I have the same problem that was discussed here, but I haven\'t credit to comment an answer so I start new question.
I have in PATH way to libpq.dll (C:\\PostgreSql
I was also facing the same issue on Win 8. First time I had installed PostgreSQL in "C:\Program Files" and also set environment PATH to point to PostgreSQL folder. I was suspecting permission issue for "C:\Program Files" folder.
I was able to fix this issue by following the steps as mentioned below.
PATH C:\PostgreSQL\9.4;C:\PostgreSQL\9.4\bin_pg.pyd exist in C:\Python27\Lib\site-packages