An electric power monitoring and response system using electromagnetic field sensors located remotely beside the phase conductors. The system determines unknown system variables for one or more three-phase power lines based on measured values obtained form the field sensors and, in some cases, known power system values. For a given physical configuration, the field sensors may include a magnetic or electric field sensors, and the known system values as well as the unknown system variables may include phase currents, phase voltages and distances defining the physical configuration of the system. The response equipment may be a display, a circuit interrupting device, a voltage regulator, a voltage sag supporter, a capacitor bank, communication equipment, and reporting system.