34		Apr 2024	Letters of Credit
Total PSEG Power	$	1,650	$	191	$	1,459
Total (C)	$	4,150	$	661	$	3,489

(A)Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.

(B)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of June 30, 2023, PSEG had $149 million outstanding at a weighted average interest rate of 5.53% and PSE&G had $298 million outstanding at a weighted average interest rate of 5.49%.

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

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Financial Risk Management Activities (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosures [Line Items]

Schedule Of Derivative Instruments Fair Value In Balance Sheets

The following tabular disclosure does not include the offsetting of trade receivables and payables.

	As of June 30, 2023
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	11	$	767	$	(687)	$	80	$	91
Noncurrent Assets	2		633		(573)		60		62
Total Mark-to-Market Derivative Assets	$	13	$	1,400	$	(1,260)	$	140	$	153
Derivative Contracts
Current Liabilities	$	—	$	(919)	$	853	$	(66)	$	(66)
Noncurrent Liabilities	—		(698)		690		(8)		(8)
Total Mark-to-Market Derivative (Liabilities)	$	—	$	(1,617)	$	1,543	$	(74)	$	(74)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	13	$	(217)	$	283	$	66	$	79

	As of December 31, 2022
	PSEG		PSEG Power						Consolidated
	Cash Flow Hedges		Not Designated
Balance Sheet Location	Interest Rate Swaps		Energy- Related Contracts		Netting (A)		Total PSEG Power		Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	4	$	1,721	$	(1,707)	$	14	$	18
Noncurrent Assets	—		629		(614)		15		15
Total Mark-to-Market Derivative Assets	$	4	$	2,350	$	(2,321)	$	29	$	33
Derivative Contracts
Current Liabilities	$	—	$	(2,447)	$	2,323	$	(124)	$	(124)
Noncurrent Liabilities	(3)		(1,139)		1,109		(30)		(33)
Total Mark-to-Market Derivative (Liabilities)	$	(3)	$	(3,586)	$	3,432	$	(154)	$	(157)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	1	$	(1,236)	$	1,111	$	(125)	$	(124)

(A)     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, 2023 and December 31, 2022, PSEG Power had net cash collateral (receipts) payments to counterparties of $426 million and $1,521 million, respectively. Of these net cash collateral (receipts) payments, $283 million and $1,111 million as of June 30, 2023 and December 31, 2022, respectively, were netted against the corresponding net derivative contract positions. Of the $283 million as of June 30, 2023, $(5) million was netted against current assets, $(1) million against noncurrent assets, $171 million against current liabilities and $118 million against noncurrent liabilities. Of the $1,111 million as of December 31, 2022, $616 million was netted against current liabilities and $495 million against noncurrent liabilities.

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 Loss (AOCL) of derivative instruments designated as cash flow hedges for the three months and six months ended June 30, 2023 and 2022:

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Three Months Ended					Three Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	17	$	—	Interest Expense	$	1	$	(1)
Total PSEG	$	17	$	—		$	1	$	(1)

Derivatives in Cash Flow Hedging Relationships	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Six Months Ended					Six Months Ended
	June 30,					June 30,
	2023		2022			2023		2022
	Millions					Millions
PSEG
Interest Rate Swaps	$	14	$	—	Interest Expense	$	—	$	(2)
Total PSEG	$	14	$	—		$	—	$	(2)

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the six months ended June 30, 2023 and 2022, the amount of loss on interest rate hedges reclassified from Accumulated Other Comprehensive Loss into income was less than $1 million and $(1) million after-tax, respectively.

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 AOCL of PSEG on a pre-tax and after-tax basis.

Accumulated Other Comprehensive Income (Loss)	Pre-Tax		After-Tax
	Millions
Balance as of December 31, 2021	$	(9)	$	(6)
Loss Recognized in AOCL	—		—
Less: Loss Reclassified into Income	5		3
Balance as of December 31, 2022	$	(4)	$	(3)
Gain Recognized in AOCL	14		10
Less: Loss Reclassified into Income	—		—
Balance as of June 30, 2023	$	10	$	7

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, 2023 and 2022, 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.

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,
		2023		2022		2023		2022
		Millions				Millions
Energy-Related Contracts	Operating Revenues	$	339	$	(354)	$	1,241	$	(1,398)
Energy-Related Contracts	Energy Costs	(1)		(1)		—		(1)
Total		$	338	$	(355)	$	1,241	$	(1,399)

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, 2023 and December 31, 2022.

		As of	As of
Type	Notional	June 30, 2023	December 31, 2022
		Millions
Natural Gas	Dekatherm (Dth)	52	49
Electricity	MWh	(63)	(60)
Financial Transmission Rights (FTRs)	MWh	31	24
Interest Rate Swaps	U.S. Dollars	900	1,050

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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 and PSE&G’s respective assets and (liabilities) measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, 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.

	Recurring Fair Value Measurements as of June 30, 2023
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)	$	480	$	—	$	480	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	140	$	(1,260)	$	5	$	1,395	$	—
Interest Rate Swaps (C)	$	13	$	—	$	—	$	13	$	—
NDT Fund (D)
Equity Securities	$	1,189	$	—	$	1,189	$	—	$	—
Debt Securities—U.S. Treasury	$	277	$	—	$	—	$	277	$	—
Debt Securities—Govt Other	$	384	$	—	$	—	$	384	$	—
Debt Securities—Corporate	$	531	$	—	$	—	$	531	$	—
Rabbi Trust (D)
Equity Securities	$	21	$	—	$	21	$	—	$	—
Debt Securities—U.S. Treasury	$	59	$	—	$	—	$	59	$	—
Debt Securities—Govt Other	$	33	$	—	$	—	$	33	$	—
Debt Securities—Corporate	$	72	$	—	$	—	$	72	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(74)	$	1,543	$	(1)	$	(1,612)	$	(4)
PSE&G
Assets:
Cash Equivalents (A)	$	100	$	—	$	100	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	4	$	—	$	4	$	—	$	—
Debt Securities—U.S. Treasury	$	11	$	—	$	—	$	11	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	12	$	—	$	—	$	12	$	—

	Recurring Fair Value Measurements as of December 31, 2022
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)	$	385	$	—	$	385	$	—	$	—
Derivative Contracts:
Energy-Related Contracts (B)	$	29	$	(2,321)	$	42	$	2,307	$	1
Interest Rate Swaps (C)	$	4	$	—	$	—	$	4	$	—
NDT Fund (D)
Equity Securities	$	1,072	$	—	$	1,072	$	—	$	—
Debt Securities—U.S. Treasury	$	288	$	—	$	—	$	288	$	—
Debt Securities—Govt Other	$	339	$	—	$	—	$	339	$	—
Debt Securities—Corporate	$	529	$	—	$	—	$	529	$	—
Rabbi Trust (D)
Equity Securities	$	20	$	—	$	20	$	—	$	—
Debt Securities—U.S. Treasury	$	57	$	—	$	—	$	57	$	—
Debt Securities—Govt Other	$	32	$	—	$	—	$	32	$	—
Debt Securities—Corporate	$	74	$	—	$	—	$	74	$	—
Liabilities:
Derivative Contracts:
Energy-Related Contracts (B)	$	(154)	$	3,432	$	(3)	$	(3,537)	$	(46)
Interest Rate Swaps (C)	$	(3)	$	—	$	—	$	(3)	$	—
PSE&G
Assets:
Cash Equivalents (A)	$	165	$	—	$	165	$	—	$	—
Rabbi Trust (D)
Equity Securities	$	3	$	—	$	3	$	—	$	—
Debt Securities—U.S. Treasury	$	10	$	—	$	—	$	10	$	—
Debt Securities—Govt Other	$	6	$	—	$	—	$	6	$	—
Debt Securities—Corporate	$	13	$	—	$	—	$	13	$	—

(A)Represents money market mutual funds.

(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.

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.

(C)Interest rate swaps are valued using quoted prices on commonly quoted intervals, which are interpolated for periods different than the quoted intervals, as inputs to a market valuation model. Market inputs can generally be verified and model selection does not involve significant management judgement.

(D)The fair value measurement table excludes cash and foreign currency of $2 million in the NDT Fund as of June 30, 2023 and December 31, 2022. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These

securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities).

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. 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.

(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 12. Financial Risk Management Activities for additional detail.

Schedule of Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair value of long-term debt as of June 30, 2023 and December 31, 2022 are included in the following table and accompanying notes.

	As of				As of
	June 30, 2023				December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,127	$	3,828	$	4,124	$	3,808
PSE&G (A)	13,092		11,603		12,696		11,106
PSEG Power (B)	1,250		1,250		1,250		1,250
Total Long-Term Debt	$	18,469	$	16,681	$	18,070	$	16,164

(A)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 using market-based measurements that are processed through a rules-based pricing 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.

(B)Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions) (Tables)

6 Months Ended

Jun. 30, 2023

Other Income and Expenses [Abstract]

Schedule Of Other Income (Deductions)

	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
Three Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	19	$	19
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	2		—		2
Other Interest	5		9		14
Other	1		(2)		(1)
Total Other Income (Deductions)	$	23	$	26	$	49
Six Months Ended June 30, 2023
NDT Fund Interest and Dividends	$	—	$	34	$	34
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	4		—		4
Other Interest	7		16		23
Other	3		(3)		—
Total Other Income (Deductions)	$	44	$	47	$	91
Three Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	16	$	16
Allowance for Funds Used During Construction	15		—		15
Solar Loan Interest	3		—		3
Other Interest	2		2		4
Other	2		(2)		—
Total Other Income (Deductions)	$	22	$	16	$	38
Six Months Ended June 30, 2022
NDT Fund Interest and Dividends	$	—	$	30	$	30
Allowance for Funds Used During Construction	30		—		30
Solar Loan Interest	6		—		6
Purchases of Tax Losses under New Jersey Technology Tax Benefit Transfer Program	—		(27)		(27)
Other Interest	2		2		4
Other	3		(3)		—
Total Other Income (Deductions)	$	41	$	2	$	43

(A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG ( parent company) and intercompany eliminations.

