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Leases
 9 Months Ended
Sep. 30, 2023
Leases Leases
PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 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 September 30, 2023, Energy Holdings’ property subject to these leases had a total carrying value of $30 million.
In September 2022, Energy Holdings recorded a $53 million pre-tax impairment related to one of its domestic energy generating facilities. In March 2023, Energy Holdings completed the sale of this domestic energy generating facility and recorded an immaterial pre-tax gain.
The following is the operating lease income for the three months and nine months ended September 30, 2023 and 2022:
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Millions
Fixed Lease Income$7 $8 $19 $24 
Total Operating Lease Income$7 $8 $19 $24 
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 September 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 September 30, 2023, Energy Holdings’ property subject to these leases had a total carrying value of $30 million.
In September 2022, Energy Holdings recorded a $53 million pre-tax impairment related to one of its domestic energy generating facilities. In March 2023, Energy Holdings completed the sale of this domestic energy generating facility and recorded an immaterial pre-tax gain.
The following is the operating lease income for the three months and nine months ended September 30, 2023 and 2022:
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Millions
Fixed Lease Income$7 $8 $19 $24 
Total Operating Lease Income$7 $8 $19 $24