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The stable operating-power limits of a small scale HVDC system composed of voltage source converters (VSC-HVDC system) are analyzed with a simple model. The VSC-HVDC system could operate where the AC system must be somewhat larger in capacity than the VSC-HVDC system capacity. The stable operating power limits were between one and two times the SCR (short circuit ratio). When the inverter of the VSC-HVDC system was operated with lead reactive (capacitive) power control conditions, the stable operating limits were increased through AC voltage stabilization. If there were loads near the inverter, the VSC-HVDC system could transmit a little bit larger power than those without loads.