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1) Improves power factor, Current will reduce,accordingly temperature of all power system Electrical equipment will also reduce,Losses will be less.
2) Voltage will increase.
3) In combine cycle Power plant, we are having different level of Harmoning which is flowing in all Electrical system.So as you charge Capacitor bank harmonics will come close to Capacitor bank & your system become more healthy than before.
Capactor banks can be used in paraller with the circuit to improve power factor of the system and in series with the circuit to boostup the output voltage.
capacitors can also used in single phase motors ( that can be used for different purposes in power plant) to provide starting torque.