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In this paper, the exact analytical solution for the environmental/economic dispatch (EED) optimization problem is presented for the first time. The EED, which simultaneously satisfies multiple contradictory criteria, is stated as a multiobjective optimization problem (MOP). Our paper has improved several aspects of a previous analytical approach. First, we take into account the unit capacity constraints in the exact formulae. Second, we obtain the set of compromise solutions known as Pareto optimal solutions and, third, our treatment of transmission losses satisfies the power balance constraint. In contrast with the known heuristic methods used in the literature, which only provide a reasonable solution (suboptimal, nearly global optimal), our method provides the global solution. Moreover, our method can obtain the Pareto optimal set under different loading conditions. The performance of the proposed technique is validated using a standard test system.