A Controllable Network Transformer is a small AC converter augmented with an existing load tap changing transformer with a small AC converter to simultaneously provide dynamic control of bus voltage magnitudes and phase angles over a meaningful control range with no additional energy storage elements. The converter includes two AC switches, a small filter capacitor and an inductor where the 2 switches are initially controlled with fixed duty cycles D and (1-D). For voltage magnitude control, the commonly used pulse width modulation technique can be applied. For voltage phase angle control, the concept of "DualVirtual Quadrature Sources" is used.