Abstract-This paper addresses the problem of representing the aggregate response to voltage changes of a set of loads fed through distribution transformers connected by a subtransmission network. A simple, while accurate equivalent is proposed. The latter involves standard network components and includes a single internal bus. This equivalent matches both the short-term and the long-term response of the original system, the long-term dynamics coming from the load tap changers that control the distribution voltages. A procedure to identify its parameters from step responses of the unreduced system is detailed. The method is illustrated and validated on a large subtransmission-distribution system of Hydro-Québec.