The stability problem for load frequency control (LFC) of power systems with two time-varying communication delays is studied in this paper. The one-area and two-area LFC systems are considered, respectively, which are modeled as corresponding linear systems with additive time-varying delays. An improved stability criterion is proposed via a modified Lyapunov-Krasovskii functional (LKF) approach. Firstly, an augmented LKF consisting of delay-dependent matrices and some single-integral items containing time-varying delay information in two different delay subintervals is constructed, which makes full use of the coupling information between the system states and time-varying delays. Secondly, the novel negative definite inequality equivalent transformation lemma is used to transform the nonlinear inequality to the linear matrix inequality (LMI) equivalently, which can be easily solved by the MATLAB LMI-Toolbox. Finally, some numerical examples are presented to show the improvement of the proposed approach.