10-Q

美國

證券交易委員會

華盛頓特區，20549

形式 10-Q

(標記一)

☒ 根據《公約》第13或15（d）條提交的季度報告
1934年《證券交易法》

截至本季度末9月30日， 2024

或

☐ 根據《憲法》第13或15(D)條提交的過渡報告
1934年《證券交易法》

過渡期到


選委會文件編號	註冊人姓名、地址和電話號碼			國家或其他管轄成立爲法團或組織	稅務局僱主識別號
001-09120	公共服務企業集團公司			新澤西	22-2625848
	80公園廣場
	紐瓦克,	新澤西	07102
	973	430-7000

001-00973	公共服務電力和天然氣公司			新澤西	22-1212800
	80公園廣場
	紐瓦克,	新澤西	07102
	973	430-7000

根據該法第12(B)條登記的證券：


每個班級的標題		交易代碼	每個交易所的名稱在其上註冊的
公共服務企業集團公司
	無面值普通股	釘釘	紐約證券交易所
公共服務電力和天然氣公司
	8.00%第一筆和退款抵押債券，2037年到期	PEG37 D	紐約證券交易所
	5.00%第一筆和退款抵押債券，2037年到期	PEG37 J	紐約證券交易所

通過複選標記確定登記人是否（1）在過去12個月內（或在登記人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。是的沒有

通過勾選來驗證註冊人是否已在過去12個月內（或要求註冊人提交此類文件的較短期限內）以電子方式提交了根據S-t法規第405條（本章第232.405條）要求提交和發佈的所有互動數據文件。是的沒有

通過勾選標記來確定每個註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司。請參閱《交易法》第120億.2條規則中「大型加速備案人」、「加速備案人」、「小型報告公司」和「新興成長型公司」的定義。


公共服務企業集團公司	大型加速文件服務器	☒	加速文件管理器	☐	非加速文件服務器	☐	規模較小的報告公司	☐	新興成長型公司	☐

公共服務電力和天然氣公司	大型加速文件服務器	☐	加速文件管理器	☐	非加速文件服務器	☒	規模較小的報告公司	☐	新興成長型公司	☐

（封面繼續在下一頁）

（封面接上一頁）

如果任何註冊人是新興成長型公司，請通過勾選標記表明該註冊人是否選擇不利用延長的過渡期來遵守根據《交易法》第13（a）條規定的任何新的或修訂的財務會計準則。☐

通過複選標記檢查任何註冊人是否是空殼公司（定義見《交易法》第120億.2條）。是的否 ☒

截至2024年10月22日，公共服務企業集團股份有限公司優秀 498,225,421 其唯一普通股類別的股票，不含面值。

截至2024年10月22日，公共服務電力天然氣公司已發行且未償還 132,450,344 普通股，不含面值或面值，均由公共服務企業集團有限公司私人持有，並記錄在案。

公共服務電力和天然氣公司是公共服務企業集團Incorporated的全資子公司，符合10-Q表格一般指令H（1）中規定的條件。公共服務電力和天然氣公司正在提交10-Q表格季度報告，採用一般指令H授權的簡化披露格式。


		頁面
前瞻性陳述		ii
歸檔格式		iii
第一部分財務信息
項目1.	財務報表
	公共服務企業集團公司	1
	公共服務電力和天然氣公司	7
	公司簡明綜合財務報表附註
	注1.組織、呈列基礎和重要會計政策	13
	說明2.收入	14
	說明3.可變利益實體（VIE）	19
	說明4.費率歸檔	20
	說明5.租賃	22
	說明6.應收款項融資	22
	說明7.信託投資	24
	說明8.養老金和其他退休後福利（OPB）	29
	說明9.承擔及或然負債	31
	說明10.債務和信貸便利	37
	注11。金融風險管理活動	38
	說明12.公平值計量	43
	注13。淨其他收入（扣除）	48
	附註14.所得稅	49
	說明15.累計其他綜合收益（損失），扣除稅	51
	說明16.每股收益（每股收益）和股息	54
	說明17.按業務部門分類的財務信息	54
	注18。關聯交易	56
項目2.	管理層對財務狀況和經營成果的探討與分析	57
	2024年高管概覽及未來展望	57
	經營成果	64
	流動性與資本資源	69
	資本要求	71
項目3.	關於市場風險的定量和定性披露	72
項目4.	控制和程序	73
第二部分：其他信息
項目1.	法律訴訟	74
第1A項。	危險因素	74
第五項。	其他信息	74
第六項。	陳列品	77
	簽名	78

前瞻性吳昌俊聲明

本報告中討論的有關我們和我們子公司未來業績的某些事項，包括但不限於未來的收入、收益、戰略、前景、後果以及所有其他非純粹歷史性的陳述，均構成1995年私人證券訴訟改革法所指的「前瞻性陳述」。此類前瞻性陳述會受到風險和不確定因素的影響，這可能會導致實際結果與預期大相徑庭。這類陳述是基於管理層的信念以及管理層作出的假設和目前可獲得的信息。在本文中使用的詞語「預期」、「打算」、「估計」、「相信」、「預期」、「計劃」、「應該」、「假設」、「潛在」、「預測」、「項目」，這些詞語和類似表述的變體旨在識別前瞻性陳述。可能導致實際結果不同的因素通常與前瞻性陳述一起列示。其他可能導致實際結果與我們在此所作的任何前瞻性聲明中預期的結果大不相同的因素在我們提交給美國證券交易委員會(美國證券交易委員會)的文件中有所討論，這些文件包括我們的10-k表格年度報告以及後續的10-Q表格和8-k表格報告。這些因素包括但不限於：

•

無法成功開發、獲得監管批准或建設輸電和配電以及我們的核電項目;

•

與氣候變化相關的物理、財務和轉型風險，包括與可能增加的立法和監管負擔、不斷變化的客戶偏好和訴訟相關的風險;

•

任何設備故障、事故、關鍵操作技術或業務系統故障、自然災害、惡劣天氣事件、戰爭行爲、恐怖主義或其他暴力行爲、破壞、物理攻擊或安全漏洞、網絡攻擊或其他可能影響我們向客戶提供安全可靠服務的能力的事件;

•

無法收回我們長期資產的賬面金額;

•

我們的供應鏈中斷或成本增加，包括勞動力短缺;

•

無法維持足夠的流動性或以商業上合理的條款獲得足夠的資本;

•

網絡安全攻擊或入侵或其他中斷對我們的信息技術、運營或其他系統的影響;

•

從天然氣轉向增加電氣化和減少天然氣使用;

•

未能吸引和留住合格的勞動力;

•

設備、材料、燃料、服務和勞動力成本增加;

•

債務工具和信貸協議中的契約對我們業務的影響;

•

我們的固定收益計劃信託基金和核退役信託基金的不良表現以及資金需求的增加;

•

無法以我們可以接受的條款簽訂或延長某些重要合同;

•

我們和我們的第三方供應商開發、採用和使用人工智能;

•

批發電力和天然氣市場的波動或第三方違約風險，包括對我們發電機組經濟可行性的潛在影響;

•

我們獲得足夠核燃料供應的能力;

•

與能源生產、分配和消費相關的技術變化以及客戶使用模式的變化;

•

與我們出售核電產出和購買核燃料相關的第三方信用風險;

•

無法履行我們在遠期銷售義務和區域輸電組織規則下的承諾;

•

州和聯邦立法和法規的變化對我們業務的影響，包括PSE & G收回成本和從授權投資中賺取回報的能力;

•

PSE & G擬議的投資項目或計劃可能未獲得監管機構完全批准，其資本投資可能低於計劃;

•

我們有能力從市場、生產稅抵免和/或零排放證書計劃爲新澤西州核電站獲得足夠的財政支持;

•

能源行業法律、政策、法規和標準的不利變化和不遵守，包括市場結構和輸電規劃和輸電回報;

•

與我們核設施的所有權和運營相關的風險，包括核燃料儲存成本增加、監管風險（例如遵守《原子能法》和貿易管制、環境和其他法規），以及運營、財務、環境、健康和安全風險;

•

聯邦和州環境法律法規和執行的變化;

•

延遲收到或無法收到必要的許可證和許可以及選址批准;以及

•

稅收法律法規的變化。

本報告中的所有前瞻性陳述均受到這些警示性陳述的限制，我們無法向您保證管理層預期的結果或發展將實現，或者即使實現，也將對我們或我們的業務、前景、財務狀況、經營結果或現金流產生預期的後果或影響。請讀者在做出任何投資決定時不要過度依賴這些前瞻性陳述。本報告中的前瞻性陳述僅適用於本報告日期。雖然我們可能會選擇不時更新前瞻性陳述，但我們明確聲明不承擔任何這樣做的義務，即使是在新信息或未來事件的情況下，除非適用的證券法另有要求。

本報告中包含的前瞻性陳述旨在符合修訂後的1933年證券法第27 A條和修訂後的1934年證券交易法第21 E條的安全港條款。

PSEG和PSE & G不時通過其企業投資者關係網站https://investor.pseg.com上的帖子發佈重要信息。鼓勵投資者和其他感興趣方訪問投資者關係網站審查新帖子。您可以在https://investor.pseg.com網頁底部註冊有關新帖子的自動電子郵件提醒https://investor.pseg.com/resources/email-alerts/default.aspx或導航至www.example.com的電子郵件提醒網頁。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。

備案格式

這份合併的10-Q表格季度報告由公共服務企業集團股份有限公司（PSEG）和公共服務電力和天然氣公司（PSE & G）分別提交。與任何個別公司相關的信息均由該公司代表其自己提交。PSE & G僅對有關其自身及其子公司的信息負責。

整個文件的討論涉及PSEG及其直接運營子公司。根據每個部分的上下文，對「我們」、「我們」和「我們的」的提及與PSEG或與正在討論的特定公司或公司有關。

iii

公共服務入境RPRISE集團已註冊

簡明合併業務報表

百萬美元，每股數據除外

（未經審計）



	止三個月						止九個月
	9月30日，						9月30日，
	2024			2023			2024			2023
營業收入	$	2,642		$	2,456		$	7,825		$	8,632
運營費用
能源成本		899			831			2,628			2,517
運維		808			792			2,415			2,279
折舊及攤銷		294			282			874			843
總運營費用		2,001			1,905			5,917			5,639
營業收入		641			551			1,908			2,993
權益法投資收益		1			—			2			1
信託投資淨收益（損失）		89			(40	)		191			63
淨其他收入（扣除）		37			41			119			132
淨非營業養老金和其他退休後福利（OPB）抵免（成本）		18			(302	)		55			(245	)
利息支出		(227	)		(185	)		(650	)		(550	)
所得稅前收入		559			65			1,625			2,394
所得稅優惠(費用)		(39	)		74			(139	)		(377	)
淨收入	$	520		$	139		$	1,486		$	2,017
加權平均已發行普通股：
基本		498			498			498			497
稀釋		500			500			500			500
每股淨收入：
基本	$	1.04		$	0.28		$	2.98		$	4.06
稀釋	$	1.04		$	0.27		$	2.97		$	4.03

請參閱簡明合併財務報表附註。

公共服務企業集團陷入困境

簡明綜合全面收益表

數百萬

（未經審計）



	止三個月						止九個月
	9月30日，						9月30日，
	2024			2023			2024		2023
淨收入	$	520		$	139		$	1,486	$	2,017
其他綜合收益(虧損)，稅後淨額
可供出售證券的未實現收益（損失），扣除稅款（費用）收益$（24), $19, $(14)及$8 分別截至2024年和2023年的三個月和九個月		37			(31	)		22		(13	)
現金流對沖未實現收益（損失），扣除稅款（費用）收益$3, $(4), $(4)和$(8）分別截至2024年和2023年的三個月和九個月		(8	)		11			9		21
養老金/OPb調整，扣除稅款（費用）福利$（1), $(126), $(2)和$(129）分別截至2024年和2023年的三個月和九個月		2			322			6		329
其他綜合收益(虧損)，稅後淨額		31			302			37		337
綜合收益	$	551		$	441		$	1,523	$	2,354

