A method for voltage regulation, control, protection and monitoring of state of on-load tap changers of power transformers, voltage regulators, and capacitor banks comprising: uses a voltage regulation system that has sets of voltage regulation parameters available for programming by a user. Each of these sets is adjustable in an independent manner for a given prevailing load condition. The parameters include a desired rated voltage at a load: a voltage variance percentage allowed over and below rated voltage; time delay adjustments for CDC (15) actuation in order to correct voltage; choice of linear or reverse time delay type; and parameters referring to voltage drop in the line.