Review of power system operation in restructured scenario, marginal cost of generation, least-cost operation, and incremental cost of generation. Introduction to Power System Optimization: classical and evolutionary approaches of optimization, Formulation of optimal power flow problem. Simulation: load flow and OPF studies using evolutionary approaches. Fundamentals of deregulation: Introduction to power systems restructuring, key issues in restructuring, restructuring models: Independent System Operators (ISOs). Electricity Markets: Competitive gencos and discos in markets, Supply and demand functions, Market equilibrium, types of electricity markets - inter-utility interchanges. Strategic bidding: Market power and its mitigation, Imperfect markets. Simulation: Electricity market clearing mechanism using OPF. Transmission Open Access: transmission costing, Concept of distribution factors in power transmission and its application to pricing, LMPs: Transmission capacity, ATC calculations, OASIS. Transmission Congestion Management and Transmission Rights. Simulation: Congestion management using evolutionary approaches. Ancillary Services: classifications and definitions, System Security in Deregulation. System Frequency Control: Primary Regulation and Automatic Generation Control, Frequency Control Practices, Reactive power ancillary services in electricity markets, Review of electric utility markets in India. Simulation: LFC studies.