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Power conditioning system (PCS) is the crucial component of superconducting magnetic storage system (SMES), which determines its power control performance and ability. This paper investigates the feasibility of applying Z source converter (ZSC) as the PCS for SMES. A ZSC-based PCS (ZSC-PCS) for SMES is presented, parameter design methods are analyzed, and a novel minimum power losses control scheme is proposed. By dynamically regulating open zero vector duty ratio to its minimum required level, the ZSC-PCS can enlarge both active and reactive power capability of SMES with lowest power losses. The feasibility of the proposed approach is verified by the experimental results on a kVA scale prototype.