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A new approach, using the bus incremental costs as the key variables to solve the economic dispatch problem of power systems is proposed in this paper. This approach maintians the system configuration, and all the relevant variables (generator schedules and line flows) can be expressed simply in terms of bus incremental costs. By the application of this approach, the problem of economic dispatch is easily converted to a concise set of quasi-linear equations resulting in a solution form which is similar to that of the electric network. This enables one to apply any readily available high speed special large system solution algorithm to handle the dispatching problem. The generation and the transmission limits also can be included in the solution process.