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule Of Effective Tax Rates

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSEG	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income (Loss)	$	744		$	98		$	2,329		$	(56)
Tax Computed at Statutory Rate @ 21%	$	156		$	21		$	489		$	(12)
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	50			6			158			(22)
NDT Fund	7			(18)			13			(24)
Uncertain Tax Positions	(1)			—			(7)			(2)
Leasing Activities	—			—			(17)			—
GPRC-CEF-EE	(8)			(8)			(24)			(14)
Tax Credits	(3)			(2)			(5)			(4)
Estimated Annual Effective Tax Rate Interim Period Adjustment	7			4			(16)			(8)
TAC	(51)			(32)			(126)			(106)
Other	(4)			(4)			(14)			7
Subtotal	(3)			(54)			(38)			(173)
Total Income Tax Expense (Benefit)	$	153		$	(33)		$	451		$	(185)
Effective Income Tax Rate	20.6		%	(33.7)		%	19.4		%	N/A

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:

	Three Months Ended						Six Months Ended
PSE&G	June 30,						June 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income	$	370		$	361		$	911		$	959
Tax Computed at Statutory Rate @ 21%	$	78		$	76		$	191		$	201
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	30			25			68			67
Uncertain Tax Positions	(6)			—			(6)			—
Tax Credits	(3)			(2)			(5)			(4)
GPRC-CEF-EE	(8)			(8)			(24)			(14)
TAC	(51)			(32)			(126)			(106)
Other	(6)			(3)			(10)			1
Subtotal	(44)			(20)			(103)			(56)
Total Income Tax Expense (Benefit)	$	34		$	56		$	88		$	145
Effective Income Tax Rate	9.2		%	15.5		%	9.7		%	15.1		%

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Accumulated Other Comprehensive Income (Loss), Net of Tax (Tables)

6 Months Ended

Jun. 30, 2023

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income by Component

	Three Months Ended June 30, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of March 31, 2023	$	(4)	$	(423)	$	(95)	$	(522)
Other Comprehensive Income (Loss) before Reclassifications	12		—		(12)		—
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(1)		4		4		7
Net Current Period Other Comprehensive Income (Loss)	11		4		(8)		7
Balance as of June 30, 2023	$	7	$	(419)	$	(103)	$	(515)
	Three Months Ended June 30, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of March 31, 2022	$	(5)	$	(355)	$	(50)	$	(410)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(53)		(53)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		1		7		8
Net Current Period Other Comprehensive Income (Loss)	—		1		(46)		(45)
Balance as of June 30, 2022	$	(5)	$	(354)	$	(96)	$	(455)
	Six Months Ended June 30, 2023
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2022	$	(3)	$	(426)	$	(121)	$	(550)
Other Comprehensive Income (Loss) before Reclassifications	10		—		8		18
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	—		7		10		17
Net Current Period Other Comprehensive Income (Loss)	10		7		18		35
Balance as of June 30, 2023	$	7	$	(419)	$	(103)	$	(515)
	Six Months Ended June 30, 2022
Accumulated Other Comprehensive Income (Loss)	Cash Flow Hedges		Pension and OPEB Plans		Available-for-Sale Securities		Total
	Millions
Balance as of December 31, 2021	$	(6)	$	(355)	$	11	$	(350)
Other Comprehensive Income (Loss) before Reclassifications	—		—		(118)		(118)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1		1		11		13
Net Current Period Other Comprehensive Income (Loss)	1		1		(107)		(105)
Balance as of June 30, 2022	$	(5)	$	(354)	$	(96)	$	(455)

Reclassifications out of Accumulated Other Comprehensive Income

		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended						Six Months Ended
		June 30, 2023						June 30, 2023
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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	$	1	$	—	$	1	$	—	$	—	$	—
Total Cash Flow Hedges		1		—		1		—		—		—
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Non-Operating Pension and OPEB Credits (Costs)	2		(1)		1		4		(1)		3
Amortization of Actuarial Loss	Non-Operating Pension and OPEB Credits (Costs)	(7)		2		(5)		(14)		4		(10)
Total Pension and OPEB Plans		(5)		1		(4)		(10)		3		(7)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(7)		3		(4)		(17)		7		(10)
Total Available-for-Sale Debt Securities		(7)		3		(4)		(17)		7		(10)
Total		$	(11)	$	4	$	(7)	$	(27)	$	10	$	(17)

		Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) to Income Statement
		Three Months Ended						Six Months Ended
		June 30, 2022						June 30, 2022
Description of Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	Location of Pre-Tax Amount In Statement of Operations	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	$	(1)	$	1	$	—	$	(2)	$	1	$	(1)
Total Cash Flow Hedges		(1)		1		—		(2)		1		(1)
Pension and OPEB Plans
Amortization of Prior Service (Cost) Credit	Non-Operating Pension and OPEB Credits (Costs)	5		(2)		3		10		(3)		7
Amortization of Actuarial Loss	Non-Operating Pension and OPEB Credits (Costs)	(6)		2		(4)		(11)		3		(8)
Total Pension and OPEB Plans		(1)		—		(1)		(1)		—		(1)
Available-for-Sale Debt Securities
Realized Gains (Losses)	Net Gains (Losses) on Trust Investments	(12)		5		(7)		(18)		7		(11)
Total Available-for-Sale Debt Securities		(12)		5		(7)		(18)		7		(11)
Total		$	(14)	$	6	$	(8)	$	(21)	$	8	$	(13)

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Earnings Per Share (EPS) and Dividends (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Basic And Diluted Earnings Per Share Computation

The following table shows the effect of these dilutive potential shares on the weighted average number of shares outstanding used in calculating diluted EPS:

	Three Months Ended June 30,								Six Months Ended June 30,
	2023				2022				2023				2022
	Basic		Diluted		Basic		Diluted		Basic		Diluted		Basic		Diluted
EPS Numerator (Millions):
Net Income	$	591	$	591	$	131	$	131	$	1,878	$	1,878	$	129	$	129
EPS Denominator (Millions):
Weighted Average Common Shares Outstanding	497		497		497		497		497		497		499		499
Effect of Stock Based Compensation Awards	—		3		—		3		—		3		—		3
Total Shares	497		500		497		500		497		500		499		502
EPS
Net Income	$	1.19	$	1.18	$	0.26	$	0.26	$	3.78	$	3.76	$	0.26	$	0.26

Dividend Payments On Common Stock

Dividends

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Dividend Payments on Common Stock	2023		2022		2023		2022
Per Share	$	0.57	$	0.54	$	1.14	$	1.08
In Millions	$	285	$	270	$	569	$	541

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Financial Information By Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Financial Information By Business Segments

	PSE&G		PSEG Power & Other		Eliminations (A)		Consolidated Total
	Millions
Three Months Ended June 30, 2023
Operating Revenues	$	1,662	$	902	$	(143)	$	2,421
Net Income (B)	336		255		—		591
Gross Additions to Long-Lived Assets	660		45		—		705
Six Months Ended June 30, 2023
Operating Revenues	$	3,955	$	2,929	$	(708)	$	6,176
Net Income (B)	823		1,055		—		1,878
Gross Additions to Long-Lived Assets	1,336		108		—		1,444
Three Months Ended June 30, 2022
Operating Revenues	$	1,668	$	645	$	(237)	$	2,076
Net Income (Loss) (B)	305		(174)		—		131
Gross Additions to Long-Lived Assets	543		62		—		605
Six Months Ended June 30, 2022
Operating Revenues	$	3,952	$	1,258	$	(821)	$	4,389
Net Income (Loss) (B)	814		(685)		—		129
Gross Additions to Long-Lived Assets	1,171		120		—		1,291
As of June 30, 2023
Total Assets	$	41,347	$	8,505	$	(347)	$	49,505
Investments in Equity Method Subsidiaries	$	—	$	15	$	—	$	15
As of December 31, 2022
Total Assets	$	39,960	$	9,285	$	(527)	$	48,718
Investments in Equity Method Subsidiaries	$	—	$	306	$	—	$	306

(A)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 19. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Related-Party Transactions (Tables) - Public Service Electric and Gas Company [Member]

6 Months Ended

Jun. 30, 2023

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:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Related-Party Transactions	2023		2022		2023		2022
	Millions
Billings from Affiliates:
Net Billings from PSEG Power (A)	$	114	$	232	$	675	$	812
Administrative Billings from Services (B)	118		113		220		212
Total Billings from Affiliates	$	232	$	345	$	895	$	1,024

Schedule Of Related Party Transactions, Payables

	As of		As of
Related-Party Transactions	June 30, 2023		December 31, 2022
	Millions
Payable to PSEG Power (A)	$	192	$	313
Payable to Services (B)	88		98
Payable to PSEG (C)	16		74
Accounts Payable—Affiliated Companies	$	296	$	485
Noncurrent Payable to PSEG Power (A)	$	10	$	—
Working Capital Advances to Services (D)	$	33	$	33
Long-Term Accrued Taxes Payable	$	8	$	9

(A)PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Since June 1, 2022, PSEG Power had no contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.

