PUBLIC SERVICE ELECTRIC & GAS CO
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
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Item 15. Exhibits, Financial Statement Schedules
(A)
The following Financial Statements are filed as a part of this report:
a.
Public Service Enterprise Group Incorporated’s Consolidated Balance Sheets as of December 31, 2025 and 2024 and the related Consolidated Statements of Operations, Comprehensive Income, Cash Flows and Stockholders’ Equity for the three years ended December 31, 2025 on pages 70 through 75.
b.
Public Service Electric and Gas Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024 and the related Consolidated Statements of Operations, Comprehensive Income, Cash Flows and Common Stockholder’s Equity for the three years ended December 31, 2025 on pages 76 through 81.
(B)
The following documents are filed as a part of this report:
a.
PSEG’s Financial Statement Schedules:
Schedule II—Valuation and Qualifying Accounts for each of the three years in the period ended December 31, 2025 (page 171).
b.
PSE&G’s Financial Statement Schedules:
Schedule II—Valuation and Qualifying Accounts for each of the three years in the period ended December 31, 2025 (page 171).
Schedules other than those listed above are omitted for the reason that they are not required or are not applicable, or the required information is shown in the consolidated financial statements or notes thereto.
(C)
The following documents are filed as part of this report:
| LIST OF EXHIBITS: | ||
| a. | PSEG: | |
|---|---|---|
| 3a | Certificate of Incorporation Public Service Enterprise Group Incorporated(1) | |
| 3b | Certificate of Amendment of Certificate of Incorporation of Public Service Enterprise Group Incorporated, effective April 23, 1987(2) | |
| 3c | Certificate of Amendment of Certificate of Incorporation of Public Service Enterprise Group Incorporated, effective April 20, 2007(3) | |
| 3d | By-Laws of Public Service Enterprise Group Incorporated effective February 14, 2023(4) | |
| 4a | Indenture between Public Service Enterprise Group Incorporated and First Union National Bank (U.S. Bank National Association, successor), as Trustee, dated January 1, 1998 providing for Deferrable Interest Subordinated Debentures in Series (relating to Quarterly Preferred Securities)(5) | |
| 4b | Indenture between Public Service Enterprise Group Incorporated and U.S. Bank National Association (as successor to First Union National Bank), as Trustee, dated November 1, 1998 providing for Senior Debt Securities(6) | |
| 4c | Description of Common Stock(7) | |
| 10a(1) | Supplemental Executive Retirement Income Plan, amended effective July 1, 2019(8) | |
| 10a(2) | Retirement Income Reinstatement Plan for Non-Represented Employees, Amended effective July 1, 2019(9) | |
| 10a(3) | 2007 Equity Compensation Plan for Outside Directors, amended and restated effective November 19, 2019 (10) | |
| 10a(4) | Deferred Compensation Plan for Directors, amended effective January 1, 2019(11) | |
| 10a(5) | Key Executive Severance Plan of Public Service Enterprise Group Incorporated, amended effective December 15, 2025 |
| LIST OF EXHIBITS: | ||
| 10a(6) | Stock Plan for Outside Directors, as amended(12) | |
| 10a(7) | Compensation Plan for Outside Directors(13) | |
| 10a(8) | 2004 Long-Term Incentive Plan, amended and restated as of April 16, 2013(14) | |
| 10a(9) | Form of Agreement for Advancement of Expenses with Outside Directors(15) | |
| 10a(10) | Agreement with Tamara L. Linde dated September 16, 2024(16) | |
| 10a(11) | Agreement with Daniel J. Cregg dated September 22, 2015(17) | |
| 10a(12) | Clawback Practice, effective February 20, 2018(18) | |
| 10a(13) | Agreement with Ralph A. LaRossa dated April 18, 2022(19) | |
| 10a(14) | 2021 Long-Term Incentive Plan, effective April 20, 2021(20) | |
| 10a(15) | 2021 Equity Compensation Plan for Outside Directors, effective April 20, 2021(21) | |
