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This article presents the comparison of 3D and 2D finite element models of a power transformer designed for reactive power compensation stations. There is a lack of studies in the literature on internal electromagnetic phenomena in the active part of a transformer operated in these conditions. The results of numerical 2D and 3D calculations of no-load current and losses in the transformer core were obtained by using various methods and models. The impact of considering the hysteresis loop phenomenon on the calculation of core losses was investigated by using the Jiles–Atherton core losses model. The results obtained in the paper show that the model of the core must contain the areas representing the influence of overlappings on the no-load current and also on the flux density field in the core. The capacitive load of the transformer increases the flux density in the core limbs by several percent, so the power losses there must also increase accordingly. As a summary of the research, differences in the values of losses in each core element between the capacitive load and no-load conditions are presented. The results presented in this paper indicate that considering nonlinearity related to the magnetic hysteresis loop has a significant impact on the calculation of the core losses of power transformers. [ABSTRACT FROM AUTHOR]