(B)Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

(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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

(D)PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

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Organization and Basis of Presentation Organization and Basis of Presentation (Details) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents		$ 547	$ 465
Restricted Cash in Other Current Assets		30	27
Restricted Cash in Other Noncurrent Assets		20	19
Cash, Cash Equivalents and Restricted Cash		597	511	$ 2,246	$ 863
Public Service Electric and Gas Company [Member]
Cash and Cash Equivalents		126	220
Restricted Cash in Other Current Assets		30	27
Restricted Cash in Other Noncurrent Assets		20	19
Cash, Cash Equivalents and Restricted Cash		176	266	$ 992	$ 339
PSEG Power & Other
Cash and Cash Equivalents	[1]	421	245
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]	$ 421	$ 245

[1] Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

XML

Revenues Revenues (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023 USD ($) $ / mwd MW	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / mwd MW	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Revenues [Line Items]
Revenue from Contract with Customers		$ 1,991	$ 2,348	$ 4,700	$ 5,628
Revenues Unrelated to Contracts with Customers	[1]	430	(272)	1,476	(1,239)
Total Operating Revenues		2,421	2,076	6,176	4,389
Regulatory Assets		4,813		4,813		$ 4,404
Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(143)	(237)	(708)	(821)
Revenues Unrelated to Contracts with Customers	[1]	0	0	0	0
Total Operating Revenues	[2]	(143)	(237)	(708)	(821)
Electric Distribution Contracts [Member]
Revenues [Line Items]
Revenue from Contract with Customers		784	836	1,514	1,556
Electric Distribution Contracts [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	0
Gas Distribution [Member]
Revenues [Line Items]
Revenue from Contract with Customers		274	317	1,233	1,363
Gas Distribution [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	(1)
Electric Transmission [Member]
Revenues [Line Items]
Revenue from Contract with Customers		447	396	872	788
Electric Transmission [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	0
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers		211	475	487	1,057
Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	0
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] | PJM [Member] | Sales to Affiliates [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(27)	(35)	(58)	(91)
Electricity and Related Products [Member] | NY ISO [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	88
Electricity and Related Products [Member] | NY ISO [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	0
Electricity and Related Products [Member] | ISO New England [Member]
Revenues [Line Items]
Revenue from Contract with Customers		3	3	6	89
Electricity and Related Products [Member] | ISO New England [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	0
Gas Sales [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers		26	77	112	213
Gas Sales [Member] | Third Party Sales [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	0
Gas Sales [Member] | Sales to Affiliates [Member]
Revenues [Line Items]
Revenue from Contract with Customers		0	0	0	0
Gas Sales [Member] | Sales to Affiliates [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers		(115)	(202)	(648)	(728)
Other Revenues from Contracts with Customers [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3]	246	244	476	474
Other Revenues from Contracts with Customers [Member] | Eliminations [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3]	(1)	0	(2)	(1)
Public Service Electric and Gas Company [Member]
Revenues [Line Items]
Revenue from Contract with Customers		1,599	1,643	3,791	3,887
Revenues Unrelated to Contracts with Customers	[1]	63	25	164	65
Total Operating Revenues		$ 1,662	1,668	$ 3,955	3,952
Allowances percentage of accounts receivable		20.00%		20.00%		20.00%
Public Service Electric and Gas Company [Member] | Electric Distribution Contracts [Member]
Revenues [Line Items]
Revenue from Contract with Customers		$ 784	836	$ 1,514	1,556
Public Service Electric and Gas Company [Member] | Gas Distribution [Member]
Revenues [Line Items]
Revenue from Contract with Customers		274	317	1,233	1,364
Public Service Electric and Gas Company [Member] | Electric Transmission [Member]
Revenues [Line Items]
Revenue from Contract with Customers		447	396	872	788
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	[3]	94	94	172	179
PSEG Power [Member]
Revenues [Line Items]
Anticipated Contract Revenues		$ 27		$ 27
PSEG Power [Member] | PJM [Member] | June 2023 to May 2024 [Member]
Revenues [Line Items]
Dollars Per Megawatt-Day | $ / mwd		50		50
Load (MW) | MW		3,700		3,700
PSEG Power [Member] | PJM [Member] | June 2024 to May 2025
Revenues [Line Items]
Dollars Per Megawatt-Day | $ / mwd		55		55
Load (MW) | MW		3,500		3,500
Other [Member] | LIPA OSA contract fixed component [Member]
Revenues [Line Items]
Anticipated Contract Revenues		$ 42		$ 42
PSEG Power & Other
Revenues [Line Items]
Revenue from Contract with Customers	[4]	535	942	1,617	2,562
Revenues Unrelated to Contracts with Customers	[1],[4]	367	(297)	1,312	(1,304)
Total Operating Revenues	[4]	902	645	2,929	1,258
PSEG Power & Other | Electric Distribution Contracts [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0	0	0
PSEG Power & Other | Gas Distribution [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0	0	0
PSEG Power & Other | Electric Transmission [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0	0	0
PSEG Power & Other | Electricity and Related Products [Member] | PJM [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	211	475	487	1,057
PSEG Power & Other | Electricity and Related Products [Member] | PJM [Member] | Sales to Affiliates [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	27	35	58	91
PSEG Power & Other | Electricity and Related Products [Member] | NY ISO [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	0	0	0	88
PSEG Power & Other | Electricity and Related Products [Member] | ISO New England [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	3	3	6	89
PSEG Power & Other | Gas Sales [Member] | Third Party Sales [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	26	77	112	213
PSEG Power & Other | Gas Sales [Member] | Sales to Affiliates [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[4]	115	202	648	728
PSEG Power & Other | Other Revenues from Contracts with Customers [Member]
Revenues [Line Items]
Revenue from Contract with Customers	[3],[4]	153	150	306	296
Public Service Electric and Gas Company [Member]
Revenues [Line Items]
Total Operating Revenues		1,662	1,668	3,955	3,952
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		319	351	339	337
Provision for Other Credit Losses		15	6	24	39
Accounts Receivable, Allowance for Credit Loss, Writeoff		(40)	(22)	(69)	(41)
Accounts Receivable, Allowance for Credit Loss, Recovery		6	14	13	22
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		294	335	294	335
Accounts Receivable and Unbilled Revenues, Allowance for Credit Losses		294	$ 335	294	$ 335	$ 339
Regulatory Assets		4,813		4,813		$ 4,404
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion
Revenues [Line Items]
Regulatory Assets		68		68
Public Service Electric and Gas Company [Member] | Societal Benefits Charges Sbc | Electric Bad Debt Deferral
Revenues [Line Items]
Regulatory Assets		$ 137		$ 137

[1] Includes primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

[2] 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 19. Related-Party Transactions.

[3] Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

[4] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

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Early Plant Retirements/Asset Dispositions Early Plant Retirements/Asset Dispositions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Early Plant Retirements [Abstract]
ZEC Charge per kwh	$ 0.004
Impairment of Long-Lived Assets to be Disposed of		$ 43,000,000
ZEC Charge per MWh	10
Early Plant Retirements/Asset Dispositions [Line Items]
Impairment of Long-Lived Assets to be Disposed of		$ 43,000,000
ZEC Charge per MWh	10
Expected Nuclear Production tax Credit per MWh	$ 15

XML

Variable Interest Entities (VIEs) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Variable Interest Entity [Line Items]
Operating Revenues	$ 2,421	$ 2,076	$ 6,176	$ 4,389
Operation and Maintenance	744	751	1,487	1,545
Long Island ServCo [Member]
Variable Interest Entity [Line Items]
Operating Revenues	129	129	257	252
Operation and Maintenance	$ 129	$ 129	$ 257	$ 252

XML

Rate Filings (Details) $ in Millions	1 Months Ended
	Jul. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		$ 4,813.0					$ 4,404.0
Regulatory Assets		358.0					369.0
Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		4,813.0					4,404.0
Regulatory Assets		358.0					$ 369.0
Public Service Electric and Gas Company [Member] | ZEC Liability
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount						$ (1.3)
Public Service Electric and Gas Company [Member] | COVID-19 Deferral - Bad Debt portion
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		$ 68.0
Public Service Electric and Gas Company [Member] | Gas System Modernization Program II [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount			$ 11.0
Public Service Electric and Gas Company [Member] | Basic Gas Supply Service
Regulatory Assets And Liabilities [Line Items]
Approved BGSS rate per therm		0.40		0.47
BGSS self implementing increase (decrease)					(0.03)	(0.15)
Public Service Electric and Gas Company [Member] | Energy Strong II Electric
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount				$ 16.0
Public Utilities, Requested Rate Increase (Decrease), Amount			15.0
Public Service Electric and Gas Company [Member] | Energy Strong II Gas
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount				4.0
Public Service Electric and Gas Company [Member] | Conservation Incentive Program
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount				53.0
Public Utilities, Requested Rate Increase (Decrease), Amount				110.0
Public Service Electric and Gas Company [Member] | Conservation Incentive Program First Twelve Months
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount					$ 18.0
Public Service Electric and Gas Company [Member] | Conservation Incentive Program After Twelve Months
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount					34.0
Public Service Electric and Gas Company [Member] | Pension Ratemaking deferral
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		$ 30.0
Public Service Electric and Gas Company [Member] | Conservation Incentive Program Electric
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount			72.0		$ 52.0
Public Service Electric and Gas Company [Member] | Conservation Incentive Program Gas After Twelve Months
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount				11.0
Public Service Electric and Gas Company [Member] | Conservation Incentive Program Gas First Twelve Months
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount				$ 99.0
Public Service Electric and Gas Company [Member] | Electric Green Program Recovery [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount			87.0
Public Utilities, Requested Rate Increase (Decrease), Amount		38.0
Public Service Electric and Gas Company [Member] | Gas Green Program Recovery [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount			5.0
Public Utilities, Requested Rate Increase (Decrease), Amount		20.0
Public Service Electric and Gas Company [Member] | Clean Energy Future
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount			$ 280.0
Public Service Electric and Gas Company [Member] | Formula Rate True up
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount		(21.0)
COVID-19 deferrals [Member] | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Regulatory Assets		$ 131.0
Remediation Adjustment Clause | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount						$ 44.0
Electric Societal Benefits Clause | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount						52.0
Gas Societal Benefit Clause | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Requested Rate Increase (Decrease), Amount						$ 32.0
Subsequent Event [Member] | Tax Adjustment Credits Gas Distribution [Member] | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount	$ (42.0)
Subsequent Event [Member] | Tax Adjustment Credits Electric Distribution [Member] | Public Service Electric and Gas Company [Member]
Regulatory Assets And Liabilities [Line Items]
Public Utilities, Approved Rate Increase (Decrease), Amount	$ 17.0

