A neutral point clamped, multilevel level converter includes a DC voltage link; a first capacitor coupling one side of the DC link to a neutral point; a second capacitor coupling another side of the DC link to the neutral point; a plurality of phase legs, each phase leg including switches, each phase leg coupled to an AC node; a current sensor associated with each AC node; and a controller generating a PWM signal to control the switches, the controller generating a current zero sequence component in response to current sensed at each of the current sensors, the controller adjusting a modulation index signal in response to the current zero sequence component to produce the PWM signal.