Multilevel converters are indispensable in power transmission and motor drivetrains, offering enhanced scalability and flexibility through parallel connectivity. However, parallel connectivity also poses challenges related to overshooting dynamics during the energy balancing process. Previous studies primarily examined energy loss, assuming paralleling intervals don't interfere with balancing processes. This research challenges this assumption, especially when paralleling intervals approach the energy exchange time constant. We present a generalized analytical model, accommodating scenarios where parallelization either does or does not interfere with energy exchange among paralleled submodules. Validation on an experimental prototype replicates both scenarios, revealing varying thermal depending on types of transistors and electrical stress.