There is described a multilevel electric power converter circuit comprising: Ns switching elements connected in series in a closed loop; NAE additional elements, the additional elements being one of a direct current source and at least one passive element, connected within the closed loop such that each additional element is connected to four of the switching elements, the ratio of a number of additional elements NAE to a number of switching elements NS corresponding to NS=2NAE+2; and one of a load and an alternating current source connected across the closed loop at nodes between adjacent switching elements that are separate from nodes to which the additional elements are connected.