10-Q

美国

证券交易委员会

华盛顿特区，20549

形式 10-Q

(标记一)

☒ 根据《公约》第13或15（d）条提交的季度报告
1934年《证券交易法》

截至本季度末9月30日， 2024

或

☐ 根据《宪法》第13或15(D)条提交的过渡报告
1934年《证券交易法》

过渡期到


选委会文件编号	注册人姓名、地址和电话号码			国家或其他管辖成立为法团或组织	税务局雇主识别号
001-09120	公共服务企业集团公司			新泽西	22-2625848
	80公园广场
	纽瓦克,	新泽西	07102
	973	430-7000

001-00973	公共服务电力和天然气公司			新泽西	22-1212800
	80公园广场
	纽瓦克,	新泽西	07102
	973	430-7000

根据该法第12(B)条登记的证券：


每个班级的标题		交易代码	每个交易所的名称在其上注册的
公共服务企业集团公司
	无面值普通股	钉钉	纽约证券交易所
公共服务电力和天然气公司
	8.00%第一笔和退款抵押债券，2037年到期	PEG37 D	纽约证券交易所
	5.00%第一笔和退款抵押债券，2037年到期	PEG37 J	纽约证券交易所

通过复选标记确定登记人是否（1）在过去12个月内（或在登记人被要求提交此类报告的较短期限内）提交了1934年证券交易法第13或15（d）条要求提交的所有报告，以及（2）在过去90天内是否已遵守此类提交要求。是的没有

通过勾选来验证注册人是否已在过去12个月内（或要求注册人提交此类文件的较短期限内）以电子方式提交了根据S-t法规第405条（本章第232.405条）要求提交和发布的所有互动数据文件。是的没有

通过勾选标记来确定每个注册人是大型加速申报人、加速申报人、非加速申报人、小型报告公司还是新兴成长型公司。请参阅《交易法》第120亿.2条规则中“大型加速备案人”、“加速备案人”、“小型报告公司”和“新兴成长型公司”的定义。


公共服务企业集团公司	大型加速文件服务器	☒	加速文件管理器	☐	非加速文件服务器	☐	规模较小的报告公司	☐	新兴成长型公司	☐

公共服务电力和天然气公司	大型加速文件服务器	☐	加速文件管理器	☐	非加速文件服务器	☒	规模较小的报告公司	☐	新兴成长型公司	☐

（封面继续在下一页）

（封面接上一页）

如果任何注册人是新兴成长型公司，请通过勾选标记表明该注册人是否选择不利用延长的过渡期来遵守根据《交易法》第13（a）条规定的任何新的或修订的财务会计准则。☐

通过复选标记检查任何注册人是否是空壳公司（定义见《交易法》第120亿.2条）。是的否 ☒

截至2024年10月22日，公共服务企业集团股份有限公司优秀 498,225,421 其唯一普通股类别的股票，不含面值。

截至2024年10月22日，公共服务电力天然气公司已发行且未偿还 132,450,344 普通股，不含面值或面值，均由公共服务企业集团有限公司私人持有，并记录在案。

公共服务电力和天然气公司是公共服务企业集团Incorporated的全资子公司，符合10-Q表格一般指令H（1）中规定的条件。公共服务电力和天然气公司正在提交10-Q表格季度报告，采用一般指令H授权的简化披露格式。


		页面
前瞻性陈述		ii
归档格式		iii
第一部分财务信息
项目1.	财务报表
	公共服务企业集团公司	1
	公共服务电力和天然气公司	7
	公司简明综合财务报表附注
	注1.组织、呈列基础和重要会计政策	13
	说明2.收入	14
	说明3.可变利益实体（VIE）	19
	说明4.费率归档	20
	说明5.租赁	22
	说明6.应收款项融资	22
	说明7.信托投资	24
	说明8.养老金和其他退休后福利（OPB）	29
	说明9.承担及或然负债	31
	说明10.债务和信贷便利	37
	注11。金融风险管理活动	38
	说明12.公平值计量	43
	注13。净其他收入（扣除）	48
	附注14.所得税	49
	说明15.累计其他综合收益（损失），扣除税	51
	说明16.每股收益（每股收益）和股息	54
	说明17.按业务部门分类的财务信息	54
	注18。关联交易	56
项目2.	管理层对财务状况和经营成果的探讨与分析	57
	2024年高管概览及未来展望	57
	经营成果	64
	流动性与资本资源	69
	资本要求	71
项目3.	关于市场风险的定量和定性披露	72
项目4.	控制和程序	73
第二部分：其他信息
项目1.	法律诉讼	74
第1A项。	危险因素	74
第五项。	其他信息	74
第六项。	陈列品	77
	签名	78

前瞻性吴昌俊声明

本报告中讨论的有关我们和我们子公司未来业绩的某些事项，包括但不限于未来的收入、收益、战略、前景、后果以及所有其他非纯粹历史性的陈述，均构成1995年私人证券诉讼改革法所指的“前瞻性陈述”。此类前瞻性陈述会受到风险和不确定因素的影响，这可能会导致实际结果与预期大相径庭。这类陈述是基于管理层的信念以及管理层作出的假设和目前可获得的信息。在本文中使用的词语“预期”、“打算”、“估计”、“相信”、“预期”、“计划”、“应该”、“假设”、“潜在”、“预测”、“项目”，这些词语和类似表述的变体旨在识别前瞻性陈述。可能导致实际结果不同的因素通常与前瞻性陈述一起列示。其他可能导致实际结果与我们在此所作的任何前瞻性声明中预期的结果大不相同的因素在我们提交给美国证券交易委员会(美国证券交易委员会)的文件中有所讨论，这些文件包括我们的10-k表格年度报告以及后续的10-Q表格和8-k表格报告。这些因素包括但不限于：

•

无法成功开发、获得监管批准或建设输电和配电以及我们的核电项目;

•

与气候变化相关的物理、财务和转型风险，包括与可能增加的立法和监管负担、不断变化的客户偏好和诉讼相关的风险;

•

任何设备故障、事故、关键操作技术或业务系统故障、自然灾害、恶劣天气事件、战争行为、恐怖主义或其他暴力行为、破坏、物理攻击或安全漏洞、网络攻击或其他可能影响我们向客户提供安全可靠服务的能力的事件;

•

无法收回我们长期资产的账面金额;

•

我们的供应链中断或成本增加，包括劳动力短缺;

•

无法维持足够的流动性或以商业上合理的条款获得足够的资本;

•

网络安全攻击或入侵或其他中断对我们的信息技术、运营或其他系统的影响;

•

从天然气转向增加电气化和减少天然气使用;

•

未能吸引和留住合格的劳动力;

•

设备、材料、燃料、服务和劳动力成本增加;

•

债务工具和信贷协议中的契约对我们业务的影响;

•

我们的固定收益计划信托基金和核退役信托基金的不良表现以及资金需求的增加;

•

无法以我们可以接受的条款签订或延长某些重要合同;

•

我们和我们的第三方供应商开发、采用和使用人工智能;

•

批发电力和天然气市场的波动或第三方违约风险，包括对我们发电机组经济可行性的潜在影响;

•

我们获得足够核燃料供应的能力;

•

与能源生产、分配和消费相关的技术变化以及客户使用模式的变化;

•

与我们出售核电产出和购买核燃料相关的第三方信用风险;

•

无法履行我们在远期销售义务和区域输电组织规则下的承诺;

•

州和联邦立法和法规的变化对我们业务的影响，包括PSE & G收回成本和从授权投资中赚取回报的能力;

•

PSE & G拟议的投资项目或计划可能未获得监管机构完全批准，其资本投资可能低于计划;

•

我们有能力从市场、生产税抵免和/或零排放证书计划为新泽西州核电站获得足够的财政支持;

•

能源行业法律、政策、法规和标准的不利变化和不遵守，包括市场结构和输电规划和输电回报;

•

与我们核设施的所有权和运营相关的风险，包括核燃料储存成本增加、监管风险（例如遵守《原子能法》和贸易管制、环境和其他法规），以及运营、财务、环境、健康和安全风险;

•

联邦和州环境法律法规和执行的变化;

•

延迟收到或无法收到必要的许可证和许可以及选址批准;以及

•

税收法律法规的变化。

本报告中的所有前瞻性陈述均受到这些警示性陈述的限制，我们无法向您保证管理层预期的结果或发展将实现，或者即使实现，也将对我们或我们的业务、前景、财务状况、经营结果或现金流产生预期的后果或影响。请读者在做出任何投资决定时不要过度依赖这些前瞻性陈述。本报告中的前瞻性陈述仅适用于本报告日期。虽然我们可能会选择不时更新前瞻性陈述，但我们明确声明不承担任何这样做的义务，即使是在新信息或未来事件的情况下，除非适用的证券法另有要求。

本报告中包含的前瞻性陈述旨在符合修订后的1933年证券法第27 A条和修订后的1934年证券交易法第21 E条的安全港条款。

PSEG和PSE & G不时通过其企业投资者关系网站https://investor.pseg.com上的帖子发布重要信息。鼓励投资者和其他感兴趣方访问投资者关系网站审查新帖子。您可以在https://investor.pseg.com网页底部注册有关新帖子的自动电子邮件提醒https://investor.pseg.com/resources/email-alerts/default.aspx或导航至www.example.com的电子邮件提醒网页。https://investor.pseg.com和https://investor.pseg.com/resources/email-alerts/default.aspx上的信息未包含在此，也不是本表格10-Q的一部分。

备案格式

这份合并的10-Q表格季度报告由公共服务企业集团股份有限公司（PSEG）和公共服务电力和天然气公司（PSE & G）分别提交。与任何个别公司相关的信息均由该公司代表其自己提交。PSE & G仅对有关其自身及其子公司的信息负责。

整个文件的讨论涉及PSEG及其直接运营子公司。根据每个部分的上下文，对“我们”、“我们”和“我们的”的提及与PSEG或与正在讨论的特定公司或公司有关。

iii

公共服务入境RPRISE集团已注册

简明合并业务报表

百万美元，每股数据除外

（未经审计）



	止三个月						止九个月
	9月30日，						9月30日，
	2024			2023			2024			2023
营业收入	$	2,642		$	2,456		$	7,825		$	8,632
运营费用
能源成本		899			831			2,628			2,517
运维		808			792			2,415			2,279
折旧及摊销		294			282			874			843
总运营费用		2,001			1,905			5,917			5,639
营业收入		641			551			1,908			2,993
权益法投资收益		1			—			2			1
信托投资净收益（损失）		89			(40	)		191			63
净其他收入（扣除）		37			41			119			132
净非营业养老金和其他退休后福利（OPB）抵免（成本）		18			(302	)		55			(245	)
利息支出		(227	)		(185	)		(650	)		(550	)
所得税前收入		559			65			1,625			2,394
所得税优惠(费用)		(39	)		74			(139	)		(377	)
净收入	$	520		$	139		$	1,486		$	2,017
加权平均已发行普通股：
基本		498			498			498			497
稀释		500			500			500			500
每股净收入：
基本	$	1.04		$	0.28		$	2.98		$	4.06
稀释	$	1.04		$	0.27		$	2.97		$	4.03

请参阅简明合并财务报表附注。

公共服务企业集团陷入困境

简明综合全面收益表

数百万

（未经审计）



	止三个月						止九个月
	9月30日，						9月30日，
	2024			2023			2024		2023
净收入	$	520		$	139		$	1,486	$	2,017
其他综合收益(亏损)，税后净额
可供出售证券的未实现收益（损失），扣除税款（费用）收益$（24), $19, $(14)及$8 分别截至2024年和2023年的三个月和九个月		37			(31	)		22		(13	)
现金流对冲未实现收益（损失），扣除税款（费用）收益$3, $(4), $(4)和$(8）分别截至2024年和2023年的三个月和九个月		(8	)		11			9		21
养老金/OPb调整，扣除税款（费用）福利$（1), $(126), $(2)和$(129）分别截至2024年和2023年的三个月和九个月		2			322			6		329
其他综合收益(亏损)，税后净额		31			302			37		337
综合收益	$	551		$	441		$	1,523	$	2,354

请参阅简明合并财务报表附注。

公共服务企业集团陷入困境

CONDENSED CONSOLIDATED BALANCE SHEETS

数百万

（未经审计）



	9月30日， 2024			12月31日， 2023
资产
流动资产
现金和现金等价物	$	203		$	54
应收账款，扣除备抵美元235 2024年和美元279 2023年		1,451			1,482
税应收		148			10
未计费收入，扣除津贴$3 2024年和美元4 2023年		183			244
燃料		271			264
材料和用品，净		907			759
提前还款		278			144
衍生工具合约		35			112
监管资产		489			273
其他		27			31
流动资产总额		3,992			3,373
财产、厂房和设备		50,615			48,603
减：累计折旧和摊销		(11,014	)		(10,572	)
净财产、厂房和设备		39,601			38,031
非流动资产
监管资产		6,034			5,157
经营租赁使用权资产		167			179
长期投资		265			295
核退役信托（NDT）基金		2,799			2,524
可变利率实体（VIE）长期应收账款		641			632
拉比信托基金		175			179
衍生工具合约		36			29
其他		370			342
非流动资产共计		10,487			9,337
总资产	$	54,080		$	50,741

请参阅简明合并财务报表附注。

公共服务企业集团陷入困境

CONDENSED CONSOLIDATED BALANCE SHEETS

数百万

（未经审计）



	9月30日， 2024			12月31日， 2023
负债和资本化
流动负债
一年内到期的长期债务	$	2,400		$	1,500
商业票据和贷款		547			949
应付帐款		1,121			1,214
衍生工具合约		18			86
应计利息		225			170
应计税		15			8
清洁能源计划		185			145
返还现金抵押品的义务		93			89
监管责任		603			349
其他		651			547
流动负债总额		5,858			5,057
非流动负债
递延所得税和投资税收抵免（ITC）		7,190			6,671
监管责任		2,309			2,075
经营租约		159			173
资产报废债务		1,497			1,468
OPB成本		321			349
Servco的OPb成本		533			514
应计养老金成本		595			606
Servco的应计养老金成本		91			102
环境成本		229			213
衍生工具合约		6			6
长期应税税		41			45
其他		196			201
非流动负债总额		13,167			12,423
承诺和持续负债（见注9）
大写
长期债务		18,960			17,784
股东权益
普通股，没有标准，授权 1,000 股票;发行，2024年和2023年-534中国股票		5,036			5,018
国库券，按成本计算，2024年和2023年-36中国股票		(1,405	)		(1,379	)
留存收益		12,606			12,017
累计其他综合损失		(142	)		(179	)
股东权益总额		16,095			15,477
总市值		35,055			33,261
总负债和资本化	$	54,080		$	50,741

请参阅简明合并财务报表附注。

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)



	Nine Months Ended
	September 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	1,486		$	2,017
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization		874			843
Amortization of Nuclear Fuel		145			144
Provision for Deferred Income Taxes and ITC		283			293
Non-Cash Employee Benefit Plan (Credits) Costs		56			357
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives		76			(1,041	)
Cost of Removal		(137	)		(121	)
Energy Efficiency Programs Regulatory Investment Expenditures		(393	)		(335	)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures		90			58
Net Change in Other Regulatory Assets and Liabilities		(81	)		32
Net (Gains) Losses and (Income) Expense from NDT Fund		(242	)		(107	)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable		(138	)		71
Prepayments		(134	)		(204	)
Cash Collateral		(3	)		1,175
Obligation to Return Cash Collateral		4			(197	)
Other Current Assets and Liabilities		(96	)		137
Employee Benefit Plan Funding and Related Payments		(41	)		(31	)
Other		17			5
Net Cash Provided By (Used In) Operating Activities		1,766			3,096
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(2,402	)		(2,360	)
Proceeds from Sales of Trust Investments		1,256			998
Purchases of Trust Investments		(1,294	)		(1,025	)
Proceeds from Sales of Equity Method Investments		—			291
Proceeds from Sales of Long-Lived Assets		—			20
Other		77			46
Net Cash Provided By (Used In) Investing Activities		(2,363	)		(2,030	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans		98			(5	)
Proceeds from Short-Term Loans		—			750
Payment of Short-Term Loans		(500	)		(2,250	)
Issuance of Long-Term Debt		3,350			1,800
Payment of Long-Term Debt		(1,250	)		(825	)
Cash Dividends Paid on Common Stock		(897	)		(853	)
Other		(75	)		(94	)
Net Cash Provided By (Used In) Financing Activities		726			(1,477	)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		129			(411	)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		99			511
Cash, Cash Equivalents and Restricted Cash at End of Period	$	228		$	100
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	27		$	97
Interest Paid, Net of Amounts Capitalized	$	565		$	501
Accrued Property, Plant and Equipment Expenditures	$	508		$	425

See Notes to Condensed Consolidated Financial Statements.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Millions

(Unaudited)



	Common Stock					Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount			Shares			Amount			Earnings			Income (Loss)			Total
Balance as of June 30, 2024		534	$	5,020			(36	)	$	(1,408	)	$	12,385		$	(173	)	$	15,824
Net Income		—		—			—			—			520			—			520
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(22)		—		—			—			—			—			31			31
Comprehensive Income																			551
Cash Dividends at $0.60 per share on Common Stock		—		—			—			—			(299	)		—			(299	)
Other		—		16			—			3			—			—			19
Balance as of September 30, 2024		534	$	5,036			(36	)	$	(1,405	)	$	12,606		$	(142	)	$	16,095

Balance as of June 30, 2023		534	$	5,054			(37	)	$	(1,386	)	$	11,900		$	(515	)	$	15,053
Net Income		—		—			—			—			139			—			139
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(111)		—		—			—			—			—			302			302
Comprehensive Income																			441
Cash Dividends at $0.57 per share on Common Stock		—		—			—			—			(284	)		—			(284	)
Other		—		(46	)		1			2			—			—			(44	)
Balance as of September 30, 2023		534	$	5,008			(36	)	$	(1,384	)	$	11,755		$	(213	)	$	15,166



	Common Stock					Treasury Stock						Retained			Accumulated Other Comprehensive
	Shares		Amount			Shares			Amount			Earnings			Income (Loss)			Total
Balance as of December 31, 2023		534	$	5,018			(36	)	$	(1,379	)	$	12,017		$	(179	)	$	15,477
Net Income		—		—			—			—			1,486			—			1,486
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(20)		—		—			—			—			—			37			37
Comprehensive Income																			1,523
Cash Dividends at $1.80 per share on Common Stock		—		—			—			—			(897	)		—			(897	)
Other		—		18			—			(26	)		—			—			(8	)
Balance as of September 30, 2024		534	$	5,036			(36	)	$	(1,405	)	$	12,606		$	(142	)	$	16,095

Balance as of December 31, 2022		534	$	5,065			(37	)	$	(1,377	)	$	10,591		$	(550	)	$	13,729
Net Income		—		—			—			—			2,017			—			2,017
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(129)		—		—			—			—			—			337			337
Comprehensive Income																			2,354
Cash Dividends at $1.71 per share on Common Stock		—		—			—			—			(853	)		—			(853	)
Other		—		(57	)		1			(7	)		—			—			(64	)
Balance as of September 30, 2023		534	$	5,008			(36	)	$	(1,384	)	$	11,755		$	(213	)	$	15,166

See Notes to Condensed Consolidated Financial Statements.

Table of Contents

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Millions

(Unaudited)



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
OPERATING REVENUES	$	2,139		$	1,999		$	6,335		$	5,954
OPERATING EXPENSES
Energy Costs		839			765			2,450			2,300
Operation and Maintenance		464			459			1,395			1,348
Depreciation and Amortization		254			244			758			728
Total Operating Expenses		1,557			1,468			4,603			4,376
OPERATING INCOME		582			531			1,732			1,578
Net Other Income (Deductions)		18			21			50			65
Net Non-Operating Pension and OPEB Credits (Costs)		20			30			58			86
Interest Expense		(151	)		(128	)		(430	)		(364	)
INCOME BEFORE INCOME TAXES		469			454			1,410			1,365
Income Tax Expense		(90	)		(53	)		(241	)		(141	)
NET INCOME	$	379		$	401		$	1,169		$	1,224

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

Table of Contents

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Millions

(Unaudited)



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2024		2023			2024		2023
NET INCOME	$	379	$	401		$	1,169	$	1,224
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 for the three and nine months ended 2024 and 2023		1		(1	)		1		—
COMPREHENSIVE INCOME	$	380	$	400		$	1,170	$	1,224

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

Table of Contents

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)



	September 30, 2024			December 31, 2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents	$	185		$	30
Accounts Receivable, net of allowance of $235 in 2024 and $279 in 2023		1,101			1,076
Unbilled Revenues, net of allowance of $3 in 2024 and $4 in 2023		183			244
Materials and Supplies, net		643			519
Prepayments		139			57
Regulatory Assets		489			273
Other		24			31
Total Current Assets		2,764			2,230
PROPERTY, PLANT AND EQUIPMENT		45,546			43,753
Less: Accumulated Depreciation and Amortization		(8,999	)		(8,711	)
Net Property, Plant and Equipment		36,547			35,042
NONCURRENT ASSETS
Regulatory Assets		6,034			5,157
Operating Lease Right-of-Use Assets		96			99
Long-Term Investments		95			117
Rabbi Trust Fund		32			32
Other		216			196
Total Noncurrent Assets		6,473			5,601
TOTAL ASSETS	$	45,784		$	42,873

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

Table of Contents

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

Millions

(Unaudited)



	September 30, 2024			December 31, 2023
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year	$	600		$	750
Commercial Paper and Loans		—			425
Accounts Payable		712			780
Accounts Payable—Affiliated Companies		221			504
Accrued Interest		136			139
Clean Energy Program		185			145
Obligation to Return Cash Collateral		93			89
Regulatory Liabilities		603			349
Other		360			434
Total Current Liabilities		2,910			3,615
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC		6,326			5,813
Regulatory Liabilities		2,309			2,075
Operating Leases		85			89
Asset Retirement Obligations		404			401
OPEB Costs		185			210
Accrued Pension Costs		384			396
Environmental Costs		162			151
Long-Term Accrued Taxes		—			2
Other		156			160
Total Noncurrent Liabilities		10,011			9,297
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
CAPITALIZATION
LONG-TERM DEBT		14,645			12,913
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2024 and 2023—132 shares		892			892
Contributed Capital		2,156			2,156
Retained Earnings		15,173			14,004
Accumulated Other Comprehensive Loss		(3	)		(4	)
Total Stockholder’s Equity		18,218			17,048
Total Capitalization		32,863			29,961
TOTAL LIABILITIES AND CAPITALIZATION	$	45,784		$	42,873

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

Table of Contents

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Millions

(Unaudited)



	Nine Months Ended
	September 30,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	1,169		$	1,224
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization		758			728
Provision for Deferred Income Taxes and ITC		297			129
Non-Cash Employee Benefit Plan (Credits) Costs		31			6
Cost of Removal		(137	)		(121	)
Energy Efficiency Programs Regulatory Investment Expenditures		(393	)		(335	)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures		90			58
Net Change in Other Regulatory Assets and Liabilities		(81	)		32
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues		31			177
Materials and Supplies		(124	)		(130	)
Prepayments		(82	)		(154	)
Accounts Payable		(51	)		(20	)
Accounts Receivable/Payable—Affiliated Companies, net		(231	)		(334	)
Obligation to Return Cash Collateral		4			(197	)
Other Current Assets and Liabilities		(90	)		(42	)
Employee Benefit Plan Funding and Related Payments		(26	)		(17	)
Other		(46	)		(52	)
Net Cash Provided By (Used In) Operating Activities		1,119			952
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment		(2,157	)		(2,149	)
Proceeds from Sales of Trust Investments		4			4
Purchases of Trust Investments		(3	)		(3	)
Other		22			16
Net Cash Provided By (Used In) Investing Activities		(2,134	)		(2,132	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans		(425	)		100
Issuance of Long-Term Debt		2,100			1,800
Redemption of Long-Term Debt		(500	)		(825	)
Cash Dividends Paid		—			(75	)
Other		(25	)		(17	)
Net Cash Provided By (Used In) Financing Activities		1,150			983
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash		135			(197	)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period		75			266
Cash, Cash Equivalents and Restricted Cash at End of Period	$	210		$	69
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)	$	39		$	111
Interest Paid, Net of Amounts Capitalized	$	413		$	339
Accrued Property, Plant and Equipment Expenditures	$	378		$	369

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

Table of Contents

PUBLIC SERVICE ELECTRIC AND GAS COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

Millions

(Unaudited)



	Common Stock		Contributed Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance as of June 30, 2024	$	892	$	2,156	$	14,794		$	(4	)	$	17,838
Net Income		—		—		379			—			379
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0		—		—		—			1			1
Comprehensive Income												380
Balance as of September 30, 2024	$	892	$	2,156	$	15,173		$	(3	)	$	18,218

Balance as of June 30, 2023	$	892	$	2,156	$	13,462		$	(4	)	$	16,506
Net Income		—		—		401			—			401
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0		—		—		—			(1	)		(1	)
Comprehensive Income												400
Cash Dividends Paid		—		—		(75	)		—			(75	)
Balance as of September 30, 2023	$	892	$	2,156	$	13,788		$	(5	)	$	16,831



	Common Stock		Contributed Capital		Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Total
Balance as of December 31, 2023	$	892	$	2,156	$	14,004		$	(4	)	$	17,048
Net Income		—		—		1,169						1,169
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0		—		—		—		1				1
Comprehensive Income												1,170
Balance as of September 30, 2024	$	892	$	2,156	$	15,173		$	(3	)	$	18,218

Balance as of December 31, 2022	$	892	$	2,156	$	12,639		$	(5	)	$	15,682
Net Income		—		—		1,224			—			1,224
Comprehensive Income												1,224
Cash Dividends Paid		—		—		(75	)		—			(75	)
Balance as of September 30, 2023	$	892	$	2,156	$	13,788		$	(5	)	$	16,831

See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Organization, Basis of Presentation and Significant Accounting Policies

Organization

Public Service Enterprise Group Incorporated (PSEG) is a public utility holding company that, acting through its wholly owned subsidiaries, is a predominantly regulated electric and gas utility and a nuclear generation business. PSEG’s principal operating subsidiaries are:

•

Public Service Electric and Gas Company (PSE&G)—which is a public utility engaged principally in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is subject to regulation by the New Jersey Board of Public Utilities (BPU), the Federal Energy Regulatory Commission (FERC) and other federal and New Jersey state regulators. PSE&G also invests in regulated solar generation projects and energy efficiency (EE) and related programs in New Jersey, which are regulated by the BPU.

