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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM          TO
Commission
File Number
Name of Registrant, Address, and Telephone NumberState or other jurisdiction of Incorporation or OrganizationI.R.S. Employer
Identification  Number
001-09120  Public Service Enterprise Group IncorporatedNew Jersey22-2625848
80 Park Plaza
Newark,New Jersey07102
973430-7000
001-00973  Public Service Electric and Gas CompanyNew Jersey22-1212800
80 Park Plaza
Newark,New Jersey07102
973430-7000
001-34232  PSEG Power LLCDelaware22-3663480
80 Park Plaza
Newark,New Jersey07102
973430-7000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange
On Which Registered
Public Service Enterprise Group Incorporated
  Common Stock without par valuePEGNew York Stock Exchange
Public Service Electric and Gas Company
  8.00% First and Refunding Mortgage Bonds, due 2037PEG37DNew York Stock Exchange
  5.00% First and Refunding Mortgage Bonds, due 2037PEG37JNew York Stock Exchange
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐
(Cover continued on next page)




(Cover continued from previous page)
Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Public Service Enterprise Group IncorporatedLarge accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
Public Service Electric and Gas CompanyLarge accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
PSEG Power LLCLarge accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If any of the registrants is an emerging growth company, indicate by check mark if such registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether any of the registrants is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
As of October 19, 2021, Public Service Enterprise Group Incorporated had outstanding 505,663,672 shares of its sole class of Common Stock, without par value.
As of October 19, 2021, Public Service Electric and Gas Company had issued and outstanding 132,450,344 shares of Common Stock, without nominal or par value, all of which were privately held, beneficially and of record, by Public Service Enterprise Group Incorporated.
Public Service Electric and Gas Company and PSEG Power LLC are wholly owned subsidiaries of Public Service Enterprise Group Incorporated and meet the conditions set forth in General Instruction H(1) of Form 10-Q. Each is filing its Quarterly Report on Form 10-Q with the reduced disclosure format authorized by General Instruction H.


Page
FILING FORMAT
PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
Notes to Condensed Consolidated Financial Statements
Note 1. Organization, Basis of Presentation and Significant Accounting Policies
Note 2. Recent Accounting Standards
Note 3. Revenues
Note 4. Early Plant Retirements/Asset Dispositions and Impairments
Note 5. Variable Interest Entities (VIEs)
Note 6. Rate Filings
Note 7. Leases
Note 8. Financing Receivables
Note 9. Trust Investments
Note 10. Pension and Other Postretirement Benefits (OPEB)
Note 11. Commitments and Contingent Liabilities
Note 12. Debt and Credit Facilities
Note 13. Financial Risk Management Activities
Note 14. Fair Value Measurements
Note 15. Other Income (Deductions)
Note 16. Income Taxes
Note 17. Accumulated Other Comprehensive Income (Loss), Net of Tax
Note 18. Earnings Per Share (EPS) and Dividends
Note 19. Financial Information by Business Segment
Note 20. Related-Party Transactions
Item 2.
Executive Overview of 2021 and Future Outlook
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
i

FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this report about our and our subsidiaries’ future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management’s beliefs as well as assumptions made by and information currently available to management. When used herein, the words “anticipate,” “intend,” “estimate,” “believe,” “expect,” “plan,” “should,” “hypothetical,” “potential,” “forecast,” “project,” variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to:
any inability to successfully develop, obtain regulatory approval for, or construct generation, transmission and distribution projects;
lack of growth or slower growth in the number of customers or the failure of our Conservation Incentive Program to fully address a decline in customer demand;
any equipment failures, accidents, severe weather events, acts of war or terrorism or other incidents, including pandemics such as the ongoing coronavirus pandemic, that may impact our ability to provide safe and reliable service to our customers;
any inability to recover the carrying amount of our long-lived assets;
any inability to maintain sufficient liquidity;
the impact of cybersecurity attacks or intrusions or other disruptions to our information technology or other systems;
the impact of the ongoing coronavirus pandemic;
the impact of our covenants in our debt instruments on our operations;
adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements;
risks associated with the timeline and ultimate completion of the sale of our fossil generating fleet;
the failure to complete, or delays in completing, our proposed investment in the Ocean Wind offshore wind project, or following the completion of our initial investment in the project, the failure to realize the anticipated strategic and financial benefits of the project;
fluctuations in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
our ability to obtain adequate fuel supply;
disruptions or cost increase in our supply chain, including labor shortages;
market risks impacting the operation of our generating stations;
changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns;
third-party credit risk relating to our sale of generation output and purchase of fuel;
any inability of PSEG Power to meet its commitments under forward sale obligations;
reliance on transmission facilities to maintain adequate transmission capacity for our power generation fleet;
the impact of changes in state and federal legislation and regulations on our business, including PSE&G’s ability to recover costs and earn returns on authorized investments;
PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;
ii

the absence of a long-term legislative or other solution for our New Jersey nuclear plants that sufficiently values them for their carbon-free, fuel diversity and resilience attributes, or the impact of the current or subsequent payments for such attributes being materially adversely modified through legal proceedings;
adverse changes in energy industry laws, policies and regulations, including market structures and transmission planning and transmission returns;
risks associated with our ownership and operation of nuclear facilities, including regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as financial, environmental and health and safety risks;
changes in federal and state environmental regulations and enforcement;
changes in tax laws and regulations; and
delays in receipt of, or an inability to receive, necessary licenses and permits.
All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws.
The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

FILING FORMAT
This combined Quarterly Report on Form 10-Q is separately filed by Public Service Enterprise Group Incorporated (PSEG), Public Service Electric and Gas Company (PSE&G) and PSEG Power LLC (PSEG Power). Information relating to any individual company is filed by such company on its own behalf. PSE&G and PSEG Power are each only responsible for information about itself and its subsidiaries.
Discussions throughout the document refer to PSEG and its direct operating subsidiaries, PSE&G and PSEG Power. Depending on the context of each section, references to “we,” “us,” and “our” relate to PSEG or to the specific company or companies being discussed.

iii




PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Millions, except per share data
(Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
 2021202020212020
OPERATING REVENUES$1,903 $2,370 $6,666 $7,201 
OPERATING EXPENSES
Energy Costs860 775 2,495 2,276 
Operation and Maintenance807 767 2,368 2,254 
Depreciation and Amortization283 317 946 956 
(Gains) Losses on Asset Dispositions and Impairments2,158 (122)2,615 (122)
Total Operating Expenses4,108 1,737 8,424 5,364 
OPERATING INCOME (LOSS)(2,205)633 (1,758)1,837 
Income from Equity Method Investments3 4 12 10 
Net Gains (Losses) on Trust Investments(17)107 124 87 
Other Income (Deductions)35 39 93 81 
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 82 62 246 186 
Interest Expense(144)(149)(437)(453)
INCOME (LOSS) BEFORE INCOME TAXES(2,246)696 (1,720)1,748 
Income Tax Benefit (Expense)682 (121)627 (274)
NET INCOME (LOSS)$(1,564)$575 $(1,093)$1,474 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC504 504 504 504 
DILUTED504 507 504 507 
NET INCOME (LOSS) PER SHARE:
BASIC$(3.10)$1.15 $(2.17)$2.93 
DILUTED$(3.10)$1.14 $(2.17)$2.91 
See Notes to Condensed Consolidated Financial Statements.
1


PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Millions
(Unaudited)
 
Three Months EndedNine Months Ended
 September 30,September 30,
 2021202020212020
NET INCOME (LOSS)$(1,564)$575 $(1,093)$1,474 
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $5, $3, $21 and $(15) for the three and nine months ended 2021 and 2020, respectively
(7)(4)(33)24 
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0, $(1), $(1) and $(1) for the three and nine months ended 2021 and 2020, respectively
1