You have an ordinary 120/240V, three wire system with a grounded neutral. Take the two hot wires and place an autotransformer between them. Make this an 120/240V autotransformer and ground the midpoint to a ground rod. No metallic connection with the original neutral. Would this work as a neutral? Or will this only let the smoke out of the transformer?

If you place a load on each leg, will the autotransformer only have to handle the unbalance current?

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