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From the perspective of self-organized criticality, this paper develops a novel model with AC-OPF and AC grid upgrade to study the cascading failures and blackouts in power systems, which overcomes some shortcomings of existing blackout models. The proposed model contains two types of dynamics, one is fast dynamics which simulates the serial blackouts in power systems, the other is slow dynamics which reflects the tendency of the power systems time evolution. This model also has voltage stability analysis function and can reveal critical characteristics from reactive power and voltage viewpoint. Simulation results of the IEEE 118-bus system with this model show that the fast dynamics can capture the cascading process and the criticality property in micro scale. Besides, the macro scale of self-organized criticality of power systems can be revealed from the mean value of fractional overloads and the ratio of total load demand to the total network transfer capability. Furthermore, the voltage stability criticality status could be detected from the eigenvalue with the smallest magnitude through reactive power and voltage relevant modal analysis.