v3.26.1
Financial Information By Business Segment
 3 Months Ended
Mar. 31, 2026
Segment Reporting Information [Line Items]  
Financial Information By Business Segment

Note 16. Financial Information by Business Segment

As discussed below, PSEG’s two reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results.

PSE&G

The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity from our nuclear generation units and from the sale of wholesale natural gas through a full-requirements BGSS contract with PSE&G. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

Energy Costs

 

 

1,358

 

 

 

802

 

 

 

(653

)

 

 

1,507

 

 

 

Controllable Operation and Maintenance (C)

 

 

364

 

 

 

138

 

 

 

—

 

 

 

502

 

 

 

Depreciation and Amortization

 

 

295

 

 

 

34

 

 

 

—

 

 

 

329

 

 

 

Interest Income

 

 

7

 

 

 

3

 

 

 

—

 

 

 

10

 

 

 

Interest Expense

 

 

175

 

 

 

97

 

 

 

—

 

 

 

272

 

 

 

Income Tax Expense

 

 

79

 

 

 

28

 

 

 

—

 

 

 

107

 

 

 

Other Segment Items (D)

 

 

244

 

 

 

156

 

 

 

—

 

 

 

400

 

 

 

Net Income

 

$

577

 

 

$

164

 

 

$

—

 

 

$

741

 

 

 

Gross Additions to Long-Lived Assets

 

$

621

 

 

$

72

 

 

$

—

 

 

$

693

 

 

 

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

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,703

 

 

$

8,754

 

 

$

(512

)

 

$

57,945

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

28

 

 

$

—

 

 

$

28

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(30) million and $(135) million for the three months ended March 31, 2026 and 2025, 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.
Public Service Electric and Gas Company [Member]  
Segment Reporting Information [Line Items]  
Financial Information By Business Segment

Note 16. Financial Information by Business Segment

As discussed below, PSEG’s two reportable segments are PSE&G and PSEG Power & Other, which includes amounts related to the PSEG Power operating segment as well as amounts applicable to Energy Holdings, PSEG LI, PSEG (parent corporation) and Services, which do not meet the definition of operating segments individually or in the aggregate and are immaterial to PSEG’s consolidated assets and results.

PSE&G

The PSE&G reportable segment earns revenues from its tariffs, under which it provides electric transmission and electric and gas distribution services to residential, commercial and industrial customers in New Jersey. The rates charged for electric transmission are regulated by FERC while the rates charged for electric and gas distribution are regulated by the BPU. Revenues are also earned from several other activities such as investments in EE equipment on customers’ premises, solar investments, the appliance service business and other miscellaneous services.

PSEG Power & Other

This reportable segment is comprised primarily of PSEG Power which earns revenues primarily by selling energy and capacity from our nuclear generation units and from the sale of wholesale natural gas through a full-requirements BGSS contract with PSE&G. PSEG Power also enters into bilateral contracts for energy, gas and other energy-related contracts to optimize the value of its portfolio of generating assets and gas supply obligations.

This reportable segment also includes amounts applicable to PSEG LI, which generates revenues under its contract with LIPA, primarily for the recovery of costs when Servco is a principal in the transaction (see Note 3. Variable Interest Entity for additional information) as well as fixed and variable fee components under the contract, and Energy Holdings which holds an immaterial portfolio of remaining lease investments. Other also includes amounts applicable to PSEG (parent company) and Services.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations (B)

 

 

Consolidated Total

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

Energy Costs

 

 

1,358

 

 

 

802

 

 

 

(653

)

 

 

1,507

 

 

 

Controllable Operation and Maintenance (C)

 

 

364

 

 

 

138

 

 

 

—

 

 

 

502

 

 

 

Depreciation and Amortization

 

 

295

 

 

 

34

 

 

 

—

 

 

 

329

 

 

 

Interest Income

 

 

7

 

 

 

3

 

 

 

—

 

 

 

10

 

 

 

Interest Expense

 

 

175

 

 

 

97

 

 

 

—

 

 

 

272

 

 

 

Income Tax Expense

 

 

79

 

 

 

28

 

 

 

—

 

 

 

107

 

 

 

Other Segment Items (D)

 

 

244

 

 

 

156

 

 

 

—

 

 

 

400

 

 

 

Net Income

 

$

577

 

 

$

164

 

 

$

—

 

 

$

741

 

 

 

Gross Additions to Long-Lived Assets

 

$

621

 

 

$

72

 

 

$

—

 

 

$

693

 

 

 

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

 

 

 

As of March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,703

 

 

$

8,754

 

 

$

(512

)

 

$

57,945

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

28

 

 

$

—

 

 

$

28

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

49,024

 

 

$

9,067

 

 

$

(515

)

 

$

57,576

 

 

 

Investments in Equity Method Subsidiaries

 

$

—

 

 

$

26

 

 

$

—

 

 

$

26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(A)
PSEG Power & Other results include net after-tax gains (losses) of $(30) million and $(135) million for the three months ended March 31, 2026 and 2025, 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.