Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Long Term Investments

Long-Term Investments as of December 31, 2025 and 2024 included the following:

	As of December 31,
	2025		2024
	Millions
PSE&G
CEF-EE II On-Bill Repayment (OBR) Program (A)	$	131	$	—
Life Insurance and Supplemental Benefits		59		67
Solar Loans		9		23
PSEG Power & Other
Lease Investments		138		150
Equity Method Investments (B)		26		21
Other		9		2
Total Long-Term Investments	$	372	$	263

(A)As part of the CEF–EE II OBR program, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. See Note 8. Financing Receivables for more information on the OBR program.

(B)During the years ended December 31, 2025, 2024, and 2023 there were no dividends from these investments.

Schedule Of Net Investment In Leveraged Leases

The following table shows Energy Holdings’ gross and net lease investment:

	As of December 31,
	2025			2024
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	178		$	200
Estimated Residual Value of Leased Assets		—			—
Total Investment in Rental Receivables		178			200
Unearned and Deferred Income		(40	)		(50	)
Gross Investments in Leases		138			150
Deferred Tax Liabilities		(31	)		(33	)
Net Investments in Leases	$	107		$	117

Schedule Of Pre-Tax Income And Income Tax Effects Related To Investments In Leveraged Leases

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2025, 2024 and 2023.

Public Service Electric and Gas Company [Member]

Schedule of Long Term Investments

Long-Term Investments as of December 31, 2025 and 2024 included the following:

	As of December 31,
	2025		2024
	Millions
PSE&G
CEF-EE II On-Bill Repayment (OBR) Program (A)	$	131	$	—
Life Insurance and Supplemental Benefits		59		67
Solar Loans		9		23
PSEG Power & Other
Lease Investments		138		150
Equity Method Investments (B)		26		21
Other		9		2
Total Long-Term Investments	$	372	$	263

(A)As part of the CEF–EE II OBR program, PSE&G provides funding to customers to upgrade equipment to increase energy efficiency. See Note 8. Financing Receivables for more information on the OBR program.

(B)During the years ended December 31, 2025, 2024, and 2023 there were no dividends from these investments.

Schedule Of Net Investment In Leveraged Leases

The following table shows Energy Holdings’ gross and net lease investment:

	As of December 31,
	2025			2024
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	178		$	200
Estimated Residual Value of Leased Assets		—			—
Total Investment in Rental Receivables		178			200
Unearned and Deferred Income		(40	)		(50	)
Gross Investments in Leases		138			150
Deferred Tax Liabilities		(31	)		(33	)
Net Investments in Leases	$	107		$	117

Schedule Of Pre-Tax Income And Income Tax Effects Related To Investments In Leveraged Leases

The pre-tax income and income tax effects related to investments in leases were immaterial for the years ended December 31, 2025, 2024 and 2023.