•

PSEG Power LLC (PSEG Power)—which is an energy supply company that is comprised of the operations of merchant nuclear generating assets and fuel supply functions engaged in competitive energy sales via its principal direct wholly owned subsidiaries. PSEG Power’s subsidiaries are subject to regulation by FERC, the Nuclear Regulatory Commission (NRC), and other federal regulators and state regulators in the states in which they operate.

PSEG’s other direct wholly owned subsidiaries are: PSEG Long Island LLC (PSEG LI), which operates the Long Island Power Authority’s (LIPA) electric transmission and distribution (T&D) system under an Operations Services Agreement (OSA); PSEG Energy Holdings L.L.C. (Energy Holdings), which primarily holds legacy lease investments and competitively bid, FERC regulated transmission; and PSEG Services Corporation (Services), which provides certain management, administrative and general services to PSEG and its subsidiaries at cost.

Basis of Presentation

The respective financial statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) applicable to Quarterly Reports on Form 10-Q. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting guidance generally accepted in the United States (GAAP) have been condensed or omitted pursuant to such rules and regulations. These Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements (Notes) should be read in conjunction with, and update and supplement matters discussed in, the Annual Report on Form 10-K for the year ended December 31, 2023.

The unaudited condensed consolidated financial information furnished herein reflects all adjustments which are, in the opinion of management, necessary to fairly state the results for the interim periods presented. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions are eliminated in consolidation. The year-end Condensed Consolidated Balance Sheets were derived from the audited Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2023. Certain line item reclassifications have been made to prior year financial statements to conform with current year presentation. These reclassifications had no impact on PSEG’s or PSE&G’s results of operations, financial condition or cash flows.

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Significant Accounting Policies

Cash, Cash Equivalents and Restricted Cash

The following provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts for the beginning (December 31, 2023) and ending periods shown in the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.



	PSE&G		PSEG Power & Other (A)		Consolidated
	Millions
As of December 31, 2023
Cash and Cash Equivalents	$	30	$	24	$	54
Restricted Cash in Other Current Assets		23		—		23
Restricted Cash in Other Noncurrent Assets		22		—		22
Cash, Cash Equivalents and Restricted Cash	$	75	$	24	$	99

As of September 30, 2024
Cash and Cash Equivalents	$	185	$	18	$	203
Restricted Cash in Other Current Assets		3		—		3
Restricted Cash in Other Noncurrent Assets		22		—		22
Cash, Cash Equivalents and Restricted Cash	$	210	$	18	$	228

(A)

Includes amounts applicable to PSEG Power, Energy Holdings, Services and PSEG (parent company).

Note 2. Revenues

Nature of Goods and Services

The following is a description of principal activities by which PSEG and its subsidiaries generate their revenues.

PSE&G

Revenues from Contracts with Customers

Electric and Gas Distribution and Transmission Revenues—PSE&G sells gas and electricity to customers under default commodity supply tariffs. PSE&G’s regulated electric and gas default commodity supply and distribution services are separate tariffs which are satisfied as the product(s) and/or service(s) are delivered to the customer. The electric and gas commodity and delivery tariffs are recurring contracts in effect until modified through the regulatory approval process as appropriate. Revenue is recognized over time as the service is rendered to the customer. Included in PSE&G’s regulated revenues are unbilled electric and gas revenues which represent the estimated amount customers will be billed for services rendered from the most recent meter reading to the end of the respective accounting period.

PSE&G’s transmission revenues are earned under a separate tariff using a FERC-approved annual formula rate mechanism. The performance obligation of transmission service is satisfied and revenue is recognized as it is provided to the customer. The formula rate mechanism provides for an annual filing of an estimated revenue requirement with rates effective January 1 of each year and a true-up to that estimate based on actual revenue requirements. The true-up mechanism is an alternative revenue which is outside the scope of revenue from contracts with customers.

Other Revenues from Contracts with Customers

Other revenues from contracts with customers, which are not a material source of PSE&G revenues, are generated primarily from appliance repair services and solar generation projects. The performance obligations under these contracts are satisfied and revenue is recognized as control of products is delivered or services are rendered.

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Revenues Unrelated to Contracts with Customers

Other PSE&G revenues unrelated to contracts with customers are derived from alternative revenue mechanisms recorded pursuant to regulatory accounting guidance. These revenues, which include the Conservation Incentive Program (CIP), green energy program true-ups and transmission formula rate true-ups, are not a material source of PSE&G revenues.

PSEG Power & Other

Revenues from Contracts with Customers

Electricity and Related Products—PSEG Power owns generation solely within PJM Interconnection, L.L.C. (PJM), which facilitates the dispatch of energy and energy-related products. PSEG Power primarily sells to the PJM Independent System Operator (ISO) energy and ancillary services which are separately transacted in the day-ahead or real-time energy markets. The energy and ancillary services performance obligations are typically satisfied over time as delivered and revenue is recognized accordingly. Also, revenue for wholesale load contracts is recognized over time as the bundled service is provided to the customer. PSEG generally reports electricity sales and purchases conducted with PJM net on an hourly basis in either Operating Revenues or Energy Costs in its Condensed Consolidated Statements of Operations. The classification depends on the net hourly activity.

PSEG Power enters into capacity sales and capacity purchases through PJM. The transactions are reported on a net basis dependent on PSEG Power’s monthly net sale or purchase position through PJM. The performance obligations with PJM are satisfied over time upon delivery of the capacity and revenue is recognized accordingly. In addition to capacity sold through PJM, PSEG Power sells capacity through bilateral contracts and the related revenue is reported on a gross basis and recognized over time upon delivery of the capacity.

PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants have been awarded zero emission certificates (ZECs) by the BPU through May 2025. These nuclear plants are expected to receive ZEC revenue from the electric distribution companies (EDCs) in New Jersey. PSEG Power recognizes revenue when the units generate electricity, which is when the performance obligation is satisfied. These revenues are considered variable consideration within the scope of revenue from contracts with customers and are included in PJM Sales in the following tables. ZEC revenue recorded has been reduced by the estimated production tax credits (PTCs) generated from PSEG Power’s Salem 1, Salem 2, and Hope Creek nuclear plants through the nine months ended September 30, 2024. ZEC revenue will be adjusted based upon the actual value of the PTCs generated by these nuclear plants and that adjustment could be material. See Note 14. Income Taxes for further discussion on the factors that could result in an adjustment to the value of the PTCs.

Gas Contracts—PSEG Power sells wholesale natural gas, primarily through an index based full-requirements Basic Gas Supply Service (BGSS) contract with PSE&G to meet the gas supply requirements of PSE&G’s customers. The BGSS contract remains in effect unless terminated by either party with a two-year notice. Based upon the availability of natural gas, storage and pipeline capacity beyond PSE&G’s daily needs, PSEG Power also sells gas and pipeline capacity to other counterparties under bilateral contracts. The performance obligation is primarily the delivery of gas which is satisfied over time. Revenue is recognized as gas is delivered or pipeline capacity is released.

PSEG LI Contract—PSEG LI has a contract with LIPA which generates revenues. PSEG LI’s subsidiary, Long Island Electric Utility Servco, LLC (Servco) records costs which are recovered from LIPA and records the recovery of those costs as revenues when Servco is a principal in the transaction.

Other Revenues from Contracts with Customers

PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered.

Revenues Unrelated to Contracts with Customers

PSEG Power’s revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accordance with Derivatives and Hedging accounting guidance. See Note 11. Financial Risk Management Activities for further discussion.

Table of Contents

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.

Disaggregation of Revenues



	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Three Months Ended September 30, 2024
Revenues from Contracts with Customers
Electric Distribution	$	1,406	$	—	$	—		$	1,406
Gas Distribution		162		—		—			162
Transmission		441		—		—			441
Electricity and Related Product Sales
PJM
Third-Party Sales		—		206		—			206
Sales to Affiliates		—		31		(31	)		—
ISO-New England (NE)		—		—		—			—
Gas Sales
Third-Party Sales		—		45		—			45
Sales to Affiliates		—		48		(48	)		—
Other Revenues from Contracts with Customers (B)		87		181		(1	)		267
Total Revenues from Contracts with Customers		2,096		511		(80	)		2,527
Revenues Unrelated to Contracts with Customers (C)		43		72		—			115
Total Operating Revenues	$	2,139	$	583	$	(80	)	$	2,642



	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Nine Months Ended September 30, 2024
Revenues from Contracts with Customers
Electric Distribution	$	3,170	$	—	$	—		$	3,170
Gas Distribution		1,385		—		—			1,385
Transmission		1,313		—		—			1,313
Electricity and Related Product Sales
PJM
Third-Party Sales		—		600		—			600
Sales to Affiliates		—		87		(87	)		—
ISO-NE		—		5		—			5
Gas Sales
Third-Party Sales		—		155		—			155
Sales to Affiliates		—		559		(559	)		—
Other Revenues from Contracts with Customers (B)		263		524		(4	)		783
Total Revenues from Contracts with Customers		6,131		1,930		(650	)		7,411
Revenues Unrelated to Contracts with Customers (C)		204		210		—			414
Total Operating Revenues	$	6,335	$	2,140	$	(650	)	$	7,825

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)



	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Three Months Ended September 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	1,281	$	—	$	—		$	1,281
Gas Distribution		147		—		—			147
Transmission		422		—		—			422
Electricity and Related Product Sales
PJM
Third-Party Sales		—		216		—			216
Sales to Affiliates		—		32		(32	)		—
ISO-NE		—		3		—			3
Gas Sales
Third-Party Sales		—		44		—			44
Sales to Affiliates		—		55		(55	)		—
Other Revenues from Contracts with Customers (B)		90		163		(2	)		251
Total Revenues from Contracts with Customers		1,940		513		(89	)		2,364
Revenues Unrelated to Contracts with Customers (C)		59		33		—			92
Total Operating Revenues	$	1,999	$	546	$	(89	)	$	2,456



	PSE&G		PSEG Power & Other (A)		Eliminations			Consolidated
	Millions
Nine Months Ended September 30, 2023
Revenues from Contracts with Customers
Electric Distribution	$	2,795	$	—	$	—		$	2,795
Gas Distribution		1,380		—		—			1,380
Transmission		1,251		—		—			1,251
Electricity and Related Product Sales
PJM
Third-Party Sales		—		703		—			703
Sales to Affiliates		—		90		(90	)		—
ISO-NE		—		9		—			9
Gas Sales
Third-Party Sales		—		156		—			156
Sales to Affiliates		—		703		(703	)		—
Other Revenues from Contracts with Customers (B)		262		469		(4	)		727
Total Revenues from Contracts with Customers		5,688		2,130		(797	)		7,021
Revenues Unrelated to Contracts with Customers (C)		266		1,345		—			1,611
Total Operating Revenues	$	5,954	$	3,475	$	(797	)	$	8,632

(A)

Includes revenues applicable to PSEG Power, PSEG LI and Energy Holdings.

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(UNAUDITED)

(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 primarily alternative revenues at PSE&G principally from the CIP program and derivative contracts and lease contracts at PSEG Power & Other.

Contract Balances

PSE&G

PSE&G did not have any material contract balances (rights to consideration for services already provided or obligations to provide services in the future for consideration already received) as of September 30, 2024 and December 31, 2023. Substantially all of PSE&G’s accounts receivable and unbilled revenues result from contracts with customers that are priced at tariff rates. Allowances represented approximately 16% and 18% of accounts receivable (including unbilled revenues) as of September 30, 2024 and December 31, 2023, respectively.

Accounts Receivable—Allowance for Credit Losses

PSE&G’s accounts receivable, including unbilled revenues, is primarily comprised of utility customer receivables for the provision of electric and gas service and appliance services, and are reported on the balance sheet as gross outstanding amounts adjusted for an allowance for credit losses. The allowance for credit losses reflects PSE&G’s best estimate of losses on the account balances. The allowance is based on PSE&G’s projection of accounts receivable aging, historical experience, economic factors and other currently available evidence, including the estimated impact of the COVID-19 pandemic on the outstanding balances as of September 30, 2024. PSE&G’s electric bad debt expense is recoverable through its Societal Benefits Clause (SBC) mechanism. As of September 30, 2024, PSE&G had a deferred balance of $120 million from electric bad debts recorded as a Regulatory Asset, which included approximately $78 million of incremental bad debt due to the impact of the coronavirus pandemic. In addition, as of September 30, 2024, PSE&G had deferred incremental gas bad debt expense of $68 million as a Regulatory Asset for future regulatory recovery due to the impact of the coronavirus pandemic. In June 2024, the BPU approved recovery of the incremental electric and gas bad debt amounts of $78 million and $68 million charged to PSE&G’s electric SBC and deferred COVID-19 deferrals, respectively. See Note 4. Rate Filings for additional information.

The following provides a reconciliation of PSE&G’s allowance for credit losses for the three months and nine months ended September 30, 2024 and 2023:



	2024			2023
	Millions
Balance as of June 30	$	253		$	294
Utility Customer and Other Accounts
Provision		20			38
Write-offs, net of Recoveries of $10 million and $7 million in 2024 and 2023, respectively		(35	)		(49	)
Balance as of September 30	$	238		$	283



	2024			2023
	Millions
Balance as of Beginning of Year	$	283		$	339
Utility Customer and Other Accounts
Provision		65			62
Write-offs, net of Recoveries of $24 million and $20 million in 2024 and 2023, respectively		(110	)		(118	)
Balance as of End of Period	$	238		$	283

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

PSEG Power & Other

PSEG Power generally collects consideration upon satisfaction of performance obligations, and therefore, PSEG Power had no material contract balances as of September 30, 2024 and December 31, 2023.

PSEG Power’s accounts receivable include amounts resulting from contracts with customers and other contracts which are out of scope of accounting guidance for revenues from contracts with customers. The majority of these accounts receivable are subject to master netting agreements. As a result, accounts receivable resulting from contracts with customers and receivables unrelated to contracts with customers are netted within Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets.

PSEG Power’s accounts receivable consist mainly of revenues from energy and ancillary services sold directly to ISOs and other counterparties. In the wholesale energy markets in which PSEG Power operates, payment for services rendered and products transferred are typically due within 30 days of delivery. As such, there is little credit risk associated with these receivables. PSEG Power did not record an allowance for credit losses for these receivables as of September 30, 2024 or December 31, 2023. PSEG Power monitors the status of its counterparties on an ongoing basis to assess whether there are any anticipated credit losses.

PSEG LI did not have any material contract balances as of September 30, 2024 and December 31, 2023.

Remaining Performance Obligations under Fixed Consideration Contracts

PSEG primarily records revenues as allowed by the guidance, which states that if an entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance completed to date, the entity may recognize revenue in the amount to which the entity has a right to invoice. PSEG has future performance obligations under contracts with fixed consideration as follows:

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 February 2023, the results of the 2024/2025 auction were released and in July 2024 the results of the 2025/2026 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 2024 to May 2025	$	61		3,700
June 2025 to May 2026	$	270		3,500

Amended OSA—In April 2022, PSEG LI entered into an amended OSA with LIPA. The OSA remains a 12-year services contract ending in 2025 with annual fixed and variable components. The fixed fee for the provision of services thereunder in 2024 is approximately $44 million and is updated each year based on the change in the Consumer Price Index.

Note 3. Variable Interest Entity (VIE)

VIE for which PSEG LI is the Primary Beneficiary

PSEG LI consolidates Servco, a marginally capitalized VIE, which was created for the purpose of operating LIPA’s T&D system in Long Island, New York as well as providing administrative support functions to LIPA. PSEG LI is the primary beneficiary of Servco because it directs the operations of Servco, the activity that most significantly impacts Servco’s economic performance and it has the obligation to absorb losses of Servco that could potentially be significant to Servco. Such losses would be immaterial to PSEG.

Pursuant to the OSA, Servco’s operating costs are paid entirely by LIPA, and therefore, PSEG LI’s risk is limited related to the activities of Servco. PSEG LI has no current obligation to provide direct financial support to Servco. In addition to payment of

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(UNAUDITED)

Servco’s operating costs as provided for in the OSA, PSEG LI receives an annual contract management fee. PSEG LI’s annual contract management fee, in certain situations, could be partially offset by Servco’s annual storm costs that are denied reimbursement by the Federal Emergency Management Agency, limited contingent liabilities and penalties for failing to meet certain performance metrics.

For transactions in which Servco acts as principal and controls the services provided to LIPA, such as transactions with its employees for labor and labor-related activities, including pension and OPEB-related transactions, Servco records revenues and the related pass-through expenditures separately in Operating Revenues and Operation and Maintenance (O&M) Expense, respectively. Servco recorded $157 million and $140 million for the three months ended September 30, 2024 and 2023, respectively, and $449 million and $397 million for the nine months ended September 30, 2024 and 2023, respectively, of O&M Expense, the full reimbursement of which was reflected in Operating Revenues. For transactions in which Servco acts as an agent for LIPA, it records revenues and the related expenses on a net basis, resulting in no impact on PSEG’s Condensed Consolidated Statement of Operations.

Note 4. Rate Filings

This Note should be read in conjunction with Note 6. Regulatory Assets and Liabilities to the Consolidated Financial Statements in the Annual Report on Form 10-K for the year ended December 31, 2023.

In addition to items previously reported in the Annual Report on Form 10-K, significant regulatory orders received and currently pending rate filings with the BPU or FERC by PSE&G are as follows:

Electric and Gas Distribution Base Rate Case Filings – In October 2024, the BPU issued an Order approving the settlement of PSE&G’s distribution base rate case with new rates effective October 15, 2024. The Order provides for a $17.8 billion rate base, a 9.6% return on equity for PSE&G’s distribution business and a 55% equity component of its capitalization structure. The settlement results in a net increase in annual revenues of approximately $505 million, comprised of a $711 million increase in base revenues, offset by the return of tax benefits of approximately $206 million.

The return of tax benefits includes the flowback to customers of excess accumulated deferred income taxes and the flowback of previously recovered deferred income taxes and current tax repair deductions under the Tax Adjustment Credit (TAC) mechanism approved by the BPU in PSE&G’s 2018 distribution base rate case. The settlement approves an additional flowback of previously recovered deferred income taxes and current mixed service cost deductions. As a result of the approval to flowback previously recovered deferred income taxes related to mixed service costs, PSE&G recognized a $509 million regulatory liability and a corresponding regulatory asset as of September 30, 2024.

The settlement also approved the recovery of regulatory assets primarily associated with deferred storm costs, PSE&G’s electric vehicle charging program (CEF-EV) and electric meter AMI deployment program (CEF-EC), including stranded costs associated with the early retirement of legacy meters.

In addition, the Order approved mechanisms associated with the recovery of future storm costs as well as the recovery of annual pension and OPEB expenses beginning January 1, 2025.

BGSS—In April 2024, the BPU gave final approval to PSE&G’s BGSS rate of 40 cents per therm.

In September 2024, the BPU approved on a provisional basis, PSE&G's request to decrease its BGSS rate to approximately 33 cents per therm, with new rate effective October 1, 2024.

CIP—In April 2024, the BPU gave final approval to provisional gas CIP rates which were effective October 1, 2023.

In July 2024, the BPU approved on a provisional basis, PSE&G’s annual electric CIP petition to recover deficient electric revenues of approximately $99 million based on the 12-month period ended May 31, 2024 with new rates effective August 1, 2024.

In September 2024, BPU approved on a provisional basis, PSE&G's annual gas CIP petition to recover estimated deficient gas revenues of approximately $107 million based on the 12-month period ended September 30, 2024 with new rates effective October 1, 2024.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

COVID-19 Deferral—In June 2024, the BPU approved recovery of PSE&G’s previously deferred incremental COVID-19 costs over a five-year period, effective June 1, 2025. As of September 30, 2024, PSE&G has deferred approximately $131 million as a Regulatory Asset for its net incremental costs, including $68 million for incremental gas bad debt expense associated with customer accounts receivable.

