Asset Retirement Obligations

12 Months Ended

Dec. 31, 2022

Asset Retirement Obligations

Asset Retirement Obligations

Note 9 – Asset Retirement Obligations

Asset retirement obligations represent the present value of the estimated costs to remove the commercial charging stations and restore the sites to the condition prior to installation. The Company reviews estimates of removal costs on an ongoing basis. Asset retirement obligation activity for the years ended December 31, 2022 and 2021 was as follows:

	Years Ended
	December 31,
(in thousands)	2022		2021
Beginning balance	$	12,833	$	8,802
Liabilities incurred		2,997		2,456
PlugShare acquisition		—		32
Accretion expense		1,915		1,602
Change in estimate		(1,175)		181
Liabilities settled		(1,097)		(240)
Ending balance	$	15,473	$	12,833