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Multilevel converters can reach medium-voltage operation increasing the efficiency of high-power applications. Among the existing multilevel converter topologies, the modular multilevel converter (MMC) provides the advantages of high modularity, availability, and high power quality. Moreover, the main advantage compared to cascaded multilevel converters is the lack of an input transformer which results in a reduction of cooling requirements, size, and cost. One of the drawbacks of this topology when used as an ac-ac converter is the input and output frequency components in the control loop, resulting in a more complex controller design. In this paper, a single-phase ac-ac MMC predictive control approach is proposed. The controller minimizes the input, output, and circulating current errors and balances the dc voltages. Experimental results show the performance of the proposed predictive control scheme.