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This article shows an analysis of the effect of generator models and load models on the results of the transient stability study of a power system. The system was analyzed with the classical, transient and subtransient models of generators, and with the simulation of loads as constant impedance, constant power, constant current, and a specific combination of constant power with constant impedance. A commercial software was used as a tool to analyze a power system whose basic solution is documented in the literature. The results are the evolution of the main variables and the critical clearing times for a specific line, with a three-phase fault at a particular location. For the analyzed example, the lowest critical clearing times are obtained with subtransient model for generators and with constant power model for loads.