What is Unscheduled Interchange in the context of the electricity scenario in India?

Unscheduled Interchange (UI) in India's electricity sector refers to the exchange of power between regional grids that is not scheduled in advance through formal agreements. It allows for real-time adjustments to balance supply and demand, helping to maintain grid stability. Participants are charged or compensated based on the difference between their scheduled and actual generation or consumption, with prices fluctuating based on grid frequency. UI is crucial for managing unexpected variations in electricity generation and consumption.