A semiconductor power device includes a drift region of a first conductivity type, a well region extending above the drift region and having a second conductivity type opposite the first conductivity type, an active trench extending through the well region and into the drift region, source regions having the first conductivity type formed in the well region adjacent the active trench, and a first termination trench extending below the well region and disposed at an outer edge of an active region of the device. The sidewalls and bottom of the active trench are lined with dielectric material, and substantially filled with a first conductive layer forming an upper electrode and a second conductive layer forming a lower electrode, the upper electrode being disposed above the lower electrode and separated therefrom by inter-electrode dielectric material. The first termination trench can be lined with a layer of dielectric material that is thicker than the dielectric material lining the sidewalls of the active trench, and is substantially filled with conductive material.