By David Robinson

NEWS BUSINESS REPORTER, Buffalonews.com

Updated: August 11, 2010, 09:11 AM

LEWISTON—The New York Power Authority is extending its rate freeze through the end of this year in a move that will save businesses and municipal utilities more than $7 million.

Richard M. Kessel, the Power Authority’s president and chief executive officer, said Tuesday the state’s economy is still too weak to try to impose higher electric rates on the companies and municipal utilities that benefit from the agency’s low-cost power.

“Any increase, in my view, would negatively impact the businesses and customers of the New York Power Authority,” Kessel said during a news conference outside the Niagara Power Project. “The economy is not doing well, and it’s slipping back.”

The rate freeze, which was first announced in late March 2009, will continue “at least through the end of the year,” Kessel said. “We’ll take another look at where we are toward the end of this year or early next year.”

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