Abstract: In this paper, Steinmetz principle has been implemented for the phase current balance of three phase networks by supplying power to both slow as well as fast varying delta connected linear and unbalanced loads at unity power factor. The reactive power compensation of the proposed technique delivers close to unity power factor and also helps active load balancing of the three phase currents efficiently. This paper, thus, explains the application of Steinmetz principle to delta connected unbalanced loads and establishes its relevance also to varying loads. Further, it investigates the dynamic operation of the control scheme for Static Condenser (STATCON) which uses the same principle for referencing the currents to achieve desired balanced unity power factor phase currents. The proposed system is simulated in Matlab / Simulink platform. The simulation result shows the effectiveness of this method.