Energy Strong II—In April 2024, the BPU approved an annualized increase in electric revenue requirement of $12 million, with rates effective May 1, 2024. The approved electric revenue increase represents the return of and on actual Energy Strong II investments placed in service through December 31, 2023.

Green Program Recovery Charges (GPRC)—In May 2024, the BPU approved PSE&G’s petition for a second extension of its Clean Energy Future (CEF)-EE subprogram investment (a component of GPRC) by approximately $300 million covering a commitment period from July 2024 through December 2024.

In June 2024, the BPU approved PSE&G’s updated 2023 GPRC cost recovery petition for $49 million and $15 million in annual electric and gas revenues, respectively.

In June 2024, PSE&G filed its 2024 GPRC cost recovery petition requesting BPU approval for recovery of increases of $68 million and $24 million in annual electric and gas revenues, respectively. This matter is pending.

In October 2024, the BPU approved PSE&G’s CEF-EE II investment program as a new component of GPRC. The Order authorizes a total spend of approximately $2.9 billion for energy efficiency projects committed between January 1, 2025 through June 30, 2027, and completed over an expected six-year period. The Order approving CEF-EE II will result in an annual increase in gas revenues of approximately $3 million, effective January 1, 2025.

Infrastructure Advancement Program (IAP)—In May 2024, the BPU approved PSE&G's updated IAP cost recovery petition seeking BPU approval to recover in electric base rates an annual revenue increase of $5 million. This increase represents the return of and on investment for IAP electric investments in service through January 31, 2024. New rates were effective June 1, 2024.

In November 2024, PSE&G filed an IAP cost recovery petition seeking BPU approval to recover in electric and gas base rates an annual revenue increase of $6 million and $5 million, respectively, effective May 1, 2025. This matter is pending.

SBC—In March 2024, the BPU approved annual increases in electric and gas SBC revenues of $27 million and $32 million, respectively, pursuant to PSE&G’s 2023 SBC filing to recover electric and gas costs incurred under its EE & Renewable Energy and Social Programs. As part of the COVID-19 Order approved by the BPU in June 2024, PSE&G will commence recovery of the $78 million deferred electric bad debt expense over a five-year period effective with the approval of PSE&G’s next SBC filing.

Tax Adjustment Credit (TAC)—In February 2024, the BPU approved PSE&G’s 2023 TAC filing to increase annual electric and gas revenues by approximately $61 million and $40 million, respectively, with new rates effective March 1, 2024.

Transmission Formula Rates— In June 2024, in accordance with its transmission formula rate protocols, PSE&G filed with the FERC its 2023 true-up adjustment pertaining to its transmission formula rates in effect for calendar year 2023, as established by its 2023 annual forecast filing. The June 2024 true-up filing resulted in an approximate $12 million increase in the 2023 annual revenue requirement from the revenue requirement numbers contained in the forecast filing. PSE&G had previously recognized the majority of the increased revenue requirement in 2023.

In October 2024, PSE&G filed its Annual Transmission Formula Rate Update with FERC, which will result in a $64 million increase in its annual transmission revenue effective January 1, 2025, subject to true-up.

ZEC Program—In August 2024, the BPU approved the final ZEC price of $9.95 per MWh for the Energy Year ended May 31, 2024. As a result, PSE&G purchased approximately $166 million of ZECs including interest, from the eligible nuclear plants selected by the BPU with the final payment made in August 2024. As total customer collections equaled the required ZEC payments, there were no over-collected revenues from customers for the Energy Year ended May 31, 2024.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 5. Leases

PSEG and its subsidiaries are both a lessor and a lessee in operating leases. As of September 30, 2024, PSEG and its subsidiaries were lessors for leases classified as operating leases or leveraged leases. See Note 6. Financing Receivables. There was no significant change in amounts reported in Note 7. Leases in the Annual Report on Form 10-K for the year ended December 31, 2023 for operating leases in which PSEG and its subsidiaries are lessees.

PSEG and its subsidiaries, as lessors, have lease agreements with lease and non-lease components, which are primarily related to generating facilities and real estate assets. Rental income from these leases is included in Operating Revenues.

A wholly owned subsidiary of PSEG Power is the lessor in an operating lease for certain parcels of land with terms through 2050, plus five optional renewal periods of ten years.

Energy Holdings is the lessor in leveraged leases. See Note 6. Financing Receivables.

Energy Holdings is the lessor in an operating lease for a domestic energy generation facility with a remaining term through 2036. As of September 30, 2024, Energy Holdings’ property subject to the lease had a total carrying value of $10 million.

The following is the operating lease income for the three months and nine months ended September 30, 2024 and 2023:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	Millions
Fixed Lease Income	$	3	$	7	$	10	$	19
Total Operating Lease Income	$	3	$	7	$	10	$	19

Note 6. Financing Receivables

PSE&G

PSE&G’s Solar Loan Programs are designed to help finance the installation of solar power systems throughout its electric service area. Interest income on the loans is recorded on an accrual basis. The loans are paid back with SRECs generated from the related installed solar electric system. PSE&G uses collection experience as a credit quality indicator for its Solar Loan Programs and conducted a comprehensive credit review for all borrowers. As of September 30, 2024, none of the solar loans were impaired; however, in the event a loan becomes impaired, the basis of the solar loan would be recovered through a regulatory recovery mechanism. Therefore, no current credit losses have been recorded for Solar Loan Programs I, II and III. A substantial portion of these loan amounts are noncurrent and reported in Long-Term Investments on PSEG’s and PSE&G’s Condensed Consolidated Balance Sheets. The following table reflects the outstanding loans by class of customer, none of which would be considered “non-performing.”



	As of
Outstanding Loans by Class of Customers	September 30, 2024			December 31, 2023
	Millions
Commercial/Industrial	$	42		$	60
Residential		2			3
Total		44			63
Current Portion (included in Accounts Receivable)		(18	)		(23	)
Noncurrent Portion (included in Long-Term Investments)	$	26		$	40

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The solar loans originated under three Solar Loan Programs are comprised as follows:

          
         Programs

         Balance as of September 30, 2024

         Funding Provided

         Residential Loan Term

         Non-Residential
Loan Term

          
         Millions

Solar Loan I

1

prior to 2013

10 years

15 years

Solar Loan II

22

prior to 2015

10 years

15 years

Solar Loan III

21

prior to 2022

10 years

10 years

Total

44

The average life of loans paid in full is eight years, which is lower than the loan terms of 10 to 15 years due to the generation of SRECs being greater than expected and/or cash payments made to the loan. Payments on all outstanding loans were current as of September 30, 2024 and have an average remaining life of approximately two years. There are no remaining residential loans outstanding under the Solar Loan I program.

Energy Holdings

Energy Holdings, through its indirect subsidiaries, has investments in assets subject primarily to leveraged lease accounting. A leveraged lease is typically comprised of an investment by an equity investor and debt provided by a third-party debt investor. The debt is recourse only to the assets subject to lease and is not included on PSEG’s Condensed Consolidated Balance Sheets. As an equity investor, Energy Holdings’ equity investments in the leases are comprised of the total expected lease receivables over the lease terms, reduced for any income not yet earned on the leases. This amount is included in Long-Term Investments on PSEG’s Condensed Consolidated Balance Sheets. The more rapid depreciation of the leased property for tax purposes creates tax cash flow that will be repaid to the taxing authority in later periods. As such, the liability for such taxes due is recorded in Deferred Income Taxes on PSEG’s Condensed Consolidated Balance Sheets.

Leveraged leases outstanding as of September 30, 2024 commenced in or prior to 2000. The following table shows Energy Holdings’ gross and net lease investments as of September 30, 2024 and December 31, 2023.



	As of
	September 30, 2024			December 31, 2023
	Millions
Lease Receivables (net of Non-Recourse Debt)	$	200		$	223
Unearned and Deferred Income		(53	)		(62	)
Gross Investments in Leases		147			161
Deferred Tax Liabilities		(33	)		(36	)
Net Investments in Leases	$	114		$	125

The corresponding receivables associated with the lease portfolio are reflected as follows, net of non-recourse debt. The ratings in the table represent the ratings of the entities providing payment assurance to Energy Holdings.



	Lease Receivables, Net of Non-Recourse Debt
Counterparties' Standard & Poor's (S&P) Credit Rating as of September 30, 2024	As of September 30, 2024
	Millions
AA	$	7
A-		39
BBB+		154
Total	$	200

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

PSEG recorded no credit losses for the leveraged leases existing on September 30, 2024. Upon the occurrence of certain defaults, indirect subsidiaries of Energy Holdings would exercise their rights and seek recovery of their investments, potentially including stepping into the lease directly to protect their investments. While these actions could ultimately protect or mitigate the loss of value, they could require the use of significant capital and trigger certain material tax obligations which could, for certain leases, wholly or partially be mitigated by tax indemnification claims against the counterparty. A bankruptcy of a lessee would likely delay and potentially limit any efforts on the part of the lessors to assert their rights upon default and could delay the monetization of claims.

Note 7. Trust Investments

Nuclear Decommissioning Trust (NDT) Fund

PSEG Power maintains an external master NDT to fund its share of decommissioning costs for its five nuclear facilities upon their respective termination of operation. The trust contains two separate funds: a qualified fund and a non-qualified fund. Section 468A of the Internal Revenue Code limits the amount of money that can be contributed into a qualified fund. The funds are managed by third-party investment managers who operate under investment guidelines developed by PSEG Power.

The following tables show the amortized costs basis, gross unrealized gains and losses and fair values for the securities held in the NDT Fund.



	As of September 30, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	506	$	407	$	(2	)	$	911
International		418		137		(11	)		544
Total Equity Securities		924		544		(13	)		1,455
Available-for-Sale Debt Securities
Government		822		9		(61	)		770
Corporate		558		9		(25	)		542
Total Available-for-Sale Debt Securities		1,380		18		(86	)		1,312
Total NDT Fund Investments (A)	$	2,304	$	562	$	(99	)	$	2,767

(A)

The NDT Fund Investments table excludes cash and foreign currency of $32 million as of September 30, 2024, which is part of the NDT Fund.



	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Equity Securities
Domestic	$	482	$	300	$	(2	)	$	780
International		423		118		(11	)		530
Total Equity Securities		905		418		(13	)		1,310
Available-for-Sale Debt Securities
Government		759		4		(72	)		691
Corporate		555		6		(39	)		522
Total Available-for-Sale Debt Securities		1,314		10		(111	)		1,213
Total NDT Fund Investments (A)	$	2,219	$	428	$	(124	)	$	2,523

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(A)

The NDT Fund Investments table excludes cash and foreign currency of $1 million as of December 31, 2023, which is part of the NDT Fund.

Net unrealized gains (losses) on debt securities of $(40) million (after-tax) were included in Accumulated Other Comprehensive Loss (AOCL) on PSEG’s Condensed Consolidated Balance Sheet as of September 30, 2024. The portion of net unrealized gains (losses) recognized in the third quarter and first nine months of 2024 related to equity securities still held as of September 30, 2024 was $86 million and $168 million, respectively.

The amounts in the preceding tables do not include receivables and payables for NDT Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.



	As of		As of
	September 30, 2024		December 31, 2023
	Millions
Accounts Receivable	$	21	$	19
Accounts Payable	$	14	$	6

The following table shows the value of securities in the NDT Fund that have been in an unrealized loss position for less than and greater than 12 months.



	As of September 30, 2024										As of December 31, 2023
	Less Than 12 Months					Greater Than 12 Months					Less Than 12 Months					Greater Than 12 Months
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
	Millions
Equity Securities (A)
Domestic	$	16	$	(1	)	$	4	$	(1	)	$	44	$	(1	)	$	4	$	—
International		57		(6	)		16		(5	)		35		(4	)		28		(8	)
Total Equity Securities		73		(7	)		20		(6	)		79		(5	)		32		(8	)
Available-for-Sale Debt Securities
Government (B)		33		—			409		(61	)		90		(1	)		432		(71	)
Corporate (C)		11		—			255		(25	)		19		—			329		(39	)
Total Available-for-Sale Debt Securities		44		—			664		(86	)		109		(1	)		761		(110	)
NDT Trust Investments	$	117	$	(7	)	$	684	$	(92	)	$	188	$	(6	)	$	793	$	(118	)

(A)

Equity Securities—Investments in marketable equity securities within the NDT Fund are primarily in common stocks within a broad range of industries and sectors. Unrealized gains and losses on these securities are recorded in Net Income.

(B)

Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG Power’s NDT investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG Power also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG Power does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG Power did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(C)

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG Power did not recognize credit losses for corporate bonds because they are primarily investment grade securities.

The proceeds from the sales of and the net gains (losses) on securities in the NDT Fund were:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
	Millions
Proceeds from NDT Fund Sales (A)	$	432		$	268		$	1,231		$	972
Net Realized Gains (Losses) on NDT Fund
Gross Realized Gains	$	30		$	19		$	107		$	65
Gross Realized Losses		(12	)		(16	)		(43	)		(71	)
Net Realized Gains (Losses) on NDT Fund (B)		18			3			64			(6	)
Net Unrealized Gains (Losses) on Equity Securities		70			(42	)		125			69
Net Gains (Losses) on NDT Fund Investments	$	88		$	(39	)	$	189		$	63

(A)

Includes activity in accounts related to the liquidation of funds being transitioned within the trust.

(B)

The cost of these securities was determined on the basis of specific identification.

The NDT Fund debt securities held as of September 30, 2024 had the following maturities:



Time Frame	Fair Value
	Millions
Less than one year	$	21
1 - 5 years		335
6 - 10 years		233
11 - 15 years		71
16 - 20 years		115
Over 20 years		537
Total NDT Available-for-Sale Debt Securities	$	1,312

PSEG Power periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

Rabbi Trust

PSEG maintains certain unfunded nonqualified benefit plans to provide supplemental retirement and deferred compensation benefits to certain key employees. Certain assets related to these plans have been set aside in a grantor trust commonly known as a “Rabbi Trust.”

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables show the amortized cost basis, gross unrealized gains and losses and fair values for the securities held in the Rabbi Trust.



	As of September 30, 2024
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Domestic Equity Securities	$	9	$	10	$	—		$	19
Available-for-Sale Debt Securities
Government		104		—		(17	)		87
Corporate		77		—		(8	)		69
Total Available-for-Sale Debt Securities		181		—		(25	)		156
Total Rabbi Trust Investments	$	190	$	10	$	(25	)	$	175



	As of December 31, 2023
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	Millions
Domestic Equity Securities	$	10	$	8	$	—		$	18
Available-for-Sale Debt Securities
Government		110		—		(19	)		91
Corporate		80		—		(10	)		70
Total Available-for-Sale Debt Securities		190		—		(29	)		161
Total Rabbi Trust Investments	$	200	$	8	$	(29	)	$	179

Net unrealized gains (losses) on debt securities of $(18) million (after-tax) were included in AOCL on PSEG’s Condensed Consolidated Balance Sheet as of September 30, 2024. The portion of net unrealized gains (losses) recognized during the third quarter and first nine months of 2024 related to equity securities still held as of September 30, 2024 were each approximately $1 million.

The amounts in the preceding tables do not include receivables and payables for Rabbi Trust Fund transactions which have not settled at the end of each period. Such amounts are included in Accounts Receivable and Accounts Payable on the Condensed Consolidated Balance Sheets as shown in the following table.



	As of		As of
	September 30, 2024		December 31, 2023
	Millions
Accounts Receivable	$	2	$	1
Accounts Payable	$	—	$	—

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following table shows the value of securities in the Rabbi Trust Fund that have been in an unrealized loss position for less than 12 months and greater than 12 months.



	As of September 30, 2024									As of December 31, 2023
	Less Than 12 Months				Greater Than 12 Months					Less Than 12 Months				Greater Than 12 Months
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	Millions
Available-for-Sale Debt Securities
Government (A)	$	1	$	—	$	77	$	(17	)	$	3	$	—	$	83	$	(19	)
Corporate (B)		1		—		53		(8	)		3		—		60		(10	)
Total Available-for-Sale Debt Securities		2		—		130		(25	)		6		—		143		(29	)
Rabbi Trust Investments	$	2	$	—	$	130	$	(25	)	$	6	$	—	$	143	$	(29	)

(A)

Debt Securities (Government)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). The unrealized losses on PSEG’s Rabbi Trust investments in U.S. Treasury obligations and Federal Agency mortgage-backed securities were caused by interest rate changes. PSEG also has investments in municipal bonds. It is not expected that these securities will settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for U.S. Treasury obligations and Federal Agency mortgage-backed securities because these investments are guaranteed by the U.S. government or an agency of the U.S. government. PSEG did not recognize credit losses for municipal bonds because they are primarily investment grade securities.

(B)

Debt Securities (Corporate)—Unrealized gains and losses on these securities are recorded in Accumulated Other Comprehensive Income (Loss). Unrealized losses were due to market declines. It is not expected that these securities would settle for less than their amortized cost. PSEG does not intend to sell these securities, nor will it be more-likely-than-not required to sell before recovery of their amortized cost. PSEG did not recognize credit losses for corporate bonds because they are primarily investment grade.

The proceeds from the sales of and the net gains (losses) on securities in the Rabbi Trust Fund were:



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2024		2023			2024			2023
	Millions
Proceeds from Rabbi Trust Sales	$	10	$	9		$	25		$	26
Net Realized Gains (Losses) on Rabbi Trust:
Gross Realized Gains	$	—	$	1		$	2		$	5
Gross Realized Losses		—		(1	)		(1	)		(6	)
Net Realized Gains (Losses) on Rabbi Trust (A)		—		—			1			(1	)
Net Unrealized Gains (Losses) on Equity Securities		1		(1	)		1			1
Net Gains (Losses) on Rabbi Trust Investments	$	1	$	(1	)	$	2		$	—

(A)

The cost of these securities was determined on the basis of specific identification.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The Rabbi Trust debt securities held as of September 30, 2024 had the following maturities:



Time Frame	Fair Value
	Millions
Less than one year	$	5
1 - 5 years		28
6 - 10 years		17
11 - 15 years		10
16 - 20 years		17
Over 20 years		79
Total Rabbi Trust Available-for-Sale Debt Securities	$	156

PSEG periodically assesses individual debt securities whose fair value is less than amortized cost to determine whether the investments are considered to be impaired. For these securities, management considers its intent to sell or requirement to sell a security prior to expected recovery. In those cases where a sale is expected, any impairment would be recorded through earnings. For fixed income securities where there is no intent to sell or likely requirement to sell, management evaluates whether credit loss is a component of the impairment. If so, that portion is recorded through earnings while the noncredit loss component is recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the noncredit loss component of the impairment would be recorded through Accumulated Other Comprehensive Income (Loss). Any subsequent recoveries of the credit loss component would be recognized through earnings. The assessment of fair market value compared to cost is applied on a weighted average basis taking into account various purchase dates and initial cost of the securities.

The fair value of the Rabbi Trust related to PSE&G and PSEG Power & Other is detailed as follows:



	As of		As of
	September 30, 2024		December 31, 2023
	Millions
PSE&G	$	32	$	32
PSEG Power & Other		143		147
Total Rabbi Trust Investments	$	175	$	179

Note 8. Pension and Other Postretirement Benefits (OPEB)

PSEG sponsors and Services administers qualified and nonqualified pension plans and OPEB plans covering PSEG’s and its participating affiliates’ current and former employees who meet certain eligibility criteria.

PSEG and PSE&G are required to record the under or over funded positions of their defined benefit pension and OPEB plans on their respective balance sheets. Such funding positions are required to be measured as of the date of their respective year-end Consolidated Balance Sheets.

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(UNAUDITED)

The following table provides the components of net periodic benefit costs (credits) relating to all qualified and nonqualified pension and OPEB plans on an aggregate basis for PSEG, excluding Servco. Amounts shown do not reflect the impacts of capitalization, co-owner allocations and the 2023 BPU accounting order. Only the service cost component is eligible for capitalization, when applicable.



	Pension Benefits						OPEB						Pension Benefits						OPEB
	Three Months Ended						Three Months Ended						Nine Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2024			2023			2024			2023			2024			2023			2024			2023
	Millions
Components of Net Periodic Benefit (Credits) Costs
Service Cost (included in O&M Expense)	$	24		$	23		$	1		$	1		$	71		$	68		$	2		$	3
Non-Service Components of Pension and OPEB (Credits) Costs
Interest Cost		57			62			9			10			169			200			28			31
Expected Return on Plan Assets		(80	)		(87	)		(9	)		(8	)		(241	)		(278	)		(26	)		(25	)
Amortization of Net
Prior Service Credit		—			—			—			(13	)		—			—			1			(39	)
Actuarial Loss (Gain)		17			19			—			(1	)		53			67			(1	)		(2	)
Settlement Charge Resulting from Pension Lift-Out		—			332			—			—			—			332			—			—
Non-Service Components of Pension and OPEB (Credits) Costs		(6	)		326			—			(12	)		(19	)		321			2			(35	)
Total Net Benefit (Credits) Costs	$	18		$	349		$	1		$	(11	)	$	52		$	389		$	4		$	(32	)

Pension and OPEB (credits) costs for PSE&G and PSEG Power & Other are detailed as follows:



	Pension Benefits				OPEB					Pension Benefits				OPEB
	Three Months Ended				Three Months Ended					Nine Months Ended				Nine Months Ended
	September 30,				September 30,					September 30,				September 30,
	2024		2023		2024		2023			2024		2023		2024			2023
	Millions
PSE&G	$	11	$	10	$	—	$	(11	)	$	32	$	37	$	(1	)	$	(31	)
PSEG Power & Other		7		339		1		—			20		352		5			(1	)
Total Net Benefit (Credits) Costs	$	18	$	349	$	1	$	(11	)	$	52	$	389	$	4		$	(32	)

PSEG has completed its entire $5 million contribution planned in 2024 for its OPEB plan and does not plan to contribute to its pension plan in 2024.

In July 2023, PSEG and Fiduciary Counselors Inc., as independent fiduciary of the Pension Plan of Public Service Enterprise Group Incorporated and Pension Plan of Public Service Enterprise Group Incorporated II (together, the Plans), entered into a commitment agreement (for a “lift-out”) with The Prudential Insurance Company of America (the Insurer) under which the Plans agreed to purchase a nonparticipating single premium group annuity contract that has transferred to the Insurer approximately $1 billion of the Plans’ defined benefit pension obligations and associated Plan assets related to certain pension benefits. The contract covers approximately 2,000 retirees from PSEG Power & Other, excluding Services (Participants). To the extent provided in the contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay benefits of each Participant that are due on and after December 31, 2023. The transaction resulted in no changes to the amount of benefits payable to Participants.

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(UNAUDITED)

PSEG completed the transaction in August 2023. As a result of the transaction, PSEG recognized a one-time settlement charge of $332 million ($239 million, net of tax) in the third quarter of 2023 related to the immediate recognition of unamortized net actuarial loss associated with the portion of the pension involved in the transaction.

Servco Pension and OPEB

Servco sponsors a qualified pension plan and OPEB plan covering its employees who meet certain eligibility criteria. Under the OSA, employee benefit costs for these plans are funded by LIPA. See Note 3. Variable Interest Entity. These obligations, as well as the offsetting long-term receivable, are separately presented on the Condensed Consolidated Balance Sheet of PSEG.

