The main objective of this study is to propose a new model and solution method for multi-period optimal reactive power dispatch. This is an inherently non-convex and nonlinear problem. Therefore, it is solved by applying a mean-variance mapping optimization metaheuristic. The proposed model allows incorporating intertemporal constraints. One advantage of the model is the design of its objective function that allows to simultaneously assess the feasibility and optimality of a solution. The model and solution approach is validated by using the IEEE 30-bus test system. The results show and allow concluding that the proposed model guarantees an adequate reactive power management that minimizes power losses by keeping transformer taps and capacitor bank movements within limits to maximize lifetime.