Electric Spring (ES), a power electronic based device, has been recently developed to improve various attributes of future power systems with high penetration of intermittent renewable energy sources. ES is connected in series with noncritical load to form an adaptive load, known as smart load. This configuration has been successfully used to mitigate voltage and frequency fluctuations, ensure demand side management, and improve power quality. It has also been used to reduce three-phase power imbalance and so the adverse effect of neutral current is eliminated. In this work a novel control scheme, based on run time impedance measurement, is proposed to mitigate neutral current from unbalanced three-phase system. Mathematical analysis is also given and corresponding simulations are carried out to substantiate the theoretical framework. Simulation results show the efficacy of presented technique under various unbalanced loading conditions.