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The voltage stability and the sensitivity of power grid are presented by introducing the P-V and the Q-V curves based on the dynamic load. Firstly, a power grid is exactly rewritten into a simple equivalent decentralized system by the power flow calculation. Next, the dynamic load is modeled in a higher order polynomial form identified from the data at a load-bus observed in Sweden. Then, the system and the load P-V and Q-V curves are constructed, and finally the reactive power is shown to be more sensitive to the voltage stability than the active one by the sensitivity analysis comparing with the case of data observed in Japan.