Around 50% of the electricity is consumed by electrical variable speed drives (VSDs). Conventional control solutions, however, do not fully utilize the capability of the power electronic hardware. As a result, VSDs are often oversized for safe operation under nominal and adverse conditions. This increases the energy consumption and the overall cost of the system. This project aims to develop a novel control method that will bring significant improvements in the cost and energy efficiency of VSDs, thus allowing for greater energy savings as well as cheaper, more widespread, and sustainable electrification. To this aim, the control problem will be formulated such that the load current distortions are minimized and the efficiency, maximum power and life-time of the VSD system are maximized.