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Financial Information By Business Segments (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Financial Information By Business Segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

2,031

 

 

$

920

 

 

$

(146

)

 

$

2,805

 

 

 

Energy Costs

 

 

760

 

 

 

212

 

 

 

(146

)

 

 

826

 

 

 

Controllable Operation and Maintenance (C)

 

 

331

 

 

 

185

 

 

 

—

 

 

 

516

 

 

 

Depreciation and Amortization

 

 

275

 

 

 

33

 

 

 

—

 

 

 

308

 

 

 

Interest Income

 

 

5

 

 

 

9

 

 

 

(1

)

 

 

13

 

 

 

Interest Expense

 

 

161

 

 

 

88

 

 

 

(1

)

 

 

248

 

 

 

Income Tax Expense

 

 

33

 

 

 

108

 

 

 

—

 

 

 

141

 

 

 

Other Segment Items (D)

 

 

144

 

 

 

50

 

 

 

—

 

 

 

194

 

 

 

Net Income

 

$

332

 

 

$

253

 

 

$

—

 

 

$

585

 

 

 

Gross Additions to Long-Lived Assets

 

$

674

 

 

$

113

 

 

$

—

 

 

$

787

 

 

 

Three Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

1,863

 

 

$

685

 

 

$

(125

)

 

$

2,423

 

 

 

Energy Costs

 

 

683

 

 

 

174

 

 

 

(125

)

 

 

732

 

 

 

Controllable Operation and Maintenance (C)

 

 

323

 

 

 

204

 

 

 

—

 

 

 

527

 

 

 

Depreciation and Amortization

 

 

247

 

 

 

38

 

 

 

—

 

 

 

285

 

 

 

Interest Income

 

 

2

 

 

 

13

 

 

 

(2

)

 

 

13

 

 

 

Interest Expense

 

 

141

 

 

 

79

 

 

 

(2

)

 

 

218

 

 

 

Income Tax Expense (Benefit)

 

 

59

 

 

 

(56

)

 

 

—

 

 

 

3

 

 

 

Other Segment Items (D)

 

 

110

 

 

 

127

 

 

 

—

 

 

 

237

 

 

 

Net Income

 

$

302

 

 

$

132

 

 

$

—

 

 

$

434

 

 

 

Gross Additions to Long-Lived Assets

 

$

746

 

 

$

91

 

 

$

—

 

 

$

837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Six Months Ended June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

4,695

 

 

$

2,012

 

 

$

(680

)

 

$

6,027

 

 

 

Energy Costs

 

 

1,854

 

 

 

838

 

 

 

(680

)

 

 

2,012

 

 

 

Controllable Operation and Maintenance (C)

 

 

685

 

 

 

364

 

 

 

—

 

 

 

1,049

 

 

 

Depreciation and Amortization

 

 

555

 

 

 

73

 

 

 

—

 

 

 

628

 

 

 

Interest Income

 

 

9

 

 

 

14

 

 

 

(2

)

 

 

21

 

 

 

Interest Expense

 

 

318

 

 

 

173

 

 

 

(2

)

 

 

489

 

 

 

Income Tax Expense

 

 

77

 

 

 

92

 

 

 

—

 

 

 

169

 

 

 

Other Segment Items (D)

 

 

337

 

 

 

190

 

 

 

—

 

 

 

527

 

 

 

Net Income

 

$

878

 

 

$

296

 

 

$

—

 

 

$

1,174

 

 

 

Gross Additions to Long-Lived Assets

 

$

1,279

 

 

$

167

 

 

$

(31

)

 

$

1,415

 

 

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

4,196

 

 

$

1,557

 

 

$

(570

)

 

$

5,183

 

 

 

Energy Costs

 

 

1,611

 

 

 

688

 

 

 

(570

)

 

 

1,729

 

 

 

Controllable Operation and Maintenance (C)

 

 

636

 

 

 

364

 

 

 

—

 

 

 

1,000

 

 

 

Depreciation and Amortization

 

 

504

 

 

 

76

 

 

 

—

 

 

 

580

 

 

 

Interest Income

 

 

6

 

 

 

19

 

 

 

(3

)

 

 

22

 

 

 

Interest Expense

 

 

279

 

 

 

147

 

 

 

(3

)

 

 

423

 

 

 

Income Tax Expense (Benefit)

 

 

151

 

 

 

(51

)

 

 

—

 

 

 

100

 

 

 

Other Segment Items (D)

 

 

231

 

 

 

176

 

 

 

—

 

 

 

407

 

 

 

Net Income

 

$

790

 

 

$

176

 

 

$

—

 

 

$

966

 

 

 

Gross Additions to Long-Lived Assets

 

$

1,485

 

 

$

149

 

 

$

—

 

 

$

1,634

 

 

 

As of June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

47,789

 

 

$

8,652

 

 

$

(417

)

 

$

56,024

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

24

 

 

$

—

 

 

$

24

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

46,364

 

 

$

8,673

 

 

$

(397

)

 

$

54,640

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

21

 

 

$

—

 

 

$

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $136 million and $114 million for the three months and $1 million and $(72) million for the six months ended June 30, 2025 and 2024, respectively, related to the impacts of non-trading commodity mark-to-market activity, which consists of the financial impact from positions with future delivery dates.
(B)
Intercompany eliminations primarily relate to intercompany transactions between PSE&G and PSEG Power. For a further discussion of the intercompany transactions between PSE&G and PSEG Power, see Note 2. Revenues and Note 17. Related-Party Transactions.
(C)
Controllable Operation and Maintenance expense includes amounts for labor and benefit costs, materials, outside services and other normal operational costs, including intersegment amounts, and is the significant expense information that is regularly provided to the Chief Operating Decision Maker (the Chief Executive Officer (CEO) for PSEG and PSE&G).
(D)
Other Segment Items include all other items to reconcile to Net Income. This includes all other O&M (primarily related to clause related expenditures at PSE&G and expenditures for transactions in which Servco acts as principal and controls the services provided to LIPA at PSEG Power & Other, each of which offset corresponding revenue
amounts in those segments), non-operating pension and OPEB credits and costs, gains and losses on trust investments and other income and deductions.