| 10a(16) | Agreement with Kim C. Hanemann dated May 21, 2021(22) | |
| 10a(17) | Retention Award for Daniel J. Cregg dated April 17, 2023(23) | |
| 10a(18) | 2021 Equity Compensation Plan for Outside Directors - Restricted Stock Unit Award Agreement(24) | |
| 10a(19) | Deferred Compensation Plan for Certain Employees, amended and restated effective November 18, 2024(25) | |
| 10a(20) | Management Incentive Compensation Plan, amended December 16, 2025 and effective January 1, 2026 | |
| 10a(21) | Equity Deferral Plan, amended and restated effective November 20, 2023(26) | |
| 10a(22) | 2021 Long-Term Incentive Plan - Performance Share Units Award Agreement | |
| 10a(23) | 2021 Long-Term Incentive Plan - Restricted Stock Unit Award Agreement | |
| 10a(24) | Agreement with Charles V. McFeaters dated April 18, 2023(27) | |
| 10a(25) | Agreement with Grace Park dated September 16, 2024(28) | |
| 19 | Insider Trading Policies and Procedures(29) | |
| 21 | Subsidiaries of the Registrant | |
| 23 | Consent of Independent Registered Public Accounting Firm | |
| 31 | Certification by Ralph A. LaRossa, pursuant to Rules 13a-14 and 15d-14 of the Securities Exchange Act of 1934 (1934 Act) | |
| 31a | Certification by Daniel J. Cregg, pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
| 32 | Certification by Ralph A. LaRossa, pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
| 32a | Certification by Daniel J. Cregg, pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
| 97 | Clawback Practice for Recovery of Erroneously Awarded Compensation to Executive Officers(30) | |
| 101.INS | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
| b. | PSE&G | |
| 3a(1) | Restated Certificate of Incorporation of PSE&G(31) | |
| 3a(2) | Certificate of Amendment of Restated Certificate of Incorporation of PSE&G filed February 18, 1987 with the State of New Jersey adopting limitations of liability provisions in accordance with an amendment to New Jersey Business Corporation Act(32) | |
| 3a(3) | Certificate of Amendment of Restated Certificate of Incorporation of PSE&G filed June 17, 1992 with the State of New Jersey, establishing the 7.44% Cumulative Preferred Stock ($100 Par) as a series of Preferred Stock(33) | |
| 3a(4) | Certificate of Amendment of Restated Certificate of Incorporation of PSE&G filed March 11, 1993 with the State of New Jersey, establishing the 5.97% Cumulative Preferred Stock ($100 Par) as a series of Preferred Stock(34) | |
| 3a(5) | Certificate of Amendment of Restated Certificate of Incorporation of PSE&G filed January 27, 1994 with the State of New Jersey, establishing the 6.92% Cumulative Preferred Stock ($100 Par) and the 6.75% Cumulative Preferred Stock ($25 Par) as a series of Preferred Stock(35) | |
| 3b(1) | By-Laws of PSE&G as in effect April 17, 2007(36) | |
| 4a(1) | Indenture between PSE&G and Fidelity Union Trust Company (now, Wachovia Bank, National Association), as Trustee, dated August 1, 1924(37), securing First and Refunding Mortgage Bond and Supplemental Indentures between PSE&G and U.S. Bank National Association, successor, as Trustee, supplemental to Exhibit 4a(1), dated as follows: | |
| 4a(2) | June 1, 1937(38) | |
| 4a(3) | July 1, 1937(39) | |
| 4a(4) | June 1, 1991 (No. 1)(40) | |
| 4a(5) | August 1, 2004 (No. 4)(41) | |
| 4a(6) | April 1, 2007(42) | |
| 4a(7) | November 1, 2009(43) | |
| 4a(8) | May 1, 2012(44) |
| LIST OF EXHIBITS: | ||
| 4a(9) | May 1, 2013(45) | |
| 4a(10) | August 1, 2014(46) | |
| 4a(11) | May 1, 2015(47) | |
| 4a(12) | September 1, 2016(48) | |
| 4a(13) | April 1, 2018(49) | |
| 4a(14) | December 1, 2019(50) | |
| 4a(15) | March 1, 2022(51) | |
| 4a(16) | February 1, 2024(52) | |
| 4a(17) | December 1, 2025 | |
| 4b | Description of the First and Refunding Mortgage Bonds(53) | |
| 4c | Indenture of Trust between PSE&G and Chase Manhattan Bank (National Association) (The Bank of New York Mellon, successor), as Trustee, providing for Secured Medium-Term Notes dated July 1, 1993(54) | |
