Unit 1
Power Sector in India – Classical Operation of Power System, Least Cost Operation, Marginal Cost, Incremental Cost – inter utility interchange. Fundamentals of deregulated power system: Requirements and key issues – restructuring models – independent system operator (ISO).
Unit 2
Electricity Market: Competitive market – supply and demand functions, market equilibrium, types of market. Market power and mitigation, imperfect market. Transmission open access: transmission pricing, pricing scheme, concept of distribution factors – Location based Marginal Pricing LMPs.