This paper proposes a coordinated control method for under-load tap changers (ULTCs) with shunt capacitors to reduce the operation numbers of both devices. The proposed method consists of two stages. In the first stage, the dispatch schedule is determined using a genetic algorithm with forecasted loads to reduce the power loss and to improve the voltage profile during a day. In the second stage, each capacitor operates according to this dispatch schedule and the ULTCs are controlled in real time with the modified reference voltages considering the dispatch schedule of the capacitors. The performance of the method is evaluated for the modified IEEE 14-bus system. Simulation results show that the proposed method performs better than a conventional control method.