| 4d | Indenture dated as of December 1, 2000 between Public Service Electric and Gas Company and First Union National Bank (U.S. Bank National Association, successor), as Trustee, providing for Senior Debt Securities(55) | |
| 10a(1) | Supplemental Executive Retirement Income Plan, amended effective July 1, 2019(8) | |
| 10a(2) | Retirement Income Reinstatement Plan for Non-Represented Employees, Amended effective July 1, 2019(9) | |
| 10a(3) | 2007 Equity Compensation Plan for Outside Directors, amended and restated effective November 19, 2019(10) | |
| 10a(4) | Deferred Compensation Plan for Directors, amended effective January 1, 2019(11) | |
| 10a(5) | Key Executive Severance Plan of Public Service Enterprise Group Incorporated, amended effective December 15, 2025 | |
| 10a(6) | Stock Plan for Outside Directors, as amended(12) | |
| 10a(7) | Compensation Plan for Outside Directors(13) | |
| 10a(8) | 2004 Long-Term Incentive Plan amended and restated as of April 16, 2013(14) | |
| 10a(9) | Form of Agreement for Advancement of Expenses with Outside Directors(56) | |
| 10a(10) | Agreement with Tamara L. Linde dated September 16, 2024(16) | |
| 10a(11) | Agreement with Daniel J. Cregg dated September 22, 2015(17) | |
| 10a(12) | Clawback Practice, effective February 20, 2018(18) | |
| 10a(13) | Agreement with Ralph A. LaRossa dated April 18, 2022(19) | |
| 10a(14) | 2021 Long-Term Incentive Plan, effective April 20, 2021(20) | |
| 10a(15) | 2021 Equity Compensation Plan for Outside Directors, effective April 20, 2021(21) | |
| 10a(16) | Agreement with Kim C. Hanemann dated May 21, 2021(22) | |
| 10a(17) | Retention Award for Daniel J. Cregg dated April 17, 2023(23) | |
| 10a(18) | 2021 Equity Compensation Plan for Outside Directors - Restricted Stock Unit Award Agreement (24) | |
| 10a(19) | Deferred Compensation Plan for Certain Employees, amended and restated effective November 18, 2024(25) | |
| 10a(20) | Management Incentive Compensation Plan, amended December 16, 2025 and effective January 1, 2026 | |
| 10a(21) | Equity Deferral Plan, amended and restated effective November 20, 2023(26) | |
| 10a(22) | 2021 Long-Term Incentive Plan - Performance Share Units Award Agreement | |
| 10a(23) | 2021 Long-Term Incentive Plan - Restricted Stock Unit Award Agreement | |
| 10a(24) | Agreement with Grace Park dated September 16, 2024(28) | |
| 19 | Insider Trading Policies and Procedures(29) | |
| 23a | Consent of Independent Registered Public Accounting Firm | |
| 31b | Certification by Ralph A. LaRossa, pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
| 31c | Certification by Daniel J. Cregg, pursuant to Rules 13a-14 and 15d-14 of the 1934 Act | |
| 32b | Certification by Ralph A. LaRossa, pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
| 32c | Certification by Daniel J. Cregg, pursuant to Section 1350 of Chapter 63 of Title 18 of the U.S. Code | |
| 97 | Clawback Practice for Recovery of Erroneously Awarded Compensation to Executive Officers(30) | |
| 101.INS | Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
| 101.SCH | Inline XBRL Taxonomy Extension Schema | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
(1)
Filed as Exhibit 3.1a with Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference.
(2)
Filed as Exhibit 3.1b with Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference.
(3)
Filed as Exhibit 3.1c with Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, File No. 001-09120, on May 4, 2007 and incorporated herein by this reference.
(4)
Filed as Exhibit 3.1 with Current Report on Form 8-K, File No. 001-09120, on February 17, 2023 and incorporated herein by this reference.
(5)
Filed as Exhibit 4(f) with Quarterly Report on Form 10-Q for the quarter ended March 31, 1998, File No. 001-09120, on May 13, 1998 and incorporated herein by this reference.
