This document presents a variable voltage source continuous equivalent model for a modular multilevel converter (MMC), addressing the complexity of MMC structures and providing a simplified framework for analysis and simulation. The model assumes consistent sub-capacitor voltage across modules and ignores system harmonics, leading to derived state equations that facilitate understanding of the relationship between output voltage and circulating current within the MMC. Simulation results validate the effectiveness of the proposed model in replacing traditional physical simulation approaches, highlighting its potential for enhancing system analysis efficiency.