This paper studies the voltage stability of the Slovak Republic’s power system (PS) based on an assessment of the PV curves. The PV curve is a tool for assessing voltage stability, and based on its shape, it is possible to determine weak and strong voltage nodes with the possibility of voltage stability reserve quantification. We present an analysis of the influence of transformers with an automatic voltage regulator (AVR) on the shape of the PV curves and on the magnitude of voltage in the PS. In general, the 400 kV/110 kV transformers equipped with AVRs are critical assets for the PS as they address voltage control in the DS. However, in the case of voltage problems in the TS, the AVR function may worsen the voltage situation across the entire PS. Therefore, we closely analyze the negative effects of the AVR on the PS operation. This impact is clearly proved, and recommendations are given for the transmission system operator (TSO) in order to maintain voltage stability. In addition, the PV curves of the pilot nodes are analyzed very accurately, thereby confirming their importance in the TS in terms of a sufficient reserve of reactive power. The study was conducted in cooperation with the TSO, Slovenská elektrizačná prenosová sústava, a.s.