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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 March 31, 2024
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
001-09120Public Service Enterprise Group IncorporatedNew Jersey22-2625848
80 Park Plaza
Newark,New Jersey07102
973430-7000
001-00973Public Service Electric and Gas CompanyNew Jersey22-1212800
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 ☐
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
(Cover continued on next page)





(Cover continued from previous page)
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 April 16, 2024, Public Service Enterprise Group Incorporated had outstanding 498,080,467 shares of its sole class of Common Stock, without par value.
As of April 16, 2024, 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 is a wholly owned subsidiary of Public Service Enterprise Group Incorporated and meets the conditions set forth in General Instruction H(1) of Form 10-Q. Public Service Electric and Gas Company 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. Revenues
Note 3. Variable Interest Entity (VIE)
Note 4. Rate Filings
Note 5. Leases
Note 6. Financing Receivables
Note 7. Trust Investments
Note 8. Pension and Other Postretirement Benefits (OPEB)
Note 9. Commitments and Contingent Liabilities
Note 10. Debt and Credit Facilities
Note 11. Financial Risk Management Activities
Note 12. Fair Value Measurements
Note 13. Net Other Income (Deductions)
Note 14. Income Taxes
Note 15. Accumulated Other Comprehensive Income (Loss), Net of Tax
Note 16. Earnings Per Share (EPS) and Dividends
Note 17. Financial Information by Business Segment
Note 18. Related-Party Transactions
Item 2.
Executive Overview of 2024 and Future Outlook
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
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 transmission and distribution, and our nuclear generation projects;
the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits;
any equipment failures, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents 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;
disruptions or cost increases in our supply chain, including labor shortages;
any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms;
the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems;
a material shift away from natural gas toward increased electrification and a reduction in the use of natural gas;
failure to attract and retain a qualified workforce;
increases in the costs of equipment, materials, fuel, services and labor;
the impact of our covenants in our debt instruments and credit agreements on our business;
adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements and pension costs;
any inability to extend certain significant contracts on terms acceptable to us;
development, adoption and use of Artificial Intelligence by us and our third-party vendors;
fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units;
our ability to obtain adequate nuclear fuel supply;
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 nuclear generation output and purchase of nuclear fuel;
any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules;
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;
ii

PSE&G’s proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned;
our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, production tax credit and/or zero emission certificates program;
adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns;
risks associated with our ownership and operation of nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks;
changes in federal and state environmental laws and regulations and enforcement;
delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and
changes in tax laws and regulations.
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.
From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at https://investor.pseg.com. Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at https://investor.pseg.com or by navigating to the Email Alerts webpage at https://investor.pseg.com/resources/email-alerts/default.aspx. The information on https://investor.pseg.com and https://investor.pseg.com/resources/email-alerts/default.aspx is not incorporated herein and is not part of this Form 10-Q.

FILING FORMAT
This combined Quarterly Report on Form 10-Q is separately filed by Public Service Enterprise Group Incorporated (PSEG) and Public Service Electric and Gas Company (PSE&G). Information relating to any individual company is filed by such company on its own behalf. PSE&G is only responsible for information about itself and its subsidiaries.
Discussions throughout the document refer to PSEG and its direct operating subsidiaries. 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 Ended
March 31,
 20242023
OPERATING REVENUES$2,760 $3,755 
OPERATING EXPENSES
Energy Costs997 1,082 
Operation and Maintenance783 743 
Depreciation and Amortization295 282 
Total Operating Expenses2,075 2,107 
OPERATING INCOME 685 1,648 
Income from Equity Method Investments 1 
Net Gains (Losses) on Trust Investments95 46 
Net Other Income (Deductions)35 42 
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 19 28 
Interest Expense(205)(180)
INCOME BEFORE INCOME TAXES629 1,585 
Income Tax Expense (97)(298)
NET INCOME $532 $1,287 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC499 497 
DILUTED500 500 
NET INCOME PER SHARE:
BASIC$1.07 $2.59 
DILUTED$1.06 $2.58 
See Notes to Condensed Consolidated Financial Statements.
1


PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Millions
(Unaudited)

Three Months Ended
 March 31,
 20242023
NET INCOME$532 $1,287 
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $6 and $(17) for 2024 and 2023, respectively
(10)26 
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $(7) and $1 for 2024 and 2023, respectively
18 (1)
Pension/OPEB adjustment, net of tax (expense) benefit of $(1) and $(2) for 2024 and 2023, respectively
2 3 
Other Comprehensive Income (Loss), net of tax10 28 
COMPREHENSIVE INCOME$542 $1,315 
See Notes to Condensed Consolidated Financial Statements.
2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)

