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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, 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
  9.25% First and Refunding Mortgage Bonds, Series CC, due 2021PEG21New York Stock Exchange
  8.00% First and Refunding Mortgage Bonds, due 2037PEG37DNew York Stock Exchange
  5.00% First and Refunding Mortgage Bonds, due 2037PEG37JNew York Stock Exchange
PSEG Power LLC
  8.625% Senior Notes, due 2031PEG31New 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 ☐
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(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 April 20, 2021, Public Service Enterprise Group Incorporated had outstanding 505,479,706 shares of its sole class of Common Stock, without par value.
As of April 20, 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.


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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
Note 5. Variable Interest Entity (VIE)
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.
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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;
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 outcome of our exploration of strategic alternatives relating to PSEG Power’s non-nuclear 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;
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;
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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; 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.

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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Millions, except per share data
(Unaudited)
Three Months Ended
March 31,
 20212020
OPERATING REVENUES$2,889 $2,781 
OPERATING EXPENSES
Energy Costs1,029 906 
Operation and Maintenance778 754 
Depreciation and Amortization341 324 
Total Operating Expenses2,148 1,984 
OPERATING INCOME741 797 
Income from Equity Method Investments3 3 
Net Gains (Losses) on Trust Investments60 (221)
Other Income (Deductions)25 4 
Net Non-Operating Pension and Other Postretirement Benefit (OPEB) Credits (Costs) 82 62 
Interest Expense(146)(153)
INCOME BEFORE INCOME TAXES765 492 
Income Tax Benefit (Expense)(117)(44)
NET INCOME$648 $448 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
BASIC504 504 
DILUTED507 507 
NET INCOME PER SHARE:
BASIC$1.29 $0.89 
DILUTED$1.28 $0.88 
See Notes to Condensed Consolidated Financial Statements.
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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Millions
(Unaudited)
 
Three Months Ended
 March 31,
 20212020
NET INCOME$648 $448 
Other Comprehensive Income (Loss), net of tax
Unrealized Gains (Losses) on Available-for-Sale Securities, net of tax (expense) benefit of $26 and $(6) for 2021 and 2020, respectively
(42)8 
Unrealized Gains (Losses) on Cash Flow Hedges, net of tax (expense) benefit of $0 and $1 for 2021 and 2020, respectively
1 (3)
Pension/OPEB adjustment, net of tax (expense) benefit of $(2) and $(1) for 2021 and 2020, respectively
3 3 
Other Comprehensive Income (Loss), net of tax(38)8 
COMPREHENSIVE INCOME$610 $456 
See Notes to Condensed Consolidated Financial Statements.
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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)
 
March 31,
2021
December 31,
2020
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents$803 $543 
Accounts Receivable, net of allowance of $232 in 2021 and $196 in 2020
1,476 1,410 
Tax Receivable7 63 
Unbilled Revenues, net of allowance of $7 in 2021 and $10 in 2020
187 229 
Fuel129 277 
Materials and Supplies, net609 601 
Prepayments76 51 
Derivative Contracts29 60 
Regulatory Assets249 369 
Other30 27 
Total Current Assets3,595 3,630 
PROPERTY, PLANT AND EQUIPMENT49,063 48,569 
     Less: Accumulated Depreciation and Amortization(11,277)(10,984)
Net Property, Plant and Equipment37,786 37,585 
NONCURRENT ASSETS
Regulatory Assets3,832 3,872 
Operating Lease Right-of-Use Assets255 262 
Long-Term Investments512 536 
Nuclear Decommissioning Trust (NDT) Fund2,525 2,501 
Long-Term Tax Receivable 43  
Long-Term Receivable of Variable Interest Entity (VIE)950 945 
Rabbi Trust Fund238 266 
Other Intangibles163 158 
Derivative Contracts19 9 
Other288 286 
Total Noncurrent Assets8,825 8,835 
TOTAL ASSETS$50,206 $50,050 
See Notes to Condensed Consolidated Financial Statements.
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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
Millions
(Unaudited)

