1. A method for generating electric load models, the method comprising: receiving a plurality of measurements representative of input provided by at least one power source to a plurality of electric loads at different time instances; generating a plurality of combination of model loads and assigning a contribution factor to each model load in each combination; computing a match index for each combination of model loads for each measurement by comparing a predicted output of each combination with an actual output generated by the plurality of electric loads for each input represented by each measurement, wherein the predicted output for each combination is generated by providing input equivalent to each measurement; computing a first likelihood index for each combination based on the match index for each model load for the plurality of measurements; and computing a second likelihood index for each contribution factor in each combination based on the match index for each combination for the plurality of measurements.