<p>This
paper presents a comprehensive three-bus equivalent circuit model of
three-phase step voltage regulators. The proposed model can be efficiently
integrated in the Z-bus power flow method and can accurately simulate any
configuration of step voltage regulators. In contrast to the conventional step
voltage regulator models that include the tap variables inside the Y<sub>BUS</sub>
matrix of the network, the proposed model simulates them in the form of current
sources, outside the Y<sub>BUS</sub> matrix. As a result, the re-factorization
of the Y<sub>BUS</sub> matrix is avoided after every tap change reducing
significantly the computational burden of the power flow. Furthermore, possible
convergence issues caused by the low impedance of step voltage regulators are
addressed by introducing fictitious impedances, without, however, affecting the
accuracy of the model. The results of the proposed step voltage regulator model
are compared against well-known commercial softwares such as Simulink and
OpenDSS using the IEEE 4-Bus and an 8-Bus network. According to the
simulations, the proposed model outputs almost identical results with Simulink
and OpenDSS confirming its high accuracy. Furthermore, the proposed 3-bus
equivalent model is compared against a recently published conventional step
voltage regulator model in the IEEE 8500-Node test feeder. Simulation results
indicate that the proposed step voltage regulator model produces as accurate
results as the conventional one, while its computation time is significantly
lower. More specifically, in the large IEEE 8500-node network consisting of
four SVRs, the proposed model can reduce the computation time of power flow
around one minute for every tap variation. Therefore, the proposed step voltage
regulator model can constitute an efficient simulation tool in applications
where subsequent tap variations are required. </p>