Servco amounts are not included in any of the preceding pension and OPEB cost disclosures. Pension and OPEB costs of Servco are accounted for according to the OSA. Servco recognizes expenses for contributions to its pension plan trusts and for OPEB payments made to retirees. Operating Revenues are recognized for the reimbursement of these costs. Servco has completed its entire $25 million contribution planned in 2024 for its pension plan. Servco’s pension-related revenues and costs were $12 million and $9 million for three months ended September 30, 2024 and 2023, respectively, and $25 million and $18 million for the nine months ended September 30, 2024 and 2023, respectively. The OPEB-related revenues earned and costs incurred were $3 million for both the three months ended September 30, 2024 and 2023, and $10 million and $9 million for the nine months ended September 30, 2024 and 2023, respectively.

Note 9. Commitments and Contingent Liabilities

Guaranteed Obligations

PSEG Power’s activities primarily involve the purchase and/or sale of energy, nuclear fuel and other related products under transportation, physical, financial and forward contracts at fixed and variable prices. These transactions are with numerous counterparties and brokers that may require cash, letters of credit or guarantees as a form of collateral.

PSEG Power has unconditionally guaranteed payments to counterparties on behalf of its subsidiaries in commodity-related transactions in order to

•

support current exposure, interest and other costs on sums due and payable in the ordinary course of business, and

•

obtain credit.

PSEG Power is subject to

•

counterparty collateral calls related to commodity contracts of its subsidiaries, and

•

certain creditworthiness standards as guarantor under performance guarantees of its subsidiaries.

Under these agreements, guarantees cover credit extended between entities and is often reciprocal in nature. The exposure between counterparties can move in either direction.

In order for PSEG Power to incur a liability for the face value of the outstanding guarantees,

•

its subsidiaries would have to fully utilize the credit granted to them by every counterparty to whom PSEG Power has provided a guarantee, and

•

the net position of the related contracts would have to be “out-of-the-money” (if the contracts are terminated, PSEG Power would owe money to the counterparties).

PSEG Power believes the probability of this result is unlikely. For this reason, PSEG Power believes that the current exposure at any point in time is a more meaningful representation of the potential liability under these guarantees. Current exposure consists of the net of accounts receivable and accounts payable and the forward value on open positions, less any collateral posted.

Changes in commodity prices can have a material impact on collateral requirements under such contracts, which are posted and received primarily in the form of cash and letters of credit.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

PSEG Power also routinely enters into futures and options transactions for electricity and natural gas as part of its operations. These futures contracts usually require a cash margin deposit with brokers, which can change based on market movement and in accordance with exchange rules.

In addition to the guarantees discussed above, PSEG Power has also provided payment guarantees to third parties and regulatory authorities on behalf of its affiliated companies. These guarantees support various other non-commodity related obligations.

The following table shows the face value of PSEG Power’s outstanding guarantees, current exposure and margin positions as of September 30, 2024 and December 31, 2023.



	As of			As of
	September 30, 2024			December 31, 2023
	Millions
Face Value of Outstanding Guarantees	$	1,340		$	1,381
Exposure under Current Guarantees	$	40		$	118

Letters of Credit - Counterparty Margining Posted	$	4		$	10
Letters of Credit - Counterparty Margining Received	$	60		$	91

Cash Deposited and Received
Counterparty Cash Collateral Deposited	$	—		$	—
Counterparty Cash Collateral Received	$	(1	)	$	(2	)
Net Broker Balance Deposited (Received)	$	117		$	115

Additional Amounts Posted
Other Letters of Credit	$	155		$	180

As part of determining credit exposure, PSEG Power nets receivables and payables with the corresponding net fair values of energy contracts. See Note 11. Financial Risk Management Activities for further discussion. In accordance with PSEG’s accounting policy, where it is applicable, cash (received)/deposited is allocated against derivative asset and liability positions with the same counterparty on the face of the Condensed Consolidated Balance Sheet. The remaining balances of net cash (received)/deposited after allocation are generally included in Accounts Payable and Receivable, respectively.

In addition to amounts for outstanding guarantees, current exposure and margin positions, PSEG and PSEG Power have posted letters of credit to support PSEG Power’s various other non-energy contractual and environmental obligations. See Other Letters of Credit in the preceding table.

Environmental Matters

Passaic River

Lower Passaic River Study Area

The U.S. Environmental Protection Agency (EPA) has determined that a 17-mile stretch of the Passaic River (Lower Passaic River Study Area (LPRSA)) in New Jersey is a “Superfund” site under the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA). PSE&G and certain of its predecessors conducted operations at properties in this area, including at one site that was transferred to PSEG Power.

The EPA has announced two separate cleanup plans for the Lower 8.3 miles and Upper 9 miles of the LPRSA. The EPA’s plan for the Lower 8.3 miles involves dredging and capping sediments at an estimated cost of $2.3 billion, and its plan for the Upper 9 miles involves dredging and capping sediments at an estimated cost of $550 million. Additional cleanup work may be required depending on the results of these initial phases of work.

Occidental Chemical Corporation (Occidental) has voluntarily completed the design of the cleanup plan for the Lower 8.3 miles and has received an EPA Unilateral Administrative Order directing it to design the cleanup plan for the Upper 9 miles. It

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

has filed two lawsuits against PSE&G and others to attempt to recover costs associated with this work and to obtain a declaratory judgement of parties’ shares of any future costs. PSEG cannot predict the outcome of the litigation.

The EPA has announced a proposed settlement with 82 parties who have agreed to pay $150 million to resolve their LPRSA CERCLA liability, in whole or in part. It is uncertain whether the settlement will be finalized as currently proposed. PSE&G and PSEG Power are not included in the proposed settlement, but the EPA sent PSE&G, Occidental, and several other Potentially Responsible Parties (PRPs) a letter in March 2022 inviting them to submit to the EPA individually or jointly an offer to fund or participate in the next stages of the remediation. PSEG submitted a good faith offer to the EPA in June 2022 on behalf of PSE&G and PSEG Power. PSEG understands that the EPA is evaluating its offer.

As of September 30, 2024, PSEG has approximately $66 million accrued for this matter. PSE&G has an Environmental Costs Liability of $53 million and a corresponding Regulatory Asset based on its continued ability to recover such costs in its rates. PSEG Power has an Environmental Costs Liability of $13 million.

The outcome of this matter is uncertain, and until (i) a final remedy for the entire LPRSA is selected and an agreement is reached by the PRPs to fund it, (ii) PSE&G’s and PSEG Power’s respective shares of the costs are determined, and (iii) PSE&G’s ability to recover the costs in its rates is determined, it is not possible to predict this matter’s ultimate impact on PSEG’s financial statements. It is possible that PSE&G and PSEG Power will record additional costs beyond what they have accrued, and that such costs could be material, but PSEG cannot at the current time estimate the amount or range of any additional costs.

Newark Bay Study Area

The EPA has established the Newark Bay Study Area, which is an extension of the LPRSA and includes Newark Bay and portions of surrounding waterways. The EPA has notified PSEG and 21 other PRPs of their potential liability. PSE&G and PSEG Power are unable to estimate their respective portions of any loss or possible range of loss related to this matter. In December 2018, PSEG Power completed the sale of the site of the Hudson electric generating station. PSEG Power contractually transferred all land rights and structures on the Hudson site to a third-party purchaser, along with the assumption of the environmental liabilities for the site.

Natural Resource Damage Claims

New Jersey and certain federal regulators have alleged that PSE&G, PSEG Power and 56 other PRPs may be liable for natural resource damages within the LPRSA. In particular, PSE&G, PSEG Power and other PRPs received notice from federal regulators of the regulators’ intent to move forward with a series of studies assessing potential damages to natural resources at the Diamond Alkali Superfund site, which includes the LPRSA and the Newark Bay Study Area. PSE&G and PSEG Power are unable to estimate their respective portions of any possible loss or range of loss related to this matter.

Hackensack River

In 2022, the EPA announced it had designated approximately 23 river miles of the Lower Hackensack River as a federal Superfund site. PSE&G and certain of its predecessors conducted operations at properties in this area, including at the Hudson, Bergen and Kearny generating stations that were transferred to PSEG Power. PSEG Power subsequently contractually transferred all land rights and structures on the Hudson generating station site to a third-party purchaser, along with the assumption of the environmental liabilities for that site. In 2024, the EPA identified PSE&G and four other parties as PRPs for the site and requested that they voluntarily perform a technical study of a portion of the river designated as “Operable Unit 2.” The EPA estimates that the technical study will cost $55 million to complete and PSE&G and PSEG Power have agreed to participate in the technical study. PSE&G and PSEG Power do not believe participation in the technical study will have a material impact on their results of operations and financial condition based upon EPA’s estimate of the study costs; however, future costs related to this matter could be material.

Manufactured Gas Plant (MGP) Remediation Program

PSE&G is working with the New Jersey Department of Environmental Protection (NJDEP) to assess, investigate and remediate environmental conditions at its former MGP sites. To date, 38 sites requiring some level of remedial action have been identified. Based on its current studies, PSE&G has determined that the estimated cost to remediate all MGP sites to

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

completion could range between $222 million and $246 million on an undiscounted basis, including its $53 million share for the Passaic River as discussed above. Since no amount within the range is considered to be most likely, PSE&G has recorded a liability of $222 million as of September 30, 2024. Of this amount, $64 million was recorded in Other Current Liabilities and $158 million was reflected as Environmental Costs in Noncurrent Liabilities. PSE&G has recorded a $222 million Regulatory Asset with respect to these costs. PSE&G periodically updates its studies taking into account any new regulations or new information which could impact future remediation costs and adjusts its recorded liability accordingly. PSE&G completed sampling in the Passaic River in 2020 to delineate coal tar from certain MGP sites that abut the Passaic River Superfund site. PSEG cannot determine at this time the magnitude of any impact on the Passaic River Superfund remedy.

Legacy Environmental Obligations at Former Fossil Generating Sites

PSEG Power has retained ownership of certain liabilities excluded from the 2022 sale of its fossil generation portfolio. These liabilities primarily relate to obligations under the New Jersey Industrial Site Recovery Act (ISRA) and the Connecticut Transfer Act (CTA) to investigate and remediate PSEG Power’s two formerly owned generating station sites in Connecticut, and six formerly owned generating station sites in New Jersey. In addition, PSEG Power still owns two former generating station sites in New Jersey that triggered ISRA in 2015.

PSEG Power is in the process of fulfilling its obligations under the New Jersey ISRA and the CTA to investigate these sites. It will require multiple years and comprehensive environmental sampling to understand the extent of and to carry out the required remediation. At this stage in the remediation process, the full remediation costs are not estimable, but given the number and operating history of the facilities in the portfolio, the full remediation costs will likely be material in the aggregate. The costs could potentially include costs for, among other things, excavating soil, implementation of institutional controls, and the construction, operation and maintenance of engineering controls.

In May 2024, the EPA finalized revisions to the coal combustion residuals rule (CCR Rule) which established new requirements for the investigation and, if necessary, the cleanup of certain types of coal ash placed at certain fossil generation station sites, including certain sites owned or formerly owned by PSEG Power. PSEG is in the process of investigating each of the sites that PSEG Power currently owns that are subject to the CCR Rule, as well as sites that were formerly owned that are subject to the CCR Rule where PSEG Power retained certain environmental obligations to investigate and, if necessary, remediate. PSEG is currently unable to estimate the impact of the CCR Rule, but it could have a material impact on PSEG’s business, results of operations and cash flows.

Clean Water Act (CWA) Section 316(b) Rule

The EPA’s CWA Section 316(b) rule establishes requirements for the design and operation of cooling water intake structures at existing power plants and industrial facilities with a design flow of more than two million gallons of water per day.

In June 2016, the NJDEP issued a final New Jersey Pollutant Discharge Elimination System permit for Salem. In July 2016, the Delaware Riverkeeper Network (Riverkeeper) filed an administrative hearing request challenging certain conditions of the permit, including the NJDEP’s application of the 316(b) rule. If the Riverkeeper’s challenge is successful, PSEG Power may be required to incur additional costs to comply with the CWA. Potential cooling water and/or service water system modification costs could be material and could adversely impact the economic competitiveness of this facility.

Basic Generation Service (BGS), BGSS and ZECs

Each year, PSE&G obtains its electric supply requirements through annual New Jersey BGS auctions for two categories of customers that choose not to purchase electric supply from third-party suppliers. The first category is residential and smaller commercial and industrial customers (BGS-Residential Small Commercial Pricing (RSCP)). The second category is larger customers that exceed a BPU-established load (kilowatt (kW)) threshold (BGS-Commercial and Industrial Energy Pricing (CIEP)). Pursuant to applicable BPU rules, PSE&G enters into the Supplier Master Agreements with the winners of these RSCP and CIEP BGS auctions to purchase BGS for PSE&G’s load requirements. The winners of the RSCP and CIEP auctions are responsible for fulfilling all the requirements of a PJM load-serving entity including the provision of capacity, energy, ancillary services and any other services required by PJM. BGS suppliers assume all volume risk and customer migration risk and must satisfy New Jersey’s renewable portfolio standards.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The BGS-CIEP auction is for a one-year supply period from June 1 to May 31 with the BGS-CIEP auction price measured in dollars per MW-day for capacity. The final price for the BGS-CIEP auction year commencing June 1, 2024 is $378.21 per MW-day, replacing the BGS-CIEP auction year price ending May 31, 2024 of $330.72 per MW-day. Energy for BGS-CIEP is priced at hourly PJM locational marginal prices for the contract period.

PSE&G contracts for its anticipated BGS-RSCP load on a three-year rolling basis, whereby each year one-third of the load is procured for a three-year period. The contract prices in dollars per MWh for the BGS-RSCP supply, as well as the approximate load, are as follows:



	Auction Year
	2021		2022		2023		2024
36-Month Terms Ending	May 2024		May 2025		May 2026		May 2027		(A)
Load (MW)		2,900		2,800		2,800		2,900
$ per MWh	$	64.80	$	76.30	$	93.11	$	80.88

(A)

Prices set in the 2024 BGS auction became effective on June 1, 2024 when the 2021 BGS auction agreements expired.

PSE&G has a full-requirements contract with PSEG Power to meet the gas supply requirements of PSE&G’s gas customers. PSEG Power has entered into hedges for a portion of these anticipated BGSS obligations, as permitted by the BPU. The BPU permits PSE&G to recover the cost of gas hedging up to 115 billion cubic feet or 80% of its residential gas supply annual requirements through the BGSS tariff. Current plans call for PSEG Power to hedge on behalf of PSE&G approximately 70 billion cubic feet or 50% of its residential gas supply annual requirements. For additional information, see Note 18. Related-Party Transactions.

Pursuant to a process established by the BPU, New Jersey EDCs, including PSE&G, are required to purchase ZECs from eligible nuclear plants selected by the BPU. In April 2021, PSEG Power’s Salem 1, Salem 2 and Hope Creek nuclear plants were awarded ZECs for the three-year eligibility period from June 2022 through May 2025. PSE&G has implemented a tariff to collect a non-bypassable distribution charge in the amount of $0.004 per KWh from its retail distribution customers to be used to purchase the ZECs from these plants. PSE&G will purchase the ZECs on a monthly basis with payment to be made annually following completion of each energy year.

Minimum Fuel Purchase Requirements

PSEG Power’s nuclear fuel strategy is to maintain certain levels of uranium and to make periodic purchases to support such levels. As such, the commitments referred to in the following table may include estimated quantities to be purchased that deviate from contractual nominal quantities. PSEG Power’s minimum nuclear fuel commitments cover approximately 100% of its estimated uranium, enrichment and fabrication requirements through 2027 and a significant portion through 2028 at Salem, Hope Creek and Peach Bottom.

PSEG Power has various multi-year contracts for natural gas and firm transportation and storage capacity for natural gas that are primarily used to meet its obligations to PSE&G.

As of September 30, 2024, the total minimum purchase requirements included in these commitments were as follows:



Fuel Type	PSEG Power’s Share of Commitments through 2028
	Millions
Nuclear Fuel
Uranium	$	396
Enrichment	$	287
Fabrication	$	179
Natural Gas	$	1,286

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Pending FERC Matters

FERC has been conducting a non-public investigation of the Roseland-Pleasant Valley transmission project. FERC staff presented PSE&G with its non-public preliminary findings, alleging that PSE&G violated FERC regulations. PSE&G disagrees with FERC staff’s allegations and believes it has factual and legal defenses that refute these allegations. PSE&G has the opportunity to respond to these preliminary findings. The matter is pending and the investigation is ongoing. PSE&G is unable to predict the outcome or estimate the range of possible loss related to this matter; however, depending on the success of PSE&G’s factual and legal arguments, the potential financial and other penalties that PSE&G may incur could be material to PSEG’s and PSE&G’s results of operations and financial condition.

BPU Audit of PSE&G

In 2020, the BPU ordered the commencement of a comprehensive affiliate and management audit of PSE&G. It has been more than ten years since the BPU last conducted a management and affiliate audit of this kind of PSE&G, which is initiated periodically as required by New Jersey statutes/regulations. Phase 1 of the audit reviews affiliate relations and cost allocation between PSE&G and its affiliates, including an analysis of the relationship between PSE&G and PSEG Energy Resources & Trade, LLC, a wholly owned subsidiary of PSEG Power over the past ten years, and between PSE&G and PSEG LI. Phase 2 is a comprehensive management audit, which addresses, among other things, executive management, corporate governance, system operations, human resources, cyber security, compliance with customer protection requirements and customer safety. The audit officially began in late May 2021. The BPU Audit Staff submitted the final audit report to the BPU in June 2023. The BPU is currently considering public comments on the audit report and has not yet determined which audit recommendations it will require PSE&G to implement. It is not possible at this time to predict the outcome of this matter.

Litigation

Sewaren 7 Construction

In June 2018, a complaint was filed in federal court in Newark, New Jersey against PSEG Fossil LLC, which at the time was a wholly owned subsidiary of PSEG Power, regarding an ongoing dispute with Durr Mechanical Construction, Inc. (Durr), a contractor on the Sewaren 7 project. Among other things, Durr seeks damages of $93 million and alleges that PSEG Power withheld money owed to Durr and that PSEG Power’s intentional conduct led to the inability of Durr to obtain prospective contracts. PSEG Power intends to vigorously defend against these allegations. In January 2021, the court partially granted PSEG Power’s motion to dismiss certain claims, reducing the amount claimed to $68 million. In December 2018, Durr filed for Chapter 11 bankruptcy in the federal court in the Southern District of New York (SDNY). The SDNY bankruptcy court has allowed the New Jersey litigation to proceed. PSEG Power has accrued an amount related to outstanding invoices which does not reflect an assessment of claims and potential counterclaims in this matter. Due to its preliminary nature, PSEG Power cannot predict the outcome of this matter.

Other Litigation and Legal Proceedings

PSEG and its subsidiaries are party to various lawsuits in the ordinary course of business. In view of the inherent difficulty in predicting the outcome of such matters, PSEG and PSE&G generally cannot predict the eventual outcome of the pending matters, the timing of the ultimate resolution of these matters, or the eventual loss, fines or penalties related to each pending matter.

In accordance with applicable accounting guidance, a liability is accrued when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. PSEG will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

Based on current knowledge, management does not believe that loss contingencies arising from pending matters, other than the matters described herein, could have a material adverse effect on PSEG’s or PSE&G’s consolidated financial position or liquidity. However, in light of the inherent uncertainties involved in these matters, some of which are beyond PSEG’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to PSEG’s or PSE&G’s results of operations or liquidity for any particular reporting period.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 10. Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2024:

PSEG

•

issued $750 million of 5.20% Senior Notes due April 2029,

•

issued $500 million of 5.45% Senior Notes due April 2034, and

•

retired $750 million of 2.88% Senior Notes at maturity.

PSE&G

•

issued $450 million of 5.20% Secured Medium-Term Notes, Series Q, due March 2034,

•

issued $550 million of 5.45% Secured Medium-Term Notes, Series Q, due March 2054,

•

issued $600 million of 4.85% Secured Medium-Term Notes, Series Q, due August 2034,

•

issued $500 million of 5.30% Secured Medium-Term Notes, Series Q, due August 2054,

•

retired $250 million of 3.75% Secured Medium-Term Notes, Series I, at maturity, and

•

retired $250 million of 3.15% Secured Medium-Term Notes, Series J, at maturity.

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 September 30, 2024, the total available credit capacity was $3.2 billion.

As of September 30, 2024, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2024, 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.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The total committed credit facilities and available liquidity as of September 30, 2024 were as follows:



	As of September 30, 2024
Company/Facility	Total Facility		Usage (B)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
Revolving Credit Facility (A)	$	1,500	$	561	$	939	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	561	$	939
PSE&G
Revolving Credit Facility	$	1,000	$	21	$	979	Mar 2028	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	1,000	$	21	$	979
PSEG Power
Revolving Credit Facility (A)	$	1,250	$	37	$	1,213	Mar 2028	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	$	664	$	3,161

(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 September 30, 2024, PSEG had $547 million outstanding commercial paper at a weighted average interest rate of 4.95% and PSE&G had no 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 September 30, 2024, PSEG Power had $75 million in letters of credit outstanding under these uncommitted credit facilities. In addition, a subsidiary of PSEG Power has an uncommitted credit facility for $150 million, which can be utilized for cash collateral postings.

Short-Term Loans

In April 2023, PSEG entered into a new 364-day variable rate term loan agreement for $750 million. In August 2023, PSEG repaid $250 million of the $750 million 364-day variable rate term loan and the remaining $500 million matured in April 2024.

Note 11. Financial Risk Management Activities

Derivative accounting guidance requires that a derivative instrument be recognized as either an asset or a liability at fair value, with changes in fair value of the derivative recognized in earnings each period. Other accounting treatments are available through special election and designation provided that the derivative instrument meets specific, restrictive criteria, both at the time of designation and on an ongoing basis. These alternative permissible treatments include normal purchases and normal sales (NPNS), cash flow hedge and fair value hedge accounting. PSEG uses interest rate swaps and other derivatives, which are designated and qualifying as cash flow or fair value hedges. PSEG Power enters into additional contracts that are derivatives, but are not designated as either cash flow hedges or fair value hedges. These transactions are economic hedges and are recorded at fair market value with changes recognized in earnings.

Commodity Prices

Within PSEG and its affiliate companies, PSEG Power has the most exposure to commodity price risk primarily relating to changes in the market price of electricity, natural gas and other commodities. Fluctuations in market prices result from changes

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

in supply and demand, fuel costs, market conditions, weather, state and federal regulatory policies, environmental policies, transmission availability and other factors. PSEG Power uses a variety of derivative and non-derivative instruments, such as financial options, futures, swaps, fuel purchases and forward purchases and sales of electricity, to manage the exposure to fluctuations in commodity prices and optimize the value of PSEG Power’s expected generation. PSEG Power also uses derivatives to hedge a portion of its anticipated BGSS obligations with PSE&G. For additional information see Note 9. Commitments and Contingent Liabilities. Additionally, prospective changes in the fair market value of these derivative contracts are recorded in earnings.

Interest Rates

PSEG, PSE&G and PSEG Power are subject to the risk of fluctuating interest rates in the normal course of business. Exposure to this risk is managed by targeting a balanced debt maturity profile which limits refinancing in any given period or interest rate environment. PSEG, PSE&G and PSEG Power may use a mix of fixed and floating rate debt and interest rate hedges.

