An AC-to-AC conversion system, comprising: a three-phase AC input connection having first, second, and third AC input terminals (20a, 20b, 20c) for receiving three-phase AC electrical input power; a three-phase AC output connection having first, second, and third AC output terminals (30r, 30s, 30t) for providing three-phase AC electrical output power; a DC circuit comprising first and second DC terminals (40a, 40b) and an energy storage component (C DC); a switching network including switching devices (S A1, S A2, S A3, S B1, S B2, S B3, S C1. S C2, S C3); and a control system coupled with the switching network and providing switching control signals (SC A1, SC A2, SC A3, SC S1, SC B2, SC S3, SC C1. SC C2, SC C3) to the switching devices (S A1, S A2, S A3, S B1, S B2, S B3, S C1, S C2, S C3) to convert input AC electrical power from the input connection to output AC electrical power at the output connection; characterized in that said switching network including a total of nine switching devices (S A1, S A2, S A3, S B1, S B2, S B3, S C1, S C2, S C3) forming three leg circuits (52a, 52b, 52c) with a total of three switching devices in each leg circuit (52a, 52b, 52c), each leg circuit (52a, 52b, 52c) connected to a corresponding AC input terminal (20a, 20b, 20c) and to a corresponding AC output terminal (30r, 30s, 30t), each leg circuit (52a, 52b, 52c) comprising a first switching device (S A1, S B1, S C1) coupled between the corresponding AC input terminal (20a, 20b, 20c) and the first DC terminal, a second switch (S A2, S B2, S C2) coupled between the corresponding AC input terminal (20a, 20b, 20c) and the corresponding AC output terminal (30r, 30s, 30t), and a third switch (S A3, S B3, S C3) coupled between the corresponding AC output terminal (30r, 30s, 30t) and the second DC terminal. a three-phase AC input connection having first, second, and third AC input terminals (20a, 20b, 20c) for receiving three-phase AC electrical input power; a three-phase AC output connection having first, second, and third AC output terminals (30r, 30s, 30t) for providing three-phase AC electrical output power; a DC circuit comprising first and second DC terminals (40a, 40b) and an energy storage component (C DC); a switching network including switching devices (S A1, S A2, S A3, S B1, S B2, S B3, S C1. S C2, S C3); and a control system coupled with the switching network and providing switching control signals (SC A1, SC A2, SC A3, SC S1, SC B2, SC S3, SC C1. SC C2, SC C3) to the switching devices (S A1, S A2, S A3, S B1, S B2, S B3, S C1, S C2, S C3) to convert input AC electrical power from the input connection to output AC electrical power at the output connection; characterized in that said switching network including a total of nine switching devices (S A1, S A2, S A3, S B1, S B2, S B3, S C1, S C2, S C3) forming three leg circuits (52a, 52b, 52c) with a total of three switching devices in each leg circuit (52a, 52b, 52c), each leg circuit (52a, 52b, 52c) connected to a corresponding AC input terminal (20a, 20b, 20c) and to a corresponding AC output terminal (30r, 30s, 30t), each leg circuit (52a, 52b, 52c) comprising a first switching device (S A1, S B1, S C1) coupled between the corresponding AC input terminal (20a, 20b, 20c) and the first DC terminal, a second switch (S A2, S B2, S C2) coupled between the corresponding AC input terminal (20a, 20b, 20c) and the corresponding AC output terminal (30r, 30s, 30t), and a third switch (S A3, S B3, S C3) coupled between the corresponding AC output terminal (30r, 30s, 30t) and the second DC terminal.