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The neutral-point balancing of 3L-NPC converter has been studied in many works in the past , , , . Nevertheless, the literature shows a theoretical focus neglecting issues like the requirements of the energy flow information for the implementation of the majority of the proposed methods. This paper presents a new dc-link neutral-point balancing method that directly controls the converter dead-times to balance the dc-link. An analytic model is derived to describe the neutral-point voltage dependent on the dead-times. Simulation results are given to verify the model and the new balancing scheme.