Optimal Spot Pricing Evaluation in Restructured Electrical Power System

Electricity markets in both developed and developing countries have been considerably reorganized over the previous two decades. The unbundling of generation transmission results restructured electricity market which enhances competition among traders regime open access. Therefore, pricing methods should be skilled translating costs into tariffs to allow participation, leads profitable effectiveness, allows grid owner recover prices, makes participants aware system's supply defense consistency maintained. This research intends (1) examine drivers behind power pricing, (2) Create AC-DC OPF-based Nodal Pricing methodology, (3) work out prices for India’s real network enable compete make best decisions. Finally, study indicated that planned methodology is more appropriate rising nations achieve goals building extensive energy markets.