Three-phase electric power is a common method of alternating-current electric power transmission. It is a type of polyphase system, and is the most common method used by electric power distribution grids worldwide to distribute power. It is also used to power large motors and other large loads. A three-phase system is generally more economical than others because it uses less conductor material to transmit electric power than equivalent single-phase or two-phase systems at the same voltage. In a three-phase system, three circuit conductors carry three alternating currents (of the same frequency) which reach their instantaneous peak values at different times. Taking one conductor as the reference, the other two currents are delayed in time by one-third and two-thirds of one cycle of the electrical current. This delay between "phases" has the effect of giving constant power transfer over each cycle of the current, and also makes it possible to produce a rotating magnetic field in an electric motor.