Abstract: A non-outage power supply system comprises three-phase ac input terminals and three-phase ac output terminals, between which there are sequentially connected a three-phase ac-to-dc converter circuit, a capacitor, and a three-phase dc-to-ac converter circuit. A bypass switch is connected between a preselected one of the three-phase ac input terminals and a preselected one of the three-phase ac output terminals. A bypass switch control circuit holds the bypass switch closed when the three-phase ac inputs are in phase with the three-phase ac outputs, and open when they are not. Part or all of the effective current demanded by the load bypasses the three-phase dc-to-ac converter circuit when the bypass switch is closed, with a consequent reduction of power loss.