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With the help of instantaneous power theory and Matlab/Simulink simulation tools, the principle of electrical spring (ES) steady-state operation modes division was analyzed, the instantaneous power changes of ES in different steady-state operation modes were studied, then the equivalence circuit of ES under different operating conditions were deduced, the problem that how the steady-state operation mode of ES switches to stabilizes the critical load voltage with the different working conditions was analyzed. Simulation experiments verify the correctness of the research results.