Abstract: An AC voltage regulator to be used to regulate voltage fluctuations both above and below a desired voltage output, the regulator including a regulator input connected with an AC power source, a regulator output connected with a load, and a single regulator transformer having a power winding and an inducing winding. The power winding is connected in series between the regulator input and the regulator output and the inducing winding, which is generally electrically isolated from the power winding, is structured and disposed to selectively induce a low voltage on the power winding. Further, a plurality of high frequency AC switches are included so as to variably set a plurality of connection topologies, each connection topology being specifically structured either to maintain voltage passing through the regulator constant, to step-up the voltage or to step-down the voltage, the various switches being variably positionable to provide for precise, gradual regulated adjustment of the output voltage.