Debt and Credit Facilities (Tables)

12 Months Ended

Dec. 31, 2024

Debt and Credit Facilities [Abstract]

Long-Term Debt

Long-Term Debt

		As of December 31,
	Maturity	2024			2023
		Millions
PSEG
Senior Notes:
2.88%	2024	$	—		$	750
0.80%	2025		550			550
5.85%	2027		700			700
5.88%	2028		600			600
5.20%	2029		750			—
1.60%	2030		550			550
8.63%	2031		96			96
2.45%	2031		750			750
6.13%	2033		400			400
5.45%	2034		500			—
Total Senior Notes			4,896			4,396
Principal Amount Outstanding			4,896			4,396
Amounts Due Within One Year			(550	)		(750	)
Net Unamortized Discount and Debt Issuance Costs			(30	)		(25	)
Total Long-Term Debt of PSEG		$	4,316		$	3,621

		As of December 31,
	Maturity	2024			2023
		Millions
PSE&G
First and Refunding Mortgage Bonds (A):
8.00%	2037	$	7		$	7
5.00%	2037		8			8
Total First and Refunding Mortgage Bonds			15			15
Medium-Term Notes (A):
3.75%	2024		—			250
3.15%	2024		—			250
3.05%	2024		—			250
3.00%	2025		350			350
0.95%	2026		450			450
2.25%	2026		425			425
3.00%	2027		425			425
3.70%	2028		375			375
3.65%	2028		325			325
3.20%	2029		375			375
2.45%	2030		300			300
1.90%	2031		425			425
3.10%	2032		500			500
4.90%	2032		400			400
4.65%	2033		500			500
5.20%	2033		500			500
5.20%	2034		450			—
4.85%	2034		600			—
5.25%	2035		250			250
5.70%	2036		250			250
5.80%	2037		350			350
5.38%	2039		250			250
5.50%	2040		300			300
3.95%	2042		450			450
3.65%	2042		350			350
3.80%	2043		400			400
4.00%	2044		250			250
4.05%	2045		250			250
4.15%	2045		250			250
3.80%	2046		550			550
3.60%	2047		350			350
4.05%	2048		325			325
3.85%	2049		375			375
3.20%	2049		400			400
3.15%	2050		300			300
2.70%	2050		375			375
2.05%	2050		375			375
3.00%	2051		450			450
5.13%	2053		400			400
5.45%	2053		400			400
5.45%	2054		550			—
5.30%	2054		500			—
Total MTNs			15,100			13,750
Principal Amount Outstanding			15,115			13,765
Amounts Due Within One Year			(350	)		(750	)
Net Unamortized Discount and Selling Expense			(117	)		(102	)
Total Long-Term Debt of PSE&G		$	14,648		$	12,913

		As of December 31,
	Maturity	2024			2023
		Millions
PSEG Power
Term Loan:
Variable Rate	2025	$	1,250		$	1,250
Total Term Loan			1,250			1,250
Amounts Due Within One Year			(1,250	)		—
Total Long-Term Debt of PSEG Power		$	—		$	1,250

(A)Secured by essentially all property of PSE&G pursuant to its First and Refunding Mortgage.

Aggregate Principal Amounts of Maturities

The aggregate principal amounts of maturities for each of the five years following December 31, 2024 are as follows:

Year	PSEG		PSE&G		PSEG Power		Total
	Millions
2025	$	550	$	350	$	1,250	$	2,150
2026		—		875		—		875
2027		700		425		—		1,125
2028		600		700		—		1,300
2029		750		375		—		1,125
Thereafter		2,296		12,390		—		14,686
Total	$	4,896	$	15,115	$	1,250	$	21,261

Schedule of Line of Credit Facilities

The total committed credit facilities and available liquidity as of December 31, 2024 were as follows:

	As of December 31, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	764	$	736	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	764	$	736
PSE&G
Revolving Credit Facility	$	1,000	$	468	$	532	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	468	$	532
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	37	$	1,213	Mar 2028	Funding/Letters of Credit
Letter of Credit Facility		75		45		30	Apr 2026	Letters of Credit
Total PSEG Power	$	1,325	$	82	$	1,243
Total (C)	$	3,825	$	1,314	$	2,511

(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 December 31, 2024, PSEG had $749 million outstanding commercial paper at a weighted average interest rate of 4.78% and PSE&G had $444 million commercial paper outstanding at a weighted average interest rate of 4.71%.

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

Estimated Fair Values

Fair Value of Debt

The estimated fair values, carrying amounts and methods used to determine the fair values of long-term debt as of December 31, 2024 and 2023 are included in the following table and accompanying notes as of December 31, 2024 and 2023. See Note 17. Fair Value Measurements for more information on fair value guidance and the hierarchy that prioritizes the inputs to fair value measurements into three levels.

	December 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	Millions
Long-Term Debt:
PSEG (A)	$	4,866	$	4,754	$	4,371	$	4,240
PSE&G (A)		14,998		13,337		13,663		12,460
PSEG Power (B)		1,250		1,250		1,250		1,250
Total Long-Term Debt	$	21,114	$	19,341	$	19,284	$	17,950

(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.

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