Model Predictive Control (MPC) has been widely used for grid connected converters, due to its rapid dynamic response and easy inclusion of system constraints and nonlinearities. Existing finite control set MPC approaches suffer from variable switching frequency, whilst existing modulated MPC implementations suffer from a high computational burden. This paper proposes a new implementation of modulated MPC which offers half the computational burden whilst retaining identical performance. The proposed method is applied to a twolevel voltage source converter and its performance is compared to existing approaches in simulation. Experimental results are included to prove the reduced computational burden.