A method and system for stabilizing energy consumption in multiple loads, or in single multi-phase loads. A central controller monitors variable reactances in the loads and identifies situations of power and/or current fluctuation and/or unbalance. The central controller 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 electrode position controllers associated with the other loads to adjust accordingly. The method and system may by applied to electric arc furnace installations. The electrode position controllers may be used in conjunction with variable reactance control systems to take corrective action to address power and/or current changes or unbalances. The variable reactors respond orders of magnitude faster than the electrode positioning system.