This paper studies pulse width modulation (PWM) techniques suitable for a four-level five-phase open-end winding (OeW) drive. The drive comprises a five-phase induction machine, supplied using two two-level voltage source inverters with isolated and unequal dc-link voltages, in the ratio 2: 1. A decoupled carrierbased (CB) PWM modulation strategy, based on unequal voltage reference sharing between the two converters, is introduced in this paper. The stability of dc-link voltages in OeW drives is investigated next, using a novel analysis technique. Several modulation methods are analyzed and the results show that application of the coupledPWMtechnique, with carriers having in-phase disposition, leads to overcharging of the capacitor in the dc-link of the inverter intended to operate with the lower dc-link voltage. On the other hand, the proposed decoupled CB PWM scheme naturally eliminates the dc-link capacitor overcharging problem. These findings are verified experimentally, using open-loop V/f control. Two different decoupled CB modulation methods are compared and the best performing modulation method is selected and incorporated further into an OeW drive with field-oriented control. The presented steady state and transient experimental results demonstrate that the decoupledCBPWMtechnique is suitable for high-performance variable speed drive applications.