(6)
Filed as Exhibit 4(f) with Annual Report on Form 10-K for the year ended December 31, 1998, File No. 001-09120, on February 23, 1999 and incorporated herein by this reference
(7)
Filed as Exhibit 4c for PSEG with Annual Report on Form 10-K for the year ended December 31, 2019. File No. 001-09120, on February 26, 2020 and incorporated herein by this reference.
(8)
Filed as Exhibit 10.1 with Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, File No. 001-09120, on October 31, 2019 and incorporated herein by this reference.
(9)
Filed as Exhibit 10.2 with Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, File No. 001-09120, on October 31, 2019 and incorporated herein by this reference.
(10)
Filed as Exhibit 10a(3) with Annual Report on Form 10-K for the year ended December 31, 2020, File No. 001-09120, on March 1, 2021 and incorporated herein by this reference.
(11)
Filed as Exhibit 10a(4) with Annual Report on Form 10-K for the year ended December 31, 2018, File No. 001-09120 on February 27, 2019 and incorporated herein by this reference.
(12)
Filed as Exhibit 10a(17) with Annual Report on Form 10-K for the year ended December 31, 2002, File No. 001-09120, on February 26, 2003 and incorporated herein by this reference.
(13)
Filed as Exhibit 10a(20) with Annual Report on Form 10-K for the year ended December 31, 2002, File No. 001-09120, on February 26, 2003 and incorporated herein by this reference.
(14)
Filed as Exhibit 10 with Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, File No. 001-09120, on May 1, 2013 and incorporated herein by this reference.
(15)
Filed as Exhibit 10.1 with Current Report on Form 8-K, File No. 001-09120, on February 19, 2009 and incorporated herein by this reference.
(16)
Filed as Exhibit 10.1 with Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, File No. 001-09120, on November 4, 2024, and incorporated herein by this reference.
(17)
Filed as Exhibit 10a(11) with Annual Report on Form 10-K for the year ended December 31, 2024, File No. 001-09120 on February 25, 2025 and incorporated herein by this reference.
(18)
Filed as Exhibit 10a(20) with Annual Report on Form 10-K for the year ended December 31, 2017, File No. 001-09120 on February 26, 2018 and incorporated herein by this reference.
(19)
Filed as Exhibit 10.2 with Current Report on Form 8-K, File No. 001-09120, on April 19, 2022 and incorporated herein by this reference.
(20)
Filed as Exhibit 99.1 with Current Report on Form 8-K, File No. 001-09120, on April 22, 2021 and incorporated herein by this reference.
(21)
Filed as Exhibit 4.6 to Registration Statement on Form S-8, File No. 001-09120, on April 23, 2021 and incorporated herein by this reference.
(22)
Filed as Exhibit 10(4) with Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, File No. 001-09120, on August 9, 2021 and incorporated herein by this reference.
(23)
Filed as Exhibit 10.1 with Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, File No. 001-09120, on May 2, 2023 and incorporated herein by reference.
(24)
Filed as Exhibit 10 with Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, File No. 001-09120, on April 30, 2024 and incorporated herein by reference.
(25)
Filed as Exhibit 10.2 with Current Report on Form 8-K, File No. 001-09120, on November 19, 2024 and incorporated herein by this reference.
(26)
Filed as Exhibit 10a(21) with Annual Report on Form 10-K for the year ended December 31, 2023, File No. 001-09120 on February 26, 2024 and incorporated herein by this reference.
(27)
Filed as Exhibit 10a(24) with Annual Report on Form 10-K for the year ended December 31, 2023, File No. 001-09120 on February 26, 2024 and incorporated herein by this reference.
(28)
Filed as Exhibit 10.2 with Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, File No. 001-09120, on November 4, 2024, and incorporated herein by this reference.
(29)
Filed as Exhibit 19 with Annual Report on Form 10-K for the year ended December 31, 2024, File No. 001-09120 on February 25, 2025 and incorporated herein by this reference.
(30)
Filed as Exhibit 97 with Annual Report on Form 10-K for the year ended December 31, 2023, File No. 001-09120 on February 26, 2024 and incorporated herein by this reference.
