Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes [Line Items]

Schedule of Unrecognized Tax Benefits

PSEG recorded the following amounts related to its unrecognized tax benefits, which were primarily comprised of amounts recorded for PSE&G and PSEG’s other subsidiaries:

2024	PSEG			PSE&G
	Millions
Total Amount of Unrecognized Tax Benefits as of January 1, 2024	$	110		$	11
Increases as a Result of Positions Taken in a Prior Period		18			—
Decreases as a Result of Positions Taken in a Prior Period		(4	)		(3	)
Increases as a Result of Positions Taken during the Current Period		90			1
Decreases as a Result of Positions Taken during the Current Period		—			—
Decreases as a Result of Settlements with Taxing Authorities		(4	)		—
Decreases due to Lapses of Applicable Statute of Limitations		(1	)		(1	)
Total Amount of Unrecognized Tax Benefits as of December 31, 2024	$	209		$	8
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits		(30	)		(5	)
Regulatory Asset—Unrecognized Tax Benefits		(1	)		(1	)
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)	$	178		$	2

2023	PSEG			PSE&G
	Millions
Total Amount of Unrecognized Tax Benefits as of January 1, 2023	$	130		$	29
Increases as a Result of Positions Taken in a Prior Period		16			2
Decreases as a Result of Positions Taken in a Prior Period		(25	)		(12	)
Increases as a Result of Positions Taken during the Current Period		—			—
Decreases as a Result of Positions Taken during the Current Period		—			—
Decreases as a Result of Settlements with Taxing Authorities		(10	)		(7	)
Decreases due to Lapses of Applicable Statute of Limitations		(1	)		(1	)
Total Amount of Unrecognized Tax Benefits as of December 31, 2023	$	110		$	11
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits		(29	)		(7	)
Regulatory Asset—Unrecognized Tax Benefits		(2	)		(2	)
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)	$	79		$	2

2022	PSEG			PSE&G
	Millions
Total Amount of Unrecognized Tax Benefits as of January 1, 2022	$	192		$	27
Increases as a Result of Positions Taken in a Prior Period		9			2
Decreases as a Result of Positions Taken in a Prior Period		(40	)		(2	)
Increases as a Result of Positions Taken during the Current Period		1			1
Decreases as a Result of Positions Taken during the Current Period		—			—
Decreases as a Result of Settlements with Taxing Authorities		(28	)		—
Decreases due to Lapses of Applicable Statute of Limitations		(4	)		1
Total Amount of Unrecognized Tax Benefits as of December 31, 2022	$	130		$	29
Accumulated Deferred Income Taxes Associated with Unrecognized Tax Benefits		(37	)		(15	)
Regulatory Asset—Unrecognized Tax Benefits		(8	)		(8	)
Total Amount of Unrecognized Tax Benefits that if Recognized, would Impact the Effective Tax Rate (including Interest and Penalties)	$	85		$	6

Schedule Of Interest And Penalties Related To Uncertain Tax Positions

PSEG and its subsidiaries include accrued interest and penalties related to uncertain tax positions required to be recorded as Income Tax Expense in the Consolidated Statements of Operations. Accumulated interest and penalties that are recorded on the Consolidated Balance Sheets on uncertain tax positions were as follows:

	Accumulated Interest and Penalties on Uncertain Tax Positions as of December 31,
	2024		2023		2022
	Millions
PSEG	$	27	$	25	$	38
PSE&G	$	—	$	1	$	8

Schedule Of Possible Decrease In Total Unrecognized Tax Benefits Including Interest

It is reasonably possible that total unrecognized tax benefits will significantly increase or decrease within the next twelve months due to either agreements with various taxing authorities upon audit, the expiration of the Statute of Limitations, or other pending tax matters. These potential increases or decreases are as follows:

Possible Decrease in Total Unrecognized Tax Benefits	Over the next 12 Months
	Millions
PSEG	$	28
PSE&G	$	—

Schedule Of Possible Description Of Income Tax Years Material Jurisdictions

Description of income tax years that remain subject to examination by material jurisdictions, where an examination has not already concluded are:

	PSEG	PSE&G
United States
Federal	2021-2023	N/A
New Jersey	2011-2023	2015-2023
Pennsylvania	2017-2023	2021-2023
Connecticut	2021-2022	N/A
Maryland	2021-2022	N/A
New York	2017-2023	N/A

Public Service Electric and Gas Company [Member]

Income Taxes [Line Items]

Schedule Of Effective Tax Rates

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:

