Economic Load Dispatch (ELD) optimization is fundamental for minimizing generation costs and emissions; however, current methodologies encounter significant challenges due to the intermittent nature of renewable energy sources and the complexity of system constraints. This paper proposes a novel Hybrid Archimedes-Osprey Optimization (HAO) algorithm, combining the exploration ability of Archimedes Optimization (AO) and the exploitation strength of Osprey Optimization (OO) to minimize operational costs and emissions while ensuring efficient power distribution from a hybrid system integrating thermal, wind, hydro, solar, and battery storage units through optimization of Economic Load Dispatch (ELD). The approach aims to balance renewable energy sources’ intermittent nature with the reliability of traditional power generation. The proposed method is tested on a mixed-generation system, including an IEEE 118 bus power grid. The results demonstrate that the proposed HAO method achieve a reduction in generation costs ranging from $158.92 to $794.59 per hour and emissions between 0.9730 and 4.8649 kg CO2 per MWh. Furthermore, the optimization results obtained using proposed HAO ensure significant improvements over traditional methods in terms of cost reduction, emission minimization, and stability in power allocation.