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An extremly fast, simple, efficient and reliable economic dispatch algorithm is presented. The algorithm utilizes a closed form expression for the calculation of the Lambda, as well as taking care of total transmission loss changes due to generation change, thereby-avoiding any iterative processes in the calculations. The closed form expression presented for Lambda can be used with any type of incremental transmission loss calculation. For this algorithm, penalty factors are derived based upon the Newton's method. An efficient method to implement the algorithm in power control centers is discussed. The algorithm presented has excellent convergence properties.