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This article was written to present a new solution for a phase-shifting transformer and to show that, in many aspects, the proposed device is more functional and improved when compared to the other currently available phase-shifting structures. The article shows the construction of the new phase-shifting transformer, with longitudinal and transverse voltage regulation. The proposed device's functionality and available operation states are compared to other existing solutions. Selected steady-state variants of the operation of the proposed transformer were checked based on computer simulations and the laboratory model presented in detail in the article. Convergence between measurements and simulations was achieved. Power flow calculations were also performed in the five-node electrical power system model. In these calculations, two variants of the proposed device's work were considered and compared with the asymmetric phase shifter. The tests confirmed in the proposed structure, both angle and voltage regulation, enabled maintaining a constant active power flow. The authors show that the proposed solution combines the advantages and functionality of various types of phase shifters while, at the same time, being characterized by a much simpler structure, which results in a two-times-lower cost of the device. [ABSTRACT FROM AUTHOR]