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For many years, system operators have noticed that the VAr reserves of key generators can indicate the degree of controllability of key bus voltages in a system. This observation has led to the development of a few VAr reserve monitoring systems. In this paper, a rigorous investigation on the subject is conducted. Using the correlative relationship between generator VAr reserves and system voltage stability margins, a practical and systematic method for online voltage stability monitoring is proposed. The method has been thoroughly tested on two real-life power systems with promising results.