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This is my master thesis "Optimal and Suboptimal control of SMES Devices for Power System Stability Enhancement." It includes the fallowing chapters 1. Chapter 1: Introduction 2. Chapter 2: System Modeling 3. Chapter 3: Control Design 4. Chapter 4: SMES Control for Single Machine Infinite Bus System 5. Chapter 5: Application to Multi-Machine System 6. Main Fortran Program of M. Sc. Thesis "Optimal and Suboptimal Control of SMES Devices for Power System Stability Enhancement"