 
March 31,
2024
December 31,
2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$1,186 $54 
Accounts Receivable, net of allowance of $269 in 2024 and $279 in 2023
1,523 1,482 
Tax Receivable5 10 
Unbilled Revenues, net of allowance of $4 in 2024 and 2023
214 244 
Fuel96 264 
Materials and Supplies, net825 759 
Prepayments119 144 
Derivative Contracts74 112 
Regulatory Assets167 273 
Other73 31 
Total Current Assets4,282 3,373 
PROPERTY, PLANT AND EQUIPMENT49,295 48,603 
Less: Accumulated Depreciation and Amortization(10,801)(10,572)
Net Property, Plant and Equipment38,494 38,031 
NONCURRENT ASSETS
Regulatory Assets5,374 5,157 
Operating Lease Right-of-Use Assets175 179 
Long-Term Investments271 295 
Nuclear Decommissioning Trust (NDT) Fund2,628 2,524 
Long-Term Receivable of Variable Interest Entity (VIE)637 632 
Rabbi Trust Fund173 179 
Derivative Contracts2 29 
Other352 342 
Total Noncurrent Assets9,612 9,337 
TOTAL ASSETS$52,388 $50,741 
See Notes to Condensed Consolidated Financial Statements.
3

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)

March 31,
2024
December 31,
2023
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $2,500 $1,500 
Commercial Paper and Loans525 949 
Accounts Payable980 1,214 
Derivative Contracts43 86 
Accrued Interest193 170 
Accrued Taxes37 8 
Clean Energy Program86 145 
Obligation to Return Cash Collateral93 89 
Regulatory Liabilities362 349 
Other569 547 
Total Current Liabilities5,388 5,057 
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)6,802 6,671 
Regulatory Liabilities2,043 2,075 
Operating Leases168 173 
Asset Retirement Obligations1,480 1,468 
OPEB Costs335 349 
OPEB Costs of Servco520 514 
Accrued Pension Costs602 606 
Accrued Pension Costs of Servco100 102 
Environmental Costs217 213 
Derivative Contracts16 6 
Long-Term Accrued Taxes37 45 
Other198 201 
Total Noncurrent Liabilities12,518 12,423 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
CAPITALIZATION
LONG-TERM DEBT18,764 17,784 
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2024 and 2023—534 shares
5,003 5,018 
Treasury Stock, at cost, 2024 and 2023—35 and 36 shares, respectively
(1,366)(1,379)
Retained Earnings12,250 12,017 
Accumulated Other Comprehensive Loss(169)(179)
Total Stockholders’ Equity15,718 15,477 
Total Capitalization34,482 33,261 
TOTAL LIABILITIES AND CAPITALIZATION$52,388 $50,741 
See Notes to Condensed Consolidated Financial Statements.
4

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Millions
(Unaudited)

Three Months Ended
March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income $532 $1,287 
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization295 282 
Amortization of Nuclear Fuel51 48 
Provision for Deferred Income Taxes and ITC40 213 
Non-Cash Employee Benefit Plan (Credits) Costs18 9 
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives258 (771)
Cost of Removal(45)(41)
Energy Efficiency Programs Regulatory Investment Expenditures (118)(87)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures27 17 
Net Change in Other Regulatory Assets and Liabilities(47)5 
Net (Gains) Losses and (Income) Expense from NDT Fund(109)(58)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable5 70 
Accrued Taxes11 85 
Cash Collateral(168)794 
Obligation to Return Cash Collateral4 (186)
Other Current Assets and Liabilities(97)169 
Employee Benefit Plan Funding and Related Payments(19)(12)
Other23 13 
Net Cash Provided By (Used In) Operating Activities661 1,837 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(797)(739)
Proceeds from Sales of Trust Investments369 402 
Purchases of Trust Investments(380)(415)
Proceeds from Sales of Long-Lived Assets 20 
Other23 18 
Net Cash Provided By (Used In) Investing Activities(785)(714)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(425)(200)
Payment of Short-Term Loans (750)
Issuance of Long-Term Debt2,250 900 
Payment of Long-Term Debt(250) 
Cash Dividends Paid on Common Stock(299)(284)
Other(27)(46)
Net Cash Provided By (Used In) Financing Activities1,249 (380)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash1,125 743 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period99 511 
Cash, Cash Equivalents and Restricted Cash at End of Period$1,224 $1,254 
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)$(4)$(72)
Interest Paid, Net of Amounts Capitalized$172 $148 
Accrued Property, Plant and Equipment Expenditures$408 $333 
See Notes to Condensed Consolidated Financial Statements.
5

