Power exchanging arrangement, in shunt connection, with a three-phase electric power network including on one hand for each said phase a reactive impedance element and a Voltage Source Converter connected in series with said element, and on the other hand a control unit configured to control semiconductor devices of turn-off type of said converter for generating a voltage with a fundamental frequency being equal to the fundamental frequency of the voltage of the respective said phase and by that control a flow of reactive power between said arrangement and the respective phase of said electric power network. Each Voltage Source Converter includes a series connection of switching cells in the form of so-called H-bridges including two switching elements connected in parallel and each having at least two semiconductor assemblies connected in series. Each switching cell further comprises at least one energy storing capacitor connected in parallel with said switching elements.