A power conversion system, comprising: a multilevel converter including first and second DC nodes (101, 102), an AC node, and a converter circuit including switching devices (S1-S6) and a plurality of switched capacitors (C1, C2), the converter circuit operative according to a plurality of switching control signals to provide a plurality of distinct voltage levels (L0-L3) at the AC node, wherein the multilevel converter comprises: a first circuit, including a first switching circuit including a plurality of switching devices (S2-S5) connected in series with one another between first and second input nodes (111, 112), with the AC node connecting two of the plurality of switching devices (S3, S4), and a clamping circuit including first and second clamping elements (D1, D2) connected in series with one another between first and second internal nodes (114, 118) of the first switching circuit, and a third internal node joining the first and second clamping elements (D1, D2), and a switched capacitor circuit, including a second switching circuit including a plurality of capacitor switching devices (S1, S6) individually connected between a corresponding DC node (101, 102) and a corresponding input node (111, 112) of the first switching circuit, and a plurality of capacitors (C1, C2) individually connected between a corresponding input node (111, 112) of the first switching circuit and the third internal node; and a controller providing the plurality of switching control signals to the plurality of switching devices (S2-S5) of the first switching circuit and to the capacitor switching devices (S1, S6), the controller configured to compare a plurality of carrier signals or values (233, 234, 235) to at least one reference signal or value (231, 232) to determine a desired AC node voltage level for operation of the multilevel converter, and to select from a plurality of redundant switching states corresponding to the desired Ac node voltage level at least partially according to a control objective. a multilevel converter including first and second DC nodes (101, 102), an AC node, and a converter circuit including switching devices (S1-S6) and a plurality of switched capacitors (C1, C2), the converter circuit operative according to a plurality of switching control signals to provide a plurality of distinct voltage levels (L0-L3) at the AC node, wherein the multilevel converter comprises: a first circuit, including a first switching circuit including a plurality of switching devices (S2-S5) connected in series with one another between first and second input nodes (111, 112), with the AC node connecting two of the plurality of switching devices (S3, S4), and a clamping circuit including first and second clamping elements (D1, D2) connected in series with one another between first and second internal nodes (114, 118) of the first switching circuit, and a third internal node joining the first and second clamping elements (D1, D2), and a switched capacitor circuit, including a second switching circuit including a plurality of capacitor switching devices (S1, S6) individually connected between a corresponding DC node (101, 102) and a corresponding input node (111, 112) of the first switching circuit, and a plurality of capacitors (C1, C2) individually connected between a corresponding input node (111, 112) of the first switching circuit and the third internal node; and a first circuit, including a first switching circuit including a plurality of switching devices (S2-S5) connected in series with one another between first and second input nodes (111, 112), with the AC node connecting two of the plurality of switching devices (S3, S4), and a clamping circuit including first and second clamping elements (D1, D2) connected in series with one another between first and second internal nodes (114, 118) of the first switching circuit, and a third internal node joining the first and second clamping elements (D1, D2), and a switched capacitor circuit, including a second switching circuit including a plurality of capacitor switching devices (S1, S6) individually connected between a corresponding DC node (101, 102) and a corresponding input node (111, 112) of the first switching circuit, and a plurality of capacitors (C1, C2) individually connected between a corresponding input node (111, 112) of the first switching circuit and the third internal node; and a controller providing the plurality of switching control signals to the plurality of switching devices (S2-S5) of the first switching circuit and to the capacitor switching devices (S1, S6), the controller configured to compare a plurality of carrier signals or values (233, 234, 235) to at least one reference signal or value (231, 232) to determine a desired AC node voltage level for operation of the multilevel converter, and to select from a plurality of redundant switching states corresponding to the desired Ac node voltage level at least partially according to a control objective.