v3.26.1
Revenues (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues

Disaggregation of Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

1,174

 

 

$

—

 

 

$

—

 

 

$

1,174

 

 

 

Gas Distribution

 

 

1,357

 

 

 

—

 

 

 

—

 

 

 

1,357

 

 

 

Transmission

 

 

454

 

 

 

—

 

 

 

—

 

 

 

454

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

729

 

 

 

—

 

 

 

729

 

 

 

Sales to Affiliates

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

177

 

 

 

—

 

 

 

177

 

 

 

Sales to Affiliates

 

 

—

 

 

 

652

 

 

 

(652

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

93

 

 

 

174

 

 

 

(1

)

 

 

266

 

 

 

Total Revenues from Contracts with Customers

 

 

3,078

 

 

 

1,732

 

 

 

(653

)

 

 

4,157

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

7

 

 

 

(316

)

 

 

—

 

 

 

(309

)

 

 

Total Operating Revenues

 

$

3,085

 

 

$

1,416

 

 

$

(653

)

 

$

3,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PSE&G

 

 

PSEG Power & Other (A)

 

 

Eliminations

 

 

Consolidated

 

 

 

 

 

Millions

 

 

 

Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues from Contracts with Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric Distribution

 

$

944

 

 

$

—

 

 

$

—

 

 

$

944

 

 

 

Gas Distribution

 

 

1,143

 

 

 

—

 

 

 

—

 

 

 

1,143

 

 

 

Transmission

 

 

439

 

 

 

—

 

 

 

—

 

 

 

439

 

 

 

Electricity and Related Product Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

453

 

 

 

—

 

 

 

453

 

 

 

Sales to Affiliates

 

 

—

 

 

 

32

 

 

 

(32

)

 

 

—

 

 

 

Gas Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Third-Party Sales

 

 

—

 

 

 

140

 

 

 

—

 

 

 

140

 

 

 

Sales to Affiliates

 

 

—

 

 

 

501

 

 

 

(501

)

 

 

—

 

 

 

Other Revenues from Contracts with Customers (B)

 

 

91

 

 

 

178

 

 

 

(1

)

 

 

268

 

 

 

Total Revenues from Contracts with Customers

 

 

2,617

 

 

 

1,304

 

 

 

(534

)

 

 

3,387

 

 

 

Revenues Unrelated to Contracts with Customers (C)

 

 

47

 

 

 

(212

)

 

 

—

 

 

 

(165

)

 

 

Total Operating Revenues

 

$

2,664

 

 

$

1,092

 

 

$

(534

)

 

$

3,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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 three months ended March 31, 2026 and 2025:

 

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

2025

 

 

 

 

 

Millions

 

 

 

Balance as of Beginning of Year

$

254

 

 

$

215

 

 

 

Utility Customer and Other Accounts

 

 

 

 

 

 

 

Provision

 

 

35

 

 

 

37

 

 

 

Write-offs, net of Recoveries of $14 million and $9 million in 2026 and 2025, respectively

 

 

(30

)

 

 

(18

)

 

 

Balance as of End of Period

$

259

 

 

$

234

 

 

 

 

 

 

 

 

 

 

 

 

 
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 Megawatt (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