Cash Flow Hedges

PSEG uses interest rate hedges which are designated and effective as cash flow hedges, to manage its exposure to the variability of cash flows, primarily related to variable-rate debt instruments or anticipated future long-term debt issuances.

As of September 30, 2024, PSEG had interest rate hedges outstanding totaling $1.25 billion which were executed to convert to fixed PSEG Power’s $1.25 billion variable rate term loan due March 2025. The fair value of these hedges was $1 million and $5 million as of September 30, 2024 and December 31, 2023, respectively.

In the third quarter of 2024, PSEG entered into interest rate hedges to fix the interest rate for a portion of anticipated debt issuances for PSEG and PSEG Power. As of September 30, 2024, these swaps had a fair value of $(3) million.

The Accumulated Other Comprehensive Income (Loss) (after tax) related to outstanding and terminated interest rate hedges designated as cash flow hedges was $12 million and $3 million as of September 30, 2024 and December 31, 2023, respectively. The after-tax unrealized gains on these hedges expected to be reclassified to earnings during the next 12 months is $3 million.

Fair Values of Derivative Instruments

The following are the fair values of derivative instruments on the Condensed Consolidated Balance Sheets. The following tables also include disclosures for offsetting derivative assets and liabilities which are subject to a master netting or similar agreement. In general, the terms of the agreements provide that in the event of an early termination the counterparties have the right to offset amounts owed or owing under that and any other agreement with the same counterparty. Accordingly, and in accordance with PSEG’s accounting policy, these positions are offset on the Condensed Consolidated Balance Sheets of PSEG. For additional information see Note 12. Fair Value Measurements.

Substantially all derivative instruments are contracts subject to master netting agreements. Contracts not subject to master netting or similar agreements are immaterial and did not have any collateral posted or received as of September 30, 2024 and December 31, 2023. The following tabular disclosure does not include the offsetting of trade receivables and payables.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)



	As of September 30, 2024
	PSEG			PSEG Power									Consolidated
	Cash Flow Hedges			Not Designated
Balance Sheet Location	Interest Rate Derivatives			Energy- Related Contracts			Netting (A)			Total PSEG Power			Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	1		$	509		$	(475	)	$	34		$	35
Noncurrent Assets		1			507			(472	)		35			36
Total Mark-to-Market Derivative Assets	$	2		$	1,016		$	(947	)	$	69		$	71
Derivative Contracts
Current Liabilities	$	(1	)	$	(558	)	$	541		$	(17	)	$	(18	)
Noncurrent Liabilities		(3	)		(444	)		441			(3	)		(6	)
Total Mark-to-Market Derivative (Liabilities)	$	(4	)	$	(1,002	)	$	982		$	(20	)	$	(24	)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(2	)	$	14		$	35		$	49		$	47



	As of December 31, 2023
	PSEG			PSEG Power									Consolidated
	Cash Flow Hedges			Not Designated
Balance Sheet Location	Interest Rate Derivatives			Energy- Related Contracts			Netting (A)			Total PSEG Power			Total Derivatives
	Millions
Derivative Contracts
Current Assets	$	6		$	912		$	(806	)	$	106		$	112
Noncurrent Assets		—			440			(411	)		29			29
Total Mark-to-Market Derivative Assets	$	6		$	1,352		$	(1,217	)	$	135		$	141
Derivative Contracts
Current Liabilities	$	(16	)	$	(890	)	$	820		$	(70	)	$	(86	)
Noncurrent Liabilities		(1	)		(424	)		419			(5	)		(6	)
Total Mark-to-Market Derivative (Liabilities)	$	(17	)	$	(1,314	)	$	1,239		$	(75	)	$	(92	)
Total Net Mark-to-Market Derivative Assets (Liabilities)	$	(11	)	$	38		$	22		$	60		$	49

(A)

Represents the netting of fair value balances with the same counterparty (where the right of offset exists) and the application of cash collateral. All cash collateral (received) posted that has been allocated to derivative positions, where the right of offset exists, has been offset on the Condensed Consolidated Balance Sheets. As of September 30, 2024 and December 31, 2023, PSEG Power had net cash collateral (receipts) payments to counterparties of $116 million and $113 million, respectively. Of these net cash collateral (receipts) payments, $35 million and $22 million as of September 30, 2024 and December 31, 2023, respectively, were netted against the corresponding net derivative contract positions. Of the $35 million as of September 30, 2024, $(31) million was netted against noncurrent assets and $66 million against current liabilities. Of the $22 million as of December 31, 2023, $(1) million was netted against current assets, $15 million against current liabilities and $8 million against noncurrent liabilities.

Certain of PSEG Power’s derivative instruments contain provisions that require PSEG Power to post collateral. This collateral may be posted in the form of cash or credit support with thresholds contingent upon PSEG Power’s credit rating from each of

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

the major credit rating agencies. The collateral and credit support requirements vary by contract and by counterparty. These credit risk-related contingent features stipulate that if PSEG Power were to be downgraded to a below investment grade rating by S&P or Moody’s, it would be required to provide additional collateral. A below investment grade credit rating for PSEG Power would represent a two-level downgrade from its current Moody’s and S&P ratings. This incremental collateral requirement can offset collateral requirements related to other derivative instruments that are assets with the same counterparty, where the contractual right of offset exists under applicable master agreements. PSEG Power may also enter into commodity transactions on the New York Mercantile Exchange (NYMEX) and Intercontinental Exchange (ICE). The NYMEX and ICE clearing houses act as counterparties to each trade. Transactions on the NYMEX and ICE must adhere to comprehensive collateral and margin requirements.

The aggregate fair value of all derivative instruments with credit risk-related contingent features in a liability position that are not fully collateralized (excluding transactions on the NYMEX and ICE that are fully collateralized) was $32 million as of September 30, 2024 and $77 million as of December 31, 2023. As of September 30, 2024 and December 31, 2023, PSEG Power had the contractual right of offset of $12 million and $3 million, respectively, related to derivative instruments that are assets with the same counterparty under master agreements and net of margin posted. If PSEG Power had been downgraded to a below investment grade rating, it would have had additional collateral obligations of $20 million and $74 million as of September 30, 2024 and December 31, 2023, respectively, related to its derivatives, net of the contractual right of offset under master agreements and the application of collateral.

The following shows the effect on the Condensed Consolidated Statements of Operations and on AOCL of derivative instruments designated as cash flow hedges for the three and nine months ended September 30, 2024 and 2023:



	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives					Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Three Months Ended						Three Months Ended
Derivatives in Cash Flow	September 30,						September 30,
Hedging Relationships	2024			2023			2024		2023
	Millions						Millions
PSEG
Interest Rate Derivatives	$	(6	)	$	18	Interest Expense	$	4	$	3
Total PSEG	$	(6	)	$	18		$	4	$	3



	Amount of Pre-Tax Gain (Loss) Recognized in AOCL on Derivatives				Location of Pre-Tax Gain (Loss) Reclassified from AOCL into Income	Amount of Pre-Tax Gain (Loss) Reclassified from AOCL into Income
	Nine Months Ended					Nine Months Ended
Derivatives in Cash Flow	September 30,					September 30,
Hedging Relationships	2024		2023			2024		2023
	Millions					Millions
PSEG
Interest Rate Derivatives	$	24	$	32	Interest Expense	$	11	$	3
Total PSEG	$	24	$	32		$	11	$	3

The effect of interest rate cash flow hedges is recorded in Interest Expense in PSEG’s Condensed Consolidated Statement of Operations. For the nine months ended September 30, 2024 and 2023, the amount of gain on interest rate hedges reclassified from AOCL into income was $8 million and $2 million after-tax, respectively.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following reconciles the Accumulated Other Comprehensive Income (Loss) for derivative activity included in AOCL of PSEG on a pre-tax and after-tax basis.



Accumulated Other Comprehensive Income (Loss)	Pre-Tax			After-Tax
	Millions
Balance as of December 31, 2022	$	(4	)	$	(3	)
Gain Recognized in AOCL		13			9
Less: Gain Reclassified into Income		(5	)		(3	)
Balance as of December 31, 2023	$	4		$	3
Gain Recognized in AOCL		24			17
Less: Gain Reclassified into Income		(11	)		(8	)
Balance as of September 30, 2024	$	17		$	12

The following shows the effect on the Condensed Consolidated Statements of Operations of derivative instruments not designated as hedging instruments or as NPNS for the three months and nine months ended September 30, 2024 and 2023, respectively. PSEG Power’s derivative contracts reflected in this table include contracts to hedge the purchase and sale of electricity and natural gas, and the purchase of fuel.



Derivatives Not Designated as Hedges	Location of Pre-Tax Gain (Loss) Recognized in Income on Derivatives	Pre-Tax Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2024		2023		2024		2023
		Millions
Energy-Related Contracts	Operating Revenues	$	56	$	3	$	133	$	1,244
Total		$	56	$	3	$	133	$	1,244

The following table summarizes the net notional volume purchases/(sales) of open derivative transactions by commodity as of September 30, 2024 and December 31, 2023.



		As of			As of
Type	Notional	September 30, 2024			December 31, 2023
		Millions
Natural Gas	Dekatherm (Dth)		66			66
Electricity	MWh		(57	)		(60	)
Financial Transmission Rights (FTRs)	MWh		21			19
Interest Rate Derivatives	U.S. Dollars		1,750			2,000

Credit Risk

Credit risk relates to the risk of loss that PSEG Power would incur as a result of non-performance by counterparties pursuant to the terms of their contractual obligations for the purchase and/or sale of energy, nuclear fuel and other related products, where PSEG Power has extended unsecured credit. PSEG has established credit policies that it believes significantly minimize credit risk. These policies include an evaluation of potential counterparties’ financial condition (including credit rating), collateral requirements under certain circumstances and the use of standardized agreements, which allow for the netting of positive and negative exposures associated with a single counterparty. In the event of non-performance or non-payment by a major counterparty, there may be a material adverse impact on PSEG’s financial condition, results of operations or net cash flows.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

As of September 30, 2024, nearly 100% of the net credit exposure for PSEG Power’s wholesale operations was with investment grade counterparties. There were two counterparties with credit exposure greater than 10% of the total. These credit exposures were with PSE&G and one non-affiliated counterparty. The PSE&G credit exposure is eliminated in consolidation. See Note 18. Related-Party Transactions for additional information.

PSE&G’s supplier master agreements are approved by the BPU and govern the terms of its electric supply procurement contracts. These agreements define a supplier’s performance assurance requirements and allow a supplier to meet its credit requirements with a certain amount of unsecured credit. The amount of unsecured credit is determined based on the supplier’s credit ratings from the major credit rating agencies and the supplier’s tangible net worth. The credit position is based on the initial market price, which is the forward price of energy on the day the procurement transaction is executed, compared to the forward price curve for energy on the valuation day. To the extent that the forward price curve for energy exceeds the initial market price, the supplier is required to post a parental guarantee or other security instrument such as a letter of credit or cash, as collateral to the extent the credit exposure is greater than the supplier’s unsecured credit limit. As of September 30, 2024, PSEG held parental guarantees, letters of credit and cash as security. PSE&G’s BGS suppliers’ credit exposure is calculated each business day. As of September 30, 2024, PSE&G had no unsecured mark-to-market credit exposure with its suppliers.

PSE&G is permitted to recover its costs of procuring energy through the BPU-approved BGS tariffs. PSE&G’s counterparty credit risk is mitigated by its ability to recover realized energy costs through customer rates.

Note 12. Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidance for fair value measurement emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and establishes a fair value hierarchy that distinguishes between assumptions based on market data obtained from independent sources and those based on an entity’s own assumptions. The hierarchy prioritizes the inputs to fair value measurement into three levels:

Level 1—measurements utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that PSEG and PSE&G have the ability to access. These consist primarily of listed equity securities and money market mutual funds, as well as natural gas futures contracts executed on an exchange.

Level 2—measurements include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable inputs such as interest rates and yield curves that are observable at commonly quoted intervals. These consist primarily of non-exchange traded derivatives such as forward contracts or options and most fixed income securities.

Level 3—measurements use unobservable inputs for assets or liabilities, based on the best information available and might include an entity’s own data and assumptions. In some valuations, the inputs used may fall into different levels of the hierarchy. In these cases, the financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. These consist primarily of certain electric load contracts.

Certain derivative transactions may transfer from Level 2 to Level 3 if inputs become unobservable and internal modeling techniques are employed to determine fair value. Conversely, measurements may transfer from Level 3 to Level 2 if the inputs become observable.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

下表列出了有关PSEG和PSE & G各自按公允价值经常性计量的资产和（负债）的信息 2024年9月30日和2023年12月31日，包括公允价值计量和用于确定这些公允价值的输入水平。PSEG显示的金额包括PSE & G显示的金额。



	截至2024年9月30日的经常性公允价值计量
描述	总			净结算（E）			相同资产的市场报价 (1级)			重要的其他可观察到的投入 (2级)			无法观察到的重要输入 (3级)
	数百万
PSEG
资产：
现金等值物（A）	$	110		$	—		$	110		$	—		$	—
衍生品合同：
能源相关合同（B）	$	69		$	(947	)	$	3		$	1,013		$	—
利率衍生品（C）	$	2		$	—		$	—		$	2		$	—
NDt基金（D）
股权证券	$	1,455		$	—		$	1,455		$	—		$	—
债务证券-美国财政部	$	348		$	—		$	—		$	348		$	—
债务证券-政府其他	$	422		$	—		$	—		$	422		$	—
债务证券-公司	$	542		$	—		$	—		$	542		$	—
拉比信托基金（D）
股权证券	$	19		$	—		$	19		$	—		$	—
债务证券-美国财政部	$	57		$	—		$	—		$	57		$	—
债务证券-政府其他	$	30		$	—		$	—		$	30		$	—
债务证券-公司	$	69		$	—		$	—		$	69		$	—
负债：
衍生品合同：
能源相关合同（B）	$	(20	)	$	982		$	(1	)	$	(1,000	)	$	(1	)
利率衍生品（C）	$	(4	)	$	—		$	—		$	(4	)	$	—
PSE&G
资产：
现金等值物（A）	$	110		$	—		$	110		$	—		$	—
拉比信托基金（D）
股权证券	$	3		$	—		$	3		$	—		$	—
债务证券-美国财政部	$	11		$	—		$	—		$	11		$	—
债务证券-政府其他	$	5		$	—		$	—		$	5		$	—
债务证券-公司	$	13		$	—		$	—		$	13		$	—

简明合并财务报表附注

(未经审计)



	截至2023年12月31日的经常性公允价值计量
描述	总			净结算（E）			相同资产的市场报价 (1级)			重要的其他可观察到的投入 (2级)			无法观察到的重要输入 (3级)
	数百万
PSEG
资产：
现金等值物（A）	$	20		$	—		$	20		$	—		$	—
衍生品合同：
能源相关合同（B）	$	135		$	(1,217	)	$	13		$	1,339		$	—
利率衍生品（C）	$	6		$	—		$	—		$	6		$	—
NDt基金（D）
股权证券	$	1,310		$	—		$	1,310		$	—		$	—
债务证券-美国财政部	$	293		$	—		$	—		$	293		$	—
债务证券-政府其他	$	398		$	—		$	—		$	398		$	—
债务证券-公司	$	522		$	—		$	—		$	522		$	—
拉比信托基金（D）
股权证券	$	18		$	—		$	18		$	—		$	—
债务证券-美国财政部	$	59		$	—		$	—		$	59		$	—
债务证券-政府其他	$	32		$	—		$	—		$	32		$	—
债务证券-公司	$	70		$	—		$	—		$	70		$	—
负债：
衍生品合同：
能源相关合同（B）	$	(75	)	$	1,239		$	(1	)	$	(1,311	)	$	(2	)
利率衍生品（C）	$	(17	)	$	—		$	—		$	(17	)	$	—
PSE&G
资产：
现金等值物（A）	$	20		$	—		$	20		$	—		$	—
拉比信托基金（D）
股权证券	$	3		$	—		$	3		$	—		$	—
债务证券-美国财政部	$	11		$	—		$	—		$	11		$	—
债务证券-政府其他	$	6		$	—		$	—		$	6		$	—
债务证券-公司	$	12		$	—		$	—		$	12		$	—

(A)

代表货币市场共同基金。

(B)

一级-这些合约代表在交易所执行的天然气期货合约，仅根据直接来自交易所的结算定价投入进行估值。

第2级--与能源有关的合同的公允价值主要使用基于市场的方法获得。大多数衍生品合约(远期买入或卖出合约和掉期合约)是使用来自纽约商品交易所、洲际交易所和节点交易所等类似资产和负债的结算价格或拍卖价格进行估值的。估值过程中使用的价格也由管理层独立核实，以确定价值基于实际交易数据，或在没有交易的情况下，基于当日的出价和要约。例如，某些交易所和非交易所交易的容量和电力合同以及基于市场价格的天然气实物或掉期合同、基数调整和其他溢价，在这些情况下，调整和溢价被认为对总体投入不重要。

第三级--不可观察的投入用于某些合同的估值。有关使用不可观测输入的更多信息，请参阅“有关3级测量的其他信息”。

简明合并财务报表附注

(未经审计)

(C)

利率衍生品的估值使用通常报价区间上的报价，这些区间是在不同于报价区间的时段内插的，作为市场估值模型的输入。市场投入通常是可以核实的，模型选择不涉及重大的管理层判断。

(D)

公允价值计量表格不包括现金和#美元的外币。32百万美元和美元1截至无损检测基金的百万美元2024年9月30日和2023年12月31日。无损检测基金维持对各种股权和固定收益证券的投资。拉比信托基金投资于一只罗素3000指数基金和各种固定收益证券。这些证券通常以交易所提供的价格(股权证券)或可比证券的市场交易和/或经纪商报价(固定收益证券)的价格进行估值。

第1级--NDT基金内的有价证券投资主要是对广泛行业和部门的普通股的投资。大多数股权证券的定价使用主要市场收盘价，或者在某些情况下，使用中间价、买入或要价。NDT和Rabbi信托基金中的某些其他股权证券主要包括对货币市场基金的投资，这些基金寻求高水平的当前收入，这与资本保存和维持流动性是一致的。为了实现其目标，这些基金通常投资于多元化的投资组合，包括高质量的短期美元计价债务证券和政府债券。这些基金的资产净值是每天定价和公布的。Rabbi Trust的罗素3000指数基金基于活跃市场的报价进行估值，可以不受限制地每天赎回。

Level 2-NDT和Rabbi Trust固定收益证券包括投资级公司债券、抵押贷款债券、资产支持证券和某些政府和美国国债或联邦机构资产支持证券和期限广泛的市政债券。由于许多固定收益证券不是每天交易，它们的定价方法根据资产类别的不同而有所不同，并反映了可观察到的市场信息，如类似证券的最新交换价格或报价。基于市场的标准投入通常包括基准收益率、报告的交易、经纪商/交易商报价和发行人利差。某些短期投资的估值使用可观察到的市场价格或市场参数，如到期时间、票面利率、质量评级和当前收益率。

(E)

指与同一交易对手(如有抵销权)的公允价值结余净额及抵押品的运用。更多详情见附注11.财务风险管理活动。

简明合并财务报表附注

(未经审计)

有关3级测量的其他信息

对于既包括可观察到的投入又包括不可观察到的投入的估值，如果不可观察到的投入被确定为对整体投入重要，则整个估值被归类为3级。这包括使用期限延长至没有可观察到定价的期间的合同的指示性报价进行估值的衍生品。在无法获得可观测数据的情况下，将考虑市场参与者在评估资产或负债时将使用的假设。这包括对流动性、波动性和合约期限等市场风险的假设。这类工具被归类为第三级，因为模型输入一般是看不到的。PSEG在评估交易对手的信用和不履行风险时，将信用和不履行风险纳入第二和第三级衍生品合约的估值中，包括历史和当前市场数据。信贷风险和不履行风险对财务报表的影响不大。

截至2024年9月30日，PSEG携带$3.1按公允价值经常性计量的净资产，其中#美元1百万美元的净负债是使用不可观察的投入计量的，并在公允价值层次中被归类为第三级，被认为是非实质性的。

截至2023年9月30日，PSEG携带$2.5按公允价值经常性计量的净资产，其中#美元4百万美元的净负债是使用不可观察的投入计量的，并在公允价值层次中被归类为第三级，被认为是非实质性的。

在截至2024年9月30日和2023年9月30日的9个月里，分别没有资金从Level 3转移到Level 3。

债务公允价值

估计公允价值、账面金额和用于确定长期债务公允价值的方法2024年9月30日和2023年12月31日包括在下表和附注中。



	截至2024年9月30日				截至2023年12月31日
	携带量		公平价值		携带量		公平价值
	数百万
长期债务：
PSEG（A）	$	4,865	$	4,877	$	4,371	$	4,240
PSE & G（A）		15,245		14,336		13,663		12,460
PSEG Power（B）		1,250		1,250		1,250		1,250
长期债务总额	$	21,360	$	20,463	$	19,284	$	17,950

(A)

鉴于这些债券交易不活跃，应税债务证券的公允价值金额（主要是2级测量）通常由使用基于市场的测量的估值模型确定，这些测量通过基于规则的定价方法进行处理。上述公允价值金额并不代表各发行人根据各自债务协议可能要求赎回未偿债务的价格。

(B)

账面价值接近公允价值的私人定期贷款（2级衡量）。

简明合并财务报表附注

(未经审计)

注意 13.净其他收入（扣除）



	PSE&G		PSEG电力及其他（A）			已整合
	数百万
截至2024年9月30日的三个月
NDt基金利息和股息	$	—	$	21		$	21
施工期间使用的资金拨备		11		—			11
太阳能贷款利息		1		—			1
其他利益		4		3			7
其他		2		(5	)		(3	)
其他净收入总额（扣除）	$	18	$	19		$	37
截至2024年9月30日的九个月
NDt基金利息和股息	$	—		61		$	61
施工期间使用的资金拨备		31		—			31
太阳能贷款利息		4		—			4
其他利益		7		19			26
其他		8		(11	)		(3	)
其他净收入总额（扣除）	$	50	$	69		$	119
截至2023年9月30日的三个月
NDt基金利息和股息	$	—	$	16		$	16
施工期间使用的资金拨备		15		—			15
太阳能贷款利息		2		—			2
其他利益		3		6			9
其他		1		(2	)		(1	)
其他净收入总额（扣除）	$	21	$	20		$	41
截至2023年9月30日的9个月
NDt基金利息和股息	$	—	$	50		$	50
施工期间使用的资金拨备		45		—			45
太阳能贷款利息		6		—			6
其他利益		10		22			32
其他		4		(5	)		(1	)
其他净收入总额（扣除）	$	65	$	67		$	132

(A)

PSEG Power & Other包括PSEG Power、Energy Holdings、PSEG LI、Services、PSEG（母公司）和公司间冲销的活动。

简明合并财务报表附注

(未经审计)

