A method and apparatus for adding and shedding phases in a multi-phase power converter is disclosed. A power converter includes a plurality of voltage regulators including a given voltage regulator configured to generate, when active, a particular output voltage on a regulated power supply node. The power converter further includes a control circuit. The control circuit is configured determine an amount of output current being supplied to the regulated power supply node by active ones of the plurality of voltage regulator circuits. The control circuit is further configured to adjust a number of voltage regulator circuits that are active based on the output current and one or more environmental parameters associated with the plurality of voltage regulator circuits.