According to one aspect, embodiments of the invention provide a power supply system comprising an input, an output, a neutral point, a converter configured to convert input AC power into converted DC power, the converter including a first converter switch, a positive DC bus configured to receive the converted DC power, a negative DC bus configured to receive the converted DC power, an inverter configured to convert DC power from the positive and negative DC busses into output AC power, the inverter including a first inverter switch, and a clamp circuit coupled to the positive DC bus and coupled across at least one of the first converter switch and the first inverter switch, the clamp circuit configured, during switching operation, to clamp a voltage across the first converter switch and/or the first inverter switch to a voltage level of the positive DC bus or the negative DC bus.