This paper shows that a well-defined energy function can be developed to reflect the transfer conductances for multi-machine power systems under an assumption that all transmission lines have uniform R/X rations. The energy function is derived by introducing a pure reactive equivalent system for the given system. In this study, a static energy function reflecting transfer conductances is also derived as well as the transient energy function. The proposed static energy function is applied to voltage stability analysis and tested for various sample systems. The test results show that the accuracy of voltage stability analysis can be considerable improved by reflecting transfer conductances into the energy function.