Financial Information By Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Note 17. Financial Information by Business Segment

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. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants generate PTCs beginning in 2024 and 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 3. 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 September 30, 2024
Operating Revenues	$	2,139	$	583		$	(80	)	$	2,642
Net Income (B)		379		141			—			520
Gross Additions to Long-Lived Assets		672		96			—			768
Nine Months Ended September 30, 2024
Operating Revenues	$	6,335	$	2,140		$	(650	)	$	7,825
Net Income (B)		1,169		317			—			1,486
Gross Additions to Long-Lived Assets		2,157		245			—			2,402
Three Months Ended September 30, 2023
Operating Revenues	$	1,999	$	546		$	(89	)	$	2,456
Net Income (B)		401		(262	)		—			139
Gross Additions to Long-Lived Assets		813		103			—			916
Nine Months Ended September 30, 2023
Operating Revenues	$	5,954	$	3,475		$	(797	)	$	8,632
Net Income (B)		1,224		793			—			2,017
Gross Additions to Long-Lived Assets		2,149		211			—			2,360
As of September 30, 2024
Total Assets	$	45,784	$	8,550		$	(254	)	$	54,080
Investments in Equity Method Subsidiaries	$	—	$	22		$	—		$	22
As of December 31, 2023
Total Assets	$	42,873	$	8,407		$	(539	)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17		$	—		$	17

(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 18. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $17 million and $(17) million for the three months and $(55) million and $750 million for the nine months ended September 30, 2024 and 2023, 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. Also includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction for the three and nine months ended September 30, 2023. See Note 8. Pension and Other Postretirement Benefits (OPEB).

Public Service Electric and Gas Company [Member]

Segment Reporting Information [Line Items]

Financial Information By Business Segments

Note 17. Financial Information by Business Segment

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. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations. In addition, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants generate PTCs beginning in 2024 and 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 3. 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 September 30, 2024
Operating Revenues	$	2,139	$	583		$	(80	)	$	2,642
Net Income (B)		379		141			—			520
Gross Additions to Long-Lived Assets		672		96			—			768
Nine Months Ended September 30, 2024
Operating Revenues	$	6,335	$	2,140		$	(650	)	$	7,825
Net Income (B)		1,169		317			—			1,486
Gross Additions to Long-Lived Assets		2,157		245			—			2,402
Three Months Ended September 30, 2023
Operating Revenues	$	1,999	$	546		$	(89	)	$	2,456
Net Income (B)		401		(262	)		—			139
Gross Additions to Long-Lived Assets		813		103			—			916
Nine Months Ended September 30, 2023
Operating Revenues	$	5,954	$	3,475		$	(797	)	$	8,632
Net Income (B)		1,224		793			—			2,017
Gross Additions to Long-Lived Assets		2,149		211			—			2,360
As of September 30, 2024
Total Assets	$	45,784	$	8,550		$	(254	)	$	54,080
Investments in Equity Method Subsidiaries	$	—	$	22		$	—		$	22
As of December 31, 2023
Total Assets	$	42,873	$	8,407		$	(539	)	$	50,741
Investments in Equity Method Subsidiaries	$	—	$	17		$	—		$	17

(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 18. Related-Party Transactions.

(B)Includes net after-tax gains (losses) of $17 million and $(17) million for the three months and $(55) million and $750 million for the nine months ended September 30, 2024 and 2023, 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. Also includes a $239 million after-tax pension charge due to the remeasurement of the qualified pension plans as a result of the pension settlement transaction for the three and nine months ended September 30, 2023. See Note 8. Pension and Other Postretirement Benefits (OPEB).