This disclosure relates to power balancer circuits that enable multiple load zones of an IC to be powered in series while maintaining balanced voltage at each load zone. In one aspect, a circuit includes load zones that are powered in series. The circuit includes a power balancer for balancing a voltage across each load zone. The power balancer includes an equivalent DC transformer array that includes, for each load zone, an equivalent DC transformer connected in parallel with the load zone. The power balancer includes, for each load zone, a bus capacitor connected in parallel with the load zone. Each equivalent DC transformer is electrically connected to each other equivalent DC transformer providing an electrical path for each bus capacitor to discharge current to each other bus capacitor when a voltage across a bus capacitor is greater than a voltage across another bus capacitor.