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In this study, a new FACTS device is proposed, which is based on the topology of the conventional interphase power controller (IPC). The proposed topology replaces the conventional phase-shifting transformers (PSTs) with the static synchronous series compensator. The equivalent circuit model for this new voltage source converter-based IPC (VSC-based IPC) is developed. Although the injected voltages of SSSCs are almost perpendicular to the branch currents and cannot maintain a constant amplitude line voltage as PSTs, it is shown that the VSC-based IPC can effectively control the line power flow, without exceeding the line voltage regulation limits. Based on the simulations, the abilities of the device for the short-circuit current mitigation and power flow control are presented for the Iran electric network.