注14.所得税

PSEG报告的所得税费用与税前收入乘以法定联邦所得税率计算的金额的对账 21%如下：



	止三个月						止九个月
PSEG	9月30日，						9月30日，
	2024			2023			2024			2023
	数百万
税前收入	$	559		$	65		$	1,625		$	2,394
按法定税率计算税收增加（减少）21%归因于：	$	117		$	14		$	341		$	503
州所得税（扣除联邦所得税）		38			(1	)		112			157
NDt基金		11			(3	)		26			11
不确定的税收状况		1			1			3			(6	)
租赁活动		—			—			—			(17	)
GPRC-CEF-EE		(16	)		(13	)		(44	)		(36	)
税收抵免		(90	)		(2	)		(195	)		(7	)
预计年度有效税率中期调整		14			9			1			(7	)
TAC		(33	)		(62	)		(100	)		(188	)
其他		(3	)		(17	)		(5	)		(33	)
小计		(78	)		(88	)		(202	)		(126	)
所得税总发票（福利）	$	39		$	(74	)	$	139		$	377
有效所得税率		7.0	%	N/A				8.6	%		15.7	%

PSE & G报告的所得税费用与税前收入乘以法定联邦所得税率计算的金额的对账 21%如下：



	止三个月						止九个月
PSE&G	9月30日，						9月30日，
	2024			2023			2024			2023
	数百万
税前收入	$	469		$	454		$	1,410		$	1,365
按法定税率计算税收增加（减少）21%归因于：	$	98		$	95		$	296		$	287
州所得税（扣除联邦所得税）		32			33			99			100
不确定的税收状况		—			—			—			(5	)
税收抵免		(2	)		(2	)		(6	)		(7	)
GPRC-CEF-EE		(16	)		(13	)		(44	)		(36	)
TAC		(33	)		(62	)		(100	)		(188	)
坏账流通		(3	)		(2	)		(9	)		(9	)
其他		14			4			5			(1	)
小计		(8	)		(42	)		(55	)		(146	)
所得税总支出	$	90		$	53		$	241		$	141
有效所得税率		19.2	%		11.7	%		17.1	%		10.3	%

PSEG和PSE & G的中期所得税费用总额（福利）使用估计的年度有效税率确定，并根据相关期间考虑的离散项目（如果有）进行调整。每个季度，PSEG和PSE & G都会更新各自的估计年度有效税率，如果估计税率发生变化，PSEG和PSE & G会进行累计调整。

简明合并财务报表附注

(未经审计)

2022年8月，《降低通胀法案》(IRA)签署成为法律。爱尔兰共和军颁布了新的15%的企业替代最低税(CAMT)，该税基于调整后的财务报表收入，于2023年生效，并对现有的能源税收抵免法进行了某些修改。

PSEG已经确定，它不受2023年和2024年CAMT的约束，因为根据法规，它不是适用的公司。美国财政部于2024年9月发布了一份拟议规则制定通知，提供了有关CAMt的拟议法规。拟议的CAMT条例和某些相关规则仍然不清楚，需要进一步指导。因此，CAMT对PSEG和PSE&G财务报表的影响有待继续评估。

爱尔兰共和军为现有符合条件的核能发电设施设立了新的PTC，有效期至2024年至2032年；新技术中性能源税收抵免，包括新核电机组和增加核能发电能力，从2025年起生效；以及能源税收抵免的可转让性，从2023年起生效。

如果满足普遍的工资要求，特定核设施的PTC可以乘以5，并且PTC的价值被设计为随着设施总收入的增加而逐步减少。PTC比率和逐步减少的金额都取决于美国国税局对年度通货膨胀率的确定。

2024年，PSEG根据会计准则编纂主题740，在其合并经营报表中记录了PSEG核电站产生的估计PTC的收益，包括所得税费用。所得税. 记录的数额可能会根据若干因素发生变化，这些因素包括但不限于对估计市场价格和收入的调整以及财务处/国税局发布的权威指导，包括澄清用于确定逐步淘汰的“总收入”的定义。对以前记录的金额的任何调整都可能是实质性的。

颁布更多的联邦或州税收立法，以及澄清之前颁布的税法，可能会影响PSEG和PSE&G的财务报表。

简明合并财务报表附注

(未经审计)

注15.累计其他综合收益（损失），扣除税



	截至2024年9月30日的三个月
累计其他综合收益(亏损)	现金流对冲			养老金和OPb计划			可供出售的证券			总
	数百万
截至2024年6月30日余额	$	20		$	(98	)	$	(95	)	$	(173	)
重新分类前的其他综合收益（损失）		(5	)		—			37			32
从累计其他全面收益（损失）中重新分类的金额		(3	)		2			—			(1	)
本期净其他综合收益（损失）		(8	)		2			37			31
截至2024年9月30日余额	$	12		$	(96	)	$	(58	)	$	(142	)

	截至2023年9月30日的三个月
累计其他综合收益(亏损)	现金流量对冲			养老金和OPb计划			可供出售的证券			总
	数百万
截至2023年6月30日的余额	$	7		$	(419	)	$	(103	)	$	(515	)
重新分类前的其他综合收益（损失）		13			82			(36	)		59
从累计其他全面收益（损失）中重新分类的金额		(2	)		240			5			243
本期净其他综合收益（损失）		11			322			(31	)		302
截至2023年9月30日的余额	$	18		$	(97	)	$	(134	)	$	(213	)


	截至2024年9月30日的九个月
累计其他综合收益(亏损)	现金流对冲			养老金和OPb计划			可供出售的证券			总
	数百万
截至2023年12月31日的余额	$	3		$	(102	)	$	(80	)	$	(179	)
重新分类前的其他综合收益（损失）		17			—			18			35
从累计其他全面收益（损失）中重新分类的金额		(8	)		6			4			2
本期净其他综合收益（损失）	$	9		$	6		$	22		$	37
截至2024年9月30日余额	$	12		$	(96	)	$	(58	)	$	(142	)

	截至2023年9月30日的9个月
累计其他综合收益(亏损)	现金流对冲			养老金和OPb计划			可供出售的证券			总
	数百万
截至2022年12月31日的余额	$	(3	)	$	(426	)	$	(121	)	$	(550	)
重新分类前的其他综合收益（损失）		23			82			(28	)		77
从累计其他全面收益（损失）中重新分类的金额		(2	)		247			15			260
本期净其他综合收益（损失）		21			329			(13	)		337
截至2023年9月30日的余额	$	18		$	(97	)	$	(134	)	$	(213	)

简明合并财务报表附注

(未经审计)



		从累计其他全面收益（损失）重新分类至经营报表的金额
		止三个月									止九个月
		2024年9月30日									2024年9月30日
从累计其他全面收益（损失）中重新分类的金额描述	税前金额在经营报表中的位置	税前金额			税收(费用)优惠			税后金额			税前金额			税收(费用)优惠			税后金额
		数百万
现金流对冲
利率衍生品	利息支出	$	4		$	(1	)	$	3		$	11		$	(3	)	$	8
总现金流对冲			4			(1	)		3			11			(3	)		8
养老金和OPb计划
先前服务（成本）抵免摊销	净非营业养老金和OPb抵免（成本）		(1	)		—			(1	)		(1	)		—			(1	)
净精算损失摊销	净非营业养老金和OPb抵免（成本）		(2	)		1			(1	)		(7	)		2			(5	)
养老金和OPb计划总额			(3	)		1			(2	)		(8	)		2			(6	)
可供出售的债务证券
实现的收益（损失）	信托投资净收益（损失）		—			—			—			(6	)		2			(4	)
可供出售债务证券总额			—			—			—			(6	)		2			(4	)
总		$	1		$	—		$	1		$	(3	)	$	1		$	(2	)

简明合并财务报表附注

(未经审计)



		从累计其他全面收益（损失）重新分类至经营报表的金额
		止三个月									止九个月
		2023年9月30日									2023年9月30日
从累计其他全面收益（损失）中重新分类的金额描述	税前金额在经营报表中的位置	税前金额			税收(费用)优惠			税后金额			税前金额			税收(费用)优惠			税后金额
		数百万
现金流对冲
利率衍生品	利息支出	$	3		$	(1	)	$	2		$	3		$	(1	)	$	2
总现金流对冲			3			(1	)		2			3			(1	)		2
养老金和OPb计划
先前服务（成本）抵免摊销	净非营业养老金和OPb抵免（成本）		2			(1	)		1			6			(2	)		4
净精算损失摊销	净非营业养老金和OPb抵免（成本）		(3	)		1			(2	)		(17	)		5			(12	)
养老金结算费	净非营业养老金和OPb抵免（成本）		(332	)		93			(239	)		(332	)		93			(239	)
养老金和OPb计划总额			(333	)		93			(240	)		(343	)		96			(247	)
可供出售的债务证券
实现的收益（损失）	信托投资净收益（损失）		(8	)		3			(5	)		(25	)		10			(15	)
可供出售债务证券总额			(8	)		3			(5	)		(25	)		10			(15	)
总		$	(338	)	$	95		$	(243	)	$	(365	)	$	105		$	(260	)

简明合并财务报表附注

(未经审计)

附注16.每股收益（每股收益）和股息

EPS

基本每股收益的计算方法是将净利润除以已发行普通股的加权平均股数。稀释每股收益的计算方法是将净利润除以已发行普通股的加权平均股数，加上与PSEG股票薪酬相关的潜在稀释股份。下表显示了这些潜在稀释股份对用于计算稀释每股收益的已发行股份加权平均数的影响：



	截至9月30日的三个月，								截至9月30日的9个月，
	2024				2023				2024				2023
	基本		稀释		基本		稀释		基本		稀释		基本		稀释
每股收益分子（百万）：
净收入	$	520	$	520	$	139	$	139	$	1,486	$	1,486	$	2,017	$	2,017
每股收益分母（百万）：
加权平均流通普通股		498		498		498		498		498		498		497		497
基于股票的薪酬奖励的影响		—		2		—		2		—		2		—		3
总股份数		498		500		498		500		498		500		497		500

EPS
净收入	$	1.04	$	1.04	$	0.28	$	0.27	$	2.98	$	2.97	$	4.06	$	4.03

红利



	止三个月				止九个月
	9月30日，				9月30日，
普通股股息支付	2024		2023		2024		2023
每股	$	0.60	$	0.57	$	1.80	$	1.71
以百万	$	299	$	284	$	897	$	853

注17.国际泳联按业务类别划分的社会信息

PSE&G

PSE&G的收入来自关税，根据关税，它向新泽西州的住宅、商业和工业客户提供电力传输以及电力和天然气分销服务。电力传输的费率由联邦能源监管委员会管理，而电力和天然气分配的费率由BPU管理。收入还来自其他几项活动，如对客户场所的电子电气设备的投资、太阳能投资、家电服务业务和其他杂项服务。

PSEG电源和其他

这一可报告的部门主要由PSEG Power组成，该公司主要通过向这些产品的市场竞标能源、容量和辅助服务来赚取收入。PSEG Power还签订了能源、天然气和其他能源相关合同的双边合同，以优化其发电资产组合和天然气供应义务的价值。此外，PSEG Power的Salem 1、Salem 2和Hope Creek核电站从2024年开始生产临时电力公司，并从包括PSE&G在内的新泽西州的电力公司获得ZEC收入。

简明合并财务报表附注

(未经审计)

此可报告分部还包括适用于PSEG LI的金额，该公司根据与LIPA的合同产生收入，主要用于在Servco作为交易委托人时收回成本（见注3）。可变利益实体（欲了解更多信息）以及合同项下的固定和可变费用部分，以及持有剩余租赁投资的非重大投资组合的Energy Holdings。其他还包括适用于PSEG（母公司）和服务的金额。



	PSE&G		PSEG电力及其他			淘汰（A）			合并合计
	数百万
截至2024年9月30日的三个月
营业收入	$	2,139	$	583		$	(80	)	$	2,642
净利润（B）		379		141			—			520
长期资产的总增加		672		96			—			768
截至2024年9月30日的九个月
营业收入	$	6,335	$	2,140		$	(650	)	$	7,825
净利润（B）		1,169		317			—			1,486
长期资产的总增加		2,157		245			—			2,402
截至2023年9月30日的三个月
营业收入	$	1,999	$	546		$	(89	)	$	2,456
净利润（B）		401		(262	)		—			139
长期资产的总增加		813		103			—			916
截至2023年9月30日的9个月
营业收入	$	5,954	$	3,475		$	(797	)	$	8,632
净利润（B）		1,224		793			—			2,017
长期资产的总增加		2,149		211			—			2,360
截至2024年9月30日
总资产	$	45,784	$	8,550		$	(254	)	$	54,080
对权益法子公司的投资	$	—	$	22		$	—		$	22
截至2023年12月31日
总资产	$	42,873	$	8,407		$	(539	)	$	50,741
对权益法子公司的投资	$	—	$	17		$	—		$	17

(A)

公司间冲销主要与PSE & G和PSEG Power之间的公司间交易有关。有关PSE & G和PSEG Power之间公司间交易的进一步讨论，请参阅注18。关联方交易。

(B)

包括税后净收益（损失）美元17 百万和美元（17三个月）百万美元和美元（55)百万元及$750 百万截至2024年9月30日和2023年9月30日的九个月PSEG Power分别与非交易大宗商品按市值计价活动的影响有关，其中包括未来交割日期头寸的财务影响。还包括一美元239 由于截至2023年9月30日的三个月和九个月的养老金结算交易对合格养老金计划进行重新计量，因此产生了百万美元的税后养老金费用。参见注释8。养老金和其他退休后福利（OPB）。

简明合并财务报表附注

(未经审计)

注18. 关联交易

以下讨论涉及公司间交易，根据GAAP，这些交易在PSEG合并过程中被消除。

PSE&G

PSE & G的财务报表包括与关联方的交易，如下所示：



	止三个月				止九个月
	9月30日，				9月30日，
关联方交易	2024		2023		2024		2023
	数百万
来自附属机构的计费：
PSEG Power的净计费（A）	$	78	$	86	$	645	$	761
来自服务的行政计费（B）		122		93		375		313
来自附属机构的总计费	$	200	$	179	$	1,020	$	1,074



	截至		截至
关联方交易	2024年9月30日		2023年12月31日
	数百万
应支付给私营部门主管(A)	$	76	$	264
付给服务业的款项(B)		94		121
须支付给保安局常任秘书长(C)		51		119
应付帐款-关联公司	$	221	$	504
用于服务业的周转资金预付款(D)	$	33	$	33
长期应计税金应收(应付)	$	—	$	(2	)

(A)

PSE&G已经与PSEG Power签订了一份需求合同，根据该合同，PSEG Power提供满足PSE&G的BGSS和其他合同要求所需的燃气供应服务。此外，PSEG Power根据BPU批准的ZEC计划，将其核单位的ZEC出售给PSE&G。BGSS合同和ZEC销售的费率由BPU规定。BGSS的销售额按月计费和结算。ZEC的销售额按月结算，并在每个能源年度结束后按年结算。此外，PSEG Power和PSE&G通常按照FERC和BPU关联规则以成本价相互提供某些技术服务。

(B)

服务向PSE&G提供行政服务并按成本收费。此外，PSE&G还有其他应付给服务的款项，包括与服务代表PSE&G支付的某些共同成本相关的金额。

(C)

PSEG向其关联公司提交一份合并的联邦所得税申报单。PSEG与其关联公司之间存在税收分配协议。这些协议的一般运作是，附属公司将在单独的申报基础上计算其应纳税所得额。如果结果是净纳税义务，则应向PSEG支付该金额。如果有NOL和/或税收抵免，子公司应在PSEG能够利用这些好处的范围内收到PSEG节省的税款。此外，PSEG支付净工资和工资税，并从其关联公司获得各自部分的补偿。

(D)

PSE&G将营运资金预支给服务业。这笔金额包括在PSE&G的简明合并资产负债表上的其他非流动资产中。

第二项。

管理层的光盘财务状况和运营结果的使用和分析（MD & A）

合并的MD & A由公共服务企业集团股份有限公司（PSEG）和公共服务电力和天然气公司（PSE & G）分别提交。此处包含的与任何个别公司有关的信息均由该公司代表其自己提交。

PSEG的业务由两个可报告部门组成，即PSE & G和PSEG Power LLC（PSEG Power）& Other，主要由我们的主要直接全资子公司组成，这些子公司是：

•

PSE&G- 这是一家主要从事新泽西州某些地区输电以及配电电力和天然气的公用事业公司。PSE & G受新泽西州公用事业委员会（BPU）、联邦能源监管委员会（FERC）以及其他联邦和新泽西州监管机构的监管。PSE & G还投资新泽西州受监管的太阳能发电项目和能源效率（EE）以及相关项目，这些项目由BPU监管，以及

•

PSEG Power- 这是一家能源供应公司，由商业核发电资产和燃料供应职能的运营组成，通过其主要直接全资子公司从事有竞争力的能源销售。PSEG Power的子公司受FERC、核监管委员会（NRC）及其运营所在州的其他联邦监管机构和州监管机构的监管。

PSEG Power及其他可报告分部还包括与母公司以及PSEG其他直接全资子公司相关的金额，这些子公司是：PSEG Long Island LLC（PSEG LI），根据运营服务协议（OSA）运营长岛电力局（LIPA）的输电和配电（T & D）系统; PSEG Energy Holdings LLC（能源控股），主要持有遗留租赁投资并竞争性投标、FERC监管输电;和PSEG服务公司（服务），按成本价向PSEG及其子公司提供某些管理、行政和一般服务。

我们在项目1中的业务讨论我们的10-K年度报告(Form 10-K)提供了对我们运营和竞争的地区和市场的审查，以及我们在这些市场开展业务的战略，重点是运营卓越、财务实力和进行有纪律的投资。我们在第1A项中讨论的风险因素。表格10-k中的风险因素提供了有关可能对我们的业务产生重大不利影响的因素的信息。以下内容通过描述2024年期间发生的重大事件和业务发展，以及我们预期可能推动我们未来业绩的关键因素的变化，补充了上述讨论以及我们在表格10-k中提供的项目7中包含的2023年执行概述和未来展望中的讨论。以下讨论涉及简明合并财务报表(报表)和简明合并财务报表相关附注(附注)。阅读本讨论时应结合这些声明、说明和表格10-k。

执行完毕2024年及未来展望

我们是一家公用事业控股公司，通过我们的全资子公司行事，是一家主要受监管的电力和天然气公用事业公司以及核能发电企业。我们的业务计划的重点是通过将资本主要分配给受监管的投资来实现增长，以继续提高我们业务的可持续性和可预测性。我们专注于投资实现能源基础设施现代化、提高可靠性和弹性、提高EE并提供更清洁的能源，以满足客户的期望并与公共政策目标保持一致。此外，2022年《通货膨胀削减法案》（IRA）的通过为2024年至2032年的现有核设施建立了生产税抵免（PTC）。由于税收抵免价值与核设施的总收入直接相关，预计PTC将为我们的核电机组提供下行价格保护。

2024-2028年，我们的受监管资本投资计划估计在180亿至210亿美元之间。我们预计，从2023年底到2028年底，这些资本投资将导致我们受监管利率基础的复合年增长率在6%至7.5%之间。受监管的资本投资占PSEG 190亿至225亿美元资本投资计划总额的大部分。该范围的低端包括将我们的天然气系统现代化计划（GSDP）和清洁能源未来（CEF）-EE计划延长至当前平均年度投资水平加上通货膨胀，因为这些计划预计将在当前批准的时间范围之外继续进行。我们资本投资范围的高端包括增量投资，特别是扩大我们当前的EE计划以及其他清洁能源和基础设施投资。

PSE&G

在PSE & G，我们的重点是投资于T & D基础设施和清洁能源计划，以增强我们T & D系统的可靠性和弹性，满足客户期望并支持公共政策目标。

2023年，BPU批准将我们的CEF-EE计划延长28000万美元，为期9个月，至2024年6月，2024年5月，BPU批准了另一项约30000万美元的延期，涵盖2024年7月至2024年12月的承诺期。2024年10月，BPU批准了我们的CEF-EE II文件，授权在2025年1月1日至2027年6月30日期间承诺的能源效率项目总支出约为29亿美元，并在预计的六年内完成。该命令批准了约19亿美元的计划投资预算（扣除行政费用），以及约10亿美元用于继续我们的客户随付还款计划。此次EE申请比我们之前的申请有了显着增加，这是由于BPU能源效率框架下所需的节约目标增加以及实现这些目标节约的成本增加。该文件还包括需求响应计划和建立脱碳计划。

我们的CEF电动汽车（EV）计划中与中型和重型充电基础设施相关的剩余组成部分一直是BPU于2021年开始的利益相关者进程的主题。2024年10月，BPU发布了一项命令，为电力公司运营的中型和重型充电激励计划提供了计划指导和最低备案要求，该命令将PSE & G的计划投资上限为3000万美元，并要求电力公司在2025年2月20日之前提交计划备案。2022年9月，BPU发布了存储激励计划提案草案，并正在进行利益相关者流程来确定该计划的细节。我们提议的投资10900万美元的CEF储能（ES）计划将被搁置，直到BPU结束其程序。

2023年，BPU还批准将我们当前的GSPP计划延长两年，以更换我们天然气系统中至少400英里的铸铁和无保护的钢制干线和服务。GSDP计划延期规定主要更换至2025年12月，以及2026年的后续服务更换和铺路成本，总投资约为9万美元。在90000万美元中，75000万美元通过三次定期费率更新收回，余额通过未来的分配基本费率情况收回。

我们更广泛的GSPP III，其中还包括将可再生天然气和氢混合引入我们现有的分配系统的项目，目前已被搁置，谈判将于2025年1月重新启动，旨在于2026年1月开始工作。

根据我们的GSPP II和Energy Strong II计划，我们于2023年12月按照BPU的要求提交了分销基本费率案件。2024年10月，BPU发布命令，批准以2024年10月15日生效的新费率解决PSE & G的电力和天然气分销基本费率案件。该命令为PSE & G的分销业务提供了178亿美元的费率基础、9.6%的股本回报率以及55%的股本组成部分。有关更多信息，请参阅第1项。说明4.费率文件。

PSEG Power

在PSEG Power，我们寻求通过有效运营核电资产来生产低成本电力，通过PTC机制和对冲减轻盈利波动，并支持保护这些现有无碳基本负荷核发电厂的公共政策。2024年前9个月，我们的核机组发电量约为23.3太瓦小时，容量系数为91.4%。PSEG Power对冲了2024年预计发电量的约90%至95%。从2024年开始，我们的对冲策略纳入了PTC估计的一系列风险降低影响，并在美国财政部最终指导下可能发生增量变化。此外，我们正在探索根据长期协议从核设施销售电力的机会，为数据中心和氢能生产商等大型电力用户供电。

气候战略和可持续发展努力

一个多世纪以来，我们的目标一直是提供全天候安全供应可靠、负担得起的能源。如今，我们的愿景是为未来提供动力，让人们使用更少的能源，而且比以往任何时候都更清洁、更安全、交付更可靠。我们制定了到2030年温室气体净零排放目标，其中包括业务运营中的直接温室气体排放（范围1）和间接温室气体排放（范围2），假设技术、公共政策和客户行为的进步。