請參閱簡明合併財務報表附註。

公共服務企業集團陷入困境

CONDENSED CONSOLIDATED BALANCE SHEETS

數百萬

（未經審計）



	9月30日， 2024			12月31日， 2023
資產
流動資產
現金和現金等價物	$	203		$	54
應收賬款，扣除備抵美元235 2024年和美元279 2023年		1,451			1,482
稅應收		148			10
未計費收入，扣除津貼$3 2024年和美元4 2023年		183			244
燃料		271			264
材料和用品，淨		907			759
提前還款		278			144
衍生工具合約		35			112
監管資產		489			273
其他		27			31
流動資產總額		3,992			3,373
財產、廠房和設備		50,615			48,603
減：累計折舊和攤銷		(11,014	)		(10,572	)
淨財產、廠房和設備		39,601			38,031
非流動資產
監管資產		6,034			5,157
經營租賃使用權資產		167			179
長期投資		265			295
核退役信託（NDT）基金		2,799			2,524
可變利率實體（VIE）長期應收賬款		641			632
拉比信託基金		175			179
衍生工具合約		36			29
其他		370			342
非流動資產共計		10,487			9,337
總資產	$	54,080		$	50,741

請參閱簡明合併財務報表附註。

公共服務企業集團陷入困境

CONDENSED CONSOLIDATED BALANCE SHEETS

數百萬

（未經審計）



	9月30日， 2024			12月31日， 2023
負債和資本化
流動負債
一年內到期的長期債務	$	2,400		$	1,500
商業票據和貸款		547			949
應付帳款		1,121			1,214
衍生工具合約		18			86
應計利息		225			170
應計稅		15			8
清潔能源計劃		185			145
返還現金抵押品的義務		93			89
監管責任		603			349
其他		651			547
流動負債總額		5,858			5,057
非流動負債
遞延所得稅和投資稅收抵免（ITC）		7,190			6,671
監管責任		2,309			2,075
經營租約		159			173
資產報廢債務		1,497			1,468
OPB成本		321			349
Servco的OPb成本		533			514
應計養老金成本		595			606
Servco的應計養老金成本		91			102
環境成本		229			213
衍生工具合約		6			6
長期應稅稅		41			45
其他		196			201
非流動負債總額		13,167			12,423
承諾和持續負債（見注9）
大寫
長期債務		18,960			17,784
股東權益
普通股，沒有標準，授權 1,000 股票;發行，2024年和2023年-534中國股票		5,036			5,018
國庫券，按成本計算，2024年和2023年-36中國股票		(1,405	)		(1,379	)
留存收益		12,606			12,017
累計其他綜合損失		(142	)		(179	)
股東權益總額		16,095			15,477
總市值		35,055			33,261
總負債和資本化	$	54,080		$	50,741

請參閱簡明合併財務報表附註。

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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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(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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(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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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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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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(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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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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(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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(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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(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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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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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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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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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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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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	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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(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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(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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(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)

下表列出了有關PSEG和PSE & G各自按公允價值經常性計量的資產和（負債）的信息 2024年9月30日和2023年12月31日，包括公允價值計量和用於確定這些公允價值的輸入水平。PSEG顯示的金額包括PSE & G顯示的金額。



	截至2024年9月30日的經常性公允價值計量
描述	總			淨結算（E）			相同資產的市場報價 (1級)			重要的其他可觀察到的投入 (2級)			無法觀察到的重要輸入 (3級)
	數百萬
PSEG
資產：
現金等值物（A）	$	110		$	—		$	110		$	—		$	—
衍生品合同：
能源相關合同（B）	$	69		$	(947	)	$	3		$	1,013		$	—
利率衍生品（C）	$	2		$	—		$	—		$	2		$	—
NDt基金（D）
股權證券	$	1,455		$	—		$	1,455		$	—		$	—
債務證券-美國財政部	$	348		$	—		$	—		$	348		$	—
債務證券-政府其他	$	422		$	—		$	—		$	422		$	—
債務證券-公司	$	542		$	—		$	—		$	542		$	—
拉比信託基金（D）
股權證券	$	19		$	—		$	19		$	—		$	—
債務證券-美國財政部	$	57		$	—		$	—		$	57		$	—
債務證券-政府其他	$	30		$	—		$	—		$	30		$	—
債務證券-公司	$	69		$	—		$	—		$	69		$	—
負債：
衍生品合同：
能源相關合同（B）	$	(20	)	$	982		$	(1	)	$	(1,000	)	$	(1	)
利率衍生品（C）	$	(4	)	$	—		$	—		$	(4	)	$	—
PSE&G
資產：
現金等值物（A）	$	110		$	—		$	110		$	—		$	—
拉比信託基金（D）
股權證券	$	3		$	—		$	3		$	—		$	—
債務證券-美國財政部	$	11		$	—		$	—		$	11		$	—
債務證券-政府其他	$	5		$	—		$	—		$	5		$	—
債務證券-公司	$	13		$	—		$	—		$	13		$	—

簡明合併財務報表附註

(未經審計)



	截至2023年12月31日的經常性公允價值計量
描述	總			淨結算（E）			相同資產的市場報價 (1級)			重要的其他可觀察到的投入 (2級)			無法觀察到的重要輸入 (3級)
	數百萬
PSEG
資產：
現金等值物（A）	$	20		$	—		$	20		$	—		$	—
衍生品合同：
能源相關合同（B）	$	135		$	(1,217	)	$	13		$	1,339		$	—
利率衍生品（C）	$	6		$	—		$	—		$	6		$	—
NDt基金（D）
股權證券	$	1,310		$	—		$	1,310		$	—		$	—
債務證券-美國財政部	$	293		$	—		$	—		$	293		$	—
債務證券-政府其他	$	398		$	—		$	—		$	398		$	—
債務證券-公司	$	522		$	—		$	—		$	522		$	—
拉比信託基金（D）
股權證券	$	18		$	—		$	18		$	—		$	—
債務證券-美國財政部	$	59		$	—		$	—		$	59		$	—
債務證券-政府其他	$	32		$	—		$	—		$	32		$	—
債務證券-公司	$	70		$	—		$	—		$	70		$	—
負債：
衍生品合同：
能源相關合同（B）	$	(75	)	$	1,239		$	(1	)	$	(1,311	)	$	(2	)
利率衍生品（C）	$	(17	)	$	—		$	—		$	(17	)	$	—
PSE&G
資產：
現金等值物（A）	$	20		$	—		$	20		$	—		$	—
拉比信託基金（D）
股權證券	$	3		$	—		$	3		$	—		$	—
債務證券-美國財政部	$	11		$	—		$	—		$	11		$	—
債務證券-政府其他	$	6		$	—		$	—		$	6		$	—
債務證券-公司	$	12		$	—		$	—		$	12		$	—

(A)

代表貨幣市場共同基金。

(B)

一級-這些合約代表在交易所執行的天然氣期貨合約，僅根據直接來自交易所的結算定價投入進行估值。

第2級--與能源有關的合同的公允價值主要使用基於市場的方法獲得。大多數衍生品合約(遠期買入或賣出合約和掉期合約)是使用來自紐約商品交易所、洲際交易所和節點交易所等類似資產和負債的結算價格或拍賣價格進行估值的。估值過程中使用的價格也由管理層獨立核實，以確定價值基於實際交易數據，或在沒有交易的情況下，基於當日的出價和要約。例如，某些交易所和非交易所交易的容量和電力合同以及基於市場價格的天然氣實物或掉期合同、基數調整和其他溢價，在這些情況下，調整和溢價被認爲對總體投入不重要。

第三級--不可觀察的投入用於某些合同的估值。有關使用不可觀測輸入的更多信息，請參閱「有關3級測量的其他信息」。

簡明合併財務報表附註

(未經審計)

(C)

利率衍生品的估值使用通常報價區間上的報價，這些區間是在不同於報價區間的時段內插的，作爲市場估值模型的輸入。市場投入通常是可以核實的，模型選擇不涉及重大的管理層判斷。

(D)

公允價值計量表格不包括現金和#美元的外幣。32百萬美元和美元1截至無損檢測基金的百萬美元2024年9月30日和2023年12月31日。無損檢測基金維持對各種股權和固定收益證券的投資。拉比信託基金投資於一只羅素3000指數基金和各種固定收益證券。這些證券通常以交易所提供的價格(股權證券)或可比證券的市場交易和/或經紀商報價(固定收益證券)的價格進行估值。

第1級--NDT基金內的有價證券投資主要是對廣泛行業和部門的普通股的投資。大多數股權證券的定價使用主要市場收盤價，或者在某些情況下，使用中間價、買入或要價。NDT和Rabbi信託基金中的某些其他股權證券主要包括對貨幣市場基金的投資，這些基金尋求高水平的當前收入，這與資本保存和維持流動性是一致的。爲了實現其目標，這些基金通常投資於多元化的投資組合，包括高質量的短期美元計價債務證券和政府債券。這些基金的資產淨值是每天定價和公佈的。Rabbi Trust的羅素3000指數基金基於活躍市場的報價進行估值，可以不受限制地每天贖回。

Level 2-NDT和Rabbi Trust固定收益證券包括投資級公司債券、抵押貸款債券、資產支持證券和某些政府和美國國債或聯邦機構資產支持證券和期限廣泛的市政債券。由於許多固定收益證券不是每天交易，它們的定價方法根據資產類別的不同而有所不同，並反映了可觀察到的市場信息，如類似證券的最新交換價格或報價。基於市場的標準投入通常包括基準收益率、報告的交易、經紀商/交易商報價和發行人利差。某些短期投資的估值使用可觀察到的市場價格或市場參數，如到期時間、票面利率、質量評級和當前收益率。

(E)

指與同一交易對手(如有抵銷權)的公允價值結餘淨額及抵押品的運用。更多詳情見附註11.財務風險管理活動。

簡明合併財務報表附註

(未經審計)

有關3級測量的其他信息

對於既包括可觀察到的投入又包括不可觀察到的投入的估值，如果不可觀察到的投入被確定爲對整體投入重要，則整個估值被歸類爲3級。這包括使用期限延長至沒有可觀察到定價的期間的合同的指示性報價進行估值的衍生品。在無法獲得可觀測數據的情況下，將考慮市場參與者在評估資產或負債時將使用的假設。這包括對流動性、波動性和合約期限等市場風險的假設。這類工具被歸類爲第三級，因爲模型輸入一般是看不到的。PSEG在評估交易對手的信用和不履行風險時，將信用和不履行風險納入第二和第三級衍生品合約的估值中，包括歷史和當前市場數據。信貸風險和不履行風險對財務報表的影響不大。

截至2024年9月30日，PSEG攜帶$3.1按公允價值經常性計量的淨資產，其中#美元1百萬美元的淨負債是使用不可觀察的投入計量的，並在公允價值層次中被歸類爲第三級，被認爲是非實質性的。

截至2023年9月30日，PSEG攜帶$2.5按公允價值經常性計量的淨資產，其中#美元4百萬美元的淨負債是使用不可觀察的投入計量的，並在公允價值層次中被歸類爲第三級，被認爲是非實質性的。

在截至2024年9月30日和2023年9月30日的9個月裏，分別沒有資金從Level 3轉移到Level 3。

債務公允價值

估計公允價值、賬面金額和用於確定長期債務公允價值的方法2024年9月30日和2023年12月31日包括在下表和附註中。



	截至2024年9月30日				截至2023年12月31日
	攜帶量		公平價值		攜帶量		公平價值
	數百萬
長期債務：
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
長期債務總額	$	21,360	$	20,463	$	19,284	$	17,950

(A)

鑑於這些債券交易不活躍，應稅債務證券的公允價值金額（主要是2級測量）通常由使用基於市場的測量的估值模型確定，這些測量通過基於規則的定價方法進行處理。上述公允價值金額並不代表各發行人根據各自債務協議可能要求贖回未償債務的價格。

(B)

賬面價值接近公允價值的私人定期貸款（2級衡量）。

簡明合併財務報表附註

(未經審計)

