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In this paper it is presented a methodology to assess the dynamic voltage stability of an electric power system using trajectory sensitivity analysis. Trajectory sensitivity analysis can provide valuable insights into the security of an electric power system. In this study it was simulated a significant disturbance in two test power network. The Automatic Voltage Regulator of the generating units, the Under Load Tap Changer and loads models were taken into account. The simulation results were obtained using EUROSTAG program and post-processing module developed using the Matlab software package.