PUBLIC SERVICE ELECTRIC & GAS CO
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
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
PEG$75.03+3.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | |||
|---|---|---|---|
| FORWARD-LOOKING STATEMENTS | iii | ||
| FILING FORMAT | 1 | ||
| WHERE TO FIND MORE INFORMATION | 1 | ||
| PART I | |||
| Item 1. | Business | 1 | |
| Operations and Strategy | 2 | ||
| Competitive Environment | 8 | ||
| Human Capital Management | 9 | ||
| Regulatory Issues | 10 | ||
| Environmental Matters | 16 | ||
| Information About Our Executive Officers (PSEG) | 18 | ||
| Item 1A. | Risk Factors | 19 | |
| Item 1B. | Unresolved Staff Comments | 33 | |
| Item 1C. | Cybersecurity | 33 | |
| Item 2. | Properties | 37 | |
| Item 3. | Legal Proceedings | 38 | |
| Item 4. | Mine Safety Disclosures | 38 | |
| PART II | |||
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 38 | |
| Item 6. | [Reserved] | 40 | |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 41 | |
| Executive Overview of 2025 and Future Outlook | 41 | ||
| Results of Operations | 48 | ||
| Liquidity and Capital Resources | 53 | ||
| Capital Requirements | 57 | ||
| Critical Accounting Estimates | 59 | ||
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 64 | |
| Item 8. | Financial Statements and Supplementary Data | 65 | |
| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | 66 | ||
| Consolidated Financial Statements | 70 | ||
| Notes to Consolidated Financial Statements | |||
| Note 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies | 82 | ||
| Note 2. Revenues | 88 | ||
| Note 3. Variable Interest Entity (VIE) | 93 | ||
| Note 4. Property, Plant and Equipment and Jointly-Owned Facilities | 93 | ||
| Note 5. Regulatory Assets and Liabilities | 94 | ||
| Note 6. Leases | 99 | ||
| Note 7. Long-Term Investments | 103 | ||
| Note 8. Financing Receivables | 104 | ||
| Note 9. Trust Investments | 105 | ||
| Note 10. Asset Retirement Obligations (AROs) | 111 | ||
| Note 11. Pension, Other Postretirement Benefits (OPEB) and Savings Plans | 112 | ||
| Note 12. Commitments and Contingent Liabilities | 122 | ||
| Note 13. Debt and Credit Facilities | 128 | ||
| Note 14. Schedule of Consolidated Capital Stock | 133 | ||
| Note 15. Financial Risk Management Activities | 133 | ||
| Note 16. Fair Value Measurements | 137 | ||
| Note 17. Stock Based Compensation | 141 | ||
| Note 18. Net Other Income (Deductions) | 144 | ||
| Note 19. Income Taxes | 145 | ||
| Note 20. Accumulated Other Comprehensive Income (Loss), Net of Tax | 151 | ||
| Note 21. Earnings Per Share (EPS) and Dividends | 153 | ||
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TABLE OF CONTENTS(continued)
| Note 22. Financial Information by Business Segment | 154 | |
| Note 23. Related-Party Transactions | 157 | |
| Item 9. | Changes In and Disagreements With Accountants on Accounting and Financial Disclosure | 158 |
|---|---|---|
| Item 9A. | Controls and Procedures | 158 |
| Item 9B. | Other Information | 159 |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 159 |
| PART III | ||
| Item 10. | Directors, Executive Officers and Corporate Governance | 163 |
| Item 11. | Executive Compensation | 164 |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 164 |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 164 |
| Item 14. | Principal Accountant Fees and Services | 165 |
| PART IV | ||
| Item 15. | Exhibits, Financial Statement Schedules | 165 |
| Schedule II - Valuation and Qualifying Accounts | 171 | |
| Signatures | 172 | |
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