A multilevel power converter connectable to an alternating current, AC, network and a load, the multilevel power converter comprising: at least a first phase leg and a second phase leg, each of the first phase leg and the second phase leg comprising a plurality of cascaded chain link connected cells, each cell comprising a respective direct current, DC, link capacitor; a respective energy storage element connected in parallel with the respective DC link capacitor in a respective at least one cell of each of the at least a first phase leg and a second phase leg, characterized in that: the respective energy storage element is configured for absorbing and supplying active power in the respective phase leg for performing internal DC link capacitor voltage balancing; and the multilevel power converter further comprises a control unit configured to: obtain information about phase voltages of the AC network, phase currents consumed by the load, and power injection of the multilevel power converter, at a point of common coupling, PCC, of the multilevel power converter; based on the obtained information, calculate an amount of active power to be supplied by each of the first phase leg and the second phase leg; and based on the calculation, determining an amount of power to be respectively absorbed or supplied in each of the at least a first phase leg and a second phase leg a by means of the respective energy storage element of each of the at least a first phase leg and a second phase leg, thereby compensating for unbalances between phases of the AC network or phases on the load without inducing any extra net active power exchange between the multilevel power converter and the AC network. at least a first phase leg and a second phase leg, each of the first phase leg and the second phase leg comprising a plurality of cascaded chain link connected cells, each cell comprising a respective direct current, DC, link capacitor; a respective energy storage element connected in parallel with the respective DC link capacitor in a respective at least one cell of each of the at least a first phase leg and a second phase leg, characterized in that: the respective energy storage element is configured for absorbing and supplying active power in the respective phase leg for performing internal DC link capacitor voltage balancing; and the multilevel power converter further comprises a control unit configured to: obtain information about phase voltages of the AC network, phase currents consumed by the load, and power injection of the multilevel power converter, at a point of common coupling, PCC, of the multilevel power converter; based on the obtained information, calculate an amount of active power to be supplied by each of the first phase leg and the second phase leg; and based on the calculation, determining an amount of power to be respectively absorbed or supplied in each of the at least a first phase leg and a second phase leg a by means of the respective energy storage element of each of the at least a first phase leg and a second phase leg, thereby compensating for unbalances between phases of the AC network or phases on the load without inducing any extra net active power exchange between the multilevel power converter and the AC network. the respective energy storage element is configured for absorbing and supplying active power in the respective phase leg for performing internal DC link capacitor voltage balancing; and the multilevel power converter further comprises a control unit configured to: obtain information about phase voltages of the AC network, phase currents consumed by the load, and power injection of the multilevel power converter, at a point of common coupling, PCC, of the multilevel power converter; based on the obtained information, calculate an amount of active power to be supplied by each of the first phase leg and the second phase leg; and based on the calculation, determining an amount of power to be respectively absorbed or supplied in each of the at least a first phase leg and a second phase leg a by means of the respective energy storage element of each of the at least a first phase leg and a second phase leg, thereby compensating for unbalances between phases of the AC network or phases on the load without inducing any extra net active power exchange between the multilevel power converter and the AC network. obtain information about phase voltages of the AC network, phase currents consumed by the load, and power injection of the multilevel power converter, at a point of common coupling, PCC, of the multilevel power converter; based on the obtained information, calculate an amount of active power to be supplied by each of the first phase leg and the second phase leg; and based on the calculation, determining an amount of power to be respectively absorbed or supplied in each of the at least a first phase leg and a second phase leg a by means of the respective energy storage element of each of the at least a first phase leg and a second phase leg, thereby compensating for unbalances between phases of the AC network or phases on the load without inducing any extra net active power exchange between the multilevel power converter and the AC network.