120530-2119 EDT
soleowner:
Voltage regulator is the wrong term to use to describe a normal buck-boost transformer. A simple transformer does not regulate anything. Regulation implies feedback and a voltage reference of some sort.
The addition of a buck-boost transformer to some source voltage simply adds or subtracts some voltage to the source. This added or subtracted voltage will be proportional to the excitation voltage to the buck boost transformer.
Suppose your source was 100 V and you need 120 V. Thus, the boost transformer will need 20 V to add to the 100 V with 100 V applied to the primary of the boost transformer. Now if the source goes to 120 V, then the output of the combination will be 120 + 20 * 120/100 = 144 V.
If you actually had a voltage regulator, such as a Sola, then from about 95 V to 135 V input the output would be close to 117 V.
None of the above includes the effect of source impedance. Sola regulators do not have a low source impedance.
However, if you had a servo motor driven Variac then you might be able to hold voltage better than +/- 0.5 V on average, even with a moderate source impedance, with both line and load variations. Working over a limit range you could hold +/- 0.1 V. This I have done manually.
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