With global competitiveness on the rise, the success of present-day economies hinge largely on economic, dependable and available-on-demand electric power. Consequently, the demand for electrical power is on the rise. Experts anticipate a global consumption in the range of 36 to 82 PWh by the year 2050. In recent years, India’s energy consumption has risen at one of the fastest rates in the world. It is a well documented fact however that the availability of electric power has not kept pace with industrial growth.