This paper presents the evaluation of reactive power pricing through the control of generator voltages under the assumption that the reactive power market has been transformed into the real power market. By applying the concept of economic dispatch, which minimizes the total cost of real power generation to reactive power generation, the algorithm for implementing reactive power pricing is proposed to determine the optimum voltage profiles of generators. It consists of reactive power voltage equation, the objective function that minimizes the total cost of reactive power generation, and linear analysis of inequality constraints in relation to the load voltages. From this algorithm, the total cost of the reactive power generation can be yielded to the minimum value within network constraints as the range of load voltages. This may provide the fair and reasonable price information for reactive power generation in the deregulated electricity market. The proposed algorithm has been tested on the IEEE 14-bus system using MATLAB.