The demand for electricity has been growing day by day. To satisfy the demand, new power stations are being established and are interconnected to the grid, due to which the transmission lines become overloaded. Therefore, it is very essential to control the power flow in the upcoming grids. To fulfil the requirements, FACTS devices are employed. Among all the devices, Unified PFC is one of the main adaptable FACTS (Flexible AC Transmission System) controllers, because it offers finest performance characteristics. However, due to its configuration UPFC is treated as the most expensive controller. A new and cost effectual voltage source converter based FACTS converter has been proposed in this paper, which uses mostly, the existing inactive components and are consequently considered as hybrid in nature. Due to the usage of inactive components, HPFC is termed as symmetrical Hybrid PFC. The three dissimilar HPFC (Hybrid Power Flow Controller) configurations are employed on a two-machine system and they are designed in Matlab/Simulink. By comparing the results, it can be proved that HPFC is one of the most superior options for eliminating the power oscillations and thereby improving the power system stability.