The paper presents multitransform OFDM-OP system for an effective PAPR (peak to average power ratio) reduction that has a reasonable computational requirement, does not introduce any distortion, needs relatively insignificant decrease in the bandwidth efficiency, and provides a PAPR very close to that for the single carrier modulation systems thus effectively eliminating any PAPR penalty incurred by the multicarrier OFDM system. The PAPR system consists of a bank of multiple orthonormal transforms and a minimum PAPR evaluation unit for finding the optimum transform index. The paper also presents a hybrid OFDM-OP-DSI system comprised of the multiple transforms and a novel dummy symbol insertion. The PAPR reduction performance of the presented systems is compared with those of the various other transform techniques of the literature. Various simulations on the presented systems show that these can achieve a PAPR that is very close to that of a single carrier system for QAM modulation with the order of modulation selected to be 16, 64, and 256.