XML

Leases Operating Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating Leases, Income Statement, Lease Revenue [Abstract]
Fixed Lease Income	$ 6	$ 8	$ 12	$ 16
Total Operating Lease Income	6	$ 8	12	$ 16
Energy Holdings [Member]
Operating Leases, Income Statement, Lease Revenue [Abstract]
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	$ 30		$ 30

XML

Financing Receivables (Outstanding Loans by Class of Customer) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Concentration Risk [Line Items]
Average Loan Repayment Period	8 years
Outstanding Loans by Class of Customer	$ 77	$ 89
Current Portion of Outstanding Loans	26	27
Noncurrent Portion of Outstanding Loans	$ 51	62
Average Loan Remaining Repayment Period	3 years
Commercial/Industrial [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 74	85
Residential [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	3	$ 4
Solar Loan I [Member]
Concentration Risk [Line Items]
Outstanding Loans by Class of Customer	$ 7
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	$ 36
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	$ 34
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

XML

Financing Receivables (Gross And Net Lease Investment) (Detail) - Energy Holdings [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 223	$ 249
Unearned and Deferred Income	(68)	(74)
Gross Investments in Leases	155	175
Deferred Tax Liabilities	(35)	(39)
Net Investments in Leases	$ 120	$ 136

XML

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, 2023	Dec. 31, 2022
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 223	$ 249
Standard & Poor's, AA Rating [Member]
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	7
Standard & Poor's, A- Rating [Member]
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	43
Standard & Poor's, BBB plus - BBB - Rating [Member]
Schedule of Financial Receivables [Line Items]
Lease Receivables (net of Non-Recourse Debt)	$ 173

XML

Financing Receivables (Narrative) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Energy Holdings [Member]
Schedule of Financial Receivables [Line Items]
Leveraged Leases, Net Investment in Leveraged Leases Disclosure, Investment in Leveraged Leases, Net	$ 120	$ 136

XML

Trust Investments (Fair Values And Gross Unrealized Gains And Losses For The Securities Held) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023		Jun. 30, 2023		Dec. 31, 2022
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Trust Investments, Cost	$ 2,146		$ 2,146		$ 2,130
Gross Unrealized Gains	396		396		301
Gross Unrealized Losses	(161)		(161)		(203)
Trust Investments, Fair Value	2,381	[1]	2,381	[1]	2,228	[2]
NDT Fund Foreign Currency	2		2		2
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Trust Investments, Cost	209		209		213
Gross Unrealized Gains	8		8		6
Gross Unrealized Losses	(32)		(32)		(36)
Trust Investments, Fair Value	185		185		183
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	1,327		1,327		1,318
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2		2		1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(137)		(137)		(163)
Debt Securities, Available-for-Sale, Fair Value	1,192		1,192		1,156
Total Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	196		196		199
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(32)		(32)		(36)
Debt Securities, Available-for-Sale, Fair Value	164		164		163
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	819		819		812
Equity Securities, Accumulated Gross Unrealized Gain			394		300
Equity Securities, FV-NI, Unrealized Loss			(24)		(40)
Equity Securities, Fair Value	1,189		1,189		1,072
Unrealized Gains (Losses) on Equity Securities still held	59		114
Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	1		2
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	585		585		597
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1		1		1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(55)		(55)		(69)
Debt Securities, Available-for-Sale, Fair Value	531		531		529
Corporate Debt Obligations [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	85		85		89
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(13)		(13)		(15)
Debt Securities, Available-for-Sale, Fair Value	72		72		74
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	742		742		721
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1		1		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(82)		(82)		(94)
Debt Securities, Available-for-Sale, Fair Value	661		661		627
Government Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	111		111		110
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(19)		(19)		(21)
Debt Securities, Available-for-Sale, Fair Value	92		92		89
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	361		361		336
Equity Securities, Accumulated Gross Unrealized Gain			94		68
Equity Securities, FV-NI, Unrealized Loss			(19)		(28)
Equity Securities, Fair Value	436		436		376
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	458		458		476
Equity Securities, Accumulated Gross Unrealized Gain			300		232
Equity Securities, FV-NI, Unrealized Loss			(5)		(12)
Equity Securities, Fair Value	753		753		696
Domestic Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Equity Securities, Cost	13		13		14
Equity Securities, Accumulated Gross Unrealized Gain			8		6
Equity Securities, FV-NI, Unrealized Loss			0		0
Equity Securities, Fair Value	$ 21		21		$ 20
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains recognized in AOCI			(80)
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains recognized in AOCI			$ (23)

[1] The NDT Fund Investments table excludes cash and foreign currency of $2 million as of June 30, 2023, which is part of the NDT Fund.

[2] The NDT Fund Investments table excludes cash and foreign currency of $2 million as of December 31, 2022, which is part of the NDT Fund.

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Trust Investments (Schedule Of Accounts Receivable And Accounts Payable) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Accounts Receivable	$ 32	$ 14
Accounts Payable	23	6
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Accounts Receivable	1	1
Accounts Payable	$ 1	$ 0

XML

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, 2023	Dec. 31, 2022
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		$ 410	$ 700
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(16)	(70)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		791	588
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(145)	(133)
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		30	67
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(2)	(10)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		130	96
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(30)	(26)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	68	178
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	(7)	(22)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[1]	49	47
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[1]	(17)	(18)
Total Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		342	522
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(9)	(48)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		742	541
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(128)	(115)
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		30	67
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months		(2)	(10)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer		130	96
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,		(30)	(26)
Domestic Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	29	90
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	(3)	(10)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[1]	8	9
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[1]	(2)	(2)
International Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	39	88
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[1]	(4)	(12)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[1]	41	38
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[1]	(15)	(16)
Government Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[2]	206	301
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[2]	(6)	(27)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[2]	406	292
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[2]	(76)	(67)
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	[3]	16	32
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[3]	(1)	(5)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[3]	75	57
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[3]	(18)	(16)
Corporate Debt Obligations [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[4]	136	221
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[4]	(3)	(21)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[4]	336	249
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[4]	(52)	(48)
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	[5]	14	35
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	[5]	(1)	(5)
Fair Value of Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	[5]	55	39
Gross Unrealized Losses on Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer,	[5]	$ (12)	$ (10)

[1] 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.

[2] Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will 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. PSEG Power 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 Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

[3] 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.

[4] 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. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

[5] 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 corporate bonds because they are primarily investment grade.

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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, 2023		Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments						$ 721	$ 862
Net Gains (Losses) on Trust Investments		$ 57		$ (187)		103	(255)
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments	[1]	308		341		704	814
Gross Realized Gains		25		21		46	50
Gross Realized Losses		(28)		(31)		(55)	(65)
Net Realized Gains (Losses)	[2]	(3)		(10)		(9)	(15)
Unrealized Gain (Loss) on Equity Securities		60		(170)		111	(231)
Net Gains (Losses) on Trust Investments		57		(180)		102	(246)
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Proceeds from Sale of Trust Investments		11	[1]	20	[1]	17	48
Gross Realized Gains		3		2		4	3
Gross Realized Losses		(4)		(4)		(5)	(6)
Net Realized Gains (Losses)	[3]	(1)		(2)		(1)	(3)
Unrealized Gain (Loss) on Equity Securities		1		(5)		2	(6)
Net Gains (Losses) on Trust Investments		$ 0		$ (7)		$ 1	$ (9)

[1] Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

[2] The cost of these securities was determined on the basis of specific identification.

[3] The cost of these securities was determined on the basis of specific identification.

