Installation of a control grid between the anode and the pool cathode allows control of the conduction of the valve, thereby giving control of the mean output voltage produced by the rectifier. Start of the current flow can be delayed past the point at which the arc would form in an uncontrolled valve. This allows the output voltage of a valve group to be adjusted by delaying the firing point, and allows controlled mercury-arc valves to form the active switching elements in an inverter converting direct current into alternating current.