Evolution of today’s predominantly alternating current (ac) transmission grid in to mixed ac transmission – high-voltage direct current (HVdc) systems is expected with the decreasing costs of and advancements in power electronics technologies. The recent technological advancements include the development of more efficient and compact voltage source converters (VSCs) that can provide fast response. Because of their controllability and fast response, HVdc systems provide the ability to enhance reliability of the ac transmission grid through frequency support, voltage control, and congestion relief. The HVdc systems can also provide other ancillary services to enhance the economics and reliability of the ac transmission grids, and to optimize their performance. The tools, models, and methods developed to evaluate their benefits will be key enablers to understanding the value proposition introduced by the fast-acting HVdc systems. The main motivation of this work was to develop models and methods to explore and quantify the technical and economic benefits of HVdc systems and fast response VSC technologies in the future grid of United States. The models and methods explore the benefits of HVdc systems through provision of controlled active/reactive power and fast response. The fast response can provide much-needed multiobjective services to the grid (e.g., frequency response, voltage control) while moving blocks of energy. The models and methods can be applied to study other power electronics technologies and scenarios such as those undertaken in ongoing studies led by the North American Electric Reliability Corporation (NERC) Inverter-based Resource Performance Task Force (IRPTF). The IRPTF studies identify the problems associated with power electronics-based technologies as they are integrated in to the bulk power system (or the ac transmission system).