FACTS devices are power electronic systems that provide control of AC transmission system parameters to improve power transfer capability and grid stability. FACTS stands for Flexible Alternating Current Transmission System and includes static equipment like STATCOMs. FACTS devices are classified as series controllers that inject voltage and shunt controllers that inject current. They are used to control impedance, voltage, current and phase angle to enhance controllability, reliability and power quality on transmission lines. While expensive, FACTS provide benefits like increased transmission capacity, damping of oscillations and improved stability.