PSE & G已采取多项举措，支持减少温室气体排放和实施EE举措。PSE & G批准的CEF-EE和EE II、CEF-Energy Cloud和CEF-EV计划以及拟议的CEF-ES计划旨在通过旨在帮助客户更有效地使用能源、减少温室气体排放、支持新泽西州电动汽车基础设施的扩展的计划，支持新泽西州的能源总体规划（BEP）和州长行政命令安装储能容量以补充太阳能发电并增强电网弹性，安装智能电表和支持基础设施，以集成其他清洁能源技术，并更有效地应对天气和其他停电事件。

此外，PSE & G致力于向新泽西州约190万客户安全可靠地输送天然气，我们同样致力于减少与此类运营相关的温室气体排放。GSPP旨在显着减少我们分配系统中的天然气泄漏，从而减少甲烷（一种强效温室气体）向空气中的释放。通过GSPP II，从2018年到2023年，我们将全系统报告的甲烷排放量减少了约27%。我们继续评估气候变化的物理风险，并调整我们的资本投资计划，以在天气事件频率和严重程度不断增加的环境中提高我们系统的可靠性和弹性。

我们还继续专注于为客户提供更清洁的能源，努力保持核电站的经济可行性，这些核电站提供了新泽西州85%以上的无碳能源。这些努力包括通过倡导州和联邦政策（例如IRA制定的PTC）以及PJm Interconnect，LLC的容量市场改革来降低市场风险(PJM)这认识到我们的核舰队无碳发电的价值及其对电网可靠性的贡献。

竞争性投标，FERC监管的输电项目

PSEG继续评估PSE & G以外受监管传播的投资机会。 2023年12月，PJm向我们授予了一个价值约42400万美元的项目，以解决马里兰州和弗吉尼亚州北部日益增加的负载和可靠性问题，作为其2022年窗口3竞争性招标的一部分。该项目预计投入使用日期为2027年。

2024年4月，PSE & G向BPU提交了BPU所谓的预建基础设施（PBI）项目的投标，该项目是陆上和近岸水下基础设施的结合。BPU预计将于2024年晚些时候宣布PBI征集的获胜者。

2023年4月，BPU发布命令，要求PJm利用输电项目的州协议方法进行第二次公共政策输电征求程序，以支持新泽西州扩大的海上风电目标。然而，2024年6月，BPU暂停了此次招标，同时考虑PJM实施互联队列改革和FERC关于输电规划和成本分配的最终规则对其采购输电方式的影响。海上风电开发。BPU表示，暂停将至少持续六个月，并将定期重新评估。

PJm于2024年7月启动了2024年区域输电扩展计划（RPEP）窗口1征集，其中包括更高的负荷增长预测对2029年至2032年规划期限的影响。PSEG向窗口1提交了一份价值约37500万美元的提案。

PSEG将继续评估参与传输招标过程的机会，并可能决定提交这些机会的投标，其中一些可能是重大投资。

李平

2024年5月，LIPA在与PSEG LI签订的当前服务合同到期后，分别向服务提供商发出了运营其输电和配电系统以及供电和燃料管理服务的建议书请求，该合同有效期至2025年12月31日。PSEG已提交提案，要求继续担任LIPA输电和配电系统的运营服务提供商，并在当前合同到期后继续向LIPA提供电力供应和燃料管理服务。

财务业绩

PSEG、PSE & G和PSEG Power & Other截至2024年和2023年9月30日的三个月和九个月的业绩如下：



	止三个月					止九个月
	9月30日，					9月30日，
	2024		2023			2024		2023
	数百万
PSE&G	$	379	$	401		$	1,169	$	1,224
PSEG电力及其他（A）		141		(262	)		317		793
PSEG净利润	$	520	$	139		$	1,486	$	2,017

PSEG每股净利润（稀释）	$	1.04	$	0.27		$	2.97	$	4.03

(A)

其他包括母公司PSEG LI和Energy Holdings的税后活动以及公司间冲销。包括由于结算截至2023年9月30日的三个月和九个月的部分合格养老金计划而产生的23900万美元税后养老金费用。参见第1项。说明8.养老金和其他退休后福利（OPB）以获取更多信息。

PSEG Power的上述结果包括核退役信托（NDT）基金活动和非交易性大宗商品按市值计价（MTM）活动的影响，其中包括未来交付日期头寸的财务影响。

与NDt基金和MTm相关的变化导致的净利润差异如下表所示：



	止三个月					止九个月
	9月30日，					9月30日，
	2024		2023			2024			2023
	数百万，税后
NDt基金收入（）（A）（B）	$	55	$	(27	)	$	120		$	33
非交易性MTm收益（亏损）（C）	$	17	$	(17	)	$	(55	)	$	750

(A)

NDt基金收入（RST）包括NDt证券的收益和损失，这些收益和损失记录在信托投资的净收益（损失）中。参见第1项。说明7.信托投资了解更多信息。NDt基金收入

（RST）还包括记录在净其他收入（扣除）中的与NDt基金相关的利息和股息收入以及其他成本、记录在运营与维护（O & M）工作表中的PSEG Power核资产报废义务（ARO）的利息增加费用以及记录在折旧和摊销（D & A）工作表中的与ARO资产相关的折旧。

(B)

扣除截至2024年9月30日的三个月的税收（费用）收益分别为（360万美元和1500万美元，以及截至2023年9月30日的九个月的税收（费用）收益分别为（790万美元和（2500万美元）。

(C)

扣除截至2024年9月30日的三个月的税款（费用）收益分别为（6）万美元和800万美元，截至2023年9月30日的九个月的税款（费用）收益分别为2100万美元和（2.93）亿美元。

我们截至2024年9月30日的三个月和九个月的净利润与2023年可比期间的差异主要是由MTm和NDt基金以及2023年记录的养老金结算费用的变化驱动的，如上所述。

监管、立法和其他发展

我们密切监控重大监管和立法发展并与利益相关者互动。

传输率诉讼程序和股本回报率（ROE）

根据现行FERC规则，PSE & G作为输电所有者加入PJm，继续为其基本ROE增加50个基点。2021年4月，FERC提议取消区域输电所有者参与的ROE加法器。FERC尚未对该提案采取行动。如果取消加法器，PSE & G的年度净利润和年度现金流入将减少约4000万美元。

新泽西州利益相关者诉讼程序

2023年2月，新泽西州州长发布行政命令（EO），制定或加快之前制定的2050年清洁能源、建筑脱碳和电动汽车采用目标目标，新目标日期为2030年或2035年（视情况而定）。执行主任指示BPU和其他州机构与利益相关者合作制定实现目标的计划，BPU已召集利益相关者会议，为天然气分销公用事业公司制定一项计划，以实现到2030年天然气排放量比2006年减少50%的目标。BPU于2024年5月和6月开始通过公开意见听证会更新该州的BEP。我们无法预测这项诉讼的结果，但它可能会对我们的业务、经营业绩和现金流产生重大影响。

环境监管

根据环境法，我们有责任对我们现在或以前拥有的财产以及我们产生的被危险物质污染的财产的污染进行补救的费用和处罚。特别是，PSEG公司的历史业务以及帕塞伊克河和哈肯萨克河沿岸的许多其他公司的业务被联邦和州机构指控向帕塞伊克河/纽瓦克湾综合体排放大量污染物，违反了各种法规。此外，PSEG Power保留了出售其化石发电组合中排除的某些债务的所有权，主要与新泽西州和康涅狄格州法律规定的调查和补救场地的义务有关。我们目前还参与了一些与其他危险物质可能已经排放的地点有关的诉讼，并可能在未来受到更多程序的影响，任何此类补救努力的费用和处罚都可能是巨大的。

有关上述事项以及可能影响我们财务状况和经营业绩的其他事项的更多信息，请参阅第1项。说明9.承诺和或有负债。

核

2021年4月，PSEG Power的塞勒姆1、塞勒姆2和霍普溪核电站获得了自2022年6月开始的三年资格期内的零排放证书（ZEC），每兆瓦时（MWh）约为10美元。2022年5月之前ZEC期间收到的每兆瓦时（MWh）。根据BPU制定的流程，从选定的核电站购买ZEC，并通过不可旁路的分配费回收，金额为每千瓦时0.004美元（相当于向选定的核电站付款产生的每兆瓦时约10美元（ZEC付款））。如前所述，2022年8月，爱尔兰共和军签署成为法律，扩大了促进无碳发电的激励措施。的

颁布的立法为利用现有核能发电建立了PTC，从2024年1月1日开始，一直持续到2032年，并影响了PSEG Power不申请从2025年6月开始的下一个ZEC三年资格期的决定。预期的PTC费率最高为15美元/兆瓦时，可根据设施的总收入进行调整。PTC税率和毛收入门槛值受年度通货膨胀调整的影响。迄今记录的临时技术秘书处数额可能会根据若干因素而发生变化，这些因素包括但不限于对估计市场价格和收入的调整以及财务处/国税局发布的权威指导，包括澄清用于确定逐步淘汰的“总收入”的定义。对以前记录的金额的任何调整都可能是实质性的。我们将继续分析爱尔兰共和军对我们的核单位的影响，并将分析美国财政部未来的任何指导意见，以评估PTCS对预期ZEC付款和/或任何未来ZEC申请期的任何影响。

利率很重要

PSEG的长期融资计划旨在取代到期债券，并支持为其资本计划提供资金。鉴于我们的融资需求，当前的利率环境将是决定可变利率债务的利息支出和未来融资计划的长期利率的关键因素。为了增加利息支出的可预测性，我们可能会使用利率对冲来帮助限制我们对利率波动的敞口。截至2024年9月30日，PSEG已进行了总计12.5亿美元的浮动至固定利率对冲，以降低与PSEG Power将于2025年3月到期的浮动利率定期贷款相关的利息支出波动。此外，我们可能会不时地进行利率对冲，以确定PSEG和PSEG Power预期的长期融资计划的部分利率敞口。由于年度传输率申报和通过基本利率申报和基于条款的投资计划恢复分销，PSE&G的利率风险有所缓和。

税立法

未来的联邦和州税收立法以及对已颁布立法的澄清可能会对我们的有效税率和现金税状况产生重大影响。

2023年4月，美国财政部发布了《收入程序2023-15》，提供了一种安全港会计方法来确定天然气T & D财产的年度维修税扣除。这可能对PSEG和PSE & G的财务报表产生的影响（如果有的话）尚未确定。

爱尔兰共和军颁布了新的15%企业替代最低税（CAMT），该税基于调整后的财务报表收入，是现有核电设施的PTC，并允许能源税收抵免可转让。美国财政部已发布与CAMt相关的拟议规则制定通知以及与现行工资要求和能源税收抵免可转让性规则相关的最终法规。IRA的许多方面，包括CAMt拟议的法规，仍然不清楚，需要进一步的指导;因此，我们继续分析IRA将对PSEG和PSE & G的运营业绩、财务状况和现金流产生的影响，这可能是重大的。

未来展望

我们未来的成功将取决于我们继续保持强劲的运营和财务业绩、解决影响我们业务的监管和立法发展以及应对下文所述问题和挑战的能力。为了做到这一点，我们将继续：

•

寻求批准并执行我们的公用事业资本投资计划，以实现我们的基础设施现代化，提高我们向客户提供服务的可靠性和弹性，并使我们的可持续发展和气候目标与新泽西州的能源政策保持一致，

•

通过我们的输电公式费率、现有费率激励措施、配电基础设施和清洁能源投资计划以及定期配电基本费率案件程序，为我们的T & D投资寻求公平的回报，

•

专注于控制成本，同时保持安全性、可靠性和客户满意度并遵守适用的标准和要求，

•

管理联邦和州清洁能源政策中的风险和机遇，

•

倡导对联邦核PTC提供适当的监管指导，以确保对新泽西州最大的无碳发电资源的长期支持，并相应调整我们的对冲计划，

•

与我们的多个利益相关者进行建设性的接触，包括监管机构、政府官员、客户、员工、投资者、供应商和我们开展业务的社区，并

•

实施我们的人力资本管理战略，吸引、发展和留住多元化、高绩效的劳动力队伍。

除了本表格10-Q中其他地方描述的2024年及以后的风险外，我们预计我们的业务将面临的关键问题和挑战包括：

•

监管和政治不确定性，无论是输电规划和费率政策、配电公用事业的作用和脱碳影响、未来能源政策、税收法规、能源和容量市场的设计、环境监管，以及任何法律、监管或其他程序的结果，

•

金融市场的表现，包括对我们的养老金资金需求和对我们未来融资计划的利率的影响，

•

在通货膨胀环境中继续管理成本并维持负担得起的客户费率，这可能会影响客户收款和未来的监管程序，

•

针对我们以及可能拥有我们敏感信息和/或访问我们环境的各自供应商和业务合作伙伴的网络安全攻击的频率、复杂性和规模不断增加，以及对电力和天然气基础设施的物理攻击的频率和规模不断增加，

•

联邦和州税法或任何其他相关税收指导的未来变化，以及

•

能源需求、天然气和电价变化的影响，PJM确保资源充足以满足需求增长的挑战，以及加大多个经济部门脱碳的力度。

我们不断评估广泛的战略选择，以最大限度地提高股东的长期价值并解决我们多个利益相关者的利益。在确定如何以及何时有效部署资本时，我们会考虑各种因素，包括我们业务的业绩和前景;回报以及未来盈利来源的可持续性和可预测性;投资者、监管机构、公共政策计划、评级机构、客户和员工的观点;我们现有的债务及其施加的限制;以及税务考虑等。我们可用的战略选择包括：

•

对PSE & G的投资，包括T & D设施，以增强可靠性、弹性和现代化系统，以满足客户不断增长的需求和日益提高的期望，以及清洁能源投资，例如CEF-EE、CEF-EV、CEF-ES和太阳能，

•

我们的核发电设施的持续运营预计将在2032年得到PTC的支持，并且可以进行某些投资来增加机组的容量，以及潜在的许可证延期、我们希望溪设施的加油周期从18个月过渡到24个月，以及与潜在客户（例如数据中心和氢能生产商）以及其他寻求可靠、全天候无碳电力，

•

通过PJm流程和BPU招标投资有竞争力、受监管的输电投资，提供收入可预测性和合理的风险调整回报，以及

•

涉及我们的普通股、资产或业务的收购、处置、开发和其他交易，这些交易可能为客户和股东提供价值。

然而，无法保证我们将成功制定和执行上述任何战略选择，或我们未来可能考虑的任何额外选择。任何此类战略计划的执行可能不会产生预期的好处或可能产生意想不到的不利后果。

OP结果ERATIONS

PSEG

我们的经营业绩由我们可报告分部PSE & G和PSEG Power & Other的经营业绩组成，不包括与公司间交易相关的费用，这些费用在合并中消除。有关公司间交易的更多信息，请参阅第1项。注18。关联方交易。



	止三个月					增加/						止九个月					增加/
	9月30日，					(减少)						9月30日，					(减少)
	2024		2023			2024年与2023年						2024		2023			2024年与2023年
	数百万					数百万			%			数百万					数百万			%
营业收入	$	2,642	$	2,456		$	186			8		$	7,825	$	8,632		$	(807	)		(9	)
能源成本		899		831			68			8			2,628		2,517			111			4
操作与维护（A）		808		792			16			2			2,415		2,279			136			6
折旧及摊销		294		282			12			4			874		843			31			4
权益法投资收益		1		—			1		N/A				2		1			1			100
信托投资净收益（损失）		89		(40	)		129		N/A				191		63			128		N/A
净其他收入（扣除）		37		41			(4	)		(10	)		119		132			(13	)		(10	)
净非营业养老金和OPb抵免（成本）		18		(302	)		320		N/A				55		(245	)		300		N/A
利息支出		227		185			42			23			650		550			100			18
所得税支出(福利)		39		(74	)		113		N/A				139		377			(238	)		(63	)

以下针对PSE & G和PSEG Power & Other的讨论详细解释了它们各自的差异。

PSE&G



	止三个月				增加/						止九个月				增加/
	9月30日，				(减少)						9月30日，				(减少)
	2024		2023		2024年与2023年						2024		2023		2024年与2023年
	数百万				数百万			%			数百万				数百万			%
营业收入	$	2,139	$	1,999	$	140			7		$	6,335	$	5,954	$	381			6
能源成本		839		765		74			10			2,450		2,300		150			7
操作与维护（A）		464		459		5			1			1,395		1,348		47			3
折旧及摊销		254		244		10			4			758		728		30			4
净其他收入（扣除）		18		21		(3	)		(14	)		50		65		(15	)		(23	)
净非营业养老金和OPb抵免（成本）		20		30		(10	)		(33	)		58		86		(28	)		(33	)
利息支出		151		128		23			18			430		364		66			18
所得税支出(福利)		90		53		37			70			241		141		100			71

(A)

包括截至2024年9月30日和2023年9月30日的三个月和九个月的EE计划监管投资支出分别为3300万美元、2200万美元、9000万美元和5800万美元。

截至2024年9月30日的三个月与截至2023年9月30日的三个月相比

营业收入由于交货、商品、条款和其他营业收入的变化，增加了14000万美元。

交付收入增加7400万美元主要是由于

•

电力和天然气分销收入增加6100万美元，主要是由于超额递延所得税负债和与税务修复相关的累计递延所得税收益向客户返还减少2400万美元

税率降低（由所得税发票抵消）、能源强劲II（ESII）征收增加1500万美元、绿色计划恢复费（GPRC）征收增加15亿美元以及销量增加1100万美元。这些增长被CIP脱钩收入减少400万美元部分抵消。

•

输电收入增加了1300万美元，主要是由于费率基础投资增加导致收入需求增加。

商品收入由于电力收入的增加被天然气收入的减少部分抵消，增加了7100万美元。电力和天然气大宗商品收入的变化完全被能源成本的变化所抵消。PSE & G在向零售客户提供BGS（基本发电服务）和基本天然气供应服务（BGSS）方面没有赚取利润。

•

电力商品收入增加7800万美元，主要是由于BGS价格上涨带来的5300万美元和BGS销量上涨带来的2500万美元。

•

天然气商品收入减少700万美元，主要原因是BGSS价格下降。

条款收入减少700万美元，主要是由于社会福利条款（TBC）收入下降1100万美元，以及由于缺乏保证金调整条款收入而减少300万美元。这些减少被税收调整抵免（TAC）和GPRC延期7亿美元净增加部分抵消。TBC和MAC收入以及TAC和GPRC延期金额的变化完全被监管资产和监管负债摊销以及运营与m、D & A、利息和所得税费用的相关成本的变化所抵消。PSE & G不会从TBC或MAC收入或TAC和GPRC延期中赚取利润。

运营费用

能源成本增加了7400万美元。这完全被商品收入和其他运营收入的变化所抵消。

运维增加500万美元，主要是由于净分配和输电支出增加以及服务业账单增加，但部分被条款和可再生能源成本的减少所抵消。

折旧及摊销增加1000万美元，主要是由于投入使用的工厂数量增加导致折旧增加，但部分被监管资产摊销的减少所抵消。

净非营业养老金和OPb抵免减少1000万美元主要是由于净先前服务抵免的摊销减少。

利息支出增加2300万美元，主要是由于增量债务和以更高利率替代到期债务。

所得税费用增加3700万美元，主要是由于超额递延所得税福利的回流减少。

截至2024年9月30日的九个月与截至2023年9月30日的九个月相比

营业收入由于交货、商品、条款和其他营业收入的变化，增加了38100万美元。

交付收入增加16200万美元主要是由于

•

电力和天然气分销收入增加了10600万美元，主要是由于销量增加增加了8000万美元、超额递延所得税负债向客户的回流减少了3000万美元以及税率降低产生的与税务修复相关的累计递延所得税收益，这些收益在所得税发票中被抵消，GPRC系列增加了2600万美元，ESII系列增加了2100万美元。这些增加被CIP脱钩减少的5100万美元部分抵消。

•

输电收入增加了5600万美元，主要是由于费率基础投资增加导致收入需求增加。

商品收入由于电力收入的增加被天然气收入的减少部分抵消，增加了11600万美元。电力和天然气大宗商品收入的变化完全被能源成本的变化所抵消。PSE & G在向零售客户提供BGS和BGSS方面没有赚取利润。

•

由于BGS销量上涨带来12400万美元，以及BGS价格上涨带来10100万美元，电力商品收入增加了22500万美元。

•

天然气商品收入减少10900万美元，主要是由于BGSS价格下降导致14600万美元，部分被BGSS销量上升导致的3700万美元抵消。

条款收入增加6900万美元，主要是由于TAC和GPRC延期增加9200万美元，部分被TBC收入下降2100万美元所抵消。TAC和GPRC延期金额以及TBC收入的变化完全被监管资产和监管负债的摊销以及运营与m、D & A、利息和所得税费用的相关成本的变化所抵消。PSE & G不会从TAC和GPRC延期或TBC收入中赚取利润。

其他营业收入增加3400万美元，主要是由于可再生能源证书收入的增加。

运营费用

能源成本增加了15000万美元。这完全被商品收入和其他运营收入的变化所抵消。

运维增加4700万美元，主要是由于净分配和输电支出增加以及服务费用增加，但部分被条款和可再生能源成本的减少所抵消。

折旧及摊销增加3000万美元，主要是由于投入使用的工厂数量增加导致折旧增加，但部分被监管资产摊销的减少所抵消。

净其他收入（扣除）减少1500万美元，主要是由于施工期间使用的资金津贴减少和利息收入减少。

净非营业养老金和OPb抵免减少2800万美元的主要原因是净先前服务抵免摊销减少。

利息支出增加6600万美元，主要是由于增量债务和以更高利率替代到期债务。

所得税费用增加10000万美元，主要是由于超额递延所得税福利的回流减少和税前收入增加。

PSEG电力及其他



	止三个月						增加/						止九个月						增加/
	9月30日，						(减少)						9月30日，						(减少)
	2024			2023			2024年与2023年						2024			2023			2024年与2023年
	数百万						数百万			%			数百万						数百万			%
营业收入	$	584		$	546		$	38			7		$	2,140		$	3,475		$	(1,335	)		(38	)
能源成本		141			155			(14	)		(9	)		828			1,014			(186	)		(18	)
运维		344			333			11			3			1,020			931			89			10
折旧及摊销		40			38			2			5			116			115			1			1
权益法投资收益		1			—			1		N/A				2			1			1			100
信托投资净收益（损失）		89			(40	)		129		N/A				191			63			128		N/A
净其他收入（扣除）		20			22			(2	)		(9	)		73			71			2			3
非营业养老金和OPb净成本		(2	)		(332	)		(330	)		(99	)		(3	)		(331	)		(328	)		(99	)
利息支出		77			59			18			31			224			190			34			18
所得税支出(福利)		(51	)		(127	)		(76	)		(60	)		(102	)		236			(338	)	N/A

截至2024年9月30日的三个月与截至2023年9月30日的三个月相比

营业收入增加3800万美元，主要是由于发电量和天然气供应以及其他营业收入的变化。

世代收入增加4000万美元主要是由于

•

净增5100万美元，主要是由于2024年平均实现价格上涨，以及

•

与2023年MTm亏损相比，2024年MTm收益净增加4900万美元。其中，与2023年相比，2024年远期价格的变化增加了3300万美元，另外，由于头寸重新分类为结算时实现，增加了1600万美元，

