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In three-level neutral-point-clamped voltage-source inverters, proper modulation allows the average voltages of the DC-link capacitors to be kept at one-half the level of the DC-link voltage. However, in some operating conditions, a low-frequency ripple appears in the neutral-point potential and its frequency is three times that of the output voltages. As a result, the output voltages also have low-frequency distortion, which includes even and odd multiples of the fundamental. In this paper, a new space-vector pulsewidth-modulation strategy is presented to avoid that low-frequency output voltage distortion. This modulation method tries to balance the voltages of the capacitors by using only three vectors per modulation cycle. The duty ratios are directly calculated from the space-vector diagram, even when balance is not achieved. For all cases, the result is a balanced set of three AC output voltages. Some simulated and experimental results are given to validate the method.