This paper presents the Improved Pre-prepared Power Demand (IPPD) table and Muller’s method as a means of solving the Profit Based Unit Commitment (PBUC) problem. In a deregulated environment, generation companies (GENCOs) schedule their generators to maximize profits rather than to satisfy power demand. The PBUC problem is solved by the proposed approach in two stages. Initially, information concerning committed units is obtained by the IPPD table and then the subproblem of Economic Dispatch (ED) is solved using Muller’s method. The proposed approach has been tested on a power system with 3 and 10 generating units. Simulation results of the proposed approach have been compared with existing methods and also with traditional unit commitment. It is observed from the simulation results that the proposed algorithm provides maximum profit with less computational time compared to existing methods. KCI Citation Count: 12