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More “green” power provided by Distributed Generation will enter into the European electricity network in the near future. In order to control the power flow and to ensure proper and secure operation of this future grid, with an increased level of the renewable power, new power electronic converters for grid connection of renewable sources will be needed. These power converters must be able to provide intelligent power management as well as ancillary services. This paper presents the overall structure and the control aspects of an advanced power converter for universal and flexible power management in the future European electricity network.