	Years Ended December 31,
PSE&G	2024			2023			2022
	Millions
Net Income	$	1,547		$	1,515		$	1,565
Income Taxes:
Operating Income:
Current Expense (Benefit):
Federal	$	(67	)	$	127		$	130
State		—			4			—
Total Current		(67	)		131			130
Deferred Expense (Benefit):
Federal		209			(113	)		(17	)
State		162			149			159
Total Deferred		371			36			142
ITC		(6	)		(7	)		(5	)
Total Income Tax Expense	$	298		$	160		$	267
Pre-Tax Income	$	1,845		$	1,675		$	1,832
Tax Computed at Statutory Rate @ 21%	$	387		$	352		$	385
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)		128			121			126
Uncertain Tax Positions		—			(9	)		2
Plant-Related Items		5			(7	)		(6	)
Tax Credits		(9	)		(9	)		(9	)
GPRC-CEF-EE		(52	)		(52	)		(37	)
TAC		(145	)		(232	)		(193	)
Bad Debt Flow-Through		(14	)		(9	)		(1	)
Other		(2	)		5			—
Subtotal		(89	)		(192	)		(118	)
Total Income Tax Expense	$	298		$	160		$	267
Effective Income Tax Rate		16.2	%		9.6	%		14.6	%

Schedule Of Deferred Income Taxes

The following is an analysis of deferred income taxes for PSE&G:

	As of December 31,
PSE&G	2024		2023
	Millions
Deferred Income Taxes
Assets:
Regulatory Liability Excess Deferred Tax	$	314	$	339
OPEB		22		28
CAMT Credit Carryforward		—		106
Bad Debt		43		57
Operating Leases		20		22
Other		54		60
Total Assets	$	453	$	612
Liabilities:
Plant-Related Items	$	4,631	$	4,396
New Jersey Corporate Business Tax		1,303		1,160
Pension Costs		199		198
Taxes Recoverable Through Future Rates (net)		250		201
GPRC-CEF-EE		214		139
Conservation Costs		103		88
Operating Leases		20		21
Other		152		158
Total Liabilities	$	6,872	$	6,361
Summary of Accumulated Deferred Income Taxes:
Net Deferred Income Tax Liabilities	$	6,419	$	5,749
ITC		58		64
Net Total Deferred Income Taxes and ITC	$	6,477	$	5,813

PSEG [Member]

Income Taxes [Line Items]

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:

	Years Ended December 31,
PSEG	2024			2023			2022
	Millions
Net Income	$	1,772		$	2,563		$	1,031
Income Taxes:
Operating Income:
Current Expense (Benefit):
Federal	$	(225	)	$	144		$	262
State		15			19			(30	)
Total Current		(210	)		163			232
Deferred Expense (Benefit):
Federal		129			109			(335	)
State		140			253			80
Total Deferred		269			362			(255	)
ITC		(6	)		(7	)		(6	)
Total Income Tax Expense (Benefit)	$	53		$	518		$	(29	)
Pre-Tax Income	$	1,825		$	3,081		$	1,002
Tax Computed at Statutory Rate @ 21%	$	383		$	647		$	210
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)		122			215			41
Uncertain Tax Positions		95			(14	)		(22	)
NDT Fund		21			26			(22	)
Plant-Related Items		5			(7	)		(6	)
Tax Credits		(361	)		(10	)		(10	)
Audit Settlement		—			(7	)		—
Leasing Activities		—			(22	)		—
GPRC-CEF-EE		(52	)		(52	)		(37	)
TAC		(145	)		(232	)		(193	)
Bad Debt Flow-Through		(14	)		(9	)		(1	)
Other		(1	)		(17	)		11
Subtotal		(330	)		(129	)		(239	)
Total Income Tax Expense (Benefit)	$	53		$	518		$	(29	)
Effective Income Tax Rate		2.9	%		16.8	%		(2.9	)%

Schedule Of Deferred Income Taxes

The following is an analysis of deferred income taxes for PSEG:

	As of December 31,
PSEG	2024		2023
	Millions
Deferred Income Taxes
Assets:
Regulatory Liability Excess Deferred Tax	$	314	$	339
OPEB		49		58
Bad Debt		43		57
Corporate Alternative Minimum Tax (CAMT) Credit Carryforward		—		44
Operating Leases		38		42
Other		147		129
Total Assets	$	591	$	669
Liabilities:
Plant-Related Items	$	5,084	$	4,850
New Jersey Corporate Business Tax		1,414		1,284
Leasing Activities		33		35
AROs and NDT Fund		281		250
Taxes Recoverable Through Future Rates (net)		250		201
GPRC-CEF-EE		214		139
Pension Costs		193		189
Operating Leases		34		38
Other		278		291
Total Liabilities	$	7,781	$	7,277
Summary of Accumulated Deferred Income Taxes:
Net Deferred Income Tax Liabilities	$	7,190	$	6,608
ITC		58		63
Net Total Deferred Income Taxes and ITC	$	7,248	$	6,671