Several voltage instability/collapse problems that have occurred in the electric utility industry worldwide have gained the attention of engineers and researchers of electric power systems. This paper proposes an effective calculation scheme of the extreme loading point and nose curves(P-V curves) using modified Newton-Raphson(N-R) load flow method and the Continuation Method. This method provides detail and visual information of the power system voltage profile and operating margin ro operators and planners. In this paper, a modified load flow claculation method for ill-conditioned power systems is introduced for the purpose of seeking more precise load flow solutions and nose curves, and the Continuation Method is also used as a part of the solution algorithm for the calculation of extreme loading point and nose curves. The conventional polar coordinate based N-R load flow program is modified to avoid numerical difficulties caused by the singularity of the Jacobian matrix occuring in the vicinity of extreme loading point of heavily loaded systems. Application results of the proposed method to Klos-Kerner 11-bus system and modified IEE-30-bus system are presented to assure the usefulness of the approach.