The voltage stability phenomenon is a problem related with the flow of active and reactive power in transmission lines. The main characteristic of this phenomenon is the existence of a maximum load that can be supplied by the network, but actually it is also known the existence of a maximum active and reactive power injection at the network supplied by generators and compensators. In this dissertation, a method is presented to evaluate the conditions of the network loadability and the critical buses identification. The network used to transmit the active power from or to a critical bus and its transmissions lines are identified, and identify the critical branch of the most loaded transmission path. This critical branch will have its power flow reduced. In this dissertation, is proposed the determination of the sub-transmission network when the bus under analysis has its voltage controlled by compensator. Furthermore, were proposed modifications to the current method: power injection rather than equivalent admittance in isolation of the sub-transmission network and the transmission paths and also, using voltage stability indexes rather than using analytical formulas to determine the most loaded path and critical branch.