An NPC converter is controlled by estimating current flow during the short vector periods of a space vector modulation drive signal. The current estimation is used to close a first order inner current regulator loop that steers current to either the upper capacitor or the lower capacitor of a DC link. An outer voltage regulator measures the voltage imbalance across the capacitors and drives the inner current loop. By managing the associated duty cycle of each vector a bias current is formed that balances the capacitor voltages.