The expansion of the electrical power sector has introduced heightened competition in electric markets, compelling utilities to enhance the efficiency of their power system equipment to provide customers with cost-effective and premium-quality power. Deregulation has, however, led to challenges such as congestion in transmission lines, adversely affecting power quality, voltage profiles, and system security. The congestion can be alleviated either by technical or non-technical methods. To address this issue, the manuscript proposes the implementation of Thyristor Control Series Capacitors (TCSC) as a technical solution for congestion mitigation. TCSC is used as a variable reactance device. The study employs line utilization factors (LUF) and disparity line utilization factors (DLUF) to obtain the optimal locations for TCSC installation. Additionally, the Teaching-Learning-Based Optimization (TLBO) algorithm is employed for the optimization of TCSC reactance. The manuscript also suggests another approach by simultaneously optimizing the location and parameters of multiple TCSCs using the TLBO algorithm without using the sensitivity factors. Comparative analyses with other optimization algorithms like gray Wolf Optimization (GWO) and Particle Swarm Optimization (PSO) are conducted to determine the superior method for ensuring stable system operation. By application on the standard IEEE-30 bus system, the TLBO algorithm is validated, demonstrating its effectiveness in mitigating congestion by minimizing power loss, and voltage deviation, and enhancing security margins. The findings contribute valuable insights for practitioners seeking robust solutions in managing congestion within deregulated electric markets.