An improved power supply for converting any of various standard national AC network voltages to low-voltage DC power suitable for driving a 1 or 2-watt device, such as a fan, features a semiconductor control circuit (18, FET 46) which chops each half-wave of a rectified voltage and uses the low-voltage portions to feed charging current pulses to a storage capacitor. The voltage on the capacitor (14) is used by other portions of the circuit to regulate rotation speed of the fan or other consuming device (40) to a value set on a variable resistor. The use of the low-voltage portions of the input signal reduces power losses and increases efficiency.