Revenues (Tables)

6 Months Ended

Jun. 30, 2025

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

Disaggregation of Revenues

	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Three Months Ended June 30, 2025
Revenues from Contracts with Customers
Electric Distribution	$	1,174	$	—	$	—		$	1,174
Gas Distribution		317		—		—			317
Transmission		443		—		—			443
Electricity and Related Product Sales
Third-Party Sales		—		303		—			303
Sales to Affiliates		—		16		(16	)		—
Gas Sales
Third-Party Sales		—		44		—			44
Sales to Affiliates		—		128		(128	)		—
Other Revenues from Contracts with Customers (B)		97		184		(2	)		279
Total Revenues from Contracts with Customers		2,031		675		(146	)		2,560
Revenues Unrelated to Contracts with Customers (C)		—		245		—			245
Total Operating Revenues	$	2,031	$	920	$	(146	)	$	2,805

	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Six Months Ended June 30, 2025
Revenues from Contracts with Customers
Electric Distribution	$	2,118	$	—	$	—		$	2,118
Gas Distribution		1,460		—		—			1,460
Transmission		882		—		—			882
Electricity and Related Product Sales
Third-Party Sales		—		756		—			756
Sales to Affiliates		—		48		(48	)		—
Gas Sales
Third-Party Sales		—		184		—			184
Sales to Affiliates		—		629		(629	)		—
Other Revenues from Contracts with Customers (B)		188		362		(3	)		547
Total Revenues from Contracts with Customers		4,648		1,979		(680	)		5,947
Revenues Unrelated to Contracts with Customers (C)		47		33		—			80
Total Operating Revenues	$	4,695	$	2,012	$	(680	)	$	6,027

	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Three Months Ended June 30, 2024
Revenues from Contracts with Customers
Electric Distribution	$	983	$	—	$	—		$	983
Gas Distribution		301		—		—			301
Transmission		436		—		—			436
Electricity and Related Product Sales
Third-Party Sales		—		169		—			169
Sales to Affiliates		—		26		(26	)		—
Gas Sales
Third-Party Sales		—		34		—			34
Sales to Affiliates		—		97		(97	)		—
Other Revenues from Contracts with Customers (B)		92		169		(2	)		259
Total Revenues from Contracts with Customers		1,812		495		(125	)		2,182
Revenues Unrelated to Contracts with Customers (C)		51		190		—			241
Total Operating Revenues	$	1,863	$	685	$	(125	)	$	2,423

	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Six Months Ended June 30, 2024
Revenues from Contracts with Customers
Electric Distribution	$	1,764	$	—	$	—		$	1,764
Gas Distribution		1,223		—		—			1,223
Transmission		872		—		—			872
Electricity and Related Product Sales
Third-Party Sales		—		399		—			399
Sales to Affiliates		—		56		(56	)		—
Gas Sales
Third-Party Sales		—		110		—			110
Sales to Affiliates		—		511		(511	)		—
Other Revenues from Contracts with Customers (B)		176		343		(3	)		516
Total Revenues from Contracts with Customers		4,035		1,419		(570	)		4,884
Revenues Unrelated to Contracts with Customers (C)		161		138		—			299
Total Operating Revenues	$	4,196	$	1,557	$	(570	)	$	5,183

(A)Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

(B)Includes primarily revenues from appliance repair services and the sale of solar renewable energy credits (SRECs) at auction at PSE&G. PSEG Power & Other includes PSEG LI’s OSA with LIPA and PSEG Power’s energy management fee with LIPA.

(C)Includes alternative revenues at PSE&G, including CIP, Green Program Recovery Charge (GPRC) and transmission over or under recoveries, which are authorized to be collected or refunded in future periods, and derivative contracts and lease contracts at PSEG Power & Other.

Reconciliation of Allowance for Credit Losses

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three and six months ended June 30, 2025 and 2024:

	2025			2024
	Millions
Balance as of March 31	$	234		$	273
Utility Customer and Other Accounts
Provision		22			19
Write-offs, net of Recoveries of $10 million and $7 million in 2025 and 2024, respectively		(30	)		(39	)
Balance as of June 30	$	226		$	253

	2025			2024
	Millions
Balance as of Beginning of Year	$	215		$	283
Utility Customer and Other Accounts
Provision		59			45
Write-offs, net of Recoveries of $19 million and $14 million in 2025 and 2024, respectively		(48	)		(75	)
Balance as of End of Period	$	226		$	253

Revenue, Capacity Auction Obligations

Capacity Revenues from the PJM Annual Base Residual and Incremental Auctions—The Base Residual Auction is generally conducted annually three years in advance of the operating period. However, changes to capacity market rules have resulted in auction suspensions and delays so that recent auctions have been run closer in time to their operating periods. In July 2024 the results of the 2025/2026 auction were released and in July 2025 the results of the 2026/2027 auction were released. PSEG Power expects to realize the following average capacity prices resulting from the base and incremental auctions, including unit specific bilateral contracts for previously cleared capacity obligations.

Delivery Year	$ per Megawatt (MW)-Day		MW Cleared
June 2025 to May 2026	$	270		3,500
June 2026 to May 2027	$	329		3,500