Back-to-back Modular multilevel converters (MMC) for medium voltage dc (MVDC) distribution link applications offer exciting opportunities due to its superior harmonic performance and high efficiency. Based on the steady state equations, it is shown that under specific active and reactive power operation, an increase in dc link voltage can be achieved without necessarily increasing the voltage seen by the MMC submodule components. Using steady state loss model, it is proved that the converter operating efficiency can be improved if this concept is applied.