The invention relates to a multi-level modular converter provided with a control circuit comprising a computer to calculate an internal control setpoint of the converter and an energy management circuit allowing a power setpoint to be determined that is to be transmitted to the alternating electrical power supply network, the control circuit being configured to regulate the voltage at the point of connection of the converter to the direct electrical power supply network and to regulate the voltage at the terminals of each capacitor modelled as a function of the internal control setpoint and of the power setpoint to be transmitted to the alternating electrical power supply network.