Financial Information By Business Segments (Tables)

3 Months Ended

Mar. 31, 2025

Financial Information By Business Segments



	PSE&G		PSEG Power & Other (A)			Eliminations (B)			Consolidated Total
	Millions
Three Months Ended March 31, 2025
Operating Revenues	$	2,664	$	1,092		$	(534	)	$	3,222
Energy Costs		1,094		626			(534	)		1,186
Controllable Operation and Maintenance (C)		354		179			—			533
Depreciation and Amortization		280		40			—			320
Interest Income		4		5			(1	)		8
Interest Expense		157		85			(1	)		241
Income Tax Expense (Benefit)		44		(16	)		—			28
Other Segment Items (D)		193		140			—			333
Net Income	$	546	$	43		$	—		$	589
Gross Additions to Long-Lived Assets	$	605	$	54		$	(31	)	$	628
Three Months Ended March 31, 2024
Operating Revenues	$	2,333	$	872		$	(445	)	$	2,760
Energy Costs		928		514			(445	)		997
Controllable Operation and Maintenance (C)		313		160			—			473
Depreciation and Amortization		257		38			—			295
Interest Income		4		6			(1	)		9
Interest Expense		138		68			(1	)		205
Income Tax Expense (Benefit)		92		5			—			97
Other Segment Items (D)		121		49			—			170
Net Income	$	488	$	44		$	—		$	532
Gross Additions to Long-Lived Assets	$	739	$	58		$	—		$	797
As of March 31, 2025
Total Assets	$	47,400	$	8,662		$	(487	)	$	55,575
Investments in Equity Method Subsidiaries	$	—	$	23		$	—		$	23
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 $(135) million and $(186) million for the three months ended March 31, 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.