In one example, a power converter includes a modular multilevel converter (MMC) electrically coupled between a first power system and a second power system. The MMC includes an arrangement of switching submodules, and the switching submodules include an arrangement of switching power transistors and capacitors. The MMC also includes a controller configured to inject a common mode frequency signal into a circulating current control loop. The circulating current control loop is relied upon to reduce at least one low frequency component in power used for charging the capacitors in the switching submodules. By injecting the common mode frequency signal into the circulating current control loop, the switching submodules can be switched at higher frequencies, the capacitances of the capacitors in the MMC can be reduced, and the power density of the MMC can be increased.