注意 13.淨其他收入（扣除）



	PSE&G		PSEG電力及其他（A）			已整合
	數百萬
截至2024年9月30日的三個月
NDt基金利息和股息	$	—	$	21		$	21
施工期間使用的資金撥備		11		—			11
太陽能貸款利息		1		—			1
其他利益		4		3			7
其他		2		(5	)		(3	)
其他淨收入總額（扣除）	$	18	$	19		$	37
截至2024年9月30日的九個月
NDt基金利息和股息	$	—		61		$	61
施工期間使用的資金撥備		31		—			31
太陽能貸款利息		4		—			4
其他利益		7		19			26
其他		8		(11	)		(3	)
其他淨收入總額（扣除）	$	50	$	69		$	119
截至2023年9月30日的三個月
NDt基金利息和股息	$	—	$	16		$	16
施工期間使用的資金撥備		15		—			15
太陽能貸款利息		2		—			2
其他利益		3		6			9
其他		1		(2	)		(1	)
其他淨收入總額（扣除）	$	21	$	20		$	41
截至2023年9月30日的9個月
NDt基金利息和股息	$	—	$	50		$	50
施工期間使用的資金撥備		45		—			45
太陽能貸款利息		6		—			6
其他利益		10		22			32
其他		4		(5	)		(1	)
其他淨收入總額（扣除）	$	65	$	67		$	132

(A)

PSEG Power & Other包括PSEG Power、Energy Holdings、PSEG LI、Services、PSEG（母公司）和公司間沖銷的活動。

簡明合併財務報表附註

(未經審計)

注14.所得稅

PSEG報告的所得稅費用與稅前收入乘以法定聯邦所得稅率計算的金額的對賬 21%如下：



	止三個月						止九個月
PSEG	9月30日，						9月30日，
	2024			2023			2024			2023
	數百萬
稅前收入	$	559		$	65		$	1,625		$	2,394
按法定稅率計算稅收增加（減少）21%歸因於：	$	117		$	14		$	341		$	503
州所得稅（扣除聯邦所得稅）		38			(1	)		112			157
NDt基金		11			(3	)		26			11
不確定的稅收狀況		1			1			3			(6	)
租賃活動		—			—			—			(17	)
GPRC-CEF-EE		(16	)		(13	)		(44	)		(36	)
稅收抵免		(90	)		(2	)		(195	)		(7	)
預計年度有效稅率中期調整		14			9			1			(7	)
TAC		(33	)		(62	)		(100	)		(188	)
其他		(3	)		(17	)		(5	)		(33	)
小計		(78	)		(88	)		(202	)		(126	)
所得稅總髮票（福利）	$	39		$	(74	)	$	139		$	377
有效所得稅率		7.0	%	N/A				8.6	%		15.7	%

PSE & G報告的所得稅費用與稅前收入乘以法定聯邦所得稅率計算的金額的對賬 21%如下：



	止三個月						止九個月
PSE&G	9月30日，						9月30日，
	2024			2023			2024			2023
	數百萬
稅前收入	$	469		$	454		$	1,410		$	1,365
按法定稅率計算稅收增加（減少）21%歸因於：	$	98		$	95		$	296		$	287
州所得稅（扣除聯邦所得稅）		32			33			99			100
不確定的稅收狀況		—			—			—			(5	)
稅收抵免		(2	)		(2	)		(6	)		(7	)
GPRC-CEF-EE		(16	)		(13	)		(44	)		(36	)
TAC		(33	)		(62	)		(100	)		(188	)
壞賬流通		(3	)		(2	)		(9	)		(9	)
其他		14			4			5			(1	)
小計		(8	)		(42	)		(55	)		(146	)
所得稅總支出	$	90		$	53		$	241		$	141
有效所得稅率		19.2	%		11.7	%		17.1	%		10.3	%

PSEG和PSE & G的中期所得稅費用總額（福利）使用估計的年度有效稅率確定，並根據相關期間考慮的離散項目（如果有）進行調整。每個季度，PSEG和PSE & G都會更新各自的估計年度有效稅率，如果估計稅率發生變化，PSEG和PSE & G會進行累計調整。

簡明合併財務報表附註

(未經審計)

2022年8月，《降低通脹法案》(IRA)簽署成爲法律。愛爾蘭共和軍頒佈了新的15%的企業替代最低稅(CAMT)，該稅基於調整後的財務報表收入，於2023年生效，並對現有的能源稅收抵免法進行了某些修改。

PSEG已經確定，它不受2023年和2024年CAMT的約束，因爲根據法規，它不是適用的公司。美國財政部於2024年9月發佈了一份擬議規則制定通知，提供了有關CAMt的擬議法規。擬議的CAMT條例和某些相關規則仍然不清楚，需要進一步指導。因此，CAMT對PSEG和PSE&G財務報表的影響有待繼續評估。

愛爾蘭共和軍爲現有符合條件的核能發電設施設立了新的PTC，有效期至2024年至2032年；新技術中性能源稅收抵免，包括新核電機組和增加核能發電能力，從2025年起生效；以及能源稅收抵免的可轉讓性，從2023年起生效。

如果滿足普遍的工資要求，特定核設施的PTC可以乘以5，並且PTC的價值被設計爲隨着設施總收入的增加而逐步減少。PTC比率和逐步減少的金額都取決於美國國稅局對年度通貨膨脹率的確定。

2024年，PSEG根據會計準則編纂主題740，在其合併經營報表中記錄了PSEG核電站產生的估計PTC的收益，包括所得稅費用。所得稅. 記錄的數額可能會根據若干因素髮生變化，這些因素包括但不限於對估計市場價格和收入的調整以及財務處/國稅局發佈的權威指導，包括澄清用於確定逐步淘汰的「總收入」的定義。對以前記錄的金額的任何調整都可能是實質性的。

頒佈更多的聯邦或州稅收立法，以及澄清之前頒佈的稅法，可能會影響PSEG和PSE&G的財務報表。

簡明合併財務報表附註

(未經審計)

注15.累計其他綜合收益（損失），扣除稅



	截至2024年9月30日的三個月
累計其他綜合收益(虧損)	現金流對沖			養老金和OPb計劃			可供出售的證券			總
	數百萬
截至2024年6月30日餘額	$	20		$	(98	)	$	(95	)	$	(173	)
重新分類前的其他綜合收益（損失）		(5	)		—			37			32
從累計其他全面收益（損失）中重新分類的金額		(3	)		2			—			(1	)
本期淨其他綜合收益（損失）		(8	)		2			37			31
截至2024年9月30日餘額	$	12		$	(96	)	$	(58	)	$	(142	)

	截至2023年9月30日的三個月
累計其他綜合收益(虧損)	現金流量對沖			養老金和OPb計劃			可供出售的證券			總
	數百萬
截至2023年6月30日的餘額	$	7		$	(419	)	$	(103	)	$	(515	)
重新分類前的其他綜合收益（損失）		13			82			(36	)		59
從累計其他全面收益（損失）中重新分類的金額		(2	)		240			5			243
本期淨其他綜合收益（損失）		11			322			(31	)		302
截至2023年9月30日的餘額	$	18		$	(97	)	$	(134	)	$	(213	)


	截至2024年9月30日的九個月
累計其他綜合收益(虧損)	現金流對沖			養老金和OPb計劃			可供出售的證券			總
	數百萬
截至2023年12月31日的餘額	$	3		$	(102	)	$	(80	)	$	(179	)
重新分類前的其他綜合收益（損失）		17			—			18			35
從累計其他全面收益（損失）中重新分類的金額		(8	)		6			4			2
本期淨其他綜合收益（損失）	$	9		$	6		$	22		$	37
截至2024年9月30日餘額	$	12		$	(96	)	$	(58	)	$	(142	)

	截至2023年9月30日的9個月
累計其他綜合收益(虧損)	現金流對沖			養老金和OPb計劃			可供出售的證券			總
	數百萬
截至2022年12月31日的餘額	$	(3	)	$	(426	)	$	(121	)	$	(550	)
重新分類前的其他綜合收益（損失）		23			82			(28	)		77
從累計其他全面收益（損失）中重新分類的金額		(2	)		247			15			260
本期淨其他綜合收益（損失）		21			329			(13	)		337
截至2023年9月30日的餘額	$	18		$	(97	)	$	(134	)	$	(213	)

簡明合併財務報表附註

(未經審計)



		從累計其他全面收益（損失）重新分類至經營報表的金額
		止三個月									止九個月
		2024年9月30日									2024年9月30日
從累計其他全面收益（損失）中重新分類的金額描述	稅前金額在經營報表中的位置	稅前金額			稅收(費用)優惠			稅後金額			稅前金額			稅收(費用)優惠			稅後金額
		數百萬
現金流對沖
利率衍生品	利息支出	$	4		$	(1	)	$	3		$	11		$	(3	)	$	8
總現金流對沖			4			(1	)		3			11			(3	)		8
養老金和OPb計劃
先前服務（成本）抵免攤銷	淨非營業養老金和OPb抵免（成本）		(1	)		—			(1	)		(1	)		—			(1	)
淨精算損失攤銷	淨非營業養老金和OPb抵免（成本）		(2	)		1			(1	)		(7	)		2			(5	)
養老金和OPb計劃總額			(3	)		1			(2	)		(8	)		2			(6	)
可供出售的債務證券
實現的收益（損失）	信託投資淨收益（損失）		—			—			—			(6	)		2			(4	)
可供出售債務證券總額			—			—			—			(6	)		2			(4	)
總		$	1		$	—		$	1		$	(3	)	$	1		$	(2	)

簡明合併財務報表附註

(未經審計)



		從累計其他全面收益（損失）重新分類至經營報表的金額
		止三個月									止九個月
		2023年9月30日									2023年9月30日
從累計其他全面收益（損失）中重新分類的金額描述	稅前金額在經營報表中的位置	稅前金額			稅收(費用)優惠			稅後金額			稅前金額			稅收(費用)優惠			稅後金額
		數百萬
現金流對沖
利率衍生品	利息支出	$	3		$	(1	)	$	2		$	3		$	(1	)	$	2
總現金流對沖			3			(1	)		2			3			(1	)		2
養老金和OPb計劃
先前服務（成本）抵免攤銷	淨非營業養老金和OPb抵免（成本）		2			(1	)		1			6			(2	)		4
淨精算損失攤銷	淨非營業養老金和OPb抵免（成本）		(3	)		1			(2	)		(17	)		5			(12	)
養老金結算費	淨非營業養老金和OPb抵免（成本）		(332	)		93			(239	)		(332	)		93			(239	)
養老金和OPb計劃總額			(333	)		93			(240	)		(343	)		96			(247	)
可供出售的債務證券
實現的收益（損失）	信託投資淨收益（損失）		(8	)		3			(5	)		(25	)		10			(15	)
可供出售債務證券總額			(8	)		3			(5	)		(25	)		10			(15	)
總		$	(338	)	$	95		$	(243	)	$	(365	)	$	105		$	(260	)

簡明合併財務報表附註

(未經審計)

附註16.每股收益（每股收益）和股息

EPS

基本每股收益的計算方法是將淨利潤除以已發行普通股的加權平均股數。稀釋每股收益的計算方法是將淨利潤除以已發行普通股的加權平均股數，加上與PSEG股票薪酬相關的潛在稀釋股份。下表顯示了這些潛在稀釋股份對用於計算稀釋每股收益的已發行股份加權平均數的影響：



	截至9月30日的三個月，								截至9月30日的9個月，
	2024				2023				2024				2023
	基本		稀釋		基本		稀釋		基本		稀釋		基本		稀釋
每股收益分子（百萬）：
淨收入	$	520	$	520	$	139	$	139	$	1,486	$	1,486	$	2,017	$	2,017
每股收益分母（百萬）：
加權平均流通普通股		498		498		498		498		498		498		497		497
基於股票的薪酬獎勵的影響		—		2		—		2		—		2		—		3
總股份數		498		500		498		500		498		500		497		500

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

紅利



	止三個月				止九個月
	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
以百萬	$	299	$	284	$	897	$	853

注17.國際泳聯按業務類別劃分的社會信息

PSE&G

PSE&G的收入來自關稅，根據關稅，它向新澤西州的住宅、商業和工業客戶提供電力傳輸以及電力和天然氣分銷服務。電力傳輸的費率由聯邦能源監管委員會管理，而電力和天然氣分配的費率由BPU管理。收入還來自其他幾項活動，如對客戶場所的電子電氣設備的投資、太陽能投資、家電服務業務和其他雜項服務。

