India, Feb. 19 -- The Ministry of Power's proposal to pilot peer-to-peer (P2P) electricity trading under the India Energy Stack (IES) has generated considerable excitement. Often compared to UPI's transformation of digital payments, P2P electricity trading is being projected as a democratising reform that empowers consumers, accelerates rooftop solar adoption, and modernises power markets through digital infrastructure. Yet beneath this optimism lies a more grounded policy reality. Within India's current electricity framework, P2P trading is not a market revolution but a carefully controlled experiment. Unlike liberalised retail electricity markets in parts of Europe or the United States, India operates under a regulated distribution stru...