Two main factors to considered are the priority of load and economical, with equal incremental cost with penalty factor considered, load dispatch to earn maximum revenue and optimization, refer my paper,"Microprocessor based load shading controller........".

Intelligent Loadsheding,Priority based loadsheding,Unit Commitment etc.

Hallo Ajai,

Many optimization techniques can be used for load optimization, I had tried Particle Swarm Optimization and Lagrange method but you can also try the old method like Dynamic Programming or new algorithm like Genetic, Taboo, Bee or Ant Algorithm.

Good luck.