In this paper calculations are made to find out the power flow regulation capabilities of Unified Power Flow Controller (UPFC) in load flow analysis with loads which are voltage dependent. New equations for load flow analysis are developed that includes the models of voltage sensitive loads and voltage sources model of UPFC. Newton Raphson algorithm is used to solve the power flow equations of the network. UPFC voltage source model when included in the power equations has unique advantages over other modeling approaches. Analysis is done for two types of Loads. In the first analysis Constant current, Constant Power and Constant Impedance type of loads are examined. In the second analysis Composite loads are analyzed. The results of analysis on standard 5 bus system is presented here as a case study.