PSEG電源和其他

這一可報告的部門主要由PSEG Power組成，該公司主要通過向這些產品的市場競標能源、容量和輔助服務來賺取收入。PSEG Power還簽訂了能源、天然氣和其他能源相關合同的雙邊合同，以優化其發電資產組合和天然氣供應義務的價值。此外，PSEG Power的Salem 1、Salem 2和Hope Creek核電站從2024年開始生產臨時電力公司，並從包括PSE&G在內的新澤西州的電力公司獲得ZEC收入。

簡明合併財務報表附註

(未經審計)

此可報告分部還包括適用於PSEG LI的金額，該公司根據與LIPA的合同產生收入，主要用於在Servco作爲交易委託人時收回成本（見注3）。可變利益實體（欲了解更多信息）以及合同項下的固定和可變費用部分，以及持有剩餘租賃投資的非重大投資組合的Energy Holdings。其他還包括適用於PSEG（母公司）和服務的金額。



	PSE&G		PSEG電力及其他			淘汰（A）			合併合計
	數百萬
截至2024年9月30日的三個月
營業收入	$	2,139	$	583		$	(80	)	$	2,642
淨利潤（B）		379		141			—			520
長期資產的總增加		672		96			—			768
截至2024年9月30日的九個月
營業收入	$	6,335	$	2,140		$	(650	)	$	7,825
淨利潤（B）		1,169		317			—			1,486
長期資產的總增加		2,157		245			—			2,402
截至2023年9月30日的三個月
營業收入	$	1,999	$	546		$	(89	)	$	2,456
淨利潤（B）		401		(262	)		—			139
長期資產的總增加		813		103			—			916
截至2023年9月30日的9個月
營業收入	$	5,954	$	3,475		$	(797	)	$	8,632
淨利潤（B）		1,224		793			—			2,017
長期資產的總增加		2,149		211			—			2,360
截至2024年9月30日
總資產	$	45,784	$	8,550		$	(254	)	$	54,080
對權益法子公司的投資	$	—	$	22		$	—		$	22
截至2023年12月31日
總資產	$	42,873	$	8,407		$	(539	)	$	50,741
對權益法子公司的投資	$	—	$	17		$	—		$	17

(A)

公司間沖銷主要與PSE & G和PSEG Power之間的公司間交易有關。有關PSE & G和PSEG Power之間公司間交易的進一步討論，請參閱注18。關聯方交易。

(B)

包括稅後淨收益（損失）美元17 百萬和美元（17三個月）百萬美元和美元（55)百萬元及$750 百萬截至2024年9月30日和2023年9月30日的九個月PSEG Power分別與非交易大宗商品按市值計價活動的影響有關，其中包括未來交割日期頭寸的財務影響。還包括一美元239 由於截至2023年9月30日的三個月和九個月的養老金結算交易對合格養老金計劃進行重新計量，因此產生了百萬美元的稅後養老金費用。參見注釋8。養老金和其他退休後福利（OPB）。

簡明合併財務報表附註

(未經審計)

注18. 關聯交易

以下討論涉及公司間交易，根據GAAP，這些交易在PSEG合併過程中被消除。

PSE&G

PSE & G的財務報表包括與關聯方的交易，如下所示：



	止三個月				止九個月
	9月30日，				9月30日，
關聯方交易	2024		2023		2024		2023
	數百萬
來自附屬機構的計費：
PSEG Power的淨計費（A）	$	78	$	86	$	645	$	761
來自服務的行政計費（B）		122		93		375		313
來自附屬機構的總計費	$	200	$	179	$	1,020	$	1,074



	截至		截至
關聯方交易	2024年9月30日		2023年12月31日
	數百萬
應支付給私營部門主管(A)	$	76	$	264
付給服務業的款項(B)		94		121
須支付給保安局常任秘書長(C)		51		119
應付帳款-關聯公司	$	221	$	504
用於服務業的週轉資金預付款(D)	$	33	$	33
長期應計稅金應收(應付)	$	—	$	(2	)

(A)

PSE&G已經與PSEG Power簽訂了一份需求合同，根據該合同，PSEG Power提供滿足PSE&G的BGSS和其他合同要求所需的燃氣供應服務。此外，PSEG Power根據BPU批准的ZEC計劃，將其核單位的ZEC出售給PSE&G。BGSS合同和ZEC銷售的費率由BPU規定。BGSS的銷售額按月計費和結算。ZEC的銷售額按月結算，並在每個能源年度結束後按年結算。此外，PSEG Power和PSE&G通常按照FERC和BPU關聯規則以成本價相互提供某些技術服務。

(B)

服務向PSE&G提供行政服務並按成本收費。此外，PSE&G還有其他應付給服務的款項，包括與服務代表PSE&G支付的某些共同成本相關的金額。

(C)

PSEG向其關聯公司提交一份合併的聯邦所得稅申報單。PSEG與其關聯公司之間存在稅收分配協議。這些協議的一般運作是，附屬公司將在單獨的申報基礎上計算其應納稅所得額。如果結果是淨納稅義務，則應向PSEG支付該金額。如果有NOL和/或稅收抵免，子公司應在PSEG能夠利用這些好處的範圍內收到PSEG節省的稅款。此外，PSEG支付淨工資和工資稅，並從其關聯公司獲得各自部分的補償。

(D)

PSE&G將營運資金預支給服務業。這筆金額包括在PSE&G的簡明合併資產負債表上的其他非流動資產中。

第二項。

管理層的光盤財務狀況和運營結果的使用和分析（MD & A）

合併的MD & A由公共服務企業集團股份有限公司（PSEG）和公共服務電力和天然氣公司（PSE & G）分別提交。此處包含的與任何個別公司有關的信息均由該公司代表其自己提交。

PSEG的業務由兩個可報告部門組成，即PSE & G和PSEG Power LLC（PSEG Power）& Other，主要由我們的主要直接全資子公司組成，這些子公司是：

•

PSE&G- 這是一家主要從事新澤西州某些地區輸電以及配電電力和天然氣的公用事業公司。PSE & G受新澤西州公用事業委員會（BPU）、聯邦能源監管委員會（FERC）以及其他聯邦和新澤西州監管機構的監管。PSE & G還投資新澤西州受監管的太陽能發電項目和能源效率（EE）以及相關項目，這些項目由BPU監管，以及

•

PSEG Power- 這是一家能源供應公司，由商業核發電資產和燃料供應職能的運營組成，通過其主要直接全資子公司從事有競爭力的能源銷售。PSEG Power的子公司受FERC、核監管委員會（NRC）及其運營所在州的其他聯邦監管機構和州監管機構的監管。

PSEG Power及其他可報告分部還包括與母公司以及PSEG其他直接全資子公司相關的金額，這些子公司是：PSEG Long Island LLC（PSEG LI），根據運營服務協議（OSA）運營長島電力局（LIPA）的輸電和配電（T & D）系統; PSEG Energy Holdings LLC（能源控股），主要持有遺留租賃投資並競爭性投標、FERC監管輸電;和PSEG服務公司（服務），按成本價向PSEG及其子公司提供某些管理、行政和一般服務。

我們在項目1中的業務討論我們的10-K年度報告(Form 10-K)提供了對我們運營和競爭的地區和市場的審查，以及我們在這些市場開展業務的戰略，重點是運營卓越、財務實力和進行有紀律的投資。我們在第1A項中討論的風險因素。表格10-k中的風險因素提供了有關可能對我們的業務產生重大不利影響的因素的信息。以下內容通過描述2024年期間發生的重大事件和業務發展，以及我們預期可能推動我們未來業績的關鍵因素的變化，補充了上述討論以及我們在表格10-k中提供的項目7中包含的2023年執行概述和未來展望中的討論。以下討論涉及簡明合併財務報表(報表)和簡明合併財務報表相關附註(附註)。閱讀本討論時應結合這些聲明、說明和表格10-k。

執行完畢2024年及未來展望

我們是一家公用事業控股公司，通過我們的全資子公司行事，是一家主要受監管的電力和天然氣公用事業公司以及核能發電企業。我們的業務計劃的重點是通過將資本主要分配給受監管的投資來實現增長，以繼續提高我們業務的可持續性和可預測性。我們專注於投資實現能源基礎設施現代化、提高可靠性和彈性、提高EE並提供更清潔的能源，以滿足客戶的期望並與公共政策目標保持一致。此外，2022年《通貨膨脹削減法案》（IRA）的通過爲2024年至2032年的現有核設施建立了生產稅抵免（PTC）。由於稅收抵免價值與核設施的總收入直接相關，預計PTC將爲我們的核電機組提供下行價格保護。

2024-2028年，我們的受監管資本投資計劃估計在180億至210億美元之間。我們預計，從2023年底到2028年底，這些資本投資將導致我們受監管利率基礎的複合年增長率在6%至7.5%之間。受監管的資本投資佔PSEG 190億至225億美元資本投資計劃總額的大部分。該範圍的低端包括將我們的天然氣系統現代化計劃（GSDP）和清潔能源未來（CEF）-EE計劃延長至當前平均年度投資水平加上通貨膨脹，因爲這些計劃預計將在當前批准的時間範圍之外繼續進行。我們資本投資範圍的高端包括增量投資，特別是擴大我們當前的EE計劃以及其他清潔能源和基礎設施投資。

PSE&G

在PSE & G，我們的重點是投資於T & D基礎設施和清潔能源計劃，以增強我們T & D系統的可靠性和彈性，滿足客戶期望並支持公共政策目標。

2023年，BPU批准將我們的CEF-EE計劃延長28000萬美元，爲期9個月，至2024年6月，2024年5月，BPU批准了另一項約30000萬美元的延期，涵蓋2024年7月至2024年12月的承諾期。2024年10月，BPU批准了我們的CEF-EE II文件，授權在2025年1月1日至2027年6月30日期間承諾的能源效率項目總支出約爲29億美元，並在預計的六年內完成。該命令批准了約19億美元的計劃投資預算（扣除行政費用），以及約10億美元用於繼續我們的客戶隨付還款計劃。此次EE申請比我們之前的申請有了顯着增加，這是由於BPU能源效率框架下所需的節約目標增加以及實現這些目標節約的成本增加。該文件還包括需求響應計劃和建立脫碳計劃。

我們的CEF電動汽車（EV）計劃中與中型和重型充電基礎設施相關的剩餘組成部分一直是BPU於2021年開始的利益相關者進程的主題。2024年10月，BPU發佈了一項命令，爲電力公司運營的中型和重型充電激勵計劃提供了計劃指導和最低備案要求，該命令將PSE & G的計劃投資上限爲3000萬美元，並要求電力公司在2025年2月20日之前提交計劃備案。2022年9月，BPU發佈了存儲激勵計劃提案草案，並正在進行利益相關者流程來確定該計劃的細節。我們提議的投資10900萬美元的CEF儲能（ES）計劃將被擱置，直到BPU結束其程序。

2023年，BPU還批准將我們當前的GSPP計劃延長兩年，以更換我們天然氣系統中至少400英里的鑄鐵和無保護的鋼製幹線和服務。GSDP計劃延期規定主要更換至2025年12月，以及2026年的後續服務更換和鋪路成本，總投資約爲9萬美元。在90000萬美元中，75000萬美元通過三次定期費率更新收回，餘額通過未來的分配基本費率情況收回。

我們更廣泛的GSPP III，其中還包括將可再生天然氣和氫混合引入我們現有的分配系統的項目，目前已被擱置，談判將於2025年1月重新啓動，旨在於2026年1月開始工作。

根據我們的GSPP II和Energy Strong II計劃，我們於2023年12月按照BPU的要求提交了分銷基本費率案件。2024年10月，BPU發佈命令，批准以2024年10月15日生效的新費率解決PSE & G的電力和天然氣分銷基本費率案件。該命令爲PSE & G的分銷業務提供了178億美元的費率基礎、9.6%的股本回報率以及55%的股本組成部分。有關更多信息，請參閱第1項。說明4.費率文件。

PSEG Power

在PSEG Power，我們尋求通過有效運營核電資產來生產低成本電力，通過PTC機制和對沖減輕盈利波動，並支持保護這些現有無碳基本負荷核發電廠的公共政策。2024年前9個月，我們的核機組發電量約爲23.3太瓦小時，容量係數爲91.4%。PSEG Power對沖了2024年預計發電量的約90%至95%。從2024年開始，我們的對沖策略納入了PTC估計的一系列風險降低影響，並在美國財政部最終指導下可能發生增量變化。此外，我們正在探索根據長期協議從核設施銷售電力的機會，爲數據中心和氫能生產商等大型電力用戶供電。

