Asset Retirement Obligations

9 Months Ended

Sep. 30, 2022

Asset Retirement Obligations

Asset Retirement Obligations

Note 8 – Asset Retirement Obligations

Asset retirement obligations represent the present value of the estimated costs to remove commercial charging stations and restore the sites to the condition prior to installation. The Company reviews estimates of removal costs on an ongoing basis.

Accretion expense for the three and nine months ended September 30, 2022 and 2021 was as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Accretion expense	$	513	$	384	$	1,471	$	1,066

Asset retirement obligation activity for the nine months ended September 30, 2022 was as follows:

(in thousands)
Beginning balance	$	12,833
Liabilities incurred		2,841
Accretion expense		1,471
Change in estimate		(51)
Liabilities settled		(616)
Ending balance	$	16,478