Any transfer of an industrial power allocation between facilities of a customer or from one customer to a new customer shall be specifically subject to written authority approval, and in the case of economic development power, the written approval of the Economic Development Power Allocation Board. Consideration shall be given to the effect of any transfer on retention of employment and economic benefits to the State. The authority shall view any transfer (including transfers between a customer's facilities) which is accomplished without its approval as invalid and such transfer shall subject the customer to revocation of its allocation. In the case of replacement or expansion power, such approval shall be based on the authority's contracts with Niagara Mohawk Power Corporation and New York State Electric & Gas Corporation, as well as the service contracts between these utilities and the industrial customers involved.