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Trust Investments (Amount Of Available-For-Sale Debt Securities By Maturity Periods) (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Total Available-for-Sale Debt Securities	$ 1,192
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Total Available-for-Sale Debt Securities	164
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Less than one year	20
1 - 5 years	293
6 - 10 years	220
11 - 15 years	66
16 - 20 years	101
Over 20 years	492
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Less than one year	7
1 - 5 years	25
6 - 10 years	20
11 - 15 years	10
16 - 20 years	14
Over 20 years	$ 88

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Trust Investments (Fair Value Of Rabbi Trust) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	$ 185	$ 183
Public Service Electric and Gas Company [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	33	32
Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	185	183
Rabbi Trust [Member] | Public Service Electric and Gas Company [Member]
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	33	32
Rabbi Trust [Member] | PSEG Power & Other
Schedule of Trust Investments [Line Items]
Total Rabbi Trust Investments	$ 152	$ 151

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Trust Investments (Narrative) (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) Facility	Dec. 31, 2022 USD ($)
Schedule of Trust Investments [Line Items]
Number of Nuclear Facilities | Facility		5
Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
NDT Fund Foreign Currency	$ 2	$ 2	$ 2
Debt Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains recognized in AOCI		(80)
Debt Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
After tax amount of net unrealized gains recognized in AOCI		(23)
Equity Securities [Member] | Nuclear Decommissioning Trust (NDT) Fund [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	59	114
Equity Securities [Member] | Rabbi Trust [Member]
Schedule of Trust Investments [Line Items]
Unrealized Gains (Losses) on Equity Securities still held	$ 1	$ 2

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Pension And OPEB (Components Of Net Periodic Benefit Cost) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	$ 23	$ 36	$ 45	$ 71
Interest Cost	69	41	138	83
Expected Return on Plan Assets	(96)	(121)	(191)	(242)
Amortization of Prior Service Cost	0	0	0	0
Amortization of Actuarial Loss	24	15	48	30
Non-Operating Pension and OPEB (Credits) Costs	(3)	(65)	(5)	(129)
Total Benefit (Credits) Costs	20	(29)	40	(58)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Service Cost	1	1	2	3
Interest Cost	11	7	21	13
Expected Return on Plan Assets	(9)	(10)	(17)	(21)
Amortization of Prior Service Cost	(13)	(32)	(26)	(64)
Amortization of Actuarial Loss	0	3	(1)	7
Non-Operating Pension and OPEB (Credits) Costs	(11)	(32)	(23)	(65)
Total Benefit (Credits) Costs	$ (10)	$ (31)	$ (21)	$ (62)

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Pension And OPEB (Schedule Of Pension And OPEB Costs) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	$ 20	$ (29)	$ 40	$ (58)
Pension Benefits [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	14	(17)	27	(35)
Pension Benefits [Member] | PSEG Power & Other
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	6	(12)	13	(23)
OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	(10)	(31)	(21)	(62)
OPEB [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	(10)	(28)	(20)	(55)
OPEB [Member] | PSEG Power & Other
Defined Benefit Plan Disclosure [Line Items]
Total Benefits (Credits) Costs	$ 0	$ (3)	$ (1)	$ (7)

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Pension And OPEB (Narrative) (Detail) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Minimum [Member] | Subsequent Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Lift Out Settlement Charge	$ 315
Pension Lift Out Settlement Charge, net of tax	225
Maximum [Member] | Subsequent Event [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension Lift Out Settlement Charge	360
Pension Lift Out Settlement Charge, net of tax	$ 260
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs		$ 20	$ (29)	$ 40	$ (58)
Pension Plan [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs		14	(17)	27	(35)
Postretirement Healthcare Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs		(10)	(31)	(21)	(62)
Postretirement Healthcare Plans [Member] | Public Service Electric and Gas Company [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs		(10)	(28)	(20)	(55)
Long Island Electric Utility Servco LLC Pension and OPEB [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year		18		18
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs		4	7	9	15
Long Island Electric Utility Servco LLC Pension and OPEB [Member] | Postretirement Healthcare Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total Benefit Costs		$ 3	$ 3	$ 6	$ 5

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Commitments And Contingent Liabilities (Guaranteed Obligations) (Detail) - PSEG Power [Member] - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Face Value of Outstanding Guarantees	$ 1,445	$ 1,601
Exposure under Current Guarantees	80	198
Letters of Credit Margin Posted	13	87
Letters of Credit Margin Received	85	38
Counterparty Cash Collateral Deposited	0	0
Counterparty Cash Collateral Received	(7)	(1)
Net Broker Balance Deposited (Received)	433	1,522
Other Letters of Credit	$ 180	$ 156

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Commitments And Contingent Liabilities (Environmental Matters) (Detail) $ in Millions	Jun. 30, 2023 USD ($) Plant
Site Contingency [Line Items]
Number of additional legal entities contacted by EPA in conjunction with Newark Bay study area contamination	21
Passaic River Site Contingency [Member]
Site Contingency [Line Items]
Estimated Cleanup Costs EPA Preferred Method	$ 2,300
Accrual for Environmental Loss Contingencies	$ 66
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	$ 53
Passaic River Site Contingency [Member] | PSEG Power [Member]
Site Contingency [Line Items]
Accrual for Environmental Loss Contingencies	13
Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Remediation Liability Recorded As Other Current Liabilities	39
Remediation Liability Recorded As Other Noncurrent Liabilities	159
Regulatory Assets	198
Passaic River Site Upper 9 Miles
Site Contingency [Line Items]
Estimated Cleanup Costs EPA Preferred Method	550
Passaic River proposed settlement other PRPs	150
Minimum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	198
Accrual for Environmental Loss Contingencies	198
Maximum [Member] | Mgp Remediation Site Contingency [Member] | Public Service Electric and Gas Company [Member]
Site Contingency [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 219

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Commitments And Contingent Liabilities (Basic Generation Service (BGS) And Basic Gas Supply Service (BGSS)) (Detail) cf in Billions	6 Months Ended
	Jun. 30, 2023 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%
ZEC Charge per kwh | $	$ 0.004
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 2020 [Member]
Long-term Purchase Commitment [Line Items]
Load (MW) | MW	2,800
Dollars Per Megawatt Hour | $ / MWh	102.16
Public Service Electric and Gas Company [Member] | Auction Year 2021
Long-term Purchase Commitment [Line Items]
Load (MW) | MW	2,900
Dollars Per Megawatt Hour | $ / MWh	64.80
Public Service Electric and Gas Company [Member] | Auction Year 2022
Long-term Purchase Commitment [Line Items]
Dollars Per Megawatt-Day | $ / mwd	276.26
Load (MW) | MW	2,800
Dollars Per Megawatt Hour | $ / MWh	76.30
Public Service Electric and Gas Company [Member] | Auction Year 2023
Long-term Purchase Commitment [Line Items]
Dollars Per Megawatt-Day | $ / mwd	330.72
Load (MW) | MW	2,800
Dollars Per Megawatt Hour | $ / MWh	93.11	[1]

[1] Prices set in the 2023 BGS auction became effective on June 1, 2023 when the 2020 BGS auction agreements expired.

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Commitments And Contingent Liabilities (Minimum Fuel Purchase Requirements) (Detail) - PSEG Power [Member] $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Coverage percentage of nuclear fuel commitments of uranium, enrichment, and fabrication requirements for current year	100.00%
Nuclear Fuel Uranium [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	$ 379
Nuclear Fuel Enrichment [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	309
Nuclear Fuel Fabrication [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	183
Natural Gas [Member]
Long-term Purchase Commitment [Line Items]
Total five-year minimum purchase requirements	$ 1,135

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Commitments And Contingent Liabilities (Litigation) (Detail) - PSEG Power [Member] - Sewaren 7 Litigation [Member] - USD ($) $ in Millions	Jun. 30, 2023	Jan. 31, 2021
Loss Contingencies [Line Items]
Original Claim Amount	$ 93
Maximum [Member]
Loss Contingencies [Line Items]
Complaint amount		$ 68

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Debt and Credit Facilities (Changes in Long-Term Debt) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 900	$ 1,750
Repayments of Long-term Debt	500	0
Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	900	500
Repayments of Long-term Debt	500	$ 0
Three Year Variable rate term loan | PSEG Power [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	1,250
Medium Term Notes Green Bond Four Point Six Five Percent due Two Thousand Thirty Three | Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 500
Debt Instrument, Interest Rate, Stated Percentage	4.65%
Medium Term Notes Green Bond Five Point One Three Percent due Two Thousand Fifty Three | Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Issuance of Long-term Debt	$ 400
Debt Instrument, Interest Rate, Stated Percentage	5.13%
Medium Term Notes Two Point Three Eight Percent Due In Two Thousand Twenty Three | Public Service Electric and Gas Company [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	2.38%
Repayments of Long-term Debt	$ 500

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Debt and Credit Facilities Debt and Credit Facilities (Short-Term Liquidity) (Details) - USD ($) $ in Millions		1 Months Ended			6 Months Ended
		May 31, 2023	Apr. 30, 2023	Apr. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commercial Paper					$ 1,197		$ 2,200
Commitments of Single Institution as Percentage of Total Commitments					10.00%
Line of Credit Facility, Remaining Borrowing Capacity	[1]				$ 3,489
Line of Credit Facility, Maximum Borrowing Capacity	[1]				4,150
Line of Credit Facility, Fair Value of Amount Outstanding	[1],[2]				661
Proceeds from Short-Term Loan					750	$ 2,000
Repayments of Short-term Debt					2,000	1,250
Collateral Already Posted, Aggregate Fair Value					426		1,521
Net Change in Commercial Paper and Loans					247	(956)
Public Service Electric and Gas Company [Member]
Commercial Paper					298		$ 0
Line of Credit Facility, Remaining Borrowing Capacity					682
Line of Credit Facility, Maximum Borrowing Capacity					1,000
Line of Credit Facility, Fair Value of Amount Outstanding					318
Net Change in Commercial Paper and Loans					298	$ 0
PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					1,459
Line of Credit Facility, Maximum Borrowing Capacity					1,650
Line of Credit Facility, Fair Value of Amount Outstanding					191
Five Year Credit Facility Maturing March 2023 [Member] | Public Service Electric and Gas Company [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 682
Debt Instrument, Maturity Date, Description					Mar 2027
Line of Credit Facility, Maximum Borrowing Capacity					$ 1,000
Line of Credit Facility, Fair Value of Amount Outstanding	[2]				318
Five Year Credit Facility Maturing March 2023 [Member] | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 1,211
Debt Instrument, Maturity Date, Description					Mar 2027
Line of Credit Facility, Maximum Borrowing Capacity	[3]				$ 1,250
Line of Credit Facility, Fair Value of Amount Outstanding					39
Letter of Credit Facilities expiring April 2024 | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 34
Debt Instrument, Maturity Date, Description					Apr 2024
Line of Credit Facility, Maximum Borrowing Capacity					$ 100
Line of Credit Facility, Fair Value of Amount Outstanding					66
Letter of Credit Facilities expiring April 2025 | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 100
Debt Instrument, Maturity Date, Description					Apr 2025
Line of Credit Facility, Maximum Borrowing Capacity					$ 100
Line of Credit Facility, Fair Value of Amount Outstanding					0
Letter of Credit Facilities expiring September 2024 | PSEG Power [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 114
Debt Instrument, Maturity Date, Description					Sept 2024
Line of Credit Facility, Maximum Borrowing Capacity					$ 200
Line of Credit Facility, Fair Value of Amount Outstanding					86
Uncommitted Letter of Credit Facility | PSEG Power [Member]
Line of Credit Facility, Maximum Borrowing Capacity					150
April 2022 Term Loan
Proceeds from Short-Term Loan				$ 1,500
Repayments of Short-term Debt			$ 750		750
April 2023 Term Loan
Proceeds from Short-Term Loan			$ 750
May 2023 Term Loan
Proceeds from Short-Term Loan		$ 500
PSEG [Member]
Line of Credit Facility, Remaining Borrowing Capacity					1,348
Line of Credit Facility, Maximum Borrowing Capacity					1,500
Line of Credit Facility, Fair Value of Amount Outstanding					152
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Line of Credit Facility, Remaining Borrowing Capacity					$ 1,348
Debt Instrument, Maturity Date, Description					Mar 2027
Line of Credit Facility, Maximum Borrowing Capacity	[3]				$ 1,500
Line of Credit Facility, Fair Value of Amount Outstanding	[2]				152
PSEG [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Commercial Paper					$ 149
Short-term Debt, Weighted Average Interest Rate, at Point in Time					5.53%
Public Service Electric and Gas Company [Member] | Five Year Credit Facility Maturing March 2023 [Member]
Commercial Paper					$ 298
Short-term Debt, Weighted Average Interest Rate, at Point in Time					5.49%

