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This paper proposes a new modular flexible power electronic transformer (FPET). The proposed FPET is flexible enough to meet future needs of power electronic centralized systems. The main feature of the FPET is the independent operation of modules each of which contains one port. Each port can be considered as input or output, because bidirectional power flow is provided. The modules are connected to a common dc link that facilitates energy transfer among modules as well as ports. Therefore, a multiport system is developed, which the ports can operate independently. This merit is important for applications, where input and output voltages are different in many parameters. A comparison study is carried out to clarify the pros and cons of expandable FPET. In addition, the measurement results of a laboratory prototype are presented to verify the capabilities of FPET in providing different output waveforms and controlling load side reactive power.