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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, 2022
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
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 19, 2022, Public Service Enterprise Group Incorporated had outstanding 499,258,876 shares of its sole class of Common Stock, without par value.
As of April 19, 2022, 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. 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 2022 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 transmission and distribution, and solar and wind 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, severe weather events, acts of war, terrorism, sabotage, cyberattack 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;
the impact of the ongoing coronavirus pandemic;
failure to attract and retain a qualified workforce;
inflation, including increases in the costs of equipment, materials, fuel and labor;
the impact of our covenants in our debt instruments on our business;
adverse performance of our nuclear decommissioning and defined benefit plan trust fund investments and changes in funding requirements;
the failure to complete, or delays in completing, the Ocean Wind 1 offshore wind project and the failure to realize the anticipated strategic and financial benefits of this 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 nuclear fuel supply;
market risks impacting the operation of our nuclear 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 nuclear generation output and purchase of nuclear fuel;
any inability to meet our commitments under forward sale obligations;
reliance on transmission facilities to maintain adequate transmission capacity for our nuclear 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;
ii

PSE&G’s proposed investment programs may not be fully approved by regulators and its capital investment may be lower than planned;
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 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 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
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.

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,
 20222021
OPERATING REVENUES$2,313 $2,889 
OPERATING EXPENSES
Energy Costs1,245 1,029 
Operation and Maintenance794 778 
Depreciation and Amortization283 341 
Losses on Asset Dispositions and Impairments43  
Total Operating Expenses2,365 2,148 
OPERATING INCOME (LOSS)(52)741 
Income from Equity Method Investments4 3 
Net Gains (Losses) on Trust Investments(68)60 
Other Income (Deductions)5 25 
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 94 82 
Interest Expense(137)(146)
INCOME (LOSS) BEFORE INCOME TAXES(154)765 
Income Tax Benefit (Expense)152 (117)
NET INCOME (LOSS)$(2)$648 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC501 504 
DILUTED501 507 
NET INCOME (LOSS) PER SHARE:
BASIC$0.00 $1.29 
DILUTED$0.00 $1.28 
See Notes to Condensed Consolidated Financial Statements.
1


PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Millions
(Unaudited)
 
Three Months Ended
 March 31,
 20222021
NET INCOME (LOSS)$(2)$648 
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $39 and $26 for 2022 and 2021, respectively
(61)(42)
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0 and $0 for 2022 and 2021, respectively
1 1 
Pension/OPEB adjustment, net of tax (expense) benefit of $0 and $(2) for 2022 and 2021, respectively
 3 
Other Comprehensive Income (Loss), net of tax(60)(38)
COMPREHENSIVE INCOME (LOSS)$(62)$610 
See Notes to Condensed Consolidated Financial Statements.
2

PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)
 
March 31,
2022
December 31,
2021
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$1,603 $818 
Accounts Receivable, net of allowance of $341 in 2022 and $325 in 2021
1,728 1,859 
Tax Receivable8 9 
Unbilled Revenues, net of allowance of $10 in 2022 and $12 in 2021
198 217 
Fuel67 296 
Materials and Supplies, net471 448 
Prepayments100 63 
Derivative Contracts144 72 
Regulatory Assets368 364 
Assets Held for Sale 2,060 
Other41 44 
Total Current Assets4,728 6,250 
PROPERTY, PLANT AND EQUIPMENT44,303 43,684 
Less: Accumulated Depreciation and Amortization(9,569)(9,318)
Net Property, Plant and Equipment34,734 34,366 
NONCURRENT ASSETS
Regulatory Assets3,671 3,605 
Operating Lease Right-of-Use Assets195 201 
Long-Term Investments534 541 
Nuclear Decommissioning Trust (NDT) Fund2,491 2,637 
Long-Term Tax Receivable 47 47 
Long-Term Receivable of Variable Interest Entity (VIE)833 828 
Rabbi Trust Fund219 242 
Other Intangibles22 20 
Derivative Contracts49 28 
Other251 234 
Total Noncurrent Assets8,312 8,383 
TOTAL ASSETS$47,774 $48,999 
See Notes to Condensed Consolidated Financial Statements.
3

