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The Indian power system has transitioned over the last two decades from being solely government-owned, to one characterised by increasing private ownership of assets, independent regulation, and market signals. However, the current market design faces constraints that raise the cost of power and decrease its reliability for consumers. The choice faced by policymakers is whether the current design can be adapted to the challenge of renewables, or should be altered in favour of a more centralised model. This project seeks to quantify the gaps in the current model, with a focus on renewable integration, coping with short-term variability and the effect of market design on the overall cost of electricity. It also aims to propose a medium-term market-design roadmap that takes the best of the “power pool” models in the US and Europe and adapts them to the social, political, economic, and technical situation in India.
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