MUTUAL Energy posted has posted losses of £3.2 million after it paid out for repairs of the troubled Moyle interconnector.
The company owns and operates the electricity cables between Northern Ireland and Scotland - but they have been working at half capacity since 2012 following major faults.
The bottom line figure, which covers the year to March 31, comes after the company reported profits of £30.1m the year before - however that figure included insurance payments relating to Moyle repair costs.
Turnover meanwhile showed a modest decrease to £57.3m from £57.7m.
The company also owns and operates pipeline to bring gas to the north from Scotland and the pipeline to connect gas to the Belfast network.
Earlier this year, it was awarded the license to deliver the Gas to the West infrastructure in a joint venture with supplier SGN.
Mutual Energy chairman Regina Finn said it had been a "very successful year" for the company.
She said repairs to the Moyle cables were on track to be delivered earlier than expected - by the end of 2016 - and at a lower cost.
“I’m especially pleased that after a long process and some very hard work we are confident that our Moyle cable replacement project will deliver the interconnector back to full capacity a year earlier than had originally been planned and at a lower cost than previously anticipated. This means Northern Ireland’s electricity consumers will benefit from an earlier restoration of security of supply at a lower cost," she said.
“We are pleased that our overall financial position is healthy which allows us to deliver on our business strategy - the efficient management of critical energy assets within Northern Ireland and between Great Britain and Northern Ireland, in the best interests of Northern Ireland consumers," she added.
The company, which has 25 staff, paid its directors a total of £681,000 - that includes £259,000 for chief executive Paddy Larkin and £215,000 for finance director Gerard McIlroy.
Mr Larkin said despite a "very strong year" challenges remained.
"However, despite our successes, the future looks likely to remain challenging on some fronts. Particularly, EU-driven change in the design of electricity and gas markets across Europe will have a significant effect in Northern Ireland and we must be well prepared for the regulatory and trading changes that are coming," he said.
"I am confident that the team at Mutual Energy, including our staff and contracting partners, are well positioned to tackle the challenges that lie ahead and to bring further benefits of mutualisation to Northern Ireland’s energy consumers."