氣候戰略和可持續發展努力

一個多世紀以來，我們的目標一直是提供全天候安全供應可靠、負擔得起的能源。如今，我們的願景是爲未來提供動力，讓人們使用更少的能源，而且比以往任何時候都更清潔、更安全、交付更可靠。我們制定了到2030年溫室氣體淨零排放目標，其中包括業務運營中的直接溫室氣體排放（範圍1）和間接溫室氣體排放（範圍2），假設技術、公共政策和客戶行爲的進步。

PSE & G已採取多項舉措，支持減少溫室氣體排放和實施EE舉措。PSE & G批准的CEF-EE和EE II、CEF-Energy Cloud和CEF-EV計劃以及擬議的CEF-ES計劃旨在通過旨在幫助客戶更有效地使用能源、減少溫室氣體排放、支持新澤西州電動汽車基礎設施的擴展的計劃，支持新澤西州的能源總體規劃（BEP）和州長行政命令安裝儲能容量以補充太陽能發電並增強電網彈性，安裝智能電錶和支持基礎設施，以集成其他清潔能源技術，並更有效地應對天氣和其他停電事件。

此外，PSE & G致力於向新澤西州約190萬客戶安全可靠地輸送天然氣，我們同樣致力於減少與此類運營相關的溫室氣體排放。GSPP旨在顯着減少我們分配系統中的天然氣泄漏，從而減少甲烷（一種強效溫室氣體）向空氣中的釋放。通過GSPP II，從2018年到2023年，我們將全系統報告的甲烷排放量減少了約27%。我們繼續評估氣候變化的物理風險，並調整我們的資本投資計劃，以在天氣事件頻率和嚴重程度不斷增加的環境中提高我們系統的可靠性和彈性。

我們還繼續專注於爲客戶提供更清潔的能源，努力保持核電站的經濟可行性，這些核電站提供了新澤西州85%以上的無碳能源。這些努力包括通過倡導州和聯邦政策（例如IRA制定的PTC）以及PJm Interconnect，LLC的容量市場改革來降低市場風險(PJM)這認識到我們的核艦隊無碳發電的價值及其對電網可靠性的貢獻。

競爭性投標，FERC監管的輸電項目

PSEG繼續評估PSE & G以外受監管傳播的投資機會。 2023年12月，PJm向我們授予了一個價值約42400萬美元的項目，以解決馬里蘭州和弗吉尼亞州北部日益增加的負載和可靠性問題，作爲其2022年窗口3競爭性招標的一部分。該項目預計投入使用日期爲2027年。

2024年4月，PSE & G向BPU提交了BPU所謂的預建基礎設施（PBI）項目的投標，該項目是陸上和近岸水下基礎設施的結合。BPU預計將於2024年晚些時候宣佈PBI徵集的獲勝者。

2023年4月，BPU發佈命令，要求PJm利用輸電項目的州協議方法進行第二次公共政策輸電徵求程序，以支持新澤西州擴大的海上風電目標。然而，2024年6月，BPU暫停了此次招標，同時考慮PJM實施互聯隊列改革和FERC關於輸電規劃和成本分配的最終規則對其採購輸電方式的影響。海上風電開發。BPU表示，暫停將至少持續六個月，並將定期重新評估。

PJm於2024年7月啓動了2024年區域輸電擴展計劃（RPEP）窗口1徵集，其中包括更高的負荷增長預測對2029年至2032年規劃期限的影響。PSEG向窗口1提交了一份價值約37500萬美元的提案。

PSEG將繼續評估參與傳輸招標過程的機會，並可能決定提交這些機會的投標，其中一些可能是重大投資。

李平

2024年5月，LIPA在與PSEG LI簽訂的當前服務合同到期後，分別向服務提供商發出了運營其輸電和配電系統以及供電和燃料管理服務的建議書請求，該合同有效期至2025年12月31日。PSEG已提交提案，要求繼續擔任LIPA輸電和配電系統的運營服務提供商，並在當前合同到期後繼續向LIPA提供電力供應和燃料管理服務。

財務業績

PSEG、PSE & G和PSEG Power & Other截至2024年和2023年9月30日的三個月和九個月的業績如下：



	止三個月					止九個月
	9月30日，					9月30日，
	2024		2023			2024		2023
	數百萬
PSE&G	$	379	$	401		$	1,169	$	1,224
PSEG電力及其他（A）		141		(262	)		317		793
PSEG淨利潤	$	520	$	139		$	1,486	$	2,017

PSEG每股淨利潤（稀釋）	$	1.04	$	0.27		$	2.97	$	4.03

(A)

其他包括母公司PSEG LI和Energy Holdings的稅後活動以及公司間沖銷。包括由於結算截至2023年9月30日的三個月和九個月的部分合格養老金計劃而產生的23900萬美元稅後養老金費用。參見第1項。說明8.養老金和其他退休後福利（OPB）以獲取更多信息。

PSEG Power的上述結果包括核退役信託（NDT）基金活動和非交易性大宗商品按市值計價（MTM）活動的影響，其中包括未來交付日期頭寸的財務影響。

與NDt基金和MTm相關的變化導致的淨利潤差異如下表所示：



	止三個月					止九個月
	9月30日，					9月30日，
	2024		2023			2024			2023
	數百萬，稅後
NDt基金收入（）（A）（B）	$	55	$	(27	)	$	120		$	33
非交易性MTm收益（虧損）（C）	$	17	$	(17	)	$	(55	)	$	750

(A)

NDt基金收入（RST）包括NDt證券的收益和損失，這些收益和損失記錄在信託投資的淨收益（損失）中。參見第1項。說明7.信託投資了解更多信息。NDt基金收入

（RST）還包括記錄在淨其他收入（扣除）中的與NDt基金相關的利息和股息收入以及其他成本、記錄在運營與維護（O & M）工作表中的PSEG Power覈資產報廢義務（ARO）的利息增加費用以及記錄在折舊和攤銷（D & A）工作表中的與ARO資產相關的折舊。

(B)

扣除截至2024年9月30日的三個月的稅收（費用）收益分別爲（360萬美元和1500萬美元，以及截至2023年9月30日的九個月的稅收（費用）收益分別爲（790萬美元和（2500萬美元）。

(C)

扣除截至2024年9月30日的三個月的稅款（費用）收益分別爲（6）萬美元和800萬美元，截至2023年9月30日的九個月的稅款（費用）收益分別爲2100萬美元和（2.93）億美元。

我們截至2024年9月30日的三個月和九個月的淨利潤與2023年可比期間的差異主要是由MTm和NDt基金以及2023年記錄的養老金結算費用的變化驅動的，如上所述。

監管、立法和其他發展

我們密切監控重大監管和立法發展並與利益相關者互動。

傳輸率訴訟程序和股本回報率（ROE）

根據現行FERC規則，PSE & G作爲輸電所有者加入PJm，繼續爲其基本ROE增加50個點子。2021年4月，FERC提議取消區域輸電所有者參與的ROE加法器。FERC尚未對該提案採取行動。如果取消加法器，PSE & G的年度淨利潤和年度現金流入將減少約4000萬美元。

新澤西州利益相關者訴訟程序

2023年2月，新澤西州州長髮布行政命令（EO），制定或加快之前制定的2050年清潔能源、建築脫碳和電動汽車採用目標目標，新目標日期爲2030年或2035年（視情況而定）。執行主任指示BPU和其他州機構與利益相關者合作制定實現目標的計劃，BPU已召集利益相關者會議，爲天然氣分銷公用事業公司制定一項計劃，以實現到2030年天然氣排放量比2006年減少50%的目標。BPU於2024年5月和6月開始通過公開意見聽證會更新該州的BEP。我們無法預測這項訴訟的結果，但它可能會對我們的業務、經營業績和現金流產生重大影響。

環境監管

根據環境法，我們有責任對我們現在或以前擁有的財產以及我們產生的被危險物質污染的財產的污染進行補救的費用和處罰。特別是，PSEG公司的歷史業務以及帕塞伊克河和哈肯薩克河沿岸的許多其他公司的業務被聯邦和州機構指控向帕塞伊克河/紐瓦克灣綜合體排放大量污染物，違反了各種法規。此外，PSEG Power保留了出售其化石發電組合中排除的某些債務的所有權，主要與新澤西州和康涅狄格州法律規定的調查和補救場地的義務有關。我們目前還參與了一些與其他危險物質可能已經排放的地點有關的訴訟，並可能在未來受到更多程序的影響，任何此類補救努力的費用和處罰都可能是巨大的。

有關上述事項以及可能影響我們財務狀況和經營業績的其他事項的更多信息，請參閱第1項。說明9.承諾和或有負債。

核

2021年4月，PSEG Power的塞勒姆1、塞勒姆2和霍普溪核電站獲得了自2022年6月開始的三年資格期內的零排放證書（ZEC），每兆瓦時（MWh）約爲10美元。2022年5月之前ZEC期間收到的每兆瓦時（MWh）。根據BPU制定的流程，從選定的核電站購買ZEC，並通過不可旁路的分配費回收，金額爲每千瓦時0.004美元（相當於向選定的核電站付款產生的每兆瓦時約10美元（ZEC付款））。如前所述，2022年8月，愛爾蘭共和軍簽署成爲法律，擴大了促進無碳發電的激勵措施。的

頒佈的立法爲利用現有核能發電建立了PTC，從2024年1月1日開始，一直持續到2032年，並影響了PSEG Power不申請從2025年6月開始的下一個ZEC三年資格期的決定。預期的PTC費率最高爲15美元/兆瓦時，可根據設施的總收入進行調整。PTC稅率和毛收入門檻值受年度通貨膨脹調整的影響。迄今記錄的臨時技術秘書處數額可能會根據若干因素而發生變化，這些因素包括但不限於對估計市場價格和收入的調整以及財務處/國稅局發佈的權威指導，包括澄清用於確定逐步淘汰的「總收入」的定義。對以前記錄的金額的任何調整都可能是實質性的。我們將繼續分析愛爾蘭共和軍對我們的核單位的影響，並將分析美國財政部未來的任何指導意見，以評估PTCS對預期ZEC付款和/或任何未來ZEC申請期的任何影響。

利率很重要

PSEG的長期融資計劃旨在取代到期債券，並支持爲其資本計劃提供資金。鑑於我們的融資需求，當前的利率環境將是決定可變利率債務的利息支出和未來融資計劃的長期利率的關鍵因素。爲了增加利息支出的可預測性，我們可能會使用利率對沖來幫助限制我們對利率波動的敞口。截至2024年9月30日，PSEG已進行了總計12.5億美元的浮動至固定利率對沖，以降低與PSEG Power將於2025年3月到期的浮動利率定期貸款相關的利息支出波動。此外，我們可能會不時地進行利率對沖，以確定PSEG和PSEG Power預期的長期融資計劃的部分利率敞口。由於年度傳輸率申報和通過基本利率申報和基於條款的投資計劃恢復分銷，PSE&G的利率風險有所緩和。

稅立法

未來的聯邦和州稅收立法以及對已頒佈立法的澄清可能會對我們的有效稅率和現金稅狀況產生重大影響。

2023年4月，美國財政部發布了《收入程序2023-15》，提供了一種安全港會計方法來確定天然氣T & D財產的年度維修稅扣除。這可能對PSEG和PSE & G的財務報表產生的影響（如果有的話）尚未確定。

愛爾蘭共和軍頒佈了新的15%企業替代最低稅（CAMT），該稅基於調整後的財務報表收入，是現有核電設施的PTC，並允許能源稅收抵免可轉讓。美國財政部已發佈與CAMt相關的擬議規則制定通知以及與現行工資要求和能源稅收抵免可轉讓性規則相關的最終法規。IRA的許多方面，包括CAMt擬議的法規，仍然不清楚，需要進一步的指導;因此，我們繼續分析IRA將對PSEG和PSE & G的運營業績、財務狀況和現金流產生的影響，這可能是重大的。

未來展望

我們未來的成功將取決於我們繼續保持強勁的運營和財務業績、解決影響我們業務的監管和立法發展以及應對下文所述問題和挑戰的能力。爲了做到這一點，我們將繼續：

•

尋求批准並執行我們的公用事業資本投資計劃，以實現我們的基礎設施現代化，提高我們向客戶提供服務的可靠性和彈性，並使我們的可持續發展和氣候目標與新澤西州的能源政策保持一致，

