An operating condition monitor (100) for monitoring an operating condition of a transistor-based power converter (102), comprising: a sensing apparatus (106) configured to measure a turn-off transient energy of the power converter (102), a processor (108) in communication with the sensing apparatus (106) to receive the measurement of the turn-off transient energy, the processor being configured to: compare the measurement of the turn-off transient energy to a threshold; and issue an event signal based on the comparison to the threshold meeting a comparison criterion. A method (200, 200′) of monitoring an operating state of a transistor-based power converter is also disclosed.