An apparatus for AC line voltage regulation has an input port for connection to an AC source, an output port for connection to a load, and a transformer assembly connected between the input and output ports. The transformer assembly comprises a buck/boost winding and a primary winding wound about a common transformer core, and a switch arrangement for controlling the connection of the primary winding in circuit with the buck/boost winding. The switch arrangement is controlled by switch actuators responsive to a voltage sensor assembly to connect the primary winding in either of two possible conditions when the voltage is outside predetermined limits. The transformer assembly comprises either a step down transformer for reducing or bucking the output voltage or a step up transformer for boosting the output voltage according to the condition of the switch arrangement. The primary may comprise separate windings controlled by the switching assembly for connection in different configurations.