An open circuited power transformer means load is not connected with secondary terminals. In this situation the secondary terminal voltage of the transformer will be its secondary induced emf E2. Whenever full load is connected to the secondary terminals of the transformer, rated current I2 flows through the secondary circuit and voltage drops comes into picture. At this situation, primary winding will also draw equivalent full load current from source. The voltage drop in the secondary is I2Z2 where Z2 is the secondary impedance of transformer. If now, at this loading condition any one measures the voltage between secondary terminals it will get voltage V2 across load a terminal which is obviously less than no load secondary voltage E2 and this is because of I2Z2 voltage drop in the transformer.