This paper proposes an accurate mathematical model of three-level neutral-point-clamped (NPC) converters that can accurately represent the midpoint potential drift of the DC link with parameter perturbation. The mathematical relationships between the fluctuation in neutral-point voltage, the parametric perturbation, and the capacitance error are obtained as mathematical expressions in this model. The expressions can be used to quantitatively analyze the reason for the neutral-point voltage imbalance and balancing effect based on a zero-sequence voltage injection. The injected zero-sequence voltage, which can be used to balance the DC-side voltages with the combined action of active current, can be easily obtained from the proposed model. A balancing control under four-quadrant operation modes is proposed by considering the active current to verify the effectiveness of this model. Both the simulation and experiment results validate the excellent performance of the proposed model compared to the conventional model.Energies 2019, 12, 3367 2 of 22 pulse width modulation (SVPWM) strategies were proposed to adjust the dwell time between small vector switching states by judging the direction of the neutral point current and the deviation of the neutral point potential. However, the calculation methods are complex and difficult to implement. In [24], a pulse width modulation (PWM) strategy was proposed where the both DC-side voltages can be adjusted independently through zero-sequence voltage injections and compensation for the unbalance in neutral point voltages, but the process of calculating the injected zero-sequence voltages is complicated.However, these control strategies, above all, ignore the quantitative analysis of the potential drift and balancing effect based on zero-sequence voltage injection. Meanwhile, if the converter is used in renewable energy generation and energy storage with four-quadrant operation modes, the DC voltage balancing control is very difficult to realize in existing literature because the active current of the converter is not taken into consideration.This paper proposes an accurate mathematical model of the neutral-point potential in three-level NPC converters based on the SPWM strategy with parametric perturbation and zero-sequence voltage injection. The model is simple and direct, but very interesting and valuable. To the best of our knowledge, it is novel and has not been previously reported in the literature. From this model, the relationship between the drift potential value and all the AC-side and DC-side variables can be deduced by quantitative analyses. The calculated drift potential value shows that the basic reason for the neutral-point potential drift is the uneven shunt loss caused by the parametric perturbation, and the capacitance error has no influence on it. The balancing control can be directly obtained based on the combined action of the injected zero-sequence voltage and active current. The required zero-sequence voltage for balancing control can be easily calculated b...