•

通過我們的輸電公式費率、現有費率激勵措施、配電基礎設施和清潔能源投資計劃以及定期配電基本費率案件程序，爲我們的T & D投資尋求公平的回報，

•

專注於控制成本，同時保持安全性、可靠性和客戶滿意度並遵守適用的標準和要求，

•

管理聯邦和州清潔能源政策中的風險和機遇，

•

倡導對聯邦核PTC提供適當的監管指導，以確保對新澤西州最大的無碳發電資源的長期支持，並相應調整我們的對沖計劃，

•

與我們的多個利益相關者進行建設性的接觸，包括監管機構、政府官員、客戶、員工、投資者、供應商和我們開展業務的社區，並

•

實施我們的人力資本管理戰略，吸引、發展和留住多元化、高績效的勞動力隊伍。

除了本表格10-Q中其他地方描述的2024年及以後的風險外，我們預計我們的業務將面臨的關鍵問題和挑戰包括：

•

監管和政治不確定性，無論是輸電規劃和費率政策、配電公用事業的作用和脫碳影響、未來能源政策、稅收法規、能源和容量市場的設計、環境監管，以及任何法律、監管或其他程序的結果，

•

金融市場的表現，包括對我們的養老金資金需求和對我們未來融資計劃的利率的影響，

•

在通貨膨脹環境中繼續管理成本並維持負擔得起的客戶費率，這可能會影響客戶收款和未來的監管程序，

•

針對我們以及可能擁有我們敏感信息和/或訪問我們環境的各自供應商和業務合作伙伴的網絡安全攻擊的頻率、複雜性和規模不斷增加，以及對電力和天然氣基礎設施的物理攻擊的頻率和規模不斷增加，

•

聯邦和州稅法或任何其他相關稅收指導的未來變化，以及

•

能源需求、天然氣和電價變化的影響，PJM確保資源充足以滿足需求增長的挑戰，以及加大多個經濟部門脫碳的力度。

我們不斷評估廣泛的戰略選擇，以最大限度地提高股東的長期價值並解決我們多個利益相關者的利益。在確定如何以及何時有效部署資本時，我們會考慮各種因素，包括我們業務的業績和前景;回報以及未來盈利來源的可持續性和可預測性;投資者、監管機構、公共政策計劃、評級機構、客戶和員工的觀點;我們現有的債務及其施加的限制;以及稅務考慮等。我們可用的戰略選擇包括：

•

對PSE & G的投資，包括T & D設施，以增強可靠性、彈性和現代化系統，以滿足客戶不斷增長的需求和日益提高的期望，以及清潔能源投資，例如CEF-EE、CEF-EV、CEF-ES和太陽能，

•

我們的核發電設施的持續運營預計將在2032年得到PTC的支持，並且可以進行某些投資來增加機組的容量，以及潛在的許可證延期、我們希望溪設施的加油週期從18個月過渡到24個月，以及與潛在客戶（例如數據中心和氫能生產商）以及其他尋求可靠、全天候無碳電力，

•

通過PJm流程和BPU招標投資有競爭力、受監管的輸電投資，提供收入可預測性和合理的風險調整回報，以及

•

涉及我們的普通股、資產或業務的收購、處置、開發和其他交易，這些交易可能爲客戶和股東提供價值。

然而，無法保證我們將成功制定和執行上述任何戰略選擇，或我們未來可能考慮的任何額外選擇。任何此類戰略計劃的執行可能不會產生預期的好處或可能產生意想不到的不利後果。

OP結果ERATIONS

PSEG

我們的經營業績由我們可報告分部PSE & G和PSEG Power & Other的經營業績組成，不包括與公司間交易相關的費用，這些費用在合併中消除。有關公司間交易的更多信息，請參閱第1項。注18。關聯方交易。



	止三個月					增加/						止九個月					增加/
	9月30日，					(減少)						9月30日，					(減少)
	2024		2023			2024年與2023年						2024		2023			2024年與2023年
	數百萬					數百萬			%			數百萬					數百萬			%
營業收入	$	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
操作與維護（A）		808		792			16			2			2,415		2,279			136			6
折舊及攤銷		294		282			12			4			874		843			31			4
權益法投資收益		1		—			1		N/A				2		1			1			100
信託投資淨收益（損失）		89		(40	)		129		N/A				191		63			128		N/A
淨其他收入（扣除）		37		41			(4	)		(10	)		119		132			(13	)		(10	)
淨非營業養老金和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
所得稅支出(福利)		39		(74	)		113		N/A				139		377			(238	)		(63	)

以下針對PSE & G和PSEG Power & Other的討論詳細解釋了它們各自的差異。

PSE&G



	止三個月				增加/						止九個月				增加/
	9月30日，				(減少)						9月30日，				(減少)
	2024		2023		2024年與2023年						2024		2023		2024年與2023年
	數百萬				數百萬			%			數百萬				數百萬			%
營業收入	$	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
操作與維護（A）		464		459		5			1			1,395		1,348		47			3
折舊及攤銷		254		244		10			4			758		728		30			4
淨其他收入（扣除）		18		21		(3	)		(14	)		50		65		(15	)		(23	)
淨非營業養老金和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
所得稅支出(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日的三個月和九個月的EE計劃監管投資支出分別爲3300萬美元、2200萬美元、9000萬美元和5800萬美元。

截至2024年9月30日的三個月與截至2023年9月30日的三個月相比

營業收入由於交貨、商品、條款和其他營業收入的變化，增加了14000萬美元。

交付收入增加7400萬美元主要是由於

•

電力和天然氣分銷收入增加6100萬美元，主要是由於超額遞延所得稅負債和與稅務修復相關的累計遞延所得稅收益向客戶返還減少2400萬美元

稅率降低（由所得稅發票抵消）、能源強勁II（ESII）徵收增加1500萬美元、綠色計劃恢復費（GPRC）徵收增加15億美元以及銷量增加1100萬美元。這些增長被CIP脫鉤收入減少400萬美元部分抵消。

•

輸電收入增加了1300萬美元，主要是由於費率基礎投資增加導致收入需求增加。

商品收入由於電力收入的增加被天然氣收入的減少部分抵消，增加了7100萬美元。電力和天然氣大宗商品收入的變化完全被能源成本的變化所抵消。PSE & G在向零售客戶提供BGS（基本發電服務）和基本天然氣供應服務（BGSS）方面沒有賺取利潤。

•

電力商品收入增加7800萬美元，主要是由於BGS價格上漲帶來的5300萬美元和BGS銷量上漲帶來的2500萬美元。

•

天然氣商品收入減少700萬美元，主要原因是BGSS價格下降。

條款收入減少700萬美元，主要是由於社會福利條款（TBC）收入下降1100萬美元，以及由於缺乏按金調整條款收入而減少300萬美元。這些減少被稅收調整抵免（TAC）和GPRC延期7億美元淨增加部分抵消。TBC和MAC收入以及TAC和GPRC延期金額的變化完全被監管資產和監管負債攤銷以及運營與m、D & A、利息和所得稅費用的相關成本的變化所抵消。PSE & G不會從TBC或MAC收入或TAC和GPRC延期中賺取利潤。

運營費用

能源成本增加了7400萬美元。這完全被商品收入和其他運營收入的變化所抵消。

運維增加500萬美元，主要是由於淨分配和輸電支出增加以及服務業賬單增加，但部分被條款和可再生能源成本的減少所抵消。

折舊及攤銷增加1000萬美元，主要是由於投入使用的工廠數量增加導致折舊增加，但部分被監管資產攤銷的減少所抵消。

淨非營業養老金和OPb抵免減少1000萬美元主要是由於淨先前服務抵免的攤銷減少。

利息支出增加2300萬美元，主要是由於增量債務和以更高利率替代到期債務。

所得稅費用增加3700萬美元，主要是由於超額遞延所得稅福利的回流減少。

截至2024年9月30日的九個月與截至2023年9月30日的九個月相比

營業收入由於交貨、商品、條款和其他營業收入的變化，增加了38100萬美元。

交付收入增加16200萬美元主要是由於

•

電力和天然氣分銷收入增加了10600萬美元，主要是由於銷量增加增加了8000萬美元、超額遞延所得稅負債向客戶的回流減少了3000萬美元以及稅率降低產生的與稅務修復相關的累計遞延所得稅收益，這些收益在所得稅發票中被抵消，GPRC系列增加了2600萬美元，ESII系列增加了2100萬美元。這些增加被CIP脫鉤減少的5100萬美元部分抵消。

•

輸電收入增加了5600萬美元，主要是由於費率基礎投資增加導致收入需求增加。

商品收入由於電力收入的增加被天然氣收入的減少部分抵消，增加了11600萬美元。電力和天然氣大宗商品收入的變化完全被能源成本的變化所抵消。PSE & G在向零售客戶提供BGS和BGSS方面沒有賺取利潤。

•

由於BGS銷量上漲帶來12400萬美元，以及BGS價格上漲帶來10100萬美元，電力商品收入增加了22500萬美元。

•

天然氣商品收入減少10900萬美元，主要是由於BGSS價格下降導致14600萬美元，部分被BGSS銷量上升導致的3700萬美元抵消。

條款收入增加6900萬美元，主要是由於TAC和GPRC延期增加9200萬美元，部分被TBC收入下降2100萬美元所抵消。TAC和GPRC延期金額以及TBC收入的變化完全被監管資產和監管負債的攤銷以及運營與m、D & A、利息和所得稅費用的相關成本的變化所抵消。PSE & G不會從TAC和GPRC延期或TBC收入中賺取利潤。

其他營業收入增加3400萬美元，主要是由於可再生能源證書收入的增加。

運營費用

能源成本增加了15000萬美元。這完全被商品收入和其他運營收入的變化所抵消。

運維增加4700萬美元，主要是由於淨分配和輸電支出增加以及服務費用增加，但部分被條款和可再生能源成本的減少所抵消。

折舊及攤銷增加3000萬美元，主要是由於投入使用的工廠數量增加導致折舊增加，但部分被監管資產攤銷的減少所抵消。

淨其他收入（扣除）減少1500萬美元，主要是由於施工期間使用的資金津貼減少和利息收入減少。

淨非營業養老金和OPb抵免減少2800萬美元的主要原因是淨先前服務抵免攤銷減少。

利息支出增加6600萬美元，主要是由於增量債務和以更高利率替代到期債務。

所得稅費用增加10000萬美元，主要是由於超額遞延所得稅福利的回流減少和稅前收入增加。

PSEG電力及其他



	止三個月						增加/						止九個月						增加/
	9月30日，						(減少)						9月30日，						(減少)
	2024			2023			2024年與2023年						2024			2023			2024年與2023年
	數百萬						數百萬			%			數百萬						數百萬			%
營業收入	$	584		$	546		$	38			7		$	2,140		$	3,475		$	(1,335	)		(38	)
能源成本		141			155			(14	)		(9	)		828			1,014			(186	)		(18	)
運維		344			333			11			3			1,020			931			89			10
折舊及攤銷		40			38			2			5			116			115			1			1
權益法投資收益		1			—			1		N/A				2			1			1			100
信託投資淨收益（損失）		89			(40	)		129		N/A				191			63			128		N/A
淨其他收入（扣除）		20			22			(2	)		(9	)		73			71			2			3
非營業養老金和OPb淨成本		(2	)		(332	)		(330	)		(99	)		(3	)		(331	)		(328	)		(99	)
利息支出		77			59			18			31			224			190			34			18
所得稅支出(福利)		(51	)		(127	)		(76	)		(60	)		(102	)		236			(338	)	N/A

截至2024年9月30日的三個月與截至2023年9月30日的三個月相比

營業收入增加3800萬美元，主要是由於發電量和天然氣供應以及其他營業收入的變化。

世代收入增加4000萬美元主要是由於

•

淨增5100萬美元，主要是由於2024年平均實現價格上漲，以及

•

與2023年MTm虧損相比，2024年MTm收益淨增加4900萬美元。其中，與2023年相比，2024年遠期價格的變化增加了3300萬美元，另外，由於頭寸重新分類爲結算時實現，增加了1600萬美元，