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

 
March 31,
2022
December 31,
2021
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $700 $700 
Commercial Paper and Loans1,676 3,519 
Accounts Payable956 1,315 
Derivative Contracts159 17 
Accrued Interest144 121 
Accrued Taxes312 67 
Clean Energy Program87 146 
Obligation to Return Cash Collateral384 179 
Regulatory Liabilities369 388 
Liabilities Held for Sale 144 
Other505 476 
Total Current Liabilities5,292 7,072 
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)5,463 5,759 
Regulatory Liabilities2,522 2,497 
Operating Leases184 191 
Asset Retirement Obligations1,586 1,573 
OPEB Costs568 572 
OPEB Costs of Servco647 640 
Accrued Pension Costs273 318 
Accrued Pension Costs of Servco171 174 
Environmental Costs237 245 
Derivative Contracts23 17 
Long-Term Accrued Taxes66 100 
Other176 184 
Total Noncurrent Liabilities11,916 12,270 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11)
CAPITALIZATION
LONG-TERM DEBT16,968 15,219 
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2022 and 2021—534 shares
4,978 5,045 
Treasury Stock, at cost, 2022 and 2021—37 and 30 shares, respectively
(1,336)(896)
Retained Earnings10,366 10,639 
Accumulated Other Comprehensive Loss(410)(350)
Total Stockholders’ Equity13,598 14,438 
Total Capitalization30,566 29,657 
TOTAL LIABILITIES AND CAPITALIZATION$47,774 $48,999 
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,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income (Loss)$(2)$648 
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization283 341 
Amortization of Nuclear Fuel50 49 
Losses on Asset Dispositions and Impairments43  
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual28 43 
Provision for Deferred Income Taxes (Other than Leases) and ITC(340)96 
Non-Cash Employee Benefit Plan (Credits) Costs(60)(44)
Leveraged Lease (Income), (Gains) and Losses, Adjusted for Rents Received and Deferred Taxes31 16 
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives847 46 
Cost of Removal(30)(27)
Net Change in Regulatory Assets and Liabilities(122)(28)
Net (Gains) Losses and (Income) Expense from NDT Fund54 (68)
Net Change in Certain Current Assets and Liabilities:
Tax Receivable1 66 
Accrued Taxes215 (44)
 Cash Collateral(683)(44)
Obligation to Return Cash Collateral205 (4)
Other Current Assets and Liabilities20 (26)
Employee Benefit Plan Funding and Related Payments(6)(3)
Other(62)10 
Net Cash Provided By (Used In) Operating Activities472 1,027 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(686)(633)
Proceeds from Sales of Trust Investments501 662 
Purchases of Trust Investments(510)(660)
Proceeds from Sales of Long-Lived Assets1,890  
Other(12)7 
Net Cash Provided By (Used In) Investing Activities1,183 (624)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(593)(598)
Proceeds from Short-Term Loans 500 
Payment of Short-Term Loans(1,250)(300)
Issuance of Long-Term Debt1,750 900 
Redemption of Long-Term Debt (300)
Payments for Share Repurchase Program(500) 
Cash Dividends Paid on Common Stock(271)(258)
Other(12)(78)
Net Cash Provided By (Used In) Financing Activities(876)(134)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash779 269 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period863 572 
Cash, Cash Equivalents and Restricted Cash at End of Period$1,642 $841 
Supplemental Disclosure of Cash Flow Information:
Income Taxes Paid (Received)$ $(25)
Interest Paid, Net of Amounts Capitalized$115 $95 
Accrued Property, Plant and Equipment Expenditures$295 $258 
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.Amount Shs.AmountTotal
Balance as of December 31, 2021 534 $5,045  (30)$(896)$10,639 $(350)$14,438 
Net Loss — —  — — (2)— (2)
Other Comprehensive Income (Loss), net of tax (expense) benefit of $39
 — —  — — — (60)(60)
Comprehensive Loss  (62)
Cash Dividends at $0.54 per share on Common Stock
 — —  — — (271) (271)
Payments for Share Repurchase Program— (50)(7)(450)— — (500)
Other  (17)  10   (7)
Balance as of March 31, 2022 534 $4,978  (37)$(1,336)$10,366 $(410)$13,598 
Balance as of December 31, 2020 534 $5,031  (30)$(861)$12,318 $(504)$15,984 
Net Income  — —  — — 648 — 648 
Other Comprehensive Income (Loss), net of tax (expense) benefit of $24
 — —  — — — (38)(38)
Comprehensive Income  610 
Cash Dividends at $0.51 per share on Common Stock
 — —  — — (258) (258)
Other  (18)  (41)  (59)
Balance as of March 31, 2021 534 $5,013  (30)$(902)$12,708 $(542)$16,277 
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,
20222021
OPERATING REVENUES$2,284 $2,073 
OPERATING EXPENSES
Energy Costs968 849 
Operation and Maintenance463 424 
Depreciation and Amortization241 241 
Total Operating Expenses