Analytical expressions are derived to gain insight in the operating principles of phase shifting transformers (PSTs) in a highly meshed grid. To this extent, the dc load flow algorithm is adapted to account for such devices. This leads to a linear expression for the relation between PST settings and the active power flow in the lines. Based on these equations, the total transfer capacity (TTC) can be described mathematically, which allows for optimization. Furthermore, the linear least squares method is used to distribute a cross-border transport evenly over the interconnectors. Both criteria are demonstrated by two examples