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This paper proposes an approach to determine the optimal location of static var compensators (SVCs) in electric power systems in order to improve voltage profile and minimize active power losses. A multi-scenario framework that includes different load levels with different time periods is considered in this approach. The problem is formulated as a mixed-integer nonlinear programming problem using an optimal power flow (OPF). The SVC value and location are modeled as a variable susceptance inside the bus admittance matrix and as a binary decision variable, respectively. The problem is solved using the branch and bound algorithm associated with the OPF. Studies and simulations were conducted on the IEEE 118-bus test system considering variations in both the objective function and the amount of SVCs to be allocated. Analysis of results demonstrate that the performance of the power system can …