PUBLIC SERVICE ENTERPRISE GROUP INCPEG

PUBLIC SERVICE ENTERPRISE GROUP INC PP&E Disclosure

10-KFiled Feb 24, 20222 min read
Property, Plant and Equipment and Jointly-Owned Facilities
Information related to Property, Plant and Equipment as of December 31, 2021 and 2020 is detailed below:
20212020
 Millions
PSE&G
Electric Transmission$15,544 $14,075 
Electric Distribution10,223 9,622 
Gas Distribution and Transmission9,818 9,081 
Construction Work in Progress1,196 1,783 
Other1,807 1,739 
Total PSE&G38,588 36,300 
Nuclear Production3,656 3,296 
Nuclear Fuel in Service762 748 
Fossil Production— 6,581 
Construction Work in Progress177 248 
Other501 1,396 
Total$43,684 $48,569 
The above table excludes amounts as of December 31, 2021 which have been classified as Held for Sale. For additional information see Note 4. Early Plant Retirements/Asset Dispositions and Impairments.
PSE&G and PSEG Power have ownership interests in and are responsible for providing their respective shares of the necessary financing for the following jointly-owned facilities to which they are a party. All amounts reflect PSE&G’s or PSEG Power’s share of the jointly-owned projects and the corresponding direct expenses are included in the Consolidated Statements of Operations as Operating Expenses. 
As of December 31,
20212020
OwnershipAccumulatedAccumulated
InterestPlantDepreciationPlantDepreciation
 Millions
PSE&G:
Transmission FacilitiesVarious$165 $66 $161 $63 
PSEG Power:
Nuclear Generating:
Peach Bottom50 %$1,452 $481 $1,405 $455 
Salem57 %$1,468 $449 $1,321 $387 
Nuclear Support FacilitiesVarious$226 $107 $226 $97 
Pumped Storage Facilities:
Merrill Creek Reservoir14 %$1 $— $1 $— 
PSEG Power holds undivided ownership interests in the jointly-owned facilities above. PSEG Power is entitled to shares of the generating capability and output of each unit equal to its respective ownership interests. PSEG Power also pays its ownership share of additional construction costs, fuel inventory purchases and operating expenses. PSEG Power’s share of expenses for the jointly-owned facilities is included in the appropriate expense category. Each owner is responsible for any financing with respect to its pro rata share of capital expenditures.
PSEG Power co-owns Salem and Peach Bottom with Exelon Generation. PSEG Power is the operator of Salem and Exelon Generation is the operator of Peach Bottom. A committee appointed by the co-owners provides oversight. Proposed O&M budgets and requests for major capital expenditures are reviewed and approved as part of the normal PSEG Power governance process.
PSEG Power is a minority owner in the Merrill Creek Reservoir and Environmental Preserve in Warren County, New Jersey. Merrill Creek Owners Group is the owner-operator of this facility. The operator submits separate capital and O&M budgets, subject to PSEG Power’s approval as part of the normal PSEG Power governance process.
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Historical Timeline

Fiscal YearFiled
2021Feb 24, 2022Showing above
2020Mar 1, 2021
2019Feb 26, 2020
2018Feb 28, 2019
2017Feb 26, 2018
2016Feb 27, 2017
2015Feb 26, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.

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