Reduced penalty notice issued to Nel ASA regarding the Kjørbo incident
Nel ASA Announces Reduced Fine for Kjørbo Incident
Norwegian hydrogen technology company, Nel ASA, has announced a significant reduction in the fine related to the incident at the Kjørbo hydrogen station outside Oslo. The updated fine amount for Nel ASA is NOK 265,000.
The initial total potential direct impact on Nel was NOK 20 million. However, following negotiations or appeals processes, the revised notice of fine for Nel ASA is significantly less than the initial notice. The reduction in the fine does not affect the total revised liability for Nel ASA, which remains approximately NOK 1.2 million.
The reduction in the fine may have a positive impact on Nel ASA's financials. Q4 2023 will see a positive one-off P&L reversal of about NOK 18.8 million for Nel due to the reduced fines. This reversal is not expected to have a material impact on Nel ASA's financial results for the quarter.
The fine for Nel ASA's subsidiary stands at NOK 1 million, while the entity formerly partly owned by Nel has a revised fine of NOK 500,000. The initial notices of fines were issued in an unspecified time before the reference date of February 16, 2021.
The reduction in the fine for Nel ASA could potentially impact the company's provisions and P&L. It may also influence Nel's stance or approach to similar incidents in the future.
Nel has made provisions for a potential direct impact of NOK 20 million related to the fines. The exact amount of the reduced notice of fine for Nel ASA is not specified in the article.
The notice of fine for Nel ASA related to the Kjørbo incident has been further reduced, marking a significant development for the company. The revised fines are a testament to Nel's commitment to safety and compliance in its operations.
The revised fines for Nel ASA, following negotiations or appeals processes, are significantly lesser than the initial notices, amounting to NOK 265,000. This reduction in the fine could potentially have a positive impact on Nel ASA's business finances, leading to a positive one-off P&L reversal of about NOK 18.8 million in Q4 2023.
