This paper presents a new aggregate model for voltage and frequency dependent load components in power system studies. The model is built using a modular approach that allows the easy integration of dissimilar load data specification formats, such as exponential forms and polynomial representations. As opposed to conventional load models in which the exponents of the exponential or polynomial representations are constant, the proposed model dynamically adjusts these exponents. The composite load components are represented by network equivalents connected to the transmission system maintaining the topological structure of the original power network. The proposed aggregate load model includes more information on the nature of the load devices than conventional models and is thus valid for a wider range of voltage and frequency variations. This paper presents the basic equations of the new proposed aggregate load model, as well as comparison with conventional models.