Electric power is transferred between an AC voltage grid and a DC voltage grid in the high-voltage range. Phase modules have at least one common DC voltage connection and separate AC voltage connections. A phase module branch between the DC voltage connection and each AC voltage connection has a series circuit of two-pole sub-modules, each with an energy storage device and a power semiconductor circuit in parallel with the energy storage device. The power semiconductor circuit is driven to generate either the voltage drop across the energy storage device or else a zero voltage at the two sub-module connection terminals. A converter transformer has a primary side on an AC voltage grid and a secondary side connected to the AC voltage connections. Improved protection against overloading is provided by at least one surge arrester between the or one of the common DC voltage connections and the inverter neutral point.