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This paper presents an investigation on incentive based demand response program (DRP) in deregulated power system environment. The major issues which are addressed in this paper, under demand response scenario are (i) demand curve flattening (ii) locational marginal pricing (LMP), and (iii) nodal voltage profile. The various issues mentioned above are compared under the power system modeling without and with incentive based DRP. The simulation work is carried out on IEEE 9-bus system by selecting practical load curve of Punjab State Transmission Corporation Limited from India. The results reveal that incentive based DRP is an effective way of tackling peaking electricity crisis under restructured power sector scenario.