The paper presents an analysis of the energy quality factors such as voltage and current spectra, THD, WTHD of any order, efficiency, for an energy storage system based on a diode-clamped multilevel VSC. The analysis technique includes two key parts: mathematical simulation and analytical research. The main advantages of the analysis technique are the possibility to apply it to any m-leg n-level converter and any SPWM or SVPWM modulation strategy. An experimental verification of the results obtained is given.