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This paper proposes a particle swarm optimization (PSO) algorithm to solve various types of economic dispatch (ED) problems in power systems such as, environmental/economic dispatch (EED) and multi-area environmental/economic dispatch. The proposed model considers the environmental impact to achieve the minimization of fuel costs and pollutant emissions, simultaneously. The EED problem is further extended to dispatch the power among different areas to aid emission allowance trading. The performance of the proposed PSO is compared with conventional method and genetic algorithm. The results clearly show that the proposed algorithms give global optimum solution compared to the other methods. The results obtained also show that the proposed PSO algorithms can provide comparable dispatch solutions with reduced computation time for all types of ED problems.