The modern world survives on electricity. Hence, the need for generating appropriate electricity in consonance with the ever-increasing demand for it is considered an indispensable proposition. However, electricity generation comes at costs that in economic parlance can be ascribed as negative externalities. These negative externalities cast an adverse impact on the environment along with the prospect of declining health of individuals. To cure the society from the aforementioned ill-effects, planning of electricity generation needs to be framed in a way that minimizes the adverse societal impact. The recently evolved Integrated Resource Planning is one such method by which the objective could be fulfilled to a substantial extent. The present effort tries to delve upon this method in an intricate fashion by making a comparative study with the traditional electric planning, to bring out the operational edge of the Integrated Resource Planning Method. Also dealt upon is the operational efficiency of the model in developed and developing countries. Lastly, the deficiency of the model is also discussed to bring-in completeness in the analysis.