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This paper proposes an optimization approach for day-ahead reactive power planning to improve voltage security in transmission networks. The problem is formulated as a voltage-secure multi-period optimal reactive power dispatch (MP-ORPD) problem. The optimization approach searches for optimal set-points of dynamic and static reactive power (var) resources. Specifically, the output includes set-points for switching shunts, transformer taps, and voltage magnitudes at the regulated buses. The primary goal is to maximize the dynamic reactive power reserve of the system, by minimizing the reactive power supplied by synchronous generators. As the size of the MP-ORPD problem increases significantly with increasing number of contingencies and time periods, efficiency is crucial for practical applications. In this paper, a decomposition technique based on consensus and alternating optimization, where integer variable targets are obtained via MILP, is used to partition the MP-ORPD problem into a set of subproblems, which can be solved in parallel to reduce the computation time. The proposed MP-ORPD problem and its solution algorithm are integrated into the EPRI-VCA software. The results of various power networks of large electric utilities in the Eastern interconnection demonstrate the effectiveness of the proposed algorithm in providing preventive control schedules. [ABSTRACT FROM AUTHOR]