A family of power converters has input ac voltage regulation instead of output dc voltage regulation. The bi-directional converters control power flows and maintain the input ac voltage at or close to a certain reference value. These bi-directional power converters handle both active and reactive power while maintaining the input ac voltage within a small tolerance. Use of these converters is favorable for future power grid maintenance in that they (i) ensure the load demand follows power generation and (ii) provide distributed stability support for the power grid. The converters can be used in future smart loads that help stabilize the power grid.