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During the last few years, emission control has become a problem of global concern due to the constantly increasing pollution of earth's atmosphere. The traditional generation scheduling problem aims at minimizing the cost of operation subject to fulfillment of demand. Under new structure, generation companies (GENCOs) schedule their generators with an objective to maximize their own profit as well as minimizing the operating cost without regard for system social benefit. There is an urgent need to keep a track of international experiences and activities taking place in the field of modern generation scheduling problem under deregulated environment with the social beneficial in consideration with the emission limitations. The proposed method is on the generation scheduling problem, considering not only the economic perspective, but also the environmental perspective. In order to reach the emission reduction targets imposed by the Kyoto Protocol, a limitation of the emissions produced by the generating units is needed. For the problem of generation scheduling with emission limitations in deregulation environment, propose a multiobjective approach to handle the problem with conflicting profit and emission objectives. The impact of fossil-fuelled power plants must be considered, giving rise to emission limitations. The simultaneous address of the profit with the emission is taken into account in our practical approach by a Multiobjective Optimization (MO). The pricing and allocation rules in each market can effectively motivate generator to mitigate its emission. The new mechanism is truly an effective way to coordinate emission market and electricity market. Influence of the emission in the scheduling, power generation scheduling with reduced emission, reduction in the production cost and generation companies (GENCO's) profit maximization is expected.