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Millions
(Unaudited)

 
Common
Stock
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
 Shs.AmountShs.AmountTotal
Balance as of December 31, 2023534 $5,018 (36)$(1,379)$12,017 $(179)$15,477 
Net Income— — — — 532 — 532 
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(2)
— — — — — 10 10 
Comprehensive Income542 
Cash Dividends at $0.60 per share on Common Stock
— — — — (299) (299)
Other (15)1 13   (2)
Balance as of March 31, 2024534 $5,003 (35)$(1,366)$12,250 $(169)$15,718 
Balance as of December 31, 2022534 $5,065 (37)$(1,377)$10,591 $(550)$13,729 
Net Income — — — — 1,287 — 1,287 
Other Comprehensive Income (Loss), net of tax (expense) benefit of $(18)
— — — — — 28 28 
Comprehensive Income1,315 
Cash Dividends at $0.57 per share on Common Stock
— — — — (284) (284)
Other (20) (14)  (34)
Balance as of March 31, 2023534 $5,045 (37)$(1,391)$11,594 $(522)$14,726 
See Notes to Condensed Consolidated Financial Statements.
6


PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Millions
(Unaudited)

Three Months Ended
March 31,
20242023
OPERATING REVENUES$2,333 $2,293 
OPERATING EXPENSES
Energy Costs928 984 
Operation and Maintenance465 460 
Depreciation and Amortization257 244 
Total Operating Expenses1,650 1,688 
OPERATING INCOME683 605 
Net Other Income (Deductions)16 21 
Net Non-Operating Pension and OPEB Credits (Costs)19 28 
Interest Expense(138)(113)
INCOME BEFORE INCOME TAXES580 541 
Income Tax Expense(92)(54)
NET INCOME$488 $487 
See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.
7

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Millions
(Unaudited)

Three Months Ended
March 31,
 20242023
NET INCOME$488 $487 
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $0 for 2024 and 2023
 1 
COMPREHENSIVE INCOME$488 $488 
See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.
8


PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)

March 31,
2024
December 31,
2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$50 $30 
Accounts Receivable, net of allowance of $269 in 2024 and $279 in 2023
1,188 1,076 
Unbilled Revenues, net of allowance of $4 in 2024 and 2023
214 244 
Materials and Supplies, net579 519 
Prepayments51 57 
Regulatory Assets167 273 
Other25 31 
Total Current Assets2,274 2,230 
PROPERTY, PLANT AND EQUIPMENT44,349 43,753 
Less: Accumulated Depreciation and Amortization(8,851)(8,711)
Net Property, Plant and Equipment35,498 35,042 
NONCURRENT ASSETS
Regulatory Assets5,374 5,157 
Operating Lease Right-of-Use Assets99 99 
Long-Term Investments112 117 
Rabbi Trust Fund31 32 
Long-Term Accrued Taxes1  
Other203 196 
Total Noncurrent Assets5,820 5,601 
TOTAL ASSETS$43,592 $42,873 
See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.
9

PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)

March 31,
2024
December 31,
2023
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year$500 $750 
Commercial Paper and Loans25 425 
Accounts Payable619 780 
Accounts Payable—Affiliated Companies505 504 
Accrued Interest128 139 
Clean Energy Program86 145 
Obligation to Return Cash Collateral93 89 
Regulatory Liabilities362 349 
Other457 434 
Total Current Liabilities2,775 3,615 
NONCURRENT LIABILITIES
Deferred Income Taxes and ITC5,955 5,813 
Regulatory Liabilities2,043 2,075 
Operating Leases88 89 
Asset Retirement Obligations401 401 
OPEB Costs197 210 
Accrued Pension Costs392 396 
Environmental Costs147 151 
Long-Term Accrued Taxes 2 
Other155 160 
Total Noncurrent Liabilities9,378 9,297 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 9)
CAPITALIZATION
LONG-TERM DEBT13,903 12,913 
STOCKHOLDER’S EQUITY
Common Stock; 150 shares authorized; issued and outstanding, 2024 and 2023—132 shares
892 892 
Contributed Capital2,156 2,156 
Retained Earnings14,492 14,004 
Accumulated Other Comprehensive Loss(4)(4)
Total Stockholder’s Equity17,536 17,048 
Total Capitalization31,439 29,961 
TOTAL LIABILITIES AND CAPITALIZATION$43,592 $42,873 
See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.
10


PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Millions
(Unaudited)
Three Months Ended
March 31,
 20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$488 $487 
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization257 244 
Provision for Deferred Income Taxes and ITC53 27 
Non-Cash Employee Benefit Plan (Credits) Costs11 3 
Cost of Removal(45)(41)
Energy Efficiency Programs Regulatory Investment Expenditures(118)(87)
Amortization of Energy Efficiency Programs Regulatory Investment Expenditures27 17 
Net Change in Other Regulatory Assets and Liabilities(47)5 
Net Change in Certain Current Assets and Liabilities:
Accounts Receivable and Unbilled Revenues(83)37 
Materials and Supplies(60)(45)
Prepayments6 (10)
Accounts Payable(87)(83)
Accounts Receivable/Payable—Affiliated Companies, net30 8 
Obligation to Return Cash Collateral4 (186)
Other Current Assets and Liabilities6 31 
Employee Benefit Plan Funding and Related Payments(14)(7)
Other(20)(22)
Net Cash Provided By (Used In) Operating Activities408 378 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(739)(676)
Proceeds from Sales of Trust Investments1 1 
Purchases of Trust Investments(1)(1)
Other6 3 
Net Cash Provided By (Used In) Investing Activities(733)(673)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(400) 
Issuance of Long-Term Debt1,000 900 
Redemption of Long-Term Debt(250) 
Other(12)(8)
Net Cash Provided By (Used In) Financing Activities338 892 
Net Increase (Decrease) In Cash, Cash Equivalents and Restricted Cash13 597 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period75 266 
Cash, Cash Equivalents and Restricted Cash at End of Period$88 $863 
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)$(1)$(10)
Interest Paid, Net of Amounts Capitalized$142 $102 
Accrued Property, Plant and Equipment Expenditures$322 $308 
See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.
11


PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY
Millions
(Unaudited)

 
 Common StockContributed CapitalRetained EarningsAccumulated
Other
Comprehensive
Income (Loss)
   Total
Balance as of December 31, 2023$892 $2,156 $14,004 $(4)$17,048 
Net Income— — 488 — 488 
Comprehensive Income 488 
Balance as of March 31, 2024$892 $2,156 $14,492 $(4)$17,536 
Balance as of December 31, 2022$892 $2,156 $12,639 $(5)$15,682 
Net Income— — 487 — 487 
Other Comprehensive Income (Loss), net of tax (expense) benefit of $0
— — — 1 1 
Comprehensive Income 488 
Balance as of March 31, 2023$892 $2,156 $13,126 $(4)$16,170 
See disclosures regarding Public Service Electric and Gas Company included in the Notes to Condensed Consolidated Financial Statements.
12


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Table of Contents            
    
    


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 integrates the operations of its merchant nuclear generating assets with its fuel supply functions through 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.
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 three months ended March 31, 2024. Restricted cash consists primarily of deposits received related to various construction projects at PSE&G.
13


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Table of Contents            
    
    

PSE&GPSEG Power & Other (A)Consolidated
 Millions
As of December 31, 2023
Cash and Cash Equivalents $30 $24 $54 
Restricted Cash in Other Current Assets23  23 
Restricted Cash in Other Noncurrent Assets22  22 
Cash, Cash Equivalents and Restricted Cash$75 $24 $99 
As of March 31, 2024
Cash and Cash Equivalents $50 $1,136 $1,186 
Restricted Cash in Other Current Assets16  16 
Restricted Cash in Other Noncurrent Assets22  22 
Cash, Cash Equivalents and Restricted Cash$88 $1,136 $1,224 
(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.
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
14


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Table of Contents            
    
    

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 included in PJM Sales in the following tables. The number of ZECs purchased by each EDC from a selected nuclear power plant is expected to be reduced by the number of ZECs equal in value to the dollar amount of production tax credits (PTCs) received by the same plants.
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.
Energy Holdings generates lease revenues which are recorded pursuant to lease accounting guidance.
15


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Table of Contents            
    
    

Disaggregation of Revenues
PSE&GPSEG Power & Other (A)EliminationsConsolidated
Millions
Three Months Ended March 31, 2024
Revenues from Contracts with Customers
Electric Distribution$781 $ $ $781 
Gas Distribution922   922 
Transmission 436   436 
Electricity and Related Product Sales
 PJM
Third-Party Sales
 227  227 
Sales to Affiliates 30 (30) 
ISO-New England (NE) 3  3 
Gas Sales
Third-Party Sales
 76  76 
Sales to Affiliates
 414 (414) 
Other Revenues from Contracts with Customers (B)84 174 (1)257 
Total Revenues from Contracts with Customers2,223 924 (445)2,702 
Revenues Unrelated to Contracts with Customers (C)110 (52)