Modular multilevel converters require that the controller is designed so that the submodule capacitor voltages are equalized and stable, independent of the loading conditions. Assuming that the individual capacitor-voltage sharing is managed effectively, an open-loop strategy has been designed to ensure that the total amount of energy stored inside the converter always will be controlled. This strategy, using the steady-state solutions of the dynamic equations for controlling the total stored energy in each converter arm, has proven to be effective. The intention of this paper is to explain in a rigorous way the mechanism behind the suggested strategy and to prove that, when this open-loop strategy is used, the system becomes globally asymptotically stable. Experimental verification on a three-phase 10-kVA prototype is presented.