•

主要由于与生产税抵免（PTC）相关的ZEC收入减少而导致的5500万美元净减少部分抵消。

天然气供应收入减少1800万美元主要是由于

•

BGSS合同项下的销售额净减少1300万美元，主要是由于价格下降导致900万美元，销量下降导致400万美元，以及

•

由于销量下降导致1200万美元，向第三方的销售净减少400万美元，部分被销售价格上涨造成的800万美元抵消。

运营费用

能源成本代表发电成本，其中包括发电燃料成本以及市场上购买的能源，以及为履行PSEG Power在与PSE & G的BGSS合同下义务而购买的天然气。能源成本下降1400万美元

气成本减少1400万美元主要原因

•

由于天然气平均成本和销量较低，BGSS合同下的销售额净减少1100万美元，以及

•

净减少300万美元与向第三方的销售有关，主要是由于销量下降导致1100万美元，但由于天然气平均成本上升，部分被800万美元抵消。

运维增加1100万美元，主要是由于核电和长岛电力公司Servco，LLC（Servco）运营成本上涨，部分被向PSE & G收取的服务费用上涨所抵消。参见注3。可变利息实体，了解有关Servco和LIPA的更多信息。

信托投资净收益（损失）增加12900万美元，主要是由于NDt投资，2024年股权证券未实现净收益为7000万美元，而2023年未实现净亏损为4200万美元，2024年净已实现收益增加1500万美元。

非营业养老金和OPb净成本减少33000万美元，主要是由于2023年8月养老金提取结算费用。

利息支出增加1800万美元，主要是由于增量债务和以更高利率替代到期长期债务，部分被定期贷款减少所抵消。

所得税优惠减少7600万美元，主要是由于2024年税前收入较上年增加，部分被核PTC的收益所抵消。

截至2024年9月30日的九个月与截至2023年9月30日的九个月相比

营业收入减少133500万美元，主要是由于发电量和天然气供应以及其他营业收入的变化。

世代收入减少123800万美元主要原因

•

与2023年MTm收益相比，2024年MTm亏损净减少114200万美元。其中，由于头寸重新分类为结算时实现，减少了68400万美元，加上由于2024年远期价格与2023年相比变化，减少了45800万美元，

•

净减少13600万美元，主要是由于与PTC相关的ZEC收入减少，

•

净减少3000万美元，主要是由于根据2023年5月结束的BGS合同销售的电力，以及根据其他负荷合同销售的电力减少，以及

•

容量收入净减少2800万美元，主要是由于容量价格下降，部分被服务负荷量下降导致的容量费用下降所抵消，

•

部分被净增加9400万美元所抵消，主要是由于平均实现价格上涨，部分被2024年销量下降所抵消。

天然气供应收入减少14300万美元，主要原因是

•

BGSS合同项下的销售额净减少17800万美元，主要是由于价格下跌造成的22600万美元，部分被销量上涨造成的4800万美元抵消，

•

部分被净增加2200万美元所抵消，主要是由于MTm损失下降，主要是由于头寸重新分类为结算后实现，部分被远期价格变化所抵消，以及

•

净增加1300万美元与向第三方的销售有关，主要是由于销售价格上涨。

运营费用

能源成本代表发电成本，其中包括发电燃料成本以及市场上购买的能源，以及为履行PSEG Power在与PSE & G的BGSS合同下义务而购买的天然气。能源成本下降18600万美元，原因是

气成本减少17200万美元，主要原因是

•

BGSS合同下的销售净减少18500万美元，其中22500万美元是由于天然气平均成本较低，部分被发送量较高的4000万美元抵消，

•

主要由于天然气平均成本上升而向第三方销售净增加1400万美元，部分抵消了这一增长。

发电成本减少1400万美元，主要是由于服务负荷量减少导致可再生能源信贷要求降低。

运维增加了8900万美元，主要是由于我们拥有100%股权的霍普溪核电站在2024年发生了一次加油停运，而我们拥有57%股权的塞勒姆2核电站在2023年发生了一次停运，以及Servco运营成本上涨，部分被PSE & G的服务费用上涨所抵消。参见注3。可变利息实体，了解有关Servco和LIPA的更多信息。

信托投资净收益（损失）增加12800万美元，主要是由于NDt投资2024年净已实现收益6400万美元，而2023年净已实现亏损600万美元，股权证券未实现收益比上一年增加5600万美元。

非营业养老金和OPb净成本减少32800万美元，主要是由于2023年8月养老金提取结算费用。

利息支出增加3400万美元，主要是由于增量债务和以更高利率替代到期长期债务，部分被定期贷款减少所抵消。

所得税费用减少33800万美元，主要是由于2024年税前收入下降以及核电PTC的受益。

流动性和资本AL资源

以下对我们的流动性和资本资源的讨论是在综合基础上进行的，并指出了我们两个直接主要运营子公司的用途和贡献（如果是重要的）。

营运现金流

我们继续预计我们的运营现金流加上手头现金和融资活动将足以为计划的资本支出和股东股息提供资金。

截至2024年9月30日的九个月，我们的经营现金流与2023年同期相比减少了133000万美元。净减少主要是由于2024年净现金抵押品流出300万美元，而PSEG Power 2023年流入117500万美元，部分被PSE & G的净变化所抵消，如下所述。

PSE&G

与2023年同期相比，截至2024年9月30日的九个月，PSE & G的运营现金流增加了16700万美元，从95200万美元增至111900万美元。这一增长主要是由于2024年没有返还现金抵押品（已于2023年返还给BGS供应商）以及2024年税款减少，但主要由于天然气大宗商品价格下降、监管延期净增加以及供应商和电能付款增加而导致的应收账款和未开票收入减少，部分抵消了这一增长。

短期流动性

PSEG主要通过发行商业票据和不时发行短期贷款来满足其以及PSEG Power的短期流动性要求。PSE & G维持着自己独立的商业票据计划，以满足其短期流动性要求。每个商业票据计划都由其自己单独的信贷设施完全支持。

我们的每项信贷融资的可用性和使用均受到以下所列特定公司的限制;但是，如果有必要，PSEG融资也可用于支持我们子公司的流动性需求。

截至2024年9月30日，我们的承诺信贷融资总额和可用流动性如下：



	截至2024年9月30日
公司/工厂	总设施		用法		可用流动性
	数百万
PSEG	$	1,500	$	561	$	939
PSE&G		1,000		21		979
PSEG Power		1,325		82		1,243
总	$	3,825	$	664	$	3,161

PSEG Power拥有总计20000万美元的未承诺信贷额度，可用于信用证。截至2024年9月30日，PSEG Power在这些未承诺信贷安排下有7500万美元的未偿信用证。此外，PSEG Power的一家子公司拥有15000万美元的未承诺信贷额度，可用于现金抵押品发布。

我们不断监控我们的流动性，并根据需要寻求增加容量以满足我们的流动性要求，包括满足任何额外的抵押品要求。截至2024年9月30日，我们的流动性状况（包括我们的信贷安排和外部融资渠道）预计足以满足我们12个月规划期限内的预计压力需求。PSEG使用考虑不同事件的压力情景来分析其流动性需求，包括大宗商品价格的变化以及PSEG Power失去标准普尔或穆迪投资级信用评级的潜在影响，这将代表其当前穆迪和标准普尔评级的两级下调。如果PSEG Power的信用评级恶化，PSEG Power的某些协议允许交易对手进一步提出要求

性能保证。截至2024年9月30日和2023年12月31日，如果PSEG Power失去其投资级信用评级，我们根据这些协议需要提交的潜在额外抵押品分别约为70500万美元和75100万美元。

有关更多信息，请参阅第1项。说明10.债务和信贷设施。

长期债务融资

在接下来的十二个月里，

•

PSEG拥有55000万美元的0.80%优先票据，将于2025年8月到期，

•

PSE & G拥有25000万美元的3.05%有担保中期票据，J系列，于2024年11月到期，

•

PSE & G拥有35000万美元的3.00%有担保中期票据系列k，于2025年5月到期，以及

•

PSEG Power拥有12.5亿美元的可变利率定期贷款，将于2025年3月到期。

PSEG、PSEG Power、Energy Holdings、PSEG LI和Services参与企业资金池，这是每日现金余额的集合，旨在有效管理各自的短期流动性需求，并计入公司间贷款。Servco不参与企业资金池。Servco的短期流动性需求通过LIPA资助和拥有的账户来满足。

有关更多信息，请参阅第1项。说明10.债务和信贷设施。

普通股分红

2024年7月15日，PSEG董事会批准2024年第三季度每股0.60美元的普通股股息。这反映了每股2.40美元的指示性年度股息率。我们预计将继续为普通股支付现金股息;然而，向普通股持有人宣布和支付未来股息将由董事会自行决定，并取决于许多因素，包括我们的财务状况、盈利、业务的资本要求、替代投资机会、法律要求、监管限制，行业实践和董事会认为相关的其他因素。有关我们普通股现金股息的更多信息，请参阅第1项。说明16.每股收益（每股收益）和股息。

信用评级

如果评级机构降低或撤回我们的信用评级，此类修订可能会对我们证券的市场价格产生不利影响，并大幅增加我们的资本成本并限制资本获取。显示的信用评级针对我们通常发行的证券。显示每个实体信用评级的展望，可以是稳定、负或正。如果评级机构各自的判断根据情况需要，我们无法保证评级将在任何特定时期内持续，也无法保证评级机构不会对其进行修改。一个机构给出的每个评级都应独立于其他机构的评级进行评估。评级不应被解释为购买、持有或出售任何证券的指示。



	穆迪（A）	标准普尔（B）
PSEG
观	稳定	稳定
高级附注	Baa2	BBB
商业票据	P2	A2
PSE&G
观	稳定	稳定
抵押债券	A1	A
商业票据	P2	A2
PSEG Power
观	稳定	稳定
发行人评级	Baa2	BBB

(A)

穆迪长期证券的评级范围为Aaa（最高）至C（最低），短期证券的评级范围为P1（最高）至NP（最低）。2024年6月，穆迪将PSEG Power的信用评级展望从积极改为稳定。

(B)

标准普尔长期证券的评级范围为AAA（最高）至D（最低），短期证券的评级范围为A1（最高）至D（最低）。

资本RE询问

我们预计未来三年的所有资本要求将来自内部产生的资金和外债融资的组合。与2023年10-k表格中披露的金额相比，我们的预计资本支出没有重大变化。

PSE&G

截至2024年9月30日的九个月内，PSE & G的资本支出为215700万美元，主要用于T & D系统可靠性和高级电力计量。此外，PSE & G与资本重置相关的拆除成本（扣除救助后）为13700万美元，EE计划支出为39300万美元，均包含在运营现金流中。

PSEG电力及其他

截至2024年9月30日的九个月内，PSEG Power & Other的资本支出为18000万美元，不包括核燃料的6500万美元，主要与PSEG Power的各个核项目和Services的各个信息技术项目有关。

第三项。

数量和数量关于市场风险的挑衅性披露

我们的市场风险敏感工具和头寸固有的风险是综合财务报表附注中讨论的大宗商品价格、股票证券价格和利率不利变化产生的潜在损失。我们的政策是使用衍生品来管理符合业务计划和审慎做法的风险。我们有一个风险管理委员会，由执行官组成，他们利用风险监督职能来确保遵守我们的公司政策和风险管理实践。

此外，如果不履行或不付款，我们将面临交易对手信用损失的风险。我们拥有信用管理流程，用于评估、监控和减轻交易对手风险。如果主要交易对手不履行或不付款，可能会对我们的财务状况、经营业绩或净现金流量产生重大不利影响。

商品合约

能源相关商品的供应和价格受到天气、环境政策、供需变化、州和联邦监管政策、市场规则和其他事件等因素的波动。为了降低市场波动造成的价格风险，我们与经批准的交易对手签订供应合同和衍生品合同，包括远期、期货、掉期、国库锁和期权。这些合同加上实体销售和其他服务，有助于降低风险并优化自有发电容量的价值。

风险价值（VAR）模型

VAR代表在正常市场条件下，在指定时间段和信心水平内，由于市场因素变化而导致的工具或投资组合的潜在损失。我们估计大宗商品业务的VAR。

MTm VAR由作为经济对冲的MTm衍生品组成。该计算不包括与应计会计制的活动相关的市场风险，主要是我们的发电设施和一些负荷服务活动。

使用的VAR模型是根据头寸变化进行调整的方差/协方差模型，置信水平为95%和99.5%，MTm活动有一天的持有期。这些模型假设在整个持有期内没有新头寸;但是，我们积极管理我们的投资组合。

从2024年7月到9月，在95%的信心水平下，MTm VAR在3200万美元的低点和5700万美元的高点之间变化。与截至2023年12月31日的年度相比，截至2024年9月30日的三个月的VAR范围收窄。



	MTm VAR
	截至2024年9月30日的三个月		截至2023年12月31日的年度
	数百万
95%信心水平，20天内有一天损失可能超过VAR
期间结束	$	40	$	48
本期平均水平	$	43	$	56
高	$	57	$	127
低	$	32	$	24
99.5%信心水平，200天内有一天损失可能超过VAR
期间结束	$	63	$	75
本期平均水平	$	68	$	87
高	$	90	$	198
低	$	50	$	38

参见第1项。注11。讨论信用风险的金融风险管理活动。

第四项。

控制一ND程序

披露控制和程序

PSEG和PSE & G

我们已建立及维持根据1934年《证券交易法》(经修订的《交易法》)颁布的第13a-15(E)及15d-15(E)条规则所界定的披露控制及程序，旨在提供合理保证，确保根据交易法提交或提交的报告所须披露的资料经记录、处理、汇总及报告，并由各实体内的其他人士(视乎情况而定)累积及传达予各公司的首席执行官(CEO)及首席财务官(CFO)，以便及时作出有关所需披露的决定。我们已经成立了一个信息披露委员会，其中包括几名关键的管理层员工，该委员会直接向PSEG和PSE&G的首席财务官和首席执行官报告。该委员会监督和评估这些信息披露控制和程序的有效性。PSEG和PSE&G的首席财务官和首席执行官都评估了披露控制和程序的有效性，并根据这一评估得出结论，截至报告涵盖的期间结束时，各自公司的披露控制和程序在合理的保证水平下是有效的。

内部控制

PSEG和PSE & G

2024年第三季度财务报告内部控制不发生对或合理可能对每个注册人的财务报告内部控制产生重大影响的变化。

第二部分.其他信息MATION

项目1. 法律程序席次

我们参与了各种诉讼以及环境和监管事务，包括在正常业务过程中。有关重大法律诉讼的信息，包括表格10-k第一部分第3项中报告的信息的更新，请参阅第一部分第1项。说明9.本季度报告中的承诺和或有负债，表格10-Q。

项目1A. 风险足总杯主因子

本10-Q表格季度报告中对我们业务和运营的讨论应与10-k表格第一部分第1A项中包含的风险因素一起阅读，该风险因素描述了可能对我们的业务、前景、财务状况、经营结果或现金流，并可能导致结果与本报告其他地方表达的结果存在重大差异。

如果我们无法以我们可以接受的条款签订或延长某些重要合同，这可能会对我们的财务状况和经营业绩产生负面影响。

我们是几个合同的缔约方，也在探索达成这些合同的机会，我们现在或将来可能会从这些合同中获得可观的收入。PSEG Power主要通过与PSE&G签订全要求的BGSS合同来批发天然气，以满足PSE&G默认供气服务客户的需求。2022年，BPU批准将BGSS的长期合同延长至2027年3月31日，此后合同仍然有效，除非任何一方提前两年通知终止合同。PSEG Li与LIPA签订了OSA协议，运营LIPA在长岛的电力研发系统。OSA将持续到2025年，但经双方同意可以延长。此外，PSEG Power根据将于2025年底到期的单独协议向LIPA提供燃料采购和电力管理服务。目前尚不确定这些合同和协议中是否有任何合同和协议会以我们可以接受的条款延长，或者根本不会延长，这可能会对我们的财务状况和经营业绩产生负面影响。此外，我们正在探索根据与数据中心和氢气生产商等大型电力用户的长期协议，可能出售我们核设施中的电力的机会。目前尚不确定我们是否会以我们可以接受的条款成功签订任何此类合同，包括但不限于与各种正在进行的监管程序有关的条款。

项目5. 其他信息整形

下文提供了提交10-k表格以及2024年第一季度和第二季度10-Q后出现的新事项的某些信息。

董事和官员规则10 b5 -1和非规则10 b5 -1交易计划

截至2024年9月30日的三个月内，我们的官员或董事都没有收养，已终止或修改了用于销售PSEG普通股的规则10 b5 -1交易计划或非规则10 b5 -1交易计划。

联邦法规

批发销售的监管-生成/市场问题/市场力量

2023年12月31日表格10-k第10页、2024年3月31日表格10-Q第64页和2024年6月30日表格10-Q第71页。 2024年10月，FERC发布了一项最终规则，取消了发电机在其互连协议规定的正常功率因素范围内运行的情况下对无功功率的补偿。由于PJm需要提交实施本最终规则的合规文件，因此无功补偿损失的时间不确定，其影响仅为预期。PSEG Power目前接受无功补偿，我们正在分析最终规则以确定其对我们的影响。

此外，FERC正在进行的几项诉讼可能会影响涉及核机组电力供应的未来数据中心安排，包括某些数据中心客户是否会根据其配置支付传输服务费用。2024年11月1日，FERC发布命令，拒绝Talen Energy（Talen）、PJm和PPL Electric Utilities之间的修订后协议，该协议将允许Talen从其一个核机组中撤回超出之前批准的增量电力，以向邻近的数据中心提供电力。FERC还在更广泛地审查有关大客户位于发电设施是否以及在多大程度上对可靠性、成本和客户产生潜在影响的问题。我们无法预测这些诉讼的结果。

容量市场问题

2024年9月，多方向FERC提出投诉，指控PJm容量市场设计不公正、不合理，因为它没有正确反映合同承诺在规定的时间内继续运行的退役发电机组的可靠性贡献。 2024年10月，PJm发布通知，称其打算请求FERC授权将原定于2024年12月举行的2026/2027年基本剩余拍卖推迟约六个月，以便PJm有足够的时间与其成员讨论容量市场规则的潜在变化，这些变化可以在未来的文件中提交给FERC。根据PJm提出的变化和随后的FERC行动，此类变化可能会影响发电商在2026/2027交付年和未来交付年获得的容量收入。

合规性-可靠性标准

2024年9月，FERC提议修改NERC的关键基础设施保护（CIP）可靠性标准。首先，FERC提议批准制定一项新的CIP标准，要求实体扩大监控恶意网络活动的力度。其次，FERC指示NERC修改供应链标准，以确保实体正确识别、评估和应对其供应链风险计划中的风险，包括设定进行风险评估和安装采购设备之间的最长时间框架。FERC还指示NERC修改供应链标准，以扩大受供应链保护的设备类型。

国家法规

区域能源获取（REA）扩建项目

2024年9月，哥伦比亚特区巡回法院撤销了FERC对REA扩建项目的批准，该项目涉及一条穿过新泽西州和其他几个州的天然气管道，PSEG Energy Resources & Trade，LLC是满足PSE & G BGSS客户的天然气供应供应商。法院发现，FERC未能正确考虑该项目的环境后果，以及新泽西州涉嫌缺乏市场对额外天然气产能的需求。PSEG正在监控和评估这一正在进行的程序，这可能会影响FERC对未来天然气项目的分析，以及PSE & G对基本天然气供应服务的供应和提供。

BGS流程

2024年6月，包括PSE & G在内的新泽西州EDCs提交了年度联合提案，以进行2025年2月BGS拍卖，涵盖2026年至2028年能源年度。 PSE & G联合文件中针对公司的附录包括一项针对住宅客户的可选为期两年的使用时间费率试点计划的提案。

电动汽车（EV）活动

2023年12月31日表格10-k，第13页。 2021年6月，BPU发布了初步的稻草提案，并于2022年12月发布了修订后的稻草提案，旨在为新泽西州的中型和重型电动汽车建立电动汽车基础设施生态系统。2024年10月，BPU发布了一项命令，为电力公司运营的中型和重型充电激励计划提供了计划指南和最低备案要求。该命令将PSE & G的计划投资上限为3000万美元，并要求电力公用事业公司在2025年2月20日之前提交计划文件。

电网现代化

2023年12月31日表格10-k第13页. 2022年6月，经过顾问研究，BPU工作人员发布了一份电网现代化报告，其中包含更新BPU互连法规和流程的调查结果和建议。为了推进这些建议，BPU于2024年6月发布了拟议规则征求公众意见，修改了其互连规则，以加快可再生资源与配电网的互连。另外，2024年7月，BPU工作人员召集了一个工作组，制定分布式能源综合分配规划建议，作为其电网现代化计划的一部分。

环境问题

有害物质责任

根据2022年“脏水”立法，NJDPP对PSE & G等公用事业公司产生的土壤和其他废物的运输、处理和处置提出了新要求。NJDPP尚未最终确定要求，因此PSE & G无法量化遵守这些潜在新要求所增加的成本。

项目6.ExhIBITS

与本文件一起归档的物证清单如下：


a. PSEG：
图表10.1：		与塔玛拉·L的协议林德，日期：2024年9月16日
图表10.2：		与Grace Park的协议，日期为2024年9月16日
证据31：		Ralph LaRossa根据1934年法案第13 a-14和15 d-14条进行认证
表31.1：		Daniel J. Cregg根据1934年法案第13 a-14条和第15 d-14条进行认证
证据32：		Ralph LaRossa根据美国法典第18篇第63章第1350条进行的认证
表32.1：		Daniel J. Cregg根据美国法典第18篇第63章第1350条进行的认证
图表101.IN：		Inline DatabRL实例文档-实例文档不会出现在交互式数据文件中，因为其MBE标签嵌入Inline DatabRL文档中。
附件101.SCH：		内联XBRL分类扩展架构
证据104：		封面交互数据文件(格式为内联XBRL，包含在附件101中)

B. PSE & G：
图表10.1：		与塔玛拉·L的协议林德，日期：2024年9月16日
图表10.2：		与Grace Park的协议，日期为2024年9月16日
表31.2：		Ralph LaRossa根据1934年法案第13 a-14和15 d-14条进行认证
表31.3：		Daniel J. Cregg根据1934年法案第13 a-14条和第15 d-14条进行认证
表32.2：		Ralph LaRossa根据美国法典第18篇第63章第1350条进行的认证
表32.3：		Daniel J. Cregg根据美国法典第18篇第63章第1350条进行的认证
图表101.IN：		Inline DatabRL实例文档-实例文档不会出现在交互式数据文件中，因为其MBE标签嵌入Inline DatabRL文档中。
附件101.SCH：		内联XBRL分类扩展架构
证据104：		封面交互数据文件(格式为内联XBRL，包含在附件101中)

签名

根据1934年证券交易法第13或15（d）条的要求，登记人已正式促使以下正式授权的签署人代表其签署本报告。以下签署公司的签署应被视为仅与涉及该公司及其任何子公司的事项有关。


P大众化 S埃尔维斯 ENTERPRISE G组 I已编
(注册人)

发信人：	/S/ ROSE M. C赫尼克
	罗斯m。切尼克总裁副主计长 (首席会计主任)

日期：2024年11月4日

签名


P大众化 S埃尔维斯 ELectric 一ND GAS COPANY
(注册人)

发信人：	/S/ ROSE M. C赫尼克
	罗斯m。切尼克总裁副主计长 (首席会计主任)

日期：2024年11月4日