The analysis of a transformer converter of the number of phases TCNP-2 with balancing elements on the low side of a step-down transformer is given. The purpose and objectives of the analysis of PFHF-2 are formulated. In the analysis of TCNP-2, 15 equations were compiled in a complex form, as a result of which three main equations were obtained for complex currents at the input of TCNP-2. Having decomposed the obtained system of equations into symmetrical components of the currents of the forward, reverse, and zero sequences, we determined the resistance and capacitances of the balancing capacitors. Thus, the dependences of the capacitor parameters on the current and power factor of a single-phase load are established. Having solved the system of equations of three currents TCNP-2, we determined the dependences of the currents and voltages of the primary and secondary windings of the transformer and the balancing elements on the load current. The dependences of the capacities of the transformer and phase-converting elements on the power of a three-phase load are also determined. The authors developed and built on a complex plane a vector diagram of voltages and currents TCNP-2, with the help of which a method for phase converting a single-phase current to a three-phase one for a two-wire power transmission system is disclosed.