This paper presents the analysis of Load Frequency Control (LFC) of multi area system consisting of diverse sources of power generation. A two area power system model consisting of thermal and gas sources has been employed in this work. The speed governors are fitted to all the power generating units. FACTS devices like Thyristor Controlled Phase Shifter (TCPS) have also been employed to further increase the dynamic performance of the system in terms of peak time, overshoot and settling time. The effect of these parameters on the system is demonstrated with the help of computer simulations. A systematic method has also been demonstrated for the modeling of these components in the system. Computer simulations reveal that due to the presence of TCPS the dynamic performance of the system in terms of settling time, overshoot and peak time is greatly improved.