In this digest, a single-stage isolated three-port AC-DC-DC converter is proposed to work as an interface among an energy storage device, a DC bus, and the power grid. The voltage gain between the two DC ports can be regulated using the proposed asymmetrical modulation. The control variables required by this asymmetric modulation can be instantaneously calculated. The circulating current can be minimized, and the operation mode transition is seamless. The proposed topology and modulation are verified by experiments.