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Electromechanical stability of transmission systems has been challenged by many factors such as market re-regulation, high penetration of renewables, operation under stressed conditions. After the implementation of electricity markets, it appeared evident that the transmission grid needs autonomous capacity to control the system during sudden disturbances and new protection schemes to maintain stability. This paper explores the possibility to control dynamically the impedance of transmission lines through Thyristor Controlled Series Capacitor (TCSC). The feasibility and the effectiveness of the approach are demonstrated through numerical tests on a realistic sized network for both voltage and transient stability.