The introduction of liberalized electricity markets in many countries has resulted in more highly stressed power systems. On the other hand, operating points of a power system are acceptable in the feasible region, which is surrounded by the borders of different stabilities. Power system instability is critical for all participants of the electricity market. Determination of different stability margins can result in the optimum utilization of power system with minimum risk. This paper focuses on the small disturbance voltage stability, which is an important subset of the power system global stability. This kind of voltage stability is usually evaluated by static analysis tools such as continuation power flow, while it essentially has dynamic nature. Besides, a combination of linear and nonlinear analysis tools is required to correctly analyze it. In this paper, a hybrid evaluation method composed of static, dynamic, linear, and nonlinear analysis tools is proposed for this purpose. Effect of load scenario, generation pattern, branch and generator contingency on the small disturbance voltage stability are evaluated by the hybrid method. The test results are given for New England and IEEE68 bus test systems. (C) 2008 Elsevier Ltd. All rights reserved.