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The traditional model of optimal reactive power dispatch (ORPD) for power systems is based on the principle of income maximization, which aims at minimizing active power loss of the whole networks. However, such a model may bring on excessive operations of device-control devices in real-time application. To realize reactive power dispatch, power utilities should increase equipment investment and added manpower for operation and maintenance. On the other hand, the operations would augment the fault probability of power systems. Therefore, the costs of adjusting the control devices (CACDs) are investigated, and a novel mathematical model of ORPD is presented in this paper, whose objective function is to minimize the energy loss at the current time interval and the CACD. A simulation test is presented to demonstrate that the proposed model reflects the principle of profit maximization and describes the ORPD problem with time-varying loads appropriately since it can decrease active power loss and avoid excessive controls simultaneously.