This paper presents a flexible control technique for power electronics converters, which can function as an active power filter, as a local power supply interface, or perform both functions simultaneously. Thus, it can compensate for current disturbances while simultaneously injecting active power into the electrical grid, transforming the power converter into a multifunctional device. The main objective is to use all the capacity available in the electronic power converter to maximize the benefits when it is installed in the electricity grid. This objective is achieved by using the orthogonal current decomposition of the conservative power theory. Each current component is weighted by compensation coefficients (ki), which are adjusted instantaneously and independently, in any percentage, by means of load conformity factors (λi), thus providing online flexibility with respect to the objectives of compensation and injection of active power. Finally, simulated and experimental results are presented to validate the effectiveness and performance of the proposed approach.