Based on the reactive surplus of Chongqing 220 kV main electric power network under low water and low load, and on state of higher system voltage, a thorough research is done on voltage and reactive power of the system power network by means of calculation,analysis and experiments. A main network calculating equivalence model of power network in Chongqing is constructed. And reactive power optimizing calculation is figured out on the Chongqing power network on condition that the loss minimum of the active power network is object function. Several optimizing compensatory schemes are put forward. Based on the calculation result and the analysis of all schemes, the most reasonable and feasible optimizing scheme could be achieved. Meanwhile, the feasibility that the system voltage could be adjusted when generator operating under excitation was demonstrated. According to the experience of under-excitation operation of the same type units , it decreases the system voltage, improves Chongqing power network running performance, and strengthens the coordination and stabilization of system.