This article proposes an economic model predictive algorithm for optimal load frequency control, in which both the frequency regulation and economic load dispatch (ELD) are considered, in interconnected power systems. Two-layer hierarchical control can be achieved through one level by EMPC. An economic stage cost function, including ELD and frequency regulation, which can be written in general convex form, is optimized by the controller. The distributed way is utilized to realize the control of large-scale power systems. Each subsystem-based controller works cooperatively with neighboring subsystems to achieve system-wide control performance. Asymptotic stability of the system is guaranteed by the proper terminal cost function. The efficiency and advantages of the proposed method are manifested by the simulation.