The main aim of this paper is to highlight the benefits of Machine Learning in the power system applications. The regression-based machine learning model is used in this paper for predicting the power system analysis and Economic analysis results. In this paper, Predictive ML models for two modified IEEE 14-bus and IEEE-30 bus systems, integrated with renewable energy sources and reactive power compensative devices are proposed and developed with features that include an hour of the day, solar irradiation, wind velocity, dynamic grid price, and system load. An hour-wise input database for the model development is generated from monthly average data and hour-wise daily curves with normally distributed standard deviations. A very significant Validation technique (K Fold cross validation technique) is explained. Correlation between Input and output variable using spearman’s correlation analysis using Heat maps. Followed by the Multiple Linear Regression based Training and testing of the Modified IEEE 14 and IEEE30 Bus systems for base load case, 10% and 20% load increment with the 5-fold cross validation is also presented. Comparative analysis is performed to find the best fit ML Model for our research.