The reactive power losses caused by the power grid Geomagnetically Induced Current (GIC) severely disturb the static voltage stability of power systems, and may even trigger voltage collapses. In this paper, the 1 V/km uniform induced geoelectric field is adopted to analyze how greatly geomagnetic disturbance (GMD) can influence the static voltage stability of power systems, given the features of GMD disasters hitting the power grids of China. Considering the GIC reactive power losses, a method that combines second‐order sensitivity adaptive variable step size and local curve fitting is put forth to calculate the critical point of the active power and voltage nodes (PV) curve. With the increment ratio of the curve slope set at discretion, the method enables the curve to approach its critical point with great strides, a design managing to reduce the quantity of power flow calculations remarkably. By taking into account the reactive power violation of PV nodes in the acquisition of load increment step size, the method calculates the critical point of the PV curve in a much more accurate way. The method applied to the Northwest 750 kV power grid, the calculation results suggest that the 1 V/km induced geoelectric field markedly undermines the static voltage stability, thus posing grave threats to the above grid.