A power converter includes a connection path electrically connecting a negative side of a first rechargeable battery, a positive side of a second rechargeable battery electrically connected in series with the first rechargeable battery, and a neutral point of windings of a rotating electric machine. The power converter further includes a control unit configured to perform switching control of an upper-arm switch and a lower-arm switch for each phase in order to transfer energy between the first and second rechargeable batteries by conducting current between the first and second rechargeable batteries via an inverter, the windings, and the connection path.