The incremental demand for electrical power increases power system complexity and the need to expand the power grid which is very expensive, also the changes in load demand during the day can affect the power quality parameters especially, the voltage amplitude. Flexible AC transmission systems FACTS can be presented as the solution to expand the power systems transmission lines capacity and reactive power compensation to regulate voltage in the power system. this paper tries to attract attention to the of use FACTS on Iraq's power systems for power losses reduction and voltage regulation, by studying the device effects in two different ways, first is using Newton-Raphson power flow and loss calculations with and without FC-TCR, and the second is to simulate the device performance in MATLAB/Simulink to investigate its performance in voltage regulation. Finally, calculate the economic benefit of power loss reductions by using FC-TCR during base caseload, the device saves 192,428 $ per year by using it only 10 hours daily, and reduces voltage drop in point of common connection from 0.6% to 0.1%.