An apparatus includes a control circuit and a voltage regulator circuit coupled to a regulated power supply node. The voltage regulator circuit is configured to generate a power signal on the regulated power supply node using a reference voltage level. The apparatus further includes a control circuit that is configured to determine an operating mode using results of a comparison of a threshold value and a load current being drawn from the regulated power supply node by a load circuit. The control circuit may be further configured to set, in a first operating mode, the reference voltage level independently of the load current, and set, in a second operating mode, the reference voltage level using the load current.