Disclosed herein are systems and methods for monitoring and controlling an electric power delivery system to mitigate against voltage instability. According to various embodiments, one or more stability thresholds may be compared to one or more stability estimates. Stability estimates may be generated based on electrical conditions in an electric power delivery system. Upon the occurrence of the contingency, one or more control actions specified by a contingency index may be executed in order to mitigate against voltage instability. A plurality of stability estimates may be generated, each of which may be compared to a respective stability threshold. According to various embodiments, stability estimates and stability thresholds may be based on a reactive power to voltage margin, an incremental reactive power cost, an incremental load cost, and a power import margin.