An LAVT panel is a cubicle which houses a Lightning Arrester (Surge Arrester), Surge Capacitor, and Voltage / Potential Transformers for a Phase Isolated Bus Duct.
Lightning arrestor is there to provide protection against any surges in voltage, hence the name lightning arrestor, it is a device that safely diverts any surge in voltage "away" from your plant therefore protecting your equipment against overvoltage conditions.
A capacitor is connected in parallel with the lightning arrester for enhanced protection as well.
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