The present invention relates to a converter for electric power having multiple sub-modules connected in series, the sub-modules having an energy storage unit and multiple power semiconductor circuits connected in parallel to the energy storage unit, and which causes an electric current to bypass a sub-module in case the breakdown of the sub-module occurs. To this end, the converter for electric power according to the present invention has multiple sub-modules connected to each other in series, the sub-modules having an energy storage unit and at least one power semiconductor circuit that is connected in parallel to the energy storage unit and comprises multiple power semiconductor switches and freewheeling diodes, wherein each of the sub-modules comprises a bypass switching unit, which is connected in parallel to any one of said at least one power semiconductor circuit, and bypasses an electric current via the bypass switching unit.