In the last few years, electricity markets have significantly restructured in both developed and developing countries. This restructuring have enabled a transition from a vertically integrated private or public monopoly market structure to one of competitive wholesale and retail mechanism. Under it, electricity nodal pricing has emerged as an efficient tool. In many developing countries, transmission congestions and investments problems in transmissions sector have further reduces the consumer benefits. Recent trend in these countries is to incorporate High Voltage Direct Current (HVDC) transmission in the AC transmission systems to gain its techno-economical advantages. This study aims at motivations and relevance of electricity nodal pricing, formulating AC-DC OPF based nodal pricing, simulating the methodology for IEEE 30-bus system and IEEE 118 bus test system and computing nodal prices for real system of India and evaluating the economic impact of HVDC transmission, generation addition and transmission loading on electricity nodal prices. Study finally concluded that proposed methodology are more suitable for developing countries to fulfill their objectives to develop wholesale electricity market.
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