Voltage stability is strongly linked to reactive power. Active power mainly transfers energy, but reactive power is needed to maintain voltage magnitude. When the network cannot supply enough reactive power locally, voltage falls; and when voltage falls, more reactive current may be required — yet generators, IBGs, STATCOMs, SVCs and capacitor banks all have limits. Once those limits are reached, the voltage can decline progressively.
There is a reason it is a local problem. Reactive power does not travel as easily as active power over long distances: supplying it from far away causes extra voltage drop and losses. So voltage stability is often a local or regional problem, and the location of the IBG reactive capability matters as much as its amount.
Voltage problems appear in heavily stressed systems. A stressed voltage-stability condition may be caused by high power transfer across long transmission paths; low local reactive reserve; a weak transmission network; a high load level; the loss of a generator, transformer, line or compensation device; a high motor load; many generators already at their reactive limits; or IBGs operating without voltage support or tripping after disturbances.
Load is not constant — and that decides collapse
Some loads reduce when voltage falls, but others try to keep their power. A constant-power load is the dangerous case for voltage stability, because it draws more current as voltage decreases; motor loads can also draw high reactive current during recovery or stalling. Voltage-dependent load simply means the active or reactive power consumed changes with voltage — a resistive load reduces power when voltage falls, whereas a controlled or constant-power load tries to keep consuming the same power. That difference strongly affects whether the system settles at a lower voltage or collapses.