v3.25.1
Debt and Credit Facilities
 3 Months Ended
Mar. 31, 2025
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 9. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2025:

PSEG

•
issued $600 million of 4.90% Senior Notes due March 2030, and
•
issued $400 million of 5.40% Senior Notes due March 2035.

PSE&G

•
issued $400 million of 5.05% Secured Medium-Term Notes, Series Q, due March 2035, and
•
issued $500 million of 5.50% Secured Medium-Term Notes, Series Q, due March 2055.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to

meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility.

The commitments under the $3.8 billion credit facilities are provided by a diverse bank group. As of March 31, 2025, the total available credit capacity was $3.7 billion. In March 2025, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2029, and PSEG Power amended certain provisions in the Master Credit Facility including removal of subsidiary guarantees of PSEG Power obligations. The PSEG Power letter of credit facilities and term loans were also amended to be consistent with the Master Credit Facility, and the uncommitted credit facility at a subsidiary of PSEG Power was terminated.

As of March 31, 2025, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2025, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total committed credit facilities and available liquidity as of March 31, 2025 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2025

 

 

 

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

14

 

 

$

1,486

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

14

 

 

$

1,486

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

25

 

 

$

975

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

25

 

 

$

975

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2029

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

45

 

 

 

30

 

 

Apr 2026

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

82

 

 

$

1,243

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

121

 

 

$

3,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.
(B)
The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2025, neither PSEG nor PSE&G had commercial paper outstanding.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of March 31, 2025, PSEG Power had $112 million in letters of credit outstanding under these uncommitted credit facilities.

Short-Term Loans

In December 2024, PSEG Power entered into a new 364-day variable rate term loan for $400 million. In December 2024, PSEG Power extended the maturity of the $1.25 billion term loan from March 2025 to June 2025.
Public Service Electric and Gas Company [Member]  
Debt Instrument [Line Items]  
Debt and Credit Facilities

Note 9. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2025:

PSEG

•
issued $600 million of 4.90% Senior Notes due March 2030, and
•
issued $400 million of 5.40% Senior Notes due March 2035.

PSE&G

•
issued $400 million of 5.05% Secured Medium-Term Notes, Series Q, due March 2035, and
•
issued $500 million of 5.50% Secured Medium-Term Notes, Series Q, due March 2055.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to

meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facility.

The commitments under the $3.8 billion credit facilities are provided by a diverse bank group. As of March 31, 2025, the total available credit capacity was $3.7 billion. In March 2025, PSEG, PSEG Power, and PSE&G executed a one year extension to their existing $3.75 billion revolving credit facilities, extending the maturity through March 2029, and PSEG Power amended certain provisions in the Master Credit Facility including removal of subsidiary guarantees of PSEG Power obligations. The PSEG Power letter of credit facilities and term loans were also amended to be consistent with the Master Credit Facility, and the uncommitted credit facility at a subsidiary of PSEG Power was terminated.

As of March 31, 2025, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2025, PSEG’s liquidity position, including credit facilities and access to external financing, was expected to be sufficient to meet its projected stressed requirements over a 12-month planning horizon.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total committed credit facilities and available liquidity as of March 31, 2025 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2025

 

 

 

 

 

 

 

Company/Facility

 

Total
Facility

 

 

Usage (B)

 

 

Available
Liquidity

 

 

Expiration
Date

 

Primary Purpose

 

 

 

 

Millions

 

 

 

 

 

 

 

PSEG

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,500

 

 

$

14

 

 

$

1,486

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSEG

 

$

1,500

 

 

$

14

 

 

$

1,486

 

 

 

 

 

 

 

PSE&G

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility

 

$

1,000

 

 

$

25

 

 

$

975

 

 

Mar 2029

 

Commercial Paper Support/Funding/Letters of Credit

 

 

Total PSE&G

 

$

1,000

 

 

$

25

 

 

$

975

 

 

 

 

 

 

 

PSEG Power

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving Credit Facility (A)

 

$

1,250

 

 

$

37

 

 

$

1,213

 

 

Mar 2029

 

Funding/Letters of Credit

 

 

Letter of Credit Facility

 

 

75

 

 

 

45

 

 

 

30

 

 

Apr 2026

 

Letters of Credit

 

 

Total PSEG Power

 

$

1,325

 

 

$

82

 

 

$

1,243

 

 

 

 

 

 

 

Total (C)

 

$

3,825

 

 

$

121

 

 

$

3,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
Master Credit Facility with sub-limits of $1.5 billion for PSEG and $1.25 billion for PSEG Power; sub-limits can be adjusted pursuant to the terms of the Master Credit Facility agreement. The PSEG sub-limit includes a sustainability linked pricing based mechanism with potential increases or decreases, which are not expected to be material, depending on performance relative to targeted methane emission reductions.
(B)
The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2025, neither PSEG nor PSE&G had commercial paper outstanding.
(C)
Amounts do not include uncommitted credit facilities or 364-day term loans, if any apply.

PSEG Power has uncommitted credit facilities totaling $200 million, which can be utilized for letters of credit. As of March 31, 2025, PSEG Power had $112 million in letters of credit outstanding under these uncommitted credit facilities.

Short-Term Loans

In December 2024, PSEG Power entered into a new 364-day variable rate term loan for $400 million. In December 2024, PSEG Power extended the maturity of the $1.25 billion term loan from March 2025 to June 2025.