The use of power converters as solid state transformer is an attractive solution to modernize the power network, but this solution has not been fully addressed for MV and HV substations. This paper presents a customized and simple control for the Modular Multilevel Matrix Converter (M3C), specially conceived for its operation on synchronous ports, which is the case of AC substations. The control allows to transfer bidirectional active power, generate/absorb reactive power and provide ancillary services. The converter is compared to the back-to-back Modular Multilevel Converter (B2B-MMC) where the key performance indicators to carry out the comparison are power efficiency, number of semiconductor devices, passive components required, footprint, voltage cell balance, fault blocking capability and stress of components. The simulation results show the features, performance and attractiveness of the M3C topology in a 33/11 kV, 16 MW substation under different operating conditions, including grid faults and dynamic operation. The M3C presents similar efficiency and performance than the B2B-MMC, but it uses less semiconductor devices, passive components and total cell capacitor energy than the B2B-MMC, reducing cost and footprint. The experimental results show the performance of the M3C under less ideal conditions including a substation transformer saturation and power step response.