This paper presents a methodology to improve the power system economical dispatch from a voltage stability margin perspective. The time horizon under discussion is the short-term operation planning. The proposed method is based on active/reactive power re-dispatch for normal operation, and also minimum load shedding strategies in case of critical contingencies. The actions are taken in the direction provided by modal participation factors computed for generator and load buses. The generators with negative impact on system margin, which are indicated by the modal index, are penalized with high costs on the objective function of the optimal power flow program used to run the re-dispatch process. Results of this work show a decrease on system losses and significant increase on voltage stability margin as well as on system reactive reserves. In addition, this work presents a study considering critical contingencies, for which is proposed an optimal load shedding strategy also based on modal participation factors to identify the most adequate buses for load shedding purposes. Finally, the proposed methodology is applied considering a typical hour-to-hour daily load curve, and the method presented very good performance since it considerably increases voltage stability margin for the insecure intervals.19315381545