•

主要由於與生產稅抵免（PTC）相關的ZEC收入減少而導致的5500萬美元淨減少部分抵消。

天然氣供應收入減少1800萬美元主要是由於

•

BGSS合同項下的銷售額淨減少1300萬美元，主要是由於價格下降導致900萬美元，銷量下降導致400萬美元，以及

•

由於銷量下降導致1200萬美元，向第三方的銷售淨減少400萬美元，部分被銷售價格上漲造成的800萬美元抵消。

運營費用

能源成本代表發電成本，其中包括髮電燃料成本以及市場上購買的能源，以及爲履行PSEG Power在與PSE & G的BGSS合同下義務而購買的天然氣。能源成本下降1400萬美元

氣成本減少1400萬美元主要原因

•

由於天然氣平均成本和銷量較低，BGSS合同下的銷售額淨減少1100萬美元，以及

•

淨減少300萬美元與向第三方的銷售有關，主要是由於銷量下降導致1100萬美元，但由於天然氣平均成本上升，部分被800萬美元抵消。

運維增加1100萬美元，主要是由於核電和長島電力公司Servco，LLC（Servco）運營成本上漲，部分被向PSE & G收取的服務費用上漲所抵消。參見注3。可變利息實體，了解有關Servco和LIPA的更多信息。

信託投資淨收益（損失）增加12900萬美元，主要是由於NDt投資，2024年股權證券未實現淨收益爲7000萬美元，而2023年未實現淨虧損爲4200萬美元，2024年淨已實現收益增加1500萬美元。

非營業養老金和OPb淨成本減少33000萬美元，主要是由於2023年8月養老金提取結算費用。

利息支出增加1800萬美元，主要是由於增量債務和以更高利率替代到期長期債務，部分被定期貸款減少所抵消。

所得稅優惠減少7600萬美元，主要是由於2024年稅前收入較上年增加，部分被核PTC的收益所抵消。

截至2024年9月30日的九個月與截至2023年9月30日的九個月相比

營業收入減少133500萬美元，主要是由於發電量和天然氣供應以及其他營業收入的變化。

世代收入減少123800萬美元主要原因

•

與2023年MTm收益相比，2024年MTm虧損淨減少114200萬美元。其中，由於頭寸重新分類爲結算時實現，減少了68400萬美元，加上由於2024年遠期價格與2023年相比變化，減少了45800萬美元，

•

淨減少13600萬美元，主要是由於與PTC相關的ZEC收入減少，

•

淨減少3000萬美元，主要是由於根據2023年5月結束的BGS合同銷售的電力，以及根據其他負荷合同銷售的電力減少，以及

•

容量收入淨減少2800萬美元，主要是由於容量價格下降，部分被服務負荷量下降導致的容量費用下降所抵消，

•

部分被淨增加9400萬美元所抵消，主要是由於平均實現價格上漲，部分被2024年銷量下降所抵消。

天然氣供應收入減少14300萬美元，主要原因是

•

BGSS合同項下的銷售額淨減少17800萬美元，主要是由於價格下跌造成的22600萬美元，部分被銷量上漲造成的4800萬美元抵消，

•

部分被淨增加2200萬美元所抵消，主要是由於MTm損失下降，主要是由於頭寸重新分類爲結算後實現，部分被遠期價格變化所抵消，以及

•

淨增加1300萬美元與向第三方的銷售有關，主要是由於銷售價格上漲。

運營費用

能源成本代表發電成本，其中包括髮電燃料成本以及市場上購買的能源，以及爲履行PSEG Power在與PSE & G的BGSS合同下義務而購買的天然氣。能源成本下降18600萬美元，原因是

氣成本減少17200萬美元，主要原因是

•

BGSS合同下的銷售淨減少18500萬美元，其中22500萬美元是由於天然氣平均成本較低，部分被髮送量較高的4000萬美元抵消，

•

主要由於天然氣平均成本上升而向第三方銷售淨增加1400萬美元，部分抵消了這一增長。

發電成本減少1400萬美元，主要是由於服務負荷量減少導致可再生能源信貸要求降低。

運維增加了8900萬美元，主要是由於我們擁有100%股權的霍普溪核電站在2024年發生了一次加油停運，而我們擁有57%股權的塞勒姆2核電站在2023年發生了一次停運，以及Servco運營成本上漲，部分被PSE & G的服務費用上漲所抵消。參見注3。可變利息實體，了解有關Servco和LIPA的更多信息。

信託投資淨收益（損失）增加12800萬美元，主要是由於NDt投資2024年淨已實現收益6400萬美元，而2023年淨已實現虧損600萬美元，股權證券未實現收益比上一年增加5600萬美元。

非營業養老金和OPb淨成本減少32800萬美元，主要是由於2023年8月養老金提取結算費用。

利息支出增加3400萬美元，主要是由於增量債務和以更高利率替代到期長期債務，部分被定期貸款減少所抵消。

所得稅費用減少33800萬美元，主要是由於2024年稅前收入下降以及核電PTC的受益。

流動性和資本AL資源

以下對我們的流動性和資本資源的討論是在綜合基礎上進行的，並指出了我們兩個直接主要運營子公司的用途和貢獻（如果是重要的）。

營運現金流

我們繼續預計我們的運營現金流加上手頭現金和融資活動將足以爲計劃的資本支出和股東股息提供資金。

截至2024年9月30日的九個月，我們的經營現金流與2023年同期相比減少了133000萬美元。淨減少主要是由於2024年淨現金抵押品流出300萬美元，而PSEG Power 2023年流入117500萬美元，部分被PSE & G的淨變化所抵消，如下所述。

PSE&G

與2023年同期相比，截至2024年9月30日的九個月，PSE & G的運營現金流增加了16700萬美元，從95200萬美元增至111900萬美元。這一增長主要是由於2024年沒有返還現金抵押品（已於2023年返還給BGS供應商）以及2024年稅款減少，但主要由於天然氣大宗商品價格下降、監管延期淨增加以及供應商和電能付款增加而導致的應收賬款和未開票收入減少，部分抵消了這一增長。

短期流動性

PSEG主要通過發行商業票據和不時發行短期貸款來滿足其以及PSEG Power的短期流動性要求。PSE & G維持着自己獨立的商業票據計劃，以滿足其短期流動性要求。每個商業票據計劃都由其自己單獨的信貸設施完全支持。

我們的每項信貸融資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融資也可用於支持我們子公司的流動性需求。

截至2024年9月30日，我們的承諾信貸融資總額和可用流動性如下：



	截至2024年9月30日
公司/工廠	總設施		用法		可用流動性
	數百萬
PSEG	$	1,500	$	561	$	939
PSE&G		1,000		21		979
PSEG Power		1,325		82		1,243
總	$	3,825	$	664	$	3,161

PSEG Power擁有總計20000萬美元的未承諾信貸額度，可用於信用證。截至2024年9月30日，PSEG Power在這些未承諾信貸安排下有7500萬美元的未償信用證。此外，PSEG Power的一家子公司擁有15000萬美元的未承諾信貸額度，可用於現金抵押品發佈。

我們不斷監控我們的流動性，並根據需要尋求增加容量以滿足我們的流動性要求，包括滿足任何額外的抵押品要求。截至2024年9月30日，我們的流動性狀況（包括我們的信貸安排和外部融資渠道）預計足以滿足我們12個月規劃期限內的預計壓力需求。PSEG使用考慮不同事件的壓力情景來分析其流動性需求，包括大宗商品價格的變化以及PSEG Power失去標準普爾或穆迪投資級信用評級的潛在影響，這將代表其當前穆迪和標準普爾評級的兩級下調。如果PSEG Power的信用評級惡化，PSEG Power的某些協議允許交易對手進一步提出要求

性能保證。截至2024年9月30日和2023年12月31日，如果PSEG Power失去其投資級信用評級，我們根據這些協議需要提交的潛在額外抵押品分別約爲70500萬美元和75100萬美元。

有關更多信息，請參閱第1項。說明10.債務和信貸設施。

長期債務融資

在接下來的十二個月裏，

•

PSEG擁有55000萬美元的0.80%優先票據，將於2025年8月到期，

•

PSE & G擁有25000萬美元的3.05%有擔保中期票據，J系列，於2024年11月到期，

•

PSE & G擁有35000萬美元的3.00%有擔保中期票據系列k，於2025年5月到期，以及

•

PSEG Power擁有12.5億美元的可變利率定期貸款，將於2025年3月到期。

PSEG、PSEG Power、Energy Holdings、PSEG LI和Services參與企業資金池，這是每日現金餘額的集合，旨在有效管理各自的短期流動性需求，並計入公司間貸款。Servco不參與企業資金池。Servco的短期流動性需求通過LIPA資助和擁有的帳戶來滿足。

有關更多信息，請參閱第1項。說明10.債務和信貸設施。

普通股分紅

2024年7月15日，PSEG董事會批准2024年第三季度每股0.60美元的普通股股息。這反映了每股2.40美元的指示性年度股息率。我們預計將繼續爲普通股支付現金股息;然而，向普通股持有人宣佈和支付未來股息將由董事會自行決定，並取決於許多因素，包括我們的財務狀況、盈利、業務的資本要求、替代投資機會、法律要求、監管限制，行業實踐和董事會認爲相關的其他因素。有關我們普通股現金股息的更多信息，請參閱第1項。說明16.每股收益（每股收益）和股息。

信用評級

如果評級機構降低或撤回我們的信用評級，此類修訂可能會對我們證券的市場價格產生不利影響，並大幅增加我們的資本成本並限制資本獲取。顯示的信用評級針對我們通常發行的證券。顯示每個實體信用評級的展望，可以是穩定、負或正。如果評級機構各自的判斷根據情況需要，我們無法保證評級將在任何特定時期內持續，也無法保證評級機構不會對其進行修改。一個機構給出的每個評級都應獨立於其他機構的評級進行評估。評級不應被解釋爲購買、持有或出售任何證券的指示。



	穆迪（A）	標準普爾（B）
PSEG
觀	穩定	穩定
高級附註	Baa2	BBB
商業票據	P2	A2
PSE&G
觀	穩定	穩定
抵押債券	A1	A
商業票據	P2	A2
PSEG Power
觀	穩定	穩定
發行人評級	Baa2	BBB

(A)

穆迪長期證券的評級範圍爲Aaa（最高）至C（最低），短期證券的評級範圍爲P1（最高）至NP（最低）。2024年6月，穆迪將PSEG Power的信用評級展望從積極改爲穩定。

(B)

標準普爾長期證券的評級範圍爲AAA（最高）至D（最低），短期證券的評級範圍爲A1（最高）至D（最低）。

資本RE詢問

我們預計未來三年的所有資本要求將來自內部產生的資金和外債融資的組合。與2023年10-k表格中披露的金額相比，我們的預計資本支出沒有重大變化。

PSE&G

截至2024年9月30日的九個月內，PSE & G的資本支出爲215700萬美元，主要用於T & D系統可靠性和高級電力計量。此外，PSE & G與資本重置相關的拆除成本（扣除救助後）爲13700萬美元，EE計劃支出爲39300萬美元，均包含在運營現金流中。

PSEG電力及其他

截至2024年9月30日的九個月內，PSEG Power & Other的資本支出爲18000萬美元，不包括核燃料的6500萬美元，主要與PSEG Power的各個核項目和Services的各個信息技術項目有關。

第三項。

數量和數量關於市場風險的挑釁性披露

我們的市場風險敏感工具和頭寸固有的風險是綜合財務報表附註中討論的大宗商品價格、股票證券價格和利率不利變化產生的潛在損失。我們的政策是使用衍生品來管理符合業務計劃和審慎做法的風險。我們有一個風險管理委員會，由執行官組成，他們利用風險監督職能來確保遵守我們的公司政策和風險管理實踐。

此外，如果不履行或不付款，我們將面臨交易對手信用損失的風險。我們擁有信用管理流程，用於評估、監控和減輕交易對手風險。如果主要交易對手不履行或不付款，可能會對我們的財務狀況、經營業績或淨現金流量產生重大不利影響。

商品合約

能源相關商品的供應和價格受到天氣、環境政策、供需變化、州和聯邦監管政策、市場規則和其他事件等因素的波動。爲了降低市場波動造成的價格風險，我們與經批准的交易對手簽訂供應合同和衍生品合同，包括遠期、期貨、掉期、國庫鎖和期權。這些合同加上實體銷售和其他服務，有助於降低風險並優化自有發電容量的價值。

