A system and method are provided for regulating voltage received from an electric utility grid. A unified power flow controller is provided at a point of power consumption and includes a terminal electrically coupled to a power source, which receives a grid alternating current and a grid alternating voltage from the electric utility grid. A power converter is electrically coupled to the terminal and includes an active rectifier that converts substantially all of the grid alternating current to a direct current and an inverter that converts the direct current to a load alternating current and a load alternating voltage, the load alternating voltage being less than the grid alternating voltage. A transformer is provided having first terminals electrically coupled to the power source and second terminals electrically coupled to an output of the inverter. The transformer injects the load alternating voltage in series with the grid alternating voltage.