[1] Amounts do not include uncommitted credit facilities or 364-day term loans.

[2] 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, 2023, PSEG had $149 million outstanding at a weighted average interest rate of 5.53% and PSE&G had $298 million outstanding at a weighted average interest rate of 5.49%.

[3] Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.

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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		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	$ 17	$ 0	$ 14	$ 0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion		(1)		(2)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(7)	(8)	(17)	(13)
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	1		0
Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	1	0	0	(1)	$ 3
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized Gain (Loss) on Cash Flow Hedging Instruments	17	0	14	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion		$ (1)		$ (2)
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	$ 1		$ 0

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Financial Risk Management Activities (Narrative) (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax		$ 7		$ (3)
Unrealized Gain to be Reclassified to Earnings During the Next Twelve Months		5
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	283		1,111
Derivative, Fair Value, Net		79		(124)
Interest Rate Cash Flow Hedge Derivative at Fair Value, Net		900
Issuance of Long-term Debt		900	$ 1,750
PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Fair Value of Derivatives with credit-risk related contingent features		76		190
Aggregate fair value of derivative contracts in a liability position that contains triggers for additional collateral		5		41
Additional collateral aggregate fair value		71		149
Derivative, Fair Value, Net		66		(125)
Public Service Electric and Gas Company [Member]
Derivatives, Fair Value [Line Items]
Issuance of Long-term Debt		900	$ 500
Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Net		13		$ 1
Three Year Variable rate term loan | PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Issuance of Long-term Debt		$ 1,250

[1] 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, 2023 and December 31, 2022, PSEG Power had net cash collateral (receipts) payments to counterparties of $426 million and $1,521 million, respectively. Of these net cash collateral (receipts) payments, $283 million and $1,111 million as of June 30, 2023 and December 31, 2022, respectively, were netted against the corresponding net derivative contract positions. Of the $283 million as of June 30, 2023, $(5) million was netted against current assets, $(1) million against noncurrent assets, $171 million against current liabilities and $118 million against noncurrent liabilities. Of the $1,111 million as of December 31, 2022, $616 million was netted against current liabilities and $495 million against noncurrent liabilities.

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Financial Risk Management Activities (Schedule Of Derivative Instruments Fair Value In Balance Sheets) (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Collateral Already Posted, Aggregate Fair Value		$ 426	$ 1,521
Derivative Contracts, Current Assets		91	18
Derivative Contracts, Noncurrent Assets		62	15
Total Mark-to-Market Derivative Assets		153	33
Derivative Contracts, Current Liabilities		(66)	(124)
Derivative Contracts, Noncurrent Liabilities		(8)	(33)
Total Mark-to-Market Derivative (Liabilities)		(74)	(157)
Net Mark-to-Market Derivative Assets (Liabilities)		79	(124)
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	283	1,111
PSEG Power [Member]
Derivatives, Fair Value [Line Items]
Derivative Contracts, Current Assets		80	14
Derivative Contracts, Noncurrent Assets		60	15
Total Mark-to-Market Derivative Assets		140	29
Derivative Contracts, Current Liabilities		(66)	(124)
Derivative Contracts, Noncurrent Liabilities		(8)	(30)
Total Mark-to-Market Derivative (Liabilities)		(74)	(154)
Net Mark-to-Market Derivative Assets (Liabilities)		66	(125)
Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		118	495
Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		(5)
Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		(1)
Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net		171	616
Energy-Related Contracts [Member] | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Contracts, Current Assets		767	1,721
Derivative Contracts, Noncurrent Assets		633	629
Total Mark-to-Market Derivative Assets		1,400	2,350
Derivative Contracts, Current Liabilities		(919)	(2,447)
Derivative Contracts, Noncurrent Liabilities		(698)	(1,139)
Total Mark-to-Market Derivative (Liabilities)		(1,617)	(3,586)
Net Mark-to-Market Derivative Assets (Liabilities)		(217)	(1,236)
Energy-Related Contracts [Member] | Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	690	1,109
Energy-Related Contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	(687)	(1,707)
Energy-Related Contracts [Member] | Other Noncurrent Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	(573)	(614)
Energy-Related Contracts [Member] | Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1],[2],[3]	(1,260)	(2,321)
Energy-Related Contracts [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1]	853	2,323
Energy-Related Contracts [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[1],[2],[3]	1,543	3,432
Interest Rate Swap [Member] | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Contracts, Current Assets		11	4
Derivative Contracts, Noncurrent Assets		2	0
Total Mark-to-Market Derivative Assets		13	4
Derivative Contracts, Current Liabilities		0	0
Derivative Contracts, Noncurrent Liabilities		0	(3)
Total Mark-to-Market Derivative (Liabilities)		0	(3)
Net Mark-to-Market Derivative Assets (Liabilities)		$ 13	1
Interest Rate Swap [Member] | Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative, Fair Value, Amount Offset Against Collateral, Net	[3],[4]		$ 0

[1] 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, 2023 and December 31, 2022, PSEG Power had net cash collateral (receipts) payments to counterparties of $426 million and $1,521 million, respectively. Of these net cash collateral (receipts) payments, $283 million and $1,111 million as of June 30, 2023 and December 31, 2022, respectively, were netted against the corresponding net derivative contract positions. Of the $283 million as of June 30, 2023, $(5) million was netted against current assets, $(1) million against noncurrent assets, $171 million against current liabilities and $118 million against noncurrent liabilities. Of the $1,111 million as of December 31, 2022, $616 million was netted against current liabilities and $495 million against noncurrent liabilities.

[2] 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. 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.

[3] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 12. Financial Risk Management Activities for additional detail.

[4] 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 judgement.

XML

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Gain) Loss Reclassified into Income, pre-tax	$ (11)	$ (14)	$ (27)	$ (21)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax	0	(53)	18	(118)
(Gain) Loss Reclassified into Income, net of tax	(7)	(8)	(17)	(13)
Cash Flow Hedges [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Pre-Tax Balance at Beginning of Period			(4)	(9)	$ (9)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), pre-tax			14		0
(Gain) Loss Reclassified into Income, pre-tax			0		5
Pre-Tax Balance at End of Period	10		10		(4)
After-Tax Balance at Beginning of Period			(3)	(6)	(6)
Gain (Loss) Recognized in Accumulated Other Comprehensive Income (Loss), Net of Tax	12	0	10	0	0
(Gain) Loss Reclassified into Income, net of tax	1	$ 0	0	$ (1)	3
After-Tax Balance at End of Period	$ 7		$ 7		$ (3)

XML

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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ 338	$ (355)	$ 1,241	$ (1,399)
Operating Revenues [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	339	(354)	1,241	(1,398)
Energy Costs [Member]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (1)	$ (1)	$ 0	$ (1)

XML

Financial Risk Management Activities (Schedule Of Net Notional Volume For Open Derivative Contracts) (Detail) - PSEG Power [Member] $ / mwh in Millions, $ / Derivative in Millions, $ / DTH in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023 $ / DTH $ / Derivative $ / mwh	Dec. 31, 2022 $ / Derivative $ / DTH $ / mwh
Natural Gas Dth [Member]
Derivative [Line Items]
Net notional volume of derivative transactions | $ / DTH	52	49
Electricity MWh [Member]
Derivative [Line Items]
Net notional volume of derivative transactions	(63)	(60)
FTRs MWh [Member]
Derivative [Line Items]
Net notional volume of derivative transactions	31	24
Interest Rate Swaps [Member]
Derivative [Line Items]
Net notional volume of derivative transactions | $ / Derivative	900	1,050

XML

Financial Risk Management Activities (Schedule Providing Credit Risk From Others, Net Of Collateral) (Detail)	6 Months Ended
	Jun. 30, 2023
PSEG Power [Member] | Investment Grade - External Rating [Member]
Derivative [Line Items]
Percentage Of Credit Exposure	100.00%

