Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease, Cost

The following amounts relate to total operating lease costs, including both amounts recognized in the Consolidated Statements of Operations during the years ended December 31, 2024, 2023 and 2022 and any amounts capitalized as part of the cost of another asset, and the cash flows arising from lease transactions.

	PSE&G			PSEG Power & Other			Total
	Millions
Operating Lease Costs
Year Ended December 31, 2024
Long-term Lease Costs	$	43		$	15		$	58
Short-term Lease Costs		21			3			24
Variable Lease Costs		2			11			13
Total Operating Lease Costs	$	66		$	29		$	95
Year Ended December 31, 2024
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	20		$	17		$	37
Weighted Average Remaining Lease Term in Years		9			6			7
Weighted Average Discount Rate		4.0	%		4.2	%		4.1	%

	PSE&G			PSEG Power & Other			Total
	Millions
Operating Lease Costs
Year Ended December 31, 2023
Long-term Lease Costs	$	34		$	19		$	53
Short-term Lease Costs		21			6			27
Variable Lease Costs		2			13			15
Total Operating Lease Costs	$	57		$	38		$	95
Year Ended December 31, 2023
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	17		$	17		$	34
Weighted Average Remaining Lease Term in Years		10			7			8
Weighted Average Discount Rate		4.0	%		4.2	%		4.1	%

	PSE&G			PSEG Power & Other			Total
	Millions
Operating Lease Costs
Year Ended December 31, 2022
Long-term Lease Costs	$	31		$	25		$	56
Short-term Lease Costs		21			5			26
Variable Lease Costs		2			11			13
Total Operating Lease Costs	$	54		$	41		$	95
Year Ended December 31, 2022
Cash Paid for Amounts Included in the Measurement of Operating Lease Liabilities	$	17		$	25		$	42
Weighted Average Remaining Lease Term in Years		11			7			9
Weighted Average Discount Rate		3.5	%		4.1	%		3.9	%

Lessee, Operating Lease, Liability, Maturity

Operating lease liabilities as of December 31, 2024 had the following maturities on an undiscounted basis:

	PSE&G		PSEG Power & Other		Total
	Millions
2025	$	19	$	16	$	35
2026		16		16		32
2027		13		17		30
2028		11		16		27
2029		10		16		26
Thereafter		47		13		60
Total Minimum Lease Payments	$	116	$	94	$	210

The following is a reconciliation of the undiscounted cash flows to the discounted Operating Lease Liabilities recognized on the Consolidated Balance Sheets:

	As of December 31, 2024
	PSE&G			PSEG Power & Other			Total
	Millions
Undiscounted Cash Flows	$	116		$	94		$	210
Reconciling Amount due to Discount Rate		(18	)		(11	)		(29	)
Total Discounted Operating Lease Liabilities	$	98		$	83		$	181
	As of December 31, 2023
	PSE&G			PSEG Power & Other			Total
	Millions
Undiscounted Cash Flows	$	125		$	111		$	236
Reconciling Amount due to Discount Rate		(21	)		(15	)		(36	)
Total Discounted Operating Lease Liabilities	$	104		$	96		$	200

Operating Lease, Lease Income

The following is the operating lease income for the years ended December 31, 2024, 2023 and 2022:

	Years ended December 31,
Operating Lease Income	2024		2023		2022
	Millions
Fixed Lease Income	$	14	$	24	$	31
Variable Lease Income		—		—		—
Total Operating Lease Income	$	14	$	24	$	31

Operating Lease Right-Of-Use Assets

Operating leases had the following minimum future fixed lease receipts as of December 31, 2024:

	Millions
2025	$	14
2026		14
2027		14
2028		14
2029		13
Thereafter		96
Total Minimum Future Lease Receipts	$	165