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A deregulated electricity market provides open access to all market players. In an open-access power market, the system operator is responsible for ensuring that all contracted power is dispatched. However, if this results in line flows that exceed their acceptable range, then it could threaten the system's security. Therefore, the system operator checks for congestion as the line flow exceeds its limit. For congestion management, the system operator applies different curtailment strategies to limit the requested transaction. Therefore, in this work, an optimal power dispatch model has been presented in order to reduce the curtailment of requested power. A modified moth flame optimization technique has been implemented to frame this OPD model. The impact of congestion management on power dispatch has been analyzed, considering bilateral and multilateral dispatch in an electricity market. In addition, the effect of FACTS devices on reducing congestion and curtailing power is studied. Verification studies showed that the proposed solution reduces congestion costs by 27.14% and 29.4% in 14- and 30-bus systems, respectively. It has been verified that the MMFO approach with the FACTS device improves transaction deviations and ensures that the deregulated system provides secure energy with less cost reflected on the customers. [ABSTRACT FROM AUTHOR]