This paper deals with an exhaustive literature survey on load frequency control (LFC) of a deregulated electricity environment for different market scenarios for various power generating units such as thermal, hydro, wind, diesel, and hybrid power systems. Load frequency controls employ conventional controllers such as I, PI, PID controllers as well as robust control methods such as intelligent controllers for single area as well as interconnected systems. The FACTS controllers are used for enhancing power quality and reliability in interconnected systems. The benefits of various controllers and their limitations in a deregulated electricity environment are discussed in details based on the progressive work in modern power systems. The control strategies are based on NERC standards to reduce wear and tear and overcome the dynamic and transient disturbances during sudden load change. The controllers should also take care of contingencies in the modern power system and restore the system to normal condition and ensure steady state stability.