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Revenues (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues

Disaggregation of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

4,858

 

 

$

—

 

 

$

—

 

 

$

4,858

 

 

 

Gas Distribution

 

 

2,461

 

 

 

—

 

 

 

—

 

 

 

2,461

 

 

 

Transmission

 

 

1,779

 

 

 

—

 

 

 

—

 

 

 

1,779

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

1,540

 

 

 

—

 

 

 

1,540

 

 

 

Sales to Affiliates

 

 

—

 

 

 

47

 

 

 

(47

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

353

 

 

 

—

 

 

 

353

 

 

 

Sales to Affiliates

 

 

—

 

 

 

1,060

 

 

 

(1,060

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

385

 

 

 

752

 

 

 

(5

)

 

 

1,132

 

 

 

Total Revenues from Contracts with Customers

 

 

9,483

 

 

 

3,752

 

 

 

(1,112

)

 

 

12,123

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

75

 

 

 

(30

)

 

 

—

 

 

 

45

 

 

 

Total Operating Revenues

 

$

9,558

 

 

$

3,722

 

 

$

(1,112

)

 

$

12,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,977

 

 

$

—

 

 

$

—

 

 

$

3,977

 

 

 

Gas Distribution

 

 

2,059

 

 

 

—

 

 

 

—

 

 

 

2,059

 

 

 

Transmission

 

 

1,754

 

 

 

—

 

 

 

—

 

 

 

1,754

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

824

 

 

 

—

 

 

 

824

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

846

 

 

 

(846

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

692

 

 

 

(6

)

 

 

1,054

 

 

 

Total Revenues from Contracts with Customers

 

 

8,158

 

 

 

2,682

 

 

 

(966

)

 

 

9,874

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

291

 

 

 

125

 

 

 

—

 

 

 

416

 

 

 

Total Operating Revenues

 

$

8,449

 

 

$

2,807

 

 

$

(966

)

 

$

10,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG
Power &
Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

 Year Ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

3,494

 

 

$

—

 

 

$

—

 

 

$

3,494

 

 

 

Gas Distribution

 

 

1,982

 

 

 

—

 

 

 

—

 

 

 

1,982

 

 

 

Transmission

 

 

1,673

 

 

 

—

 

 

 

—

 

 

 

1,673

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

905

 

 

 

—

 

 

 

905

 

 

 

Sales to Affiliates

 

 

—

 

 

 

114

 

 

 

(114

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

206

 

 

 

—

 

 

 

206

 

 

 

Sales to Affiliates

 

 

—

 

 

 

984

 

 

 

(984

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

368

 

 

 

631

 

 

 

(5

)

 

 

994

 

 

 

Total Revenues from Contracts with Customers

 

 

7,517

 

 

 

2,840

 

 

 

(1,103

)

 

 

9,254

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

290

 

 

 

1,693

 

 

 

—

 

 

 

1,983

 

 

 

Total Operating Revenues

 

$

7,807

 

 

$

4,533

 

 

$

(1,103

)

 

$

11,237

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 the 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 years ended December 31, 2025 and 2024.

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

 

 

2025

 

 

2024

 

 

 

 

 

Millions

 

 

 

Balance at Beginning of Year

 

$

215

 

 

$

283

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

 

Provision

 

 

145

 

 

 

103

 

 

 

Write-offs, net of Recoveries of $42 million and $31 million for 2025 and 2024, respectively

 

 

(106

)

 

 

(171

)

 

 

Balance at End of Year

 

$

254

 

 

$

215

 

 

 

 

 

 

 

 

 

 

 
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, in July 2025 the results of the 2026/2027 auction were released and in December 2025 the results of the 2027/2028 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
MW-Day

 

 

MW
Cleared

 

 

 

June 2025 to May 2026

 

$

270

 

 

 

3,500

 

 

 

June 2026 to May 2027

 

$

329

 

 

 

3,500

 

 

 

June 2027 to May 2028

 

$

333

 

 

 

3,500