A power conversion system, comprising: a multilevel inverter, comprising an integer number N inverter stages (42-1, 42-2, 42-3, 42-4, 42-5, 42-6), N being greater than three, the inverter stages individually comprising an output, and a switching circuit including a plurality of switching devices (S1-S4) coupled between a corresponding DC voltage source and the output, the switching circuit (S1-S4) operative to provide an output voltage (VOUT) having an amplitude of one of at least two discrete levels at the output according to a plurality of switching control signals, the outputs of the inverter stages being coupled in series, wherein the inverter stages are H-Bridges; and a controller operative to generate a set of N carrier waveform signals or values including a single carrier waveform signal or value for each of the inverter stages, the carrier waveform signals or values individually defining a periodic carrier waveform with a waveform period, the waveform periods of the set of carrier waveform signals or values being substantially equal; the controller being operative to set each carrier waveform signal or value at a different of N non-overlapping amplitude levels (L6, L5, L4, L3, L2, L1) within an expected amplitude range of first and second complementary reference signals or values (47a, 47b); the controller being operative to provide the switching control signals to the multilevel inverter with the switching control signals provided to a given inverter stage based on comparison of the carrier waveform signal or value for the given inverter stage with the first and second reference signals or values (47a, 47b); and the controller being operative to shift the amplitude level of the carrier waveform signals or values every integer number M waveform periods according to a repeating phase-opposite disposition or in-phase disposition level shifting pattern, M being greater than one, wherein the controller is further operative to shift the amplitude level of the individual carrier waveform signals or values by at least two amplitude levels every M waveform periods according to the level shifting pattern. a multilevel inverter, comprising an integer number N inverter stages (42-1, 42-2, 42-3, 42-4, 42-5, 42-6), N being greater than three, the inverter stages individually comprising an output, and a switching circuit including a plurality of switching devices (S1-S4) coupled between a corresponding DC voltage source and the output, the switching circuit (S1-S4) operative to provide an output voltage (VOUT) having an amplitude of one of at least two discrete levels at the output according to a plurality of switching control signals, the outputs of the inverter stages being coupled in series, wherein the inverter stages are H-Bridges; and a controller operative to generate a set of N carrier waveform signals or values including a single carrier waveform signal or value for each of the inverter stages, the carrier waveform signals or values individually defining a periodic carrier waveform with a waveform period, the waveform periods of the set of carrier waveform signals or values being substantially equal; the controller being operative to set each carrier waveform signal or value at a different of N non-overlapping amplitude levels (L6, L5, L4, L3, L2, L1) within an expected amplitude range of first and second complementary reference signals or values (47a, 47b); the controller being operative to provide the switching control signals to the multilevel inverter with the switching control signals provided to a given inverter stage based on comparison of the carrier waveform signal or value for the given inverter stage with the first and second reference signals or values (47a, 47b); and the controller being operative to shift the amplitude level of the carrier waveform signals or values every integer number M waveform periods according to a repeating phase-opposite disposition or in-phase disposition level shifting pattern, M being greater than one, wherein the controller is further operative to shift the amplitude level of the individual carrier waveform signals or values by at least two amplitude levels every M waveform periods according to the level shifting pattern.