Abstract: A power conversion apparatus includes an inverter for converting DC power to AC power for supply to a load, a converter for converting AC power from an AC power supply to DC power for supply to the inverter, and a DC voltage converter for converting a voltage value of power stored in a storage battery and supplying DC power from the storage battery to the inverter when power supply by the AC power supply is abnormal. The converter includes a first three-level circuit which is a multi-level circuit. Similarly, the DC voltage converter includes a second three-level circuit. A control device controls the first and second multi-level circuits to suppress potential fluctuation at a neutral point between first and second capacitors.