Usually electric supply companies provision for an average supply load. But what happens say during peak hours in the Delhi summer is that the demand far outstrips the supply, and that is when load shedding happens.

One very simple way of controlling this is to have smart meters that charge as per the supply demand curve. So when the demand is very high say during 5-9 pm when airconditioners and many other high consumption devices are on, the charge could be higher. This will prompt customers to only use the required appliances during this peak hour.
There is an initial cost of installing such meters but eventually the savings that they offer could be immense.