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In this paper, voltage stabilization of power systems is considered. The proposed control approach relies on using local feedback strategies to update the OLTC setpoints and a receding horizon global controller to update the reactive power injections and load shedding. The combinatorics associated with the capacitors and load shedding discrete inputs are partially alleviated by using an efficient parametrization and ordering techniques. Simulations are carried out on a benchmark power system to further illustrate the approach.