 
March 31,
2021
December 31,
2020
LIABILITIES AND CAPITALIZATION
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $1,429 $1,684 
Commercial Paper and Loans665 1,063 
Accounts Payable984 1,332 
Derivative Contracts26 21 
Accrued Interest173 126 
Accrued Taxes160 124 
Clean Energy Program86 143 
Obligation to Return Cash Collateral94 98 
Regulatory Liabilities271 294 
Other658 637 
Total Current Liabilities4,546 5,522 
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC)6,630 6,502 
Regulatory Liabilities2,659 2,707 
Operating Leases244 252 
Asset Retirement Obligations1,224 1,212 
OPEB Costs727 730 
OPEB Costs of Servco706 699 
Accrued Pension Costs1,079 1,128 
Accrued Pension Costs of Servco223 226 
Environmental Costs245 286 
Derivative Contracts2 4 
Long-Term Accrued Taxes81 88 
Other217 214 
Total Noncurrent Liabilities14,037 14,048 
COMMITMENTS AND CONTINGENT LIABILITIES (See Note 11)
CAPITALIZATION
LONG-TERM DEBT15,346 14,496 
STOCKHOLDERS’ EQUITY
Common Stock, no par, authorized 1,000 shares; issued, 2021 and 2020—534 shares
5,013 5,031 
Treasury Stock, at cost, 2021 and 2020—30 shares
(902)(861)
Retained Earnings12,708 12,318 
Accumulated Other Comprehensive Loss(542)(504)
Total Stockholders’ Equity16,277 15,984 
Total Capitalization31,623 30,480 
TOTAL LIABILITIES AND CAPITALIZATION$50,206 $50,050 
See Notes to Condensed Consolidated Financial Statements.
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PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Millions
(Unaudited)
Three Months Ended
March 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income$648 $448 
Adjustments to Reconcile Net Income to Net Cash Flows from Operating Activities:
Depreciation and Amortization341 324 
Amortization of Nuclear Fuel49 47 
Emission Allowances and Renewable Energy Credit (REC) Compliance Accrual
43 33 
Provision for Deferred Income Taxes (Other than Leases) and ITC96 18 
Non-Cash Employee Benefit Plan (Credits) Costs(44)(26)
Leveraged Lease (Income), (Gains) and Losses, Adjusted for Rents Received and Deferred Taxes16 18 
Net Realized and Unrealized (Gains) Losses on Energy Contracts and Other Derivatives46 (106)
Cost of Removal(27)(24)
Net Change in Regulatory Assets and Liabilities(28)(80)
Net (Gains) Losses and (Income) Expense from NDT Fund(68)209 
Net Change in Certain Current Assets and Liabilities:
          Tax Receivable66 16 
          Accrued Taxes(44)71 
           Cash Collateral(44)55 
          Other Current Assets and Liabilities(30)120 
Employee Benefit Plan Funding and Related Payments(3)10 
Other10 20 
Net Cash Provided By (Used In) Operating Activities1,027 1,153 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant and Equipment(633)(720)
Purchase of Emission Allowances and RECs(12)(29)
Proceeds from Sales of Trust Investments662 609 
Purchases of Trust Investments(660)(619)
Other19 35 
Net Cash Provided By (Used In) Investing Activities(624)(724)
CASH FLOWS FROM FINANCING ACTIVITIES
Net Change in Commercial Paper and Loans(598)(353)
Proceeds from Short-Term Loans500 300 
Payment of Short-Term Loans(300) 
Issuance of Long-Term Debt900 600 
Redemption of Long-Term Debt(300) 
Cash Dividends Paid on Common Stock(258)(248)
Other(78)(62)
Net Cash Provided By (Used In) Financing Activities(134)237 
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash269 666 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period572 176 
Cash, Cash Equivalents and Restricted Cash at End of Period$841 $842