XML

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, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral Already Posted, Aggregate Fair Value		$ 426	$ 1,521
Total Mark-to-Market Derivative Assets		153	33
Total Mark-to-Market Derivative (Liabilities)		(74)	(157)
Collateral netted against assets and liabilities	[1]	(283)	(1,111)
PSEG Power [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets		140	29
Total Mark-to-Market Derivative (Liabilities)		(74)	(154)
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	[2]	480	385
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	[2]	100	165
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	[2]	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	[2]	0	0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]	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	[2]	0	0
Total Estimate Of Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash Equivalents, Fair Value Disclosure	[2]	480	385
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	[2]	100	165
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	[3]	5	42
Total Mark-to-Market Derivative (Liabilities)	[3]	(1)	(3)
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	[3]	1,395	2,307
Total Mark-to-Market Derivative (Liabilities)	[3]	(1,612)	(3,537)
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	[3]	0	1
Total Mark-to-Market Derivative (Liabilities)	[3]	(4)	(46)
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	[3]	140	29
Total Mark-to-Market Derivative (Liabilities)	[3]	(74)	(154)
Interest Rate Swap [Member] | Quoted Market Prices of Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[4]	0	0
Total Mark-to-Market Derivative (Liabilities)	[4]		0
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Mark-to-Market Derivative Assets	[4]	(13)	(4)
Total Mark-to-Market Derivative (Liabilities)	[4]		(3)
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)	[4]	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 Assets	[4]	(13)	(4)
Total Mark-to-Market Derivative (Liabilities)	[4]		(3)
Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[2],[5]	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	[2],[5]	0	0
Assets [Member] | Energy-Related Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[1],[3],[5]	1,260	2,321
Other Liabilities [Member] | Energy-Related Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[1],[3],[5]	(1,543)	(3,432)
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	[4],[5]		0
Other Assets [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[4],[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
NDT Fund Foreign Currency		2	2
Nuclear Decommissioning Trust (NDT) Fund [Member] | Corporate Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	531	529
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	531	529
Nuclear Decommissioning Trust (NDT) Fund [Member] | Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	384	339
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	384	339
Nuclear Decommissioning Trust (NDT) Fund [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	277	288
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	277	288
Nuclear Decommissioning Trust (NDT) Fund [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	1,189	1,072
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	0	0
Nuclear Decommissioning Trust (NDT) Fund [Member] | 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	[6]	1,189	1,072
Rabbi Trust [Member] | Corporate Debt Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Corporate Debt 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	[5]	0	0
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | Corporate Debt 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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	72	74
Rabbi Trust [Member] | Corporate Debt 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	[6]	12	13
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | Corporate Debt 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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	72	74
Rabbi Trust [Member] | Corporate Debt 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	[6]	12	13
Rabbi Trust [Member] | Government Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Government Debt Securities [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	[5]	0	0
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | Government Debt Securities [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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	33	32
Rabbi Trust [Member] | Government Debt Securities [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	[6]	6	6
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | Government Debt Securities [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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	33	32
Rabbi Trust [Member] | Government Debt Securities [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	[6]	6	6
Rabbi Trust [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | US Treasury Securities [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	[5]	0	0
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | US Treasury Securities [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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	59	57
Rabbi Trust [Member] | US Treasury Securities [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	[6]	11	10
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | US Treasury Securities [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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	59	57
Rabbi Trust [Member] | US Treasury Securities [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	[6]	11	10
Rabbi Trust [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral netted against assets and liabilities	[5]	0	0
Rabbi Trust [Member] | Equity Securities [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	[5]	0	0
Rabbi Trust [Member] | 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	[6]	21	20
Rabbi Trust [Member] | Equity Securities [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	[6]	4	3
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | Equity Securities [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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	0	0
Rabbi Trust [Member] | Equity Securities [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	[6]	0	0
Rabbi Trust [Member] | 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	[6]	21	20
Rabbi Trust [Member] | Equity Securities [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	[6]	$ 4	$ 3

[1] 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, 2023 and December 31, 2022, PSEG Power had net cash collateral (receipts) payments to counterparties of $426 million and $1,521 million, respectively. Of these net cash collateral (receipts) payments, $283 million and $1,111 million as of June 30, 2023 and December 31, 2022, respectively, were netted against the corresponding net derivative contract positions. Of the $283 million as of June 30, 2023, $(5) million was netted against current assets, $(1) million against noncurrent assets, $171 million against current liabilities and $118 million against noncurrent liabilities. Of the $1,111 million as of December 31, 2022, $616 million was netted against current liabilities and $495 million against noncurrent liabilities.

[2] Represents money market mutual funds.

[3] 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. 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.

[4] 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 judgement.

[5] Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of collateral. See Note 12. Financial Risk Management Activities for additional detail.

[6] The fair value measurement table excludes cash and foreign currency of $2 million in the NDT Fund as of June 30, 2023 and December 31, 2022. The NDT Fund maintains investments in various equity and fixed income securities. The Rabbi Trust maintains investments in a Russell 3000 index fund and various fixed income securities. These securities are generally valued with prices that are either exchange provided (equity securities) or market transactions for comparable securities and/or broker quotes (fixed income securities). 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. Certain short-term investments are valued using observable market prices or market parameters such as time-to-maturity, coupon rate, quality rating and current yield.

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Fair Value Measurements (Changes In Level 3 Assets And (Liabilities) Measured At Fair Value On A Recurring Basis) (Detail) - Net Derivative Assets (Liabilities) [Member] $ in Millions	Jun. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Opening Balance	$ (10)
Closing Balance	$ (4)

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Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net assets measured at fair value on a recurring basis	$ 3,100		$ 4,500
Net Derivative Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs	(4)		$ (10)
Nuclear Decommissioning Trust (NDT) Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
NDT Fund Foreign Currency	$ 2	$ 2

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Fair Value Measurements (Fair Value Of Debt) (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount		$ 18,469	$ 18,070
Long-Term Debt, Fair Value		16,681	16,164
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]	13,092	12,696
Long-Term Debt, Fair Value	[1]	11,603	11,106
PSEG Power [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount	[2]	1,250	1,250
Long-Term Debt, Fair Value	[2]	1,250	1,250
PSEG [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-Term Debt, Carrying Amount	[1]	4,127	4,124
Long-Term Debt, Fair Value	[1]	$ 3,828	$ 3,808

[1] 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 using market-based measurements that are processed through a rules-based pricing 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.

[2] Private term loan with book value approximating fair value (Level 2 measurement).

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Other Income (Deductions) (Schedule Of Other Income (Deductions)) (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023		Jun. 30, 2022
Component of Other Income (Deductions) [Line Items]
NDT Fund Interest and Dividends		$ 19	$ 16	$ 34		$ 30
Allowance for Funds Used During Construction		15	15	30		30
Solar Loan Interest		2	3	4		6
Interest Income, Other		14	4	23		4
Purchase of Tax Losses						(27)
Other		(1)	0	0		0
Other Income (Deductions)		49	38	91		43
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		15	15	30		30
Solar Loan Interest		2	3	4		6
Interest Income, Other		5	2	7		2
Purchase of Tax Losses						0
Other		1	2	3		3
Other Income (Deductions)		23	22	44		41
PSEG Power & Other
Component of Other Income (Deductions) [Line Items]
NDT Fund Interest and Dividends	[1]	19	16	34		30
Allowance for Funds Used During Construction	[1]	0	0	0		0
Solar Loan Interest	[1]	0	0	0		0
Interest Income, Other		9	2	16	[1]	2
Purchase of Tax Losses	[1]					(27)
Other	[1]	(2)	(2)	(3)		(3)
Other Income (Deductions)	[1]	$ 26	$ 16	$ 47		$ 2

[1] (A)PSEG Power & Other consists of activity at PSEG Power, Energy Holdings, PSEG LI, Services, PSEG ( parent company) and intercompany eliminations.

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Income Taxes (Schedule Of Effective Tax Rates) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes [Line Items]
Pre-Tax Income	$ 744	$ 98	$ 2,329	$ (56)
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	156	21	489	(12)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	50	6	158	(22)
Uncertain Tax Positions	(1)	0	(7)	(2)
Effective Income Tax Rate Reconciliation, Leasing Activities, Amount	0	0	(17)	0
Effective Income Tax Rate Reconciliation, GPRC	(8)	(8)	(24)	(14)
Effective Tax Rate Reconciliation, Effective Tax Rate Adjustment	7	4	(16)	(8)
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount	(51)	(32)	(126)	(106)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(4)	(4)	(14)	7
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(3)	(54)	(38)	(173)
Income Tax Provision	$ 153	$ (33)	$ 451	(185)
Effective tax rate	20.60%	(33.70%)	19.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Income Tax Reconciliation Deductions Nuclear Decommissioning Trust	$ 7	$ (18)	$ 13	(24)
Effective Income Tax Reconciliation, Tax Credit Amortization/Recapture	(3)	(2)	(5)	(4)
Public Service Electric and Gas Company [Member]
Income Taxes [Line Items]
Pre-Tax Income	370	361	911	959
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount	78	76	191	201
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount	30	25	68	67
Uncertain Tax Positions	(6)	0	(6)	0
Effective Income Tax Rate Reconciliation, GPRC	(8)	(8)	(24)	(14)
Effective Income Tax Rate Reconciliation, Tax Adjustment Credit, Amount	(51)	(32)	(126)	(106)
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	(6)	(3)	(10)	1
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount	(44)	(20)	(103)	(56)
Income Tax Provision	$ 34	$ 56	$ 88	$ 145
Effective tax rate	9.20%	15.50%	9.70%	15.10%
Effective Income Tax Reconciliation, Tax Credit Amortization/Recapture	$ (3)	$ (2)	$ (5)	$ (4)