風險價值（VAR）模型

VAR代表在正常市場條件下，在指定時間段和信心水平內，由於市場因素變化而導致的工具或投資組合的潛在損失。我們估計大宗商品業務的VAR。

MTm VAR由作爲經濟對沖的MTm衍生品組成。該計算不包括與應計會計制的活動相關的市場風險，主要是我們的發電設施和一些負荷服務活動。

使用的VAR模型是根據頭寸變化進行調整的方差/協方差模型，置信水平爲95%和99.5%，MTm活動有一天的持有期。這些模型假設在整個持有期內沒有新頭寸;但是，我們積極管理我們的投資組合。

從2024年7月到9月，在95%的信心水平下，MTm VAR在3200萬美元的低點和5700萬美元的高點之間變化。與截至2023年12月31日的年度相比，截至2024年9月30日的三個月的VAR範圍收窄。



	MTm VAR
	截至2024年9月30日的三個月		截至2023年12月31日的年度
	數百萬
95%信心水平，20天內有一天損失可能超過VAR
期間結束	$	40	$	48
本期平均水平	$	43	$	56
高	$	57	$	127
低	$	32	$	24
99.5%信心水平，200天內有一天損失可能超過VAR
期間結束	$	63	$	75
本期平均水平	$	68	$	87
高	$	90	$	198
低	$	50	$	38

參見第1項。注11。討論信用風險的金融風險管理活動。

第四項。

控制一ND程序

披露控制和程序

PSEG和PSE & G

我們已建立及維持根據1934年《證券交易法》(經修訂的《交易法》)頒佈的第13a-15(E)及15d-15(E)條規則所界定的披露控制及程序，旨在提供合理保證，確保根據交易法提交或提交的報告所須披露的資料經記錄、處理、彙總及報告，並由各實體內的其他人士(視乎情況而定)累積及傳達予各公司的首席執行官(CEO)及首席財務官(CFO)，以便及時作出有關所需披露的決定。我們已經成立了一個信息披露委員會，其中包括幾名關鍵的管理層員工，該委員會直接向PSEG和PSE&G的首席財務官和首席執行官報告。該委員會監督和評估這些信息披露控制和程序的有效性。PSEG和PSE&G的首席財務官和首席執行官都評估了披露控制和程序的有效性，並根據這一評估得出結論，截至報告涵蓋的期間結束時，各自公司的披露控制和程序在合理的保證水平下是有效的。

內部控制

PSEG和PSE & G

2024年第三季度財務報告內部控制不發生對或合理可能對每個註冊人的財務報告內部控制產生重大影響的變化。

第二部分.其他信息MATION

項目1. 法律程序席次

我們參與了各種訴訟以及環境和監管事務，包括在正常業務過程中。有關重大法律訴訟的信息，包括表格10-k第一部分第3項中報告的信息的更新，請參閱第一部分第1項。說明9.本季度報告中的承諾和或有負債，表格10-Q。

項目1A. 風險足總盃主因子

本10-Q表格季度報告中對我們業務和運營的討論應與10-k表格第一部分第1A項中包含的風險因素一起閱讀，該風險因素描述了可能對我們的業務、前景、財務狀況、經營結果或現金流，並可能導致結果與本報告其他地方表達的結果存在重大差異。

如果我們無法以我們可以接受的條款簽訂或延長某些重要合同，這可能會對我們的財務狀況和經營業績產生負面影響。

我們是幾個合同的締約方，也在探索達成這些合同的機會，我們現在或將來可能會從這些合同中獲得可觀的收入。PSEG Power主要通過與PSE&G簽訂全要求的BGSS合同來批發天然氣，以滿足PSE&G默認供氣服務客戶的需求。2022年，BPU批准將BGSS的長期合同延長至2027年3月31日，此後合同仍然有效，除非任何一方提前兩年通知終止合同。PSEG Li與LIPA簽訂了OSA協議，運營LIPA在長島的電力研發系統。OSA將持續到2025年，但經雙方同意可以延長。此外，PSEG Power根據將於2025年底到期的單獨協議向LIPA提供燃料採購和電力管理服務。目前尚不確定這些合同和協議中是否有任何合同和協議會以我們可以接受的條款延長，或者根本不會延長，這可能會對我們的財務狀況和經營業績產生負面影響。此外，我們正在探索根據與數據中心和氫氣生產商等大型電力用戶的長期協議，可能出售我們核設施中的電力的機會。目前尚不確定我們是否會以我們可以接受的條款成功簽訂任何此類合同，包括但不限於與各種正在進行的監管程序有關的條款。

項目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後出現的新事項的某些信息。

董事和官員規則10 b5 -1和非規則10 b5 -1交易計劃

截至2024年9月30日的三個月內，我們的官員或董事都沒有收養，已終止或修改了用於銷售PSEG普通股的規則10 b5 -1交易計劃或非規則10 b5 -1交易計劃。

聯邦法規

批發銷售的監管-生成/市場問題/市場力量

2023年12月31日表格10-k第10頁、2024年3月31日表格10-Q第64頁和2024年6月30日表格10-Q第71頁。 2024年10月，FERC發佈了一項最終規則，取消了發電機在其互連協議規定的正常功率因素範圍內運行的情況下對無功功率的補償。由於PJm需要提交實施本最終規則的合規文件，因此無功補償損失的時間不確定，其影響僅爲預期。PSEG Power目前接受無功補償，我們正在分析最終規則以確定其對我們的影響。

此外，FERC正在進行的幾項訴訟可能會影響涉及核機組電力供應的未來數據中心安排，包括某些數據中心客戶是否會根據其配置支付傳輸服務費用。2024年11月1日，FERC發佈命令，拒絕Talen Energy（Talen）、PJm和PPL Electric Utilities之間的修訂後協議，該協議將允許Talen從其一個核機組中撤回超出之前批准的增量電力，以向鄰近的數據中心提供電力。FERC還在更廣泛地審查有關大客戶位於發電設施是否以及在多大程度上對可靠性、成本和客戶產生潛在影響的問題。我們無法預測這些訴訟的結果。

容量市場問題

2024年9月，多方向FERC提出投訴，指控PJm容量市場設計不公正、不合理，因爲它沒有正確反映合同承諾在規定的時間內繼續運行的退役發電機組的可靠性貢獻。 2024年10月，PJm發佈通知，稱其打算請求FERC授權將原定於2024年12月舉行的2026/2027年基本剩餘拍賣推遲約六個月，以便PJm有足夠的時間與其成員討論容量市場規則的潛在變化，這些變化可以在未來的文件中提交給FERC。根據PJm提出的變化和隨後的FERC行動，此類變化可能會影響發電商在2026/2027交付年和未來交付年獲得的容量收入。

合規性-可靠性標準

2024年9月，FERC提議修改NERC的關鍵基礎設施保護（CIP）可靠性標準。首先，FERC提議批准制定一項新的CIP標準，要求實體擴大監控惡意網絡活動的力度。其次，FERC指示NERC修改供應鏈標準，以確保實體正確識別、評估和應對其供應鏈風險計劃中的風險，包括設定進行風險評估和安裝採購設備之間的最長時間框架。FERC還指示NERC修改供應鏈標準，以擴大受供應鏈保護的設備類型。

國家法規

區域能源獲取（REA）擴建項目

2024年9月，哥倫比亞特區巡迴法院撤銷了FERC對REA擴建項目的批准，該項目涉及一條穿過新澤西州和其他幾個州的天然氣管道，PSEG Energy Resources & Trade，LLC是滿足PSE & G BGSS客戶的天然氣供應供應商。法院發現，FERC未能正確考慮該項目的環境後果，以及新澤西州涉嫌缺乏市場對額外天然氣產能的需求。PSEG正在監控和評估這一正在進行的程序，這可能會影響FERC對未來天然氣項目的分析，以及PSE & G對基本天然氣供應服務的供應和提供。

BGS流程

2024年6月，包括PSE & G在內的新澤西州EDCs提交了年度聯合提案，以進行2025年2月BGS拍賣，涵蓋2026年至2028年能源年度。 PSE & G聯合文件中針對公司的附錄包括一項針對住宅客戶的可選爲期兩年的使用時間費率試點計劃的提案。

電動汽車（EV）活動

2023年12月31日表格10-k，第13頁。 2021年6月，BPU發佈了初步的稻草提案，並於2022年12月發佈了修訂後的稻草提案，旨在爲新澤西州的中型和重型電動汽車建立電動汽車基礎設施生態系統。2024年10月，BPU發佈了一項命令，爲電力公司運營的中型和重型充電激勵計劃提供了計劃指南和最低備案要求。該命令將PSE & G的計劃投資上限爲3000萬美元，並要求電力公用事業公司在2025年2月20日之前提交計劃文件。

電網現代化

2023年12月31日表格10-k第13頁. 2022年6月，經過顧問研究，BPU工作人員發佈了一份電網現代化報告，其中包含更新BPU互連法規和流程的調查結果和建議。爲了推進這些建議，BPU於2024年6月發佈了擬議規則徵求公衆意見，修改了其互連規則，以加快可再生資源與配電網的互連。另外，2024年7月，BPU工作人員召集了一個工作組，制定分佈式能源綜合分配規劃建議，作爲其電網現代化計劃的一部分。

環境問題

有害物質責任

根據2022年「髒水」立法，NJDPP對PSE & G等公用事業公司產生的土壤和其他廢物的運輸、處理和處置提出了新要求。NJDPP尚未最終確定要求，因此PSE & G無法量化遵守這些潛在新要求所增加的成本。

項目6.ExhIBITS

與本文件一起歸檔的物證清單如下：


a. PSEG：
圖表10.1：		與塔瑪拉·L的協議林德，日期：2024年9月16日
圖表10.2：		與Grace Park的協議，日期爲2024年9月16日
證據31：		Ralph LaRossa根據1934年法案第13 a-14和15 d-14條進行認證
表31.1：		Daniel J. Cregg根據1934年法案第13 a-14條和第15 d-14條進行認證
證據32：		Ralph LaRossa根據美國法典第18篇第63章第1350條進行的認證
表32.1：		Daniel J. Cregg根據美國法典第18篇第63章第1350條進行的認證
圖表101.IN：		Inline DatabRL實例文檔-實例文檔不會出現在交互式數據文件中，因爲其MBE標籤嵌入Inline DatabRL文檔中。
附件101.SCH：		內聯XBRL分類擴展架構
證據104：		封面交互數據文件(格式爲內聯XBRL，包含在附件101中)

B. PSE & G：
圖表10.1：		與塔瑪拉·L的協議林德，日期：2024年9月16日
圖表10.2：		與Grace Park的協議，日期爲2024年9月16日
表31.2：		Ralph LaRossa根據1934年法案第13 a-14和15 d-14條進行認證
表31.3：		Daniel J. Cregg根據1934年法案第13 a-14條和第15 d-14條進行認證
表32.2：		Ralph LaRossa根據美國法典第18篇第63章第1350條進行的認證
表32.3：		Daniel J. Cregg根據美國法典第18篇第63章第1350條進行的認證
圖表101.IN：		Inline DatabRL實例文檔-實例文檔不會出現在交互式數據文件中，因爲其MBE標籤嵌入Inline DatabRL文檔中。
附件101.SCH：		內聯XBRL分類擴展架構
證據104：		封面交互數據文件(格式爲內聯XBRL，包含在附件101中)

簽名

根據1934年證券交易法第13或15（d）條的要求，登記人已正式促使以下正式授權的簽署人代表其簽署本報告。以下籤署公司的簽署應被視爲僅與涉及該公司及其任何子公司的事項有關。


P大衆化 S埃爾維斯 ENTERPRISE G組 I已編
(註冊人)

發信人：	/S/ ROSE M. C赫尼克
	羅斯m。切尼克總裁副主計長 (首席會計主任)

日期：2024年11月4日

簽名


P大衆化 S埃爾維斯 ELectric 一ND GAS COPANY
(註冊人)

發信人：	/S/ ROSE M. C赫尼克
	羅斯m。切尼克總裁副主計長 (首席會計主任)

日期：2024年11月4日