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The paper presents a novel methodology for feasibility analysis and design of optimal decentralized load frequency control for multi-area interconnected electric power systems. Feasibility of the proposed decentralized control scheme is determined with a fixed mode evaluation algorithm based on eigenvalue dynamics. The eigenvalue sensitivity expressions are also used to determine decentralized feedback gains that will result in system transient performance similar to the one obtained with a centralized optimal control law. The methodology is illustrated with a two-area power system example.