A memory device includes a memory cell array, control circuits, and a voltage regulation system. The voltage regulation system includes an array power bus distributing an array supply voltage to the array, and a control circuit power bus distributing a control circuit supply voltage to the control circuits. Regulator circuits are coupled to the array power bus at spaced-apart locations along the bus which allow each regulator circuit to respond independently to a localized variation in the array supply voltage. Other regulator circuits are similarly coupled to the control circuit power bus. The regulator circuits which are unneeded for a particular operating mode of the memory device can be turned off during active memory cycles, and all the regulator circuits can be turned off during stand-by memory cycles. A resistor couples the array and control circuit power busses, and a low-power regulator circuit is coupled to the control circuit power bus to maintain both the array and control circuit supply voltages during stand-by memory cycles while the regulator circuits are off. The voltage regulation system thus advantageously reduces the power consumption of the memory device by using the low-power regulator circuit alone during stand-by memory cycles, reduces noise from the array on the control circuit supply voltage by splitting the array and control circuit power busses, and provides more responsive regulation of the array and control circuit supply voltages by distributing the regulator circuits.