Trust Investments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Trust Investments [Line Items]

Amortized Costs Basis, Gross Unrealized Gains And Fair Value Losses For The Securities Held In The NDT Fund

The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.

	As of June 30, 2025
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	559	$	383	$	(7	)	$	935
International		416		156		(10	)		562
Total Equity Securities		975		539		(17	)		1,497
Available-for-Sale Debt Securities
Government		842		4		(77	)		769
Corporate		571		7		(23	)		555
Total Available-for-Sale Debt Securities		1,413		11		(100	)		1,324
Total NDT Fund Investments (A)	$	2,388	$	550	$	(117	)	$	2,821

(A)The NDT Fund Investments table excludes cash and foreign currency of $24 million as of June 30, 2025, which is part of the NDT Fund.

	As of December 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	508	$	393	$	(9	)	$	892
International		419		98		(29	)		488
Total Equity Securities		927		491		(38	)		1,380
Available-for-Sale Debt Securities
Government		853		1		(91	)		763
Corporate		531		3		(31	)		503
Total Available-for-Sale Debt Securities		1,384		4		(122	)		1,266
Total NDT Fund Investments (A)	$	2,311	$	495	$	(160	)	$	2,646

(A)The NDT Fund Investments table excludes cash and foreign currency of $24 million as of December 31, 2024, which is part of the NDT Fund.

Schedule Of Accounts Receivable And Accounts Payable in the NDT Funds

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.

	As of		As of
	June 30, 2025		December 31, 2024
	Millions
Accounts Receivable	$	21	$	18
Accounts Payable	$	22	$	5

Schedule of Value of Securities in an Unrealized Loss Position for Less Than and Greater Than 12 Months

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.

	As of June 30, 2025										As of December 31, 2024
	Less Than 12 Months					Greater Than 12 Months					Less Than 12 Months					Greater Than 12 Months
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	72	$	(4	)	$	5	$	(2	)	$	73	$	(8	)	$	4	$	(1	)
International		52		(6	)		18		(5	)		126		(19	)		22		(10	)
Total Equity Securities		124		(10	)		23		(7	)		199		(27	)		26		(11	)
Available-for-Sale Debt Securities
Government (B)		150		(3	)		359		(74	)		295		(7	)		382		(84	)
Corporate (C)		34		(1	)		195		(22	)		119		(2	)		227		(29	)
Total Available-for-Sale Debt Securities		184		(4	)		554		(96	)		414		(9	)		609		(113	)
NDT Trust Investments	$	308	$	(14	)	$	577	$	(103	)	$	613	$	(36	)	$	635	$	(124	)

(A)Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.

(B)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(C)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

Schedule of Proceeds from the Sales of and the Net Realized Gains on Securities in the NDT Funds And Rabbi Trusts

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
	Millions
Proceeds from NDT Fund Sales	$	328		$	439		$	715		$	799
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	41		$	46		$	89		$	77
Gross Realized Losses		(26	)		(17	)		(55	)		(31	)
Net Realized Gains (Losses) on NDT Fund (A)		15			29			34			46
Net Unrealized Gains (Losses) on Equity Securities		79			(23	)		69			55
Net Gains (Losses) on NDT Fund Investments	$	94		$	6		$	103		$	101

(A)The cost of these securities was determined on the basis of specific identification.

Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods

The NDT Fund debt securities held as of June 30, 2025 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	22
1 - 5 years		354
6 - 10 years		235
11 - 15 years		69
16 - 20 years		113
Over 20 years		531
Total NDT Available-for-Sale Debt Securities	$	1,324

Rabbi Trust [Member]

Schedule of Trust Investments [Line Items]

Schedule of Value of Securities in an Unrealized Loss Position for Less Than and Greater Than 12 Months

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.

	As of June 30, 2025									As of December 31, 2024
	Less Than 12 Months				Greater Than 12 Months					Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	5	$	—	$	70	$	(20	)	$	10	$	—	$	71	$	(22	)
Corporate (B)		5		—		44		(9	)		11		—		49		(11	)
Total Available-for-Sale Debt Securities		10		—		114		(29	)		21		—		120		(33	)
Rabbi Trust Investments	$	10	$	—	$	114	$	(29	)	$	21	$	—	$	120	$	(33	)

(A)Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(B)Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

Schedule of Securities Held In the Rabbi Trusts

The following tables show the amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.

	As of June 30, 2025
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Domestic Equity Securities	$	8	$	9	$	—		$	17
Available-for-Sale Debt Securities
Government		106		—		(20	)		86
Corporate		70		—		(9	)		61
Total Available-for-Sale Debt Securities		176		—		(29	)		147
Total Rabbi Trust Investments	$	184	$	9	$	(29	)	$	164

	As of December 31, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Domestic Equity Securities	$	8	$	9	$	—		$	17
Available-for-Sale Debt Securities
Government		105		—		(22	)		83
Corporate		76		—		(11	)		65
Total Available-for-Sale Debt Securities		181		—		(33	)		148
Total Rabbi Trust Investments	$	189	$	9	$	(33	)	$	165

Schedule of Proceeds from the Sales of and the Net Realized Gains on Securities in the NDT Funds And Rabbi Trusts

The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025			2024
	Millions
Proceeds from Rabbi Trust Sales	$	9		$	6	$	16		$	15
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	—		$	1	$	—		$	2
Gross Realized Losses		(1	)		—		(1	)		(1	)
Net Realized Gains (Losses) on Rabbi Trust (A)		(1	)		1		(1	)		1
Net Unrealized Gains (Losses) on Equity Securities		2			—		1			—
Net Gains (Losses) on Rabbi Trust Investments	$	1		$	1	$	—		$	1

(A)The cost of these securities was determined on the basis of specific identification.

Schedule of Amount Available-For-Sale Debt Securities By Maturity Periods

The Rabbi Trust debt securities held as of June 30, 2025 had the following maturities:

Time Frame	Fair Value
	Millions
Less than one year	$	5
1 - 5 years		30
6 - 10 years		16
11 - 15 years		11
16 - 20 years		17
Over 20 years		68
Total Rabbi Trust Available-for-Sale Debt Securities	$	147

Schedule of Fair Value of the Rabbi Trusts

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:

	As of		As of
	June 30, 2025		December 31, 2024
	Millions
PSE&G	$	29	$	30
PSEG Power & Other		135		135
Total Rabbi Trust Investments	$	164	$	165