A method of operating a multilevel power converter includes using, through a processing device, a model of an electrical circuit that includes a plurality of switching devices, a plurality of flying capacitors, and an AC terminal. The method also includes regulating a voltage level of the AC terminal through selecting, at least partially based on the model, a possible charging state of the electrical circuit. Each possible switching state has a voltage level that at least partially corresponds to a commanded voltage level for the AC terminal. The method further includes selecting, at least partially based on the model of the electrical circuit and at least partially based on the selected possible switching state, a charging state from a plurality of possible charging states. The method also includes setting the switching state of the electrical circuit at least partially based on the selected charging state of the electrical circuit.