This paper presents the modeling and contingency analysis of Jeju power system. For the analysis of contingency with simulation, thermal power plants, current source type HVDC systems, wind farms, STATCOMs and Jeju power load are modeled by PSCAD/EMTDC program. And three kinds of simulation are carried out. Firstly, two STATCOMSs are in normal operation. Secondly, one STATCOM is in fault. Lastly, all of STATCOMs are in fault. These comparative studies will be useful for evaluating the effectiveness of STATCOM to stabilize for the Jeju power system.