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Very stressed power systems often lack ability to withstand certain disturbances, what might result in serious consequences. Therefore, the tools mitigating such a situation have a crucial significance. This paper presents a method for real-time stability assessment and emergency control of power systems based on the trajectory sensitivities. Out of the present conditions a nominal trajectory and its sensitivities is precalculated. If an incipient instability is detected, necessary stabilizing control measures are determined. A short review of trajectory sensitivities is included. A principal description of the method together with a theoretical foundation and examples with simulation results is provided.