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This paper reviews the current status on the optimal placement of flexible AC transmission systems (FACTs) devices and reasons that one-shot (instantaneous) models may lead to sub-optimal solutions. The paper proposes an alternative model that can optimize the placement of FACTs devices based on multiple time periods with losses considered. Demands are modeled as functions of prices to reflect the operating principle of deregulated power markets. Several simplifications are suggested to reduce the problem size without much degradation of the solution quality. Numerical results show that the welfare gain from the multiple period model is significant. [Copyright &y& Elsevier]