The model of a power system with load dynamics is studied by investigating qualitative changes in its behavior as the reactive power demand at a load bus is increased. The load is created using induction motors parallel with the constant power and constant impedance load. As the load increases, the system experiences various bifurcations such as sub critical and supercritical Hopf, period-doubling and saddle-node bifurcation. The latter may lead the system to voltage collapse. A nonlinear controller is used to control the subcritical Hopf bifurcation and hence mitigate voltage collapse. It is applied to the KEPCO (Korean Electric Power Company) system to demonstrate its validity.