A system for providing reactive power compensation to a utility power network includes a switch coupled to the utility power network, and a capacitor coupled with the switch for providing a controlled amount of reactive current based on conditions of the utility power network. The system also includes a switchable power dissipation device coupled in series to the capacitor and configured to provide a preselected amount of impedance to the reactive current for a predetermined duration when a line voltage on the utility power network drops below a threshold.