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This paper presents an analysis and a comparison of multilevel three-phase inverters based PWM modulators. Two different PWM strategies are used to turn on and off the switching devices, multilevel space vector modulation and multilevel carrier based modulation. The performance characteristics regarding the harmonic contents, switching losses and conduction losses have been computed. These characteristics have been determined for a 10 KW three-level diode-clamped inverter supplying a 230 V, 11 A, 4% Inductive inner impedance of the grid through a simulation program to validate the proposed approaches.