The evolution of AC/AC converters without DC energy storageelements over the last decades has resulted in several topologieswith the different methods of control. Features and performancein converting voltage and current waveforms in these types of power electronics devices are comparable to the results achievedin commonly used converters with DC energy storage element. However, due to the lack of commercially available power components in the form of dedicated IGBT modules and drivers, these applications are not very often used in the industry. This paper has reviewed the potential applications of AC/AC power electronics converters without DC energy storage elements for future electrical power networks. The most typical applications of this type of converter, such as power electronic interfaces for distributed AC energysources, devices improving energy quality and compensation of non-active power have been presented. Further more, a group ofnovel solutions, e.g., hybrid transformer and phase shifter, network couplers and power flow control have been suggested for future research and applications. The circuits and operation have been described, and the main characteristics and signal time waveform shave been shown.