(31)
Filed as Exhibit 3a(1) on Form 8-A, File No. 001-00973, on February 4, 1994 and incorporated herein by this reference.
(32)
Filed as Exhibit 3a(2) on Form 8-A, File No. 001-00973, on February 4, 1994 and incorporated herein by this reference.
(33)
Filed as Exhibit 3a(3) on Form 8-A, File No. 001-00973, on February 4, 1994 and incorporated herein by this reference.
(34)
Filed as Exhibit 3a(4) on Form 8-A, File No. 001-00973, on February 4, 1994 and incorporated herein by this reference.
(35)
Filed as Exhibit 3a(5) on Form 8-A, File No. 001-00973, on February 4, 1994 and incorporated herein by this reference.
(36)
Filed as Exhibit 3.3 with Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, File No. 001-00973, on May 4, 2007 and incorporated herein by this reference.
(37)
Filed as Exhibit 4b(1) with Annual Report on Form 10-K for the year ended December 31, 1980, File No. 001-00973, on February 18, 1981 and incorporated herein by this reference.
(38)
Filed as Exhibit 4b(3) with Annual Report on Form 10-K for the year ended December 31, 1980, File No. 001-00973, on February 18, 1981 and incorporated herein by this reference.
(39)
Filed as Exhibit 4b(4) with Annual Report on Form 10-K for the year ended December 31, 1980, File No. 001-00973, on February 18, 1981 and incorporated herein by this reference.
(40)
Filed as Exhibit 4(i) on Form 8-A, File No. 001-00973, on June 1, 1991 and incorporated herein by this reference.
(41)
Filed as Exhibit 4a(28) with Annual Report on Form 10-K for the year ended December 31, 2004, File No. 001-00973, on March 1, 2005 and incorporated herein by this reference.
(42)
Filed as Exhibit 4a(28) with Annual Report on Form 10-K for the year ended December 31, 2007, File No. 001-00973, on February 28, 2008 and incorporated herein by this reference.
(43)
Filed as Exhibit 4a(30) with Annual Report on Form 10-K for the year ended December 31, 2009, File No. 001-00973, on February 25, 2010 and incorporated herein by this reference.
(44)
Filed as Exhibit 4a(32) with Annual Report on Form 10-K for the year ended December 31, 2012, File No. 001-00973, on February 26, 2013, and incorporated herein by this reference.
(45)
Filed as Exhibit 4 with Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, File No. 001-00973, on July 30, 2013, and incorporated herein by this reference.
(46)
Filed as Exhibit 4a(22) with Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, File No. 001-09120, on October 30, 2014 and incorporated herein by this reference.
(47)
Filed as Exhibit 4a(23) with Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, File No. 001-09120, on July 31, 2015 and incorporated herein by this reference.
(48)
Filed as Exhibit 4a(14) with Annual Report on Form 10-K for the year ended December 31, 2016, File No. 001-00973, on February 27, 2017 and incorporated herein by this reference.
(49)
Filed as Exhibit 4a(15) with Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, File No. 001-00973, on April 30, 2018 and incorporated herein by this reference.
(50)
Filed as Exhibit 4a(15) with Annual Report on Form 10-K for the year ended December 31, 2019, File No. 001-09120, on February 26, 2020 and incorporated herein by this reference.
(51)
Filed as Exhibit 4a(15) with Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, File No. 001-09120, on May 3, 2022 and incorporated herein by reference.
(52)
Filed as Exhibit 4a(16) with Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, File No. 001-09120, on April 30, 2024 and incorporated herein by reference.
(53)
Filed as Exhibit 4b with Annual Report on Form 10-K for the year ended December 31, 2019, File No. 001-09120, on February 26, 2020 and incorporated herein by reference.
(54)
Filed as Exhibit 4 with Current Report on Form 8-K, File No. 001-00973, on December 1, 1993 and incorporated herein by this reference.
(55)
Filed as Exhibit 4-6 to Registration Statement on Form S-3, File No. 333-76020, filed on December 27, 2001 and incorporated herein by this reference.
(56)
Filed as Exhibit 10.2 with Current Report on Form 8-K, File No. 001-00973, on February 19, 2009 and incorporated herein by this reference.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.