A method and system for stabilizing energy consumption in multiple loads, or in single multi-phase loads. The method and system also compensates for unbalance in multi-phase loads. A central controller monitors variable reactances in the loads and identifies situations of power and/or current fluctuation and/or unbalance. It determines appropriate corrective action by the other loads/phases to compensate for the power and/or current change or unbalance due to the problematic load, and it issues control signals instructing variable reactor controllers associated with the other loads to adjust accordingly. The method and system may by applied to electric arc furnace installations. The system and method may be employed to maintain a predetermined level of unbalance in the system.