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Single-phase three-level neutral point clamped (NPC) converters are widely applied in high-speed railway electrical traction drive systems. A significant problem related to the single-phase three-level NPC converters is the fluctuation of the neutral-point voltage. In this paper, a capacitor voltage balancing technique is proposed that injects an offset voltage into the sinusoidal modulating signals of the conventional carrier-based pulsewidth modulation (CBPWM) method. Furthermore, when the injected offset voltage is maximized, it cannot only balance the dc-link capacitors voltages, but also reduce switching losses. Theoretical analysis has shown that both methods can control the neutral point voltage effectively, but the neutral point voltage controller in the CBPWM with maximum offset voltage injection (CBPWM-MOVI) has a faster dynamic response. It was observed that the high-order harmonics frequencies of the line current are centered around the twice switching frequency in the CBPWM with the offset voltage injection (CBPWM-OVI) but are centered around the switching frequency in the CBPWM-MOVI. And also, the CBPWM-MOVI has switching commutations number at least 25% below that of the CBPWM-OVI in one modulating signal period. The performances of the two strategies were verified by simulation and experimental tests.