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There are two ways in literature to formulate the optimal power dispatch problem of generators with ramp rate constraints. One way is the optimal control dynamic dispatch (OCDD) approach based on control theory, the other way is the dynamic economic dispatch (DED) based on optimization theory, and the two formulations are usually believed to be the same. In this paper we show the difference between the two formulations and also propose a Model Predictive Control (MPC) approach to the dynamic dispatch problem by the OCDD framework. This MPC approach provides solutions converging to the optimal solution of an extended version of the DED problem and the MPC algorithm is also robust under certain disturbances and uncertainties.