Nowadays, improving the power quality at the Point of Common Coupling (PCC) between the consumers' installations and the distribution system operators' installations depends more and more on the use of specialized equipment, able to intervene in the network to eliminate or diminish the disturbances. The reactive power compensators remain valid solutions for applications in consumer and electricity distribution, in those situations when the criterion regarding the costs of installing and operating the equipment is more important than the ones related to the reaction speed or the control accuracy. This is also the case of the equipment for power factor improvement and load balancing in a three-phase distribution network. The two functions can be achieved simultaneously by using an unbalanced static var compensator, known as an adaptive balancing compensator, achieved by adjusting the equivalent parameters of circuits containing single-phase coils and capacitor banks. The paper presents the mathematical model for the sizing and operation of a balancing reactive compensator for a three-phase four-wire network and then presents some resizing methods to convert it into a balancing capacitive compensator, having the same functions. The mathematical model is then validated by a numerical application, modelling with a specialized software tool, and by experimental laboratory determinations. The paper contains strong arguments to support the idea that a balancing capacitive compensator becomes a very advantageous solution in many industrial applications.