A regulator for a stepped-waveform inverter having first and second subinverters which produce waveforms having a variable phase displacement therebetween and a summing transformer which sums the outputs of the subinverters includes circuitry for detecting a deviation of a parameter of the AC output power produced by the inverter from a reference and circuitry coupled to the detecting circuitry for deriving a phase command signal from the detected deviation. A comparator compares the phase command signal with a ramp signal to obtain a comparison signal and circuitry operates the first and second subinverters responsive to the comparison signal to cause the phase displacement to vary in accordance with the phase command signal.