“…Elgerd, 1970, Karnavas and Papadopoulos, 2002, Pan and Lian, 2005 while research work in deregulated AGC can be found in (Kumar et al, 1997, Delfino et al, 2002, Donde et al, 2001, Christie and Bose, 1996, Nobile et al, 2000, Bevrani et al, 2004, Karnavas, 2005, Shayeghi et al, 2006, Demiroren and Zeynelgil, 2007, Srinivasa et al, 2008. In the new restructured environment (see Figure 1), GenCos sell power to various DisCos at competitive prices.…”