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Income Taxes (Narrative) (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 44
Public Service Electric and Gas Company [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 50

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	$ (522)	$ (410)	$ (550)	$ (350)	$ (350)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	(53)	18	(118)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	7	8	17	13
Other Comprehensive Income (Loss), net of tax	7	(45)	35	(105)
Accumulated Other Comprehensive Income (Loss), Ending Balance	(515)	(455)	(515)	(455)	(550)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(4)	(5)	(3)	(6)	(6)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	12	0	10	0	0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(1)	0	0	1	(3)
Other Comprehensive Income (Loss), net of tax	11	0	10	1
Accumulated Other Comprehensive Income (Loss), Ending Balance	7	(5)	7	(5)	(3)
Pension and OPEB Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(423)	(355)	(426)	(355)	(355)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	0	0	0	0
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	4	1	7	1
Other Comprehensive Income (Loss), net of tax	4	1	7	1
Accumulated Other Comprehensive Income (Loss), Ending Balance	(419)	(354)	(419)	(354)	(426)
Available-for-Sale Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated Other Comprehensive Income (Loss), Beginning Balance	(95)	(50)	(121)	11	11
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(12)	(53)	8	(118)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	4	7	10	11
Other Comprehensive Income (Loss), net of tax	(8)	(46)	18	(107)
Accumulated Other Comprehensive Income (Loss), Ending Balance	$ (103)	$ (96)	$ (103)	$ (96)	$ (121)

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	$ (11)	$ (14)	$ (27)	$ (21)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Tax	4	6	10	8
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(7)	(8)	(17)	(13)
Cash Flow Hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cash Flow Hedge, Pre-tax	1	(1)	0	(2)
Cash Flow Hedge, Tax	0	(1)	0	(1)
Cash Flow Hedge, After Tax	1	0	0	(1)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax			0		$ 5
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	1	0	0	(1)	$ 3
Pension and OPEB Plans [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification Adjustment from AOCI, Pension and OPEB, Pre-Tax	(5)	(1)	(10)	(1)
Reclassification Adjustment from AOCI, Pension and OPEB, Tax	1	0	3	0
Reclassification Adjustment from AOCI, Pension and OPEB, After-Tax	(4)	(1)	(7)	(1)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(4)	(1)	(7)	(1)
Available-for-Sale Securities [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Reclassification for Available for Sale Securities, Pre-Tax	(7)	(12)	(17)	(18)
Reclassification for Available for Sale Securities, Tax	3	5	7	7
Reclassification for Available for Sale Securities, After-Tax	(4)	(7)	(10)	(11)
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss)	(4)	(7)	(10)	(11)
Interest Expense [Member] | Cash Flow Hedges [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Cash Flow Hedge, Pre-tax	1	(1)	0	(2)
Cash Flow Hedge, Tax	0	1	0	1
Cash Flow Hedge, After Tax	1	0	0	(1)
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	2	5	4	10
Amortization of Prior Service (Cost) Credit, Tax	(1)	(2)	(1)	(3)
Amortization of Prior Service (Cost) Credit, After-Tax	1	3	3	7
Amortization of Actuarial Loss, Pre-Tax	(7)	(6)	(14)	(11)
Amortization of Actuarial Loss, Tax	2	2	4	3
Amortization of Actuarial Loss, After-Tax	(5)	(4)	(10)	(8)
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	(7)	(12)	(17)	(18)
Reclassification for Available for Sale Securities, Tax	3	5	7	7
Reclassification for Available for Sale Securities, After-Tax	$ (4)	$ (7)	$ (10)	$ (11)

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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, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Payments for Repurchase of Common Stock			$ 0	$ 0	$ 500
Net Income	[1]	$ 591	$ 131	$ 1,878	$ 129
Weighted Average Common Shares Outstanding, Basic (shares)		497	497	497	499
Effect of Stock Based Compensation Awards, Basic (shares)		0	0	0	0
Total Shares, Basic (shares)		497	497	497	499
Net Income, Basic (dollars per share)		$ 1.19	$ 0.26	$ 3.78	$ 0.26
Weighted Average Common Shares Outstanding, Diluted (shares)		497	497	497	499
Effect of Stock Based Compensation Awards, Diluted (shares)		3	3	3	3
Total Shares, Diluted (shares)		500	500	500	502
Net Income, Diluted (dollars per share)		$ 1.18	$ 0.26	$ 3.76	$ 0.26

[1] Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

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Earnings Per Share (EPS) And Dividends (Dividend Payments On Common Stock) (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended			6 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock, Dividends, Per Share, Cash Paid		$ 0.57	$ 0.54	$ 1.14	$ 1.08
Dividend Payments on Common Stock		$ 285	$ 270	$ 569	$ 541
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.57

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Financial Information By Business Segments (Financial Information By Business Segments) (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating Revenues		$ 2,421	$ 2,076	$ 6,176	$ 4,389
Net Income (Loss)	[1]	591	131	1,878	129
Property, Plant and Equipment, Additions		705	605	1,444	1,291
Total Assets		49,505		49,505		$ 48,718
Investments in Equity Method Subsidiaries		15		15		306
Public Service Electric and Gas Company [Member]
Segment Reporting Information [Line Items]
Operating Revenues		1,662	1,668	3,955	3,952
PSEG Power & Other
Segment Reporting Information [Line Items]
Operating Revenues	[2]	902	645	2,929	1,258
Operating Segments [Member] | Public Service Electric and Gas Company [Member]
Segment Reporting Information [Line Items]
Operating Revenues		1,662	1,668	3,955	3,952
Net Income (Loss)		336	305	823	814
Property, Plant and Equipment, Additions		660	543	1,336	1,171
Total Assets		41,347		41,347		39,960
Investments in Equity Method Subsidiaries		0		0		0
Operating Segments [Member] | PSEG Power & Other
Segment Reporting Information [Line Items]
Operating Revenues		902	645	2,929	1,258
Net Income (Loss)	[1]	255	(174)	1,055	(685)
Property, Plant and Equipment, Additions		45	62	108	120
Total Assets		8,505		8,505		9,285
Investments in Equity Method Subsidiaries		15		15		306
non trading commodity mark to market gains (losses), net of tax		212	(74)	767	(682)
Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Revenues	[3]	(143)	(237)	(708)	(821)
Net Income (Loss)	[3]	0	0	0	0
Property, Plant and Equipment, Additions	[3]	0	$ 0	0	$ 0
Total Assets	[3]	(347)		(347)		(527)
Investments in Equity Method Subsidiaries	[3]	$ 0		$ 0		$ 0

[1] Includes net after-tax gains (losses) of $212 million and $(74) million for the three months and $767 million and $(682) million for the six months ended June 30, 2023 and 2022, respectively, at PSEG Power related to the impacts of non-trading commodity mark-to-market activity, which consist of the financial impact from positions with future delivery dates.

[2] Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

[3] 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 19. Related-Party Transactions.

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Related-Party Transactions (Schedule Of Related Party Transactions, Revenue) (Detail) - Public Service Electric and Gas Company [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Net Billings from Power primarily through BGS and BGSS	[1]	$ 114	$ 232	$ 675	$ 812
Administrative Billings from Services	[2]	118	113	220	212
Total Billings from Affiliates		$ 232	$ 345	$ 895	$ 1,024

[1] PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Since June 1, 2022, PSEG Power had no contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.

[2] Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.

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Related-Party Transactions (Schedule Of Related Party Transactions, Payables) (Detail) - USD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts Payable		$ 1,050	$ 1,271
Public Service Electric and Gas Company [Member]
Related Party Transaction [Line Items]
Working Capital Advances to Services	[1]	33	33
Public Service Electric and Gas Company [Member] | Related Party
Related Party Transaction [Line Items]
Accounts Payable		296	485
Public Service Electric and Gas Company [Member] | Related Party | PSEG Power [Member]
Related Party Transaction [Line Items]
Accounts Payable	[2]	192	313
Accounts Payable and Accrued Liabilities, Noncurrent	[2]	10	0
Public Service Electric and Gas Company [Member] | Related Party | PSEG Parent
Related Party Transaction [Line Items]
Accounts Payable	[3]	16	74
Accounts Payable and Accrued Liabilities, Noncurrent		8	9
Public Service Electric and Gas Company [Member] | Related Party | PSEG Services
Related Party Transaction [Line Items]
Accounts Payable	[4]	$ 88	$ 98

[1] PSE&G has advanced working capital to Services. The amount is included in Other Noncurrent Assets on PSE&G’s Condensed Consolidated Balance Sheets.

[2] PSE&G has entered into a requirements contract with PSEG Power under which PSEG Power provides the gas supply services needed to meet PSE&G’s BGSS and other contractual requirements. Since June 1, 2022, PSEG Power had no contracts to supply energy, capacity and ancillary services to PSE&G through the BGS auction process. In addition, PSEG Power sells ZECs to PSE&G from its nuclear units under the ZEC program as approved by the BPU. The rates in the BGS and BGSS contracts and for the ZEC sales are prescribed by the BPU. BGS and BGSS sales are billed and settled on a monthly basis. ZEC sales are billed on a monthly basis and settled annually following completion of each energy year. In addition, PSEG Power and PSE&G provide certain technical services for each other generally at cost in compliance with FERC and BPU affiliate rules.

[3] 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. In addition, PSEG pays all payroll taxes and receives reimbursement from its affiliated companies for their respective portions.

[4] Services provides and bills administrative services to PSE&G at cost. In addition, PSE&G has other payables to Services, including amounts related to certain common costs, which Services pays on behalf of PSE&G.