WOODBURY - Officials say Sandy's hefty storm bill was by far the largest for LIPA and pushed the utility toward historic losses in 2012.

Newsday is reporting that LIPA lost $164 million last year.

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The company expects FEMA to help refund some of the costs from the storm.

However, declining usage and slow-paying customers also impacted its finances.

Earlier this month Gov. Cuomo's panel recommended selling LIPA to a private company.