The Long Island Power Authority is reporting a $164 million loss for 2012.
The utility says more than 236,000 ratepayers were behind in paying their bills at the end of November due to Sandy.
LIPA says it will use cash on hand and anticipated borrowings rather than a rate increase to fund the expenses as it awaits federal reimbursement.
It has been harshly criticized as unprepared for Superstorm Sandy. The Moreland Commission created by Gov. Andrew Cuomo to oversee the response of New York utilities to the storm has recommended selling LIPA assets to a private company.
Newsday says LIPA estimated Sandy restoration costs at $933 million. But it expects the federal government to reimburse at least 75